Elizabeth Warren Calls For The Creation Of A CBDC: Report

Democratic Senator Elizabeth Warren calls for the creation of a CBDC saying that she thinks it’s time to move in that direction so let’s read more in today’s latest cryptocurrency news.

US senator Elizabeth Warren calls for the creation of a CBDC and thinks it is time for the US to create its own. She spoke on “Meet the Press Reports” scheduled to air at 10.30 p.m and NBC Universal even shared a partial transcript of the conversation shows:

“So a lot that banks do wrong, if you think, ‘We could improve that in a digital world,’ the answer is, ‘Sure you could.’ But in that case, let’s do a central bank digital currency. Yes, I think it’s time for us to move in that direction.”

Responding to Todd’s question on whether BTC will face a minimum being regulated like a commodity, Warren said that she believes Bitcoin will end up being regulated using the subprime mortgage financial crisis from 2007 as an example of why it is needed but she didn’t say quite what form the regulations will take. Warren announced in March a new bill to block crypto companies from conducting business with sanctioned companies. The Digital Assets Sanctions Compliance Enhancement Act introduced by Mark Warner, Jack Reed, Jon Tester, and others will allow President Joe Biden to add non-US-based crypto firms to a sanction list if they support sanction evasion.

Warren continued:

“The whole digital world has worked very much like a bubble works. What is it moved up on? It’s moved up on the fact that people all tell each other that it’s going to be great, just again like it was on that real estate market. How many times did people say, ‘Real Estate always goes up. It never goes down?’ They said it decades ago before the last real estate bubble. They said it in the 2000s, before the crash in 2008.”

As recently reported, Democratic Senator Elizabeth Warren says that more regulation is needed as she stepped into the limelight for her comments on the DeFi space and the role of stablecoins in the industry. Speaking during a Senate Committee on Banking, Housing, and Urban Affairs, Warren described stablecoins as the lifeblood of the Defi system because they are used to trade between different coins and can lend and borrow money outside of the regulated baking system.