Elizabeth Warren believes digital currencies can help the "unbanked"
Elizabeth Warren believes digital currencies can help the "unbanked" Elizabeth Warren believes digital currencies can help the "unbanked"

There has been a lot of buzz about United States Senator Elizabeth Warren after she started calling for quick regulation of cryptocurrencies.

Warren even sent a letter to the chairman of the U.S. Securities and Exchange Commission Gary Gensler on the issue, in which she shared her concerns stemming from the existence of decentralized exchanges, among other things. The senator explains her action by the need to ensure the protection of American investors and consumers. In the same letter there is a question on whether cooperation between countries is necessary in order to introduce appropriate regulations.

Is it possible to change Senator Elizabeth Warren’s approach?

It is worth recalling that this is the same Elizabeth Warren, who not only wants to fight against cryptocurrencies, but is also unhappy with the monopoly of technology giants (including Google and Facebook). We wrote about her critical stance on ICOs back in 2018(What’s New? – Week Summary #6). Warren also monitored the high-profile action related to GameStop (for details, see the article WallStreetBets and GameStop | Everything you need to know. In One Place). In addition, the senator questioned Facebook CEO Mark Zuckerberg about the Libra project long before it was renamed Diem(Libra changes its name to Diem | stablecoin launch already in 2021).

Senator’s statement for Squawk Box

Taking all this into account, it is hard to believe that a person with such views could be able to see any advantage of cryptocurrencies and blockchain technology. However, this is what happened during an interview with CNBC’s Squawk Box.

The senator admitted that when it comes to reaching users across the country, the big banks have failed. The central bank’s digital currency could be a solution to this problem:

“There has been an enormous failure by the big banks to reach consumers all across the country. Digital currency and central bank digital currency may be an answer there.”

Although CBDCs (central bank digital currencies) don’t offer as much freedom as “traditional” cryptocurrencies, the appreciation of this technology by a fierce opponent of cryptocurrencies can still be considered good news.

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