Texas Protocol

<ul><li>Texas introduced a bill to ban the Central Bank Digital Currency.</li><li>According to the draftees, CBDC is a bad idea.</li></ul>On May 12, Texas announced that they were introducing a bill to ban the Central Bank Digital Currency (CBDC) in their state by the 88th legislature. According to the draftees, CBDC is a bad idea.A Central Bank Digital Currency is the digital form of a country’s fiat currency. CBDC is a liability of the Federal Bank rather than a liability of commercial banks. Texas, a state in the south-central region of the United States, introduced a bill to ban CBDC.The bill states the retail of CBDCs is <a href="https://thenewscrypto.com/bank-of-japan-eyes-offering-safe-digital-payment-system-via-cbdc/" rel="noopener noreferrer nofollow">issued</a> to the general public, establishing a relationship between the Federal Reserve and the consumer. This may result in unprecedented levels of government surveillance and control over the individual’s cash holdings and transactions.A government-controlled digital currency has become a trending topic among government officials, with many against the CBDC idea. This is not the first time a state has banned CBDC. Recently, Florida Governor Ron DeSantis <a href="https://thenewscrypto.com/florida-governor-signs-legislation-for-cbdc/" rel="noopener noreferrer nofollow">banned</a> CBDC within the state. Moreover, Senator Ted Cruz stated that the implementation of CBDC would be dangerous to society.  In March, Ted Cruz introduced a bill to ban the Federal Reserve from adopting CBDC.

Texas Takes a Stand Against Central Bank Digital Currency (CBDC)

TheNewsCrypto

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