An ex-Biden advisor wants to see a US dollar CBDC and suggested it would “crowd out” the crypto ecosystem and protect the country’s national interests.
The creation of a United States digital dollar would “crowd out” the cryptocurrency ecosystem and protect the national security of the U.S. according to a former top advisor in president Joe Biden’s administration.
Singh believes the U.S. government embracing a Central Bank Digital Currency “is the single best step that we could take [to protect national interests] because it would crowd out the ecosystem of crypto.” In an interview with Cointelegraph in May 2022, Franklin Noll — the president of Consulting firm Noll Historical Consulting — also suggested that CBDCs“The downside for crypto is that CBDCs will work to crowd out private cryptocurrencies, especially stablecoins focused on retail payment areas. Cryptocurrencies will stay in niches in the payment system where they serve unique functions and provide specialized services.”and risks associated with CBDCs.
with Bloomberg that China is “leading the way” on CBDC development while the U.S. is “on the sidelines.”He added that developing alternative financial rails could spell “trouble” to the U.S. as they affect the “potency” of its power to enforce sanctions.
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