US Lawmakers Criticize Cryptocurrencies, Advocate for CBDCs
In a recent press conference, US Democratic lawmakers, including Representative Stephen Lynch, strongly criticized cryptocurrencies, labeling them as scams with no legitimate use cases. Lynch noted that cryptocurrencies primarily facilitate illegal activities like ransomware attacks. The lawmakers advocate for a central bank digital currency (CBDC) as a regulated and secure alternative.
Opposition to Government-Controlled Digital Dollars
Representative Maxine Waters introduced the CBDC Anti-Surveillance State Act, which aims to block a government-controlled digital dollar. Waters and colleagues argue this and the GENIUS stablecoin bill threaten national security. Opinions on CBDCs remain divided, seen by some as essential for modern finance and by others as risky.
Global CBDC Developments
While the US hesitates, other nations advance digital currency projects. The Reserve Bank of India plans expanded CBDC trials for its digital rupee. Australia’s central bank will test wholesale CBDCs in controlled experiments. Bank of England Governor Andrew Bailey warns a CBDC could destabilize banks, favoring tokenized deposits instead.
Public Views on CBDCs
US public opinion on CBDCs is split, with many opposed or undecided. The future of digital currencies and financial regulation remains uncertain.
