Sunday, September 25, 2022

US Senate Candidate Joins Many Others To Criticize Fed’s CBDC Plan, Tags CBDC ‘Slave Money’

Many governments of the world have already launched their central bank digital currency (CBDC), but the U.S. Fed is still perfecting plans to come out with its own. However, the concept of CBDCs has always been one greeted with mixed reactions, drawing support and wild criticisms alike.  As it were, digital currencies continue to be a topical issue amongst prominent government officials and the crypto community.

CBDC Is Slave Money — Solstin

Whenever there’s a critic of the CBDC concept, their dissenting view is always bordered around how the digital currencies are centralized and monitored by governments. And truly, this defeats the very idea behind decentralized cryptocurrencies.

Therefore, there’s a long list of individuals and prominent politicians, who have openly criticized the idea of a CBDC. And lately joining that list, is Bryan Solstin, a U.S. senate candidate. 

Washington-based Solstin has recently been more vocal about his stance on CBDCs. In fact, his entire candidacy may have been built on his promises of making Bitcoin a legal tender in the U.S.

In one of his recent remarks, Solstin termed the CBDC as ‘slave money,’ calling for the need to permanently ban it. Furthermore, the senate candidate also took to his official website, stating that:

“As Senator and privacy advocate, I will fight every CBDC effort. I will break relations with every country who implements a CBDC.”

Fed’s Push Still On?

Apparently, the U.S. Fed is yet to clearly establish a way forward regarding CBDCs. This is despite releasing a white paper on them earlier in the year. 

White paper or not however, the Fed still needs a clear support from lawmakers to be able to implement any forms of CBDC.

Meanwhile, there are other countries just like the U.S. who are yet to decide on the best course of action regarding their CBDCs. These include Singapore, Israel, Cambodia, and many more.

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