US Congressman Warren Davidson warns that central bank digital currencies (CBDCs) could lead to a dystopian future.
The Ohio Republican tells his 78,900 X followers that he believes CBDCs can turn money into a powerful tool of government control and plans to introduce legislation to criminalize the development of these kinds of digital assets.
“To make the point crystal clear, I am working on legislation to criminalize designing, building, testing, developing or establishing a central bank digital currency.
CBDC poses an existential threat to Western civilization by corrupting money into a tool of coercion and control.
Healthy money serves as a stable store of value and an efficient medium of exchange.”
Davidson too say that he wants to ban CBDCs because they threaten other digital assets like Bitcoin (BTC) and hinder the development of useful financial technology.
“Central bank digital currency (CBDC) poses a serious threat to all digital assets. In fact, as I mentioned at Flyover FinTech, many people mistakenly confuse BTC with CBDC.
If anything, most would agree that CBDC is bad — the financial equivalent of the Death Star.
Do not become an accomplice to anyone who designs, builds, tests, develops or sets up CBDC. Banning CBDC is essential to America’s FinTech future.”
Davidson to call to action from several entities currently working on CBDCs, including Ripple Labs.
“Tokenized assets are not the problem. It’s the people. Entities (including the Federal Reserve, Ripple, Consensys) and influencers are actively working on CBDC projects.”
The Congressman say that CBDCs are the opposite of decentralized finance (DeFi) and promises to prevent their adoption.
“Current CBDC versions are centrally managed, authorized databases that rely on digital ID. This is the opposite of DeFi, where the entire computer architecture is designed to protect privacy and enable permissionless peer-to-peer transactions. More than 100 countries are studying, developing or deploying the same creepy surveillance state technology as China.”
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