Senator Mike Lee has introduced a bill to prevent the issuance of Central Bank Digital Currencies (CBDC) by the Federal Reserve. Supported by Senators Ted Cruz and Rick Scott, this bill follows President Donald Trump’s recent executive order banning federal agencies from creating CBDC. Supporters of this bill believe that CBDC could be used to monitor and control citizens’ financial activities, referencing China’s Digital Yuan as a warning. The law prohibits the Federal Reserve, the Treasury Department, and other federal agencies from issuing CBDC. Critics argue that CBDC could allow the government to track all financial transactions and undermine economic freedom. Representative Ogles considers CBDC a tool for government surveillance and control, viewing the approval of this bill as a patriotic duty.
