Crypto News

25 that he had introduced the "No CBDC Act" to protect Americans from the potential dangers of a government-controlled digital currency. Why the No CBDC Act Matters The No CBDC Act aims to prevent the Federal Reserve from issuing a central bank digital currency (CBDC). This type of digital currency would be controlled and monitored by the government, giving them access to personal financial data and potentially allowing them to track and control spending. The Risk of Total Financial Surveillance The introduction of a CBDC could lead to total financial surveillance, as it would be controlled by the government and linked to individuals' identities. This could open the door for invasive data collection and monitoring of every transaction made with the digital currency. The Impact on Personal Savings With a government-controlled digital currency, individuals could potentially have their savings erased or controlled by the government. This could h...