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GOP senators propose ban on central bank digital currencies
Republican senators introduced legislation Monday that would ban official cryptocurrencies backed by central banks, a type of proposed digital asset that the Biden administration and Federal Reserve have expressed interest in studying. GOP senators said that Fed-backed cryptocurrencies would pose privacy concerns and allow regulatory authorities access to the private spending habits of individual Americans. Sen. Ted Cruz (R-Texas) described Fed-backed digital currencies, which are also known as Central Bank Digital Currencies (CBDC) or stablecoins, as “programmable money that, if not designed to emulate cash, could ... (full story)