Senator Elizabeth Warren from Massachusetts believes that it is the right time for the United States to develop its own digital currency (CBDC). The view was shared in an interview on Thursday.
In response to a query on whether Bitcoin will be regulated similar to a commodity at the very minimal, Warren informed that in her view, it’s going to end up becoming regulated citing the subprime mortgage financial catastrophe that began in 2007. However, she didn’t specify how rules may be implemented.
She further responded on a question of wrongdoings of banks that the banks may be improved further using the digital age and Central Bank Digital Currency may be the further move. Also, this is the right time to move in the CBDC direction.
In March, Warren unveiled new legislation that would prohibit bitcoin firms from doing business with sanctioned entities. On that, Senators Jack Reed, Jon Tester, Mark Warner, and others introduced the Digital Assets Sanctions Compliance Enhancement Act, which would allow the US authorities to prosecute non-US based cryptocurrency businesses also if they facilitate sanctions evasion.
When asked if the senator thought cryptocurrencies were a good investment as the entire digital world has operated very much like a bubble, Warren agreed while referring to it as this decade’s real estate boom. She added that it has risen due to the fact that everyone is saying how amazing it is going to be, just as it was in the real estate market.
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