The plans for introduction of the central bank digital currencies (CBDCs) have been around for some time now. Even as efforts are on in various central banks including the Fed, influential leaders continue to voice out against them.
Similar to the cryptocurrencies, the CBDCs are digital tokens with their value pegged to fiat currencies. However, these tokens are centralized and monitored by governments, nullifying the very idea of decentralized cryptocurrencies.
Criticism Against CBDCs
Bryan Solstin, a U.S. senate candidate from Washington is the latest of many who voiced out publicly against the implementation of CBDCs. In fact, Solstin declared his candidacy on the grounds of promising to make Bitcoin legal tender of the U.S.. He believes Bitcoin is the Great Reset for transitioning to a more equitable future.
Terming the central bank offered tokens as slave money Solstin said the Fed’s CBDCs need to be banned permanently. On his official website, the senate candidate states:
“As Senator and privacy advocate, I will fight every CBDC effort. I will break relations with every country who implements a CBDC.”
Trending Stories
Pierre Poilievre, a candidate for Canada’s conservative party leadership, is also among those who advocated against a CBDC from the Bank of Canada. During a debate on Wednesday, he said he would ban a Fed CBDC and give people back control of their money from bankers and politicians.
Fed CBDC Push
On the other side, the U.S. Fed continues to study the ups and downs of the CBDCs in the country. Earlier this year, the Fed released a white paper on the CBDCs. However, it was unclear if it would proceed for a CBDC without clear support from the lawmakers.
Meanwhile, countries like Singapore and Cambodia have already announced they are exploring CBDCs as a tool to improve payments efficiency. Also, Israel has earlier expressed its interest in CBDCs.
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
