US Congressman Warren Davidson warns that central bank digital currencies (CBDCs) could result in a dystopian future.
The Ohio Republican tells his 78,900 X followers that he believes CBDCs could transform money into a powerful means of governmental control and plans to introduce legislation to criminalize the development of these types 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 for coercion and control.
Sound money serves as a stable store of value and an efficient means of exchange.”
Davidson also says that he wants to prohibit CBDCs because they threaten other digital assets like Bitcoin (BTC), impeding the development of beneficial financial technology.
“Central bank digital currency (CBDC) poses a serious threat to all digital assets. As I said at Flyover FinTech, many people wrongly conflate even BTC with CBDC.
At least most agree that CBDC is evil – the financial equivalent of the Death Star.
Don’t become an accomplice to anyone designing, building, testing, developing, or establishing CBDC. Banning CBDC is essential to America’s FinTech future.”
Davidson calls out 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 says that CBDCs are the complete opposite of decentralized finance (DeFi) and vows to prevent their adoption.
“Current CBDC versions are centrally managed, permissioned databases dependent on digital ID. This is opposite of DeFi where the entire computing architecture is designed to protect privacy and enable permissionless peer-to-peer transactions. +100 countries are studying, developing, or implementing the same creepy surveillance state technology as China.”
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