US Congressman Warren Davidson warns that central financial institution digital currencies (CBDCs) might lead to a dystopian future.
The Ohio Republican tells his 78,900 X followers that he believes CBDCs might rework cash into a strong technique of governmental management and plans to introduce laws to criminalize the event of most of these digital belongings.
“To make the purpose crystal clear, I’m engaged on laws to criminalize designing, constructing, testing, creating, or establishing a central financial institution digital foreign money.
CBDC poses an existential menace to Western civilization by corrupting cash right into a device 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 useful monetary expertise.
“Central financial institution digital foreign money (CBDC) poses a severe menace to all digital belongings. As I mentioned at Flyover FinTech, many individuals wrongly conflate even BTC with CBDC.
At the very least 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, creating, or establishing CBDC. Banning CBDC is important to America’s FinTech future.”
Davidson calls out a number of entities at the moment engaged on CBDCs, together with Ripple Labs.
“Tokenized belongings should 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 all the computing structure is designed to guard privateness and allow permissionless peer-to-peer transactions. +100 nations are learning, creating, or implementing the identical creepy surveillance state expertise as China.”
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