US Congressman Warren Davidson warns that central financial institution digital currencies (CBDCs) might end in a dystopian future.
The Ohio Republican tells his 78,900 X followers that he believes CBDCs might rework cash into a robust technique of governmental management and plans to introduce laws to criminalize the event of some of these digital belongings.
“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 software for coercion and management.
Sound cash serves as a secure retailer of worth and an environment friendly technique of alternate.”
Davidson additionally says that he desires to ban CBDCs as a result of they threaten different digital belongings like Bitcoin (BTC), impeding the event of helpful monetary expertise.
“Central financial institution digital foreign money (CBDC) poses a critical menace to all digital belongings. As I stated at Flyover FinTech, many individuals wrongly conflate even BTC with CBDC.
No less than most agree that CBDC is evil – the monetary equal of the Demise Star.
Don’t develop into an confederate to anybody designing, constructing, testing, growing, or establishing CBDC. Banning CBDC is important to America’s FinTech future.”
Davidson calls out a number of entities at present engaged on CBDCs, together with Ripple Labs.
“Tokenized belongings are usually not the issue. It’s the folks. 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 your entire computing structure is designed to guard privateness and allow permissionless peer-to-peer transactions. +100 international locations are learning, growing, or implementing the identical creepy surveillance state expertise as China.”
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