CBDC research is a waste of tax dollars and a threat to U.S. civil rights, MPCH Labs' _cathyyoon writes. Here are other reformist digital projects the Biden administration should explore instead. Opinion. Crypto2023, presented by Bitstamp
outlining a potential way to regulate the emerging digital asset industry. The report also came with a proposal for studying a central bank digital currency , which seems like the direction the whole world is heading.
The Biden White House’s proposed CBDC would likely be administered by the government and a coterie of banking partners in the old-fashioned, neoliberal tradition of public-private partnerships. Although CBDC boosters pay lip service to the ideal of “financial privacy,” there are still widespread and justified concerns over allowing the government to see the details of everyone’s finances on a minute-by-minute basis.
I propose, instead of throwing resources and tax dollars at a CBDC project, the Biden administration should investigate a decentralized identification program and develop financial literacy programs for the general public.Currently, access to financial services is often limited by geographical location, onerous know-your-customer procedures and the U.S.’ embarrassing history of class and racial inequality. A new digital identification system could go a long way in improving this situation.
While a number of of crypto’s centralized institutions disgraced the industry this year, DeFi proved its worth. None of the insider trading, theft of customer funds or preferential treatment seen at some crypto companies is possible when DeFi protocols are shipped correctly. Instead, these open financial platforms make everyone play by the same rules – and open the books for verification.
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