At the Bitcoin Policy Summit not long ago, U.S. Senator Marsha Blackburn from Tennessee discussed her worries about Central Bank Digital Currencies (CWDCs). She said these currencies could let the government spy on many people and invade their privacy.
It was very clear that Republican Senator Blackburn did not like the idea of CBDCs. He compared them to tools the government could use to access people’s financial information in ways that have never been possible. Blackburn said Central Bank Digital Currencies are a way for the government to look into everyone’s funds. He stressed how harmful they are to people’s rights.
Bitcoin’s Decentralization Applauded by Blackburn
On the other hand, Blackburn said he liked independent cryptocurrencies like Bitcoin (BTC) and discussed how they protect privacy and freedom in funds matters. “Freedom and privacy are two things we look at when we think about BTC.” She said, “That’s great” about Bitcoin’s decentralized system.
At the same time that the senator spoke, countries around the world are thinking about or using digital currencies. People who support CBDC say they could make the banking system work better and be more open to everyone. Still, people who are against them, like Blackburn, say they could mean more government surveillance and less freedom for people.
Notably, Blackburn’s position fits with a significant shift in how people feel about politics in the U.S. Former President Donald Trump has been sceptical of cryptocurrencies in the past. Still, he recently admitted that BTC is becoming more popular, especially among young people and people of colour. During an appearance on Fox News’s “The Ingraham Angle,” Trump acknowledged Bitcoin’s popularity and said it might need to be regulated.
Trump said, “Many people are embracing it,” which differed from how he had previously described BTC as a scam.
The fact that Blackburn and Trump agree on many things shows that more and more people in the U.S. government are okay with Bitcoin being autonomous. The balance between new ideas, privacy, and government control is still one of the main points of disagreement when people discuss about digital currencies.
