In the past, discussions about creating a Central Bank Digital Currency were limited to cryptocurrency experts and monetary policy buffs. However, in the past year this idea of a centralized digital currency that is issued by central banks and managed by them has gained momentum on the continent of Africa, China, America, and Mexico.
Mexico proposes CBDC legislation
According to Bitcoin Magazine, Mexican Senator Indira Kempis proposed “draft legislation amending the country’s Monetary Law to include currencies issues by the central bank.”
Kempis agrees that Mexico’s direct intervention is essential to long-term economic health.
According to Kempis’ proposal, “It is essential that the State, through the regulation of the financial system, promote a greater access to and use of financial services through intervention to ensure that service providers provide fair treatment and quality service to their users, as well as how to create financial education programs that provide the necessary knowledge for Mexicans to make informed and aware decisions of their resources.”
This would also allow the central bank the authority to issue and control “virtual assets” such as a CBDC and have broader regulatory policies regarding cryptocurrencies such as Bitcoin and others.
Senator Warren Supports CBDC
In the United States, similar proposals have been discussed and had their ideas supported by lawmakers such as Senator Elizabeth Warren (D-Mass), who advocated for the creation of a CBDC on NBC’s “Meet the Press Reports” with Chuck Todd on April 1, 2022.
You can see Senator Warren’s full comments on cryptocurrency and regulations she would support in the video below.
“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,” Warren told Todd. “Yes, I think it’s time for us to move in that direction.”
Marjorie Taylor Greene Opposes CBDC
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Some lawmakers, like Congresswoman Marjorie Taylor Greene (R.Ga), oppose government intervention into the crypto space.
Joe “the big guy” Biden always gets his cut.
Protect Crypto currency owner’s rights.
— Rep. Marjorie Taylor Greene (@RepMTG) February 17, 2022
On February 17, 2022, when commenting on the Canadian government’s freezing of bank accounts as well as cryptocurrency donations made to the “Freedom Truckers” movement, Greene tweeted that she saw the actions of Canadian Prime Minister Justin Trudeau as “full dictator” and that there needs to be a stance made to protect the rights of cryptocurrency owners.
Similar: Marjorie Taylor Greene Blames Democrats, Media After Lawsuit To Block Her Reelection Is Allowed
Advocates against the creation of CBDC’s and cryptocurrency restrictions such as Greene claim that the CBDC’s could be used as a tool which would eliminate all aspects of financial privacy among transacting parties and could be used to limit individual actions not politically acceptable.
Government Control v. Individual Liberty
Vice President and Director of the Cato Institute’s Center for Monetary and Financial Alternatives, Norbert Michel, echoes the view that the creation of a CBDC would be detrimental to individual liberty.
Michel, in a Forbes op-ed, states that a CBDC would allow for government to control the financial transitions made by citizens if only one digital currency was allowed.
“A CBDC” Michel claims, “would give federal officials full control over the money going into–and coming out of–every person’s account.”
Michel discussed CBDC more in-depth during the forum “US CBDC — A Disaster in the making?” hosted by Sustany Capital last month. See his entire comments below.
Norbert Michel participates in the event, “Forum: US CBDC — A Disaster in the making?,” hosted by Sustany Capital https://t.co/lsrnBm4GP8 via @CatoInstitute
— kameir (@kameir) April 20, 2022
Information about the Author
Remso W. Martinez is a journalist and Amazon bestselling author of “Stay Away From the Libertarians!” and “How to Succeed in Politics (and Other Forms of Devil Worship).” You can follow him on Twitter @heyremso or on his website rwmartinez.com.