US Congressman Warren Davidson warns that central financial institution digital currencies (CBDCs) may end in a dystopian future.
The Ohio Republican tells his 78,900 X followers that he believes CBDCs may rework cash into a robust technique of governmental management and plans to introduce laws to criminalize the event of these kind of digital property.
“To make the purpose crystal clear, I’m engaged on laws to criminalize designing, constructing, testing, growing, or establishing a central financial institution digital foreign money.
CBDC poses an existential menace to Western civilization by corrupting cash right into a instrument for coercion and management.
Sound cash serves as a steady retailer of worth and an environment friendly technique of trade.”
Davidson additionally says that he needs to ban CBDCs as a result of they threaten different digital property like Bitcoin (BTC), impeding the event of helpful monetary know-how.
“Central financial institution digital foreign money (CBDC) poses a severe menace to all digital property. As I stated at Flyover FinTech, many individuals wrongly conflate even BTC with CBDC.
Not less than most agree that CBDC is evil – the monetary equal of the Demise Star.
Don’t turn out to be an confederate to anybody designing, constructing, testing, growing, or establishing CBDC. Banning CBDC is crucial to America’s FinTech future.”
Davidson calls out a number of entities at present engaged on CBDCs, together with Ripple Labs.
“Tokenized property usually are not the issue. It’s the individuals. Entities (together with the Federal Reserve, Ripple, Consensys) and influencers are actively engaged on CBDC tasks.”
The congressman says that CBDCs are the exact opposite of decentralized finance (DeFi) and vows to forestall their adoption.
“Present CBDC variations are centrally managed, permissioned databases depending on digital ID. That is reverse of DeFi the place the complete computing structure is designed to guard privateness and allow permissionless peer-to-peer transactions. +100 international locations are finding out, growing, or implementing the identical creepy surveillance state know-how as China.”
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