Only CBDCs can Help Banks from Failing, Says US Senator Elizabeth Warren
US senator Elizabeth Warren has favored CBDC’s, and she thinks that these are the only instruments that can be used to solve enormous failures for big banks in the US. Senator Elizabeth joined a recent chat on SquawkBox, a news program run on CNBC, and she shared her concerns about cryptocurrencies and the mature ways that can be implemented to regulate these properly. A brief part of the interview was also targeted on the collection of wealth tax earned by those taking part in crypto trading and having made their bread and butter in the crypto market.
She wildly supported CBDCs and said that these could help millions of people who are unbanked. A lot of questions were thrown around, and the anchor Andrew Sorkin also asked the senator whether crypto would disrupt the modern financial system as we know it in a positive way or not. The question initially targeted the validity of using a decentralized economy over traditional fiat currency. To this answer, Warren replied that all digital currencies are phenomenal in their own making and operation and are interesting, but the central bank digital currencies or CBDC’s are the right way to do it.
Cryptocurrency and Conventional Baking System can Work Side by Side
She said that these CBDCs would definitely come in handy when it comes to serving millions of people, those who don’t have access to a conventional bank account or are not given premium access like a wealthy user in the eyes of the bank.
Warren said that it is most definitely a devastating failure for the big banks as they are unable to meet the common requirements of the consumers in the US. There exists a clear distinction among the provision of banking services to common, mediocre, and wealthy people, and this biased banking system must be revolutionized, and CBDC’s are the only way to do it. She admitted to the presence of many problems in the banking sector, specifically in the US, and the tension that exists in the adoption and the regulation of cryptocurrencies. Senator Warren supported finding better solutions and drafting such regulations that will allow cryptocurrencies to work side by side with the conventional banking systems and serve those who don’t have access to these services.
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