American Democratic MPs painted Crypto as a lump sum “scam” at a Wednesday press conference for the development and rollout of a Central Bank Digital Currency (CBDC).
Representative Maxin Waters called the CBDC Anti-Surrelance State Act, a bill that will prohibit the construction of the government-controlled digital dollar, “Anti-Innovation Act”. Anti-CBDC bills and genius Stabecrim Bills “threatens our national security,” the Waters said.
Representative Stephen Lynch, who also participated in the press eventsThere was no valid use of Crypto:
“As a committee, we have learned that there is no legitimate use case for cryptocurrency, unless you count illegal practices of each ranges and he’s, which have affected American businesses, which have been fuel and convenience by cryptocurrency.
“It is a highly risky and unstable product that has no business in the functioning and well -regulated financial system. The whole industry is a scam,” he said.
US President Donald Trump signed an executive order banning CBDC in January.
Connected: South Korea stopped CBDC tests as stabelcoin fever hits banks
Countries remain divided on CBDC
In February, Federal Reserve Chair Jerome Powell Testified In a Senate hearing that the central bank will not develop a CBDC under its tenure.
Other countries are moving forward with digitization of their fiat currencies, often cite the need to make their currencies competitive in the digital age, while maintaining sovereign control of the currency and not issuing a third-party Stabelcoin company.
The country’s central bank, Reserve Bank of India announced that it would expand its CBDC tests in May to focus on matters of novel use for its digital rupee.
In July, Australia’s Central Bank planned to test wholesale CBDC in a closed experiment with select institutions.
Bank of England Governor Andrew Bailey recently said that the UK central bank should not issue CBDC, arguing that it could destabilize the banking system. Belly said that Bank of England should focus on depositing tokens instead.
magazine: India banned new crypto to support CBDC, Lazarry Group Strikes Again: Asia Express
