Central Bank Digital Currency: The Fed’s Coming Power Grab

Source: National Review
by Paul H Jossey

“Recent volatility in cryptocurrencies such as Bitcoin, Ether, and Dogecoin has emboldened the Biden administration and congressional Democrats to call for government regulation of digital currencies. Senate Banking Committee chairman Sherrod Brown (D., Ohio) fired off a scathing letter on May 19 to President Biden’s acting comptroller of the currency urging him to scrap a Trump-administration policy granting limited-purpose bank charters to some cryptocurrency firms. Bank charters should not be granted to firms involved with such ‘risky and unproven digital assets,’ he wrote. Yet Brown and others ostensibly concerned about cryptocurrency risks want the Federal Reserve to charge ahead with its own ‘central bank digital currency’ (CBDC). … despite rhetoric about imposing fairness and equity in the financial system and financial-technology (FinTech) landscape, a government digital currency would not improve financial inclusion, combat illegal activity, or strengthen the dollar’s global status.” (06/03/21)