US Senator Ted Cruz Says CBDCs are Designed to “Destroy all the Value of Bitcoin”

Joshua Ramos
Source: CNBC

A day after expressing his bullishness on the crypto, US Senator Ted Cruz says CBDCs are designed to “destroy all the value of Bitcoin.” Moreover, the senator stated that the implementation of central bank-issued digital assets would be “profoundly dangerous” to society.

Cruz has remained outspoken in his stance against CBDC developments. Specifically, he has stated that such a central bank digital currency would provide the government with an avenue to observe every transaction made by citizens. Alternatively, Cruz restates his concern over the risk these assets possess.

Cruz Talks CBDC Concern

A hot-button issue in American politics so far in 2023 has been a new Federal Reserve-issued digital asset. Subsequently, both sides of the aisle have spoken with respect to their own perspectives. Now, one senator has continued to express his worry about its arrival.

Specifically, US Senator Ted Cruz says that CBDCs are designed to destroy the value of Bitcoin.” Moreover, speaking at a Bitcoin Policy Summit on Wednesday, Cruz made his feelings on the potential CBDC arrival known.

Source: CNN

“I am very concerned about the risk of a CBDC,” Cruz stated. Additionally, drawing parallels between President Biden’s ordering of CBDC development and China’s recent experiments with a digital yuan. Ultimately, stating that the purpose of a central bank digital currency would be “to destroy anonymity, to destroy decentralization.”

“The same people that want to see a CBDC, they hate Bitcoin and they hate cash,” Cruz added. “Let’s be clear, they don’t like cash for exactly the same reason I like cash: because it is not subjected to centralized control that is not subject to constant surveillance. And so I hope we see growing resistance to a CBDC.”

Last month, Cruz spearheaded legislation to prohibit the Fed’s development of a CBDC. Subsequently, stating that the US government had “no authority to unilaterally establish a central bank currency.” Conclusively, sharing a lot of the same reasoning as was stated at the Bitcoin Summit.