Who’s surprised that Warren wants to move the power into the hands of the Central Government?
Elizabeth Warren Calls for US to Create a CBDC
U.S. Sen. Elizabeth Warren (D-Mass.) says it’s time for the U.S. to create its own central bank digital currency (CBDC). Warren spoke with NBC’s Chuck Todd on “Meet the Press Reports,” scheduled to air at 10:30 p.m. ET on Thursday. NBCUniversal shared a partial transcript of the conversation with CoinDesk.
“So a lot that banks do wrong, if you think, ‘We could improve that in a digital world,’ the answer is, ‘Sure you could.’ But in that case, let’s do a central bank digital currency,” Warren told Todd. “Yes, I think it’s time for us to move in that direction.”
Responding to Todd’s question on whether Bitcoin will face at minimum being regulated like a commodity, Warren responded, “I think it’s going to end up getting regulated,” using the subprime mortgage financial crisis that started in 2007 as of an example why it’s needed. She didn’t say what form regulations might take.
Of course she’s upset with banks for doing what they do, which is mostly correct, with a few bad things. She’s always been a complainer about banks, probably because they hold a lot of money that she, as a government official, cannot simply take and use on a whim. You know what she’s proposing is that the bank be run by the federal government, and creating a digital currency controlled by the federal government is mostly a bad idea
(Crunchbase) The ugly aspect of CBDCs is that they centralize money even more and preserve the oligopoly power of financial institutions. Unlike cryptocurrencies that aim to democratize and decentralize finance, CBDCs grant near-complete control to central banks.
Now, replace a few words
The ugly aspect of CBDCs is that they centralize money even more and preserve the oligopoly power of government entities. Unlike cryptocurrencies that aim to democratize and decentralize finance, CBDCs grant near-complete control to the central government.
Different viewpoint, right?
It would also enhance control over an ordinary citizen’s level of access to a financial system, especially if a citizen is engaging in behavior that central
banksgovernments may deem threatening, for whatever reason.In China, social credit scores prevented 23 million people from buying plane and train tickets in 2018 for so-called “behavior crimes.” Now imagine that central
banksgovernments, with a newfound ability to oversee accounts thanks to their CBDC rollout, can build similar systems to punish businesses or consumers for behaviors they deem as untoward.
Huh. CBDBs are also a massive threat to regular cryptocurrencies, which is also the point of creating CBDBs, especially in the hands of government.
Read: Sen Warren Wants US Government To Have It’s Own Digital Currency »