Central bank digital currency a ‘terrible idea’, US Congress told

Move to central bank cryptocurrency would make Fed “overwhelming credit allocator” – researcher

digital-currency
Too much power: a central bank digital currency is “one of the worst financial ideas of recent times”

A central bank digital currency would be “one of the worst financial ideas of recent times”, a US think-tank researcher told a US Congress subcommittee on July 18.  

Central bank digital currencies would only increase the size, role and power of the Federal Reserve, said Alex Pollock, senior fellow at the R Street Institute. The conservative think-tank is noted for advocating free-market policies.

The Fed would become the “overwhelming credit allocator of the US economic and financial system”,

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