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Senator Elizabeth Warren says “it’s time” for a centrally controlled digital currency

The pro-regulation senator throws her support behind the controversial idea.

In an interview with NBC’s Chuck Todd, Sen. Elizabeth Warren said it is time for a US CBDC (central bank digital currency).

“So a lot that banks do wrong, if you think, ‘We could improve that in a digital world,’ the answer is, ‘Sure you could.’ But in that case, let’s do a central bank digital currency,” Warren told Todd. “Yes, I think it’s time for us to move in that direction.”

RelatedCentral Bank Digital Currencies make authoritarianism, censorship, and surveillance easy

Warren also hinted that digital assets could face regulation. She used the financial crisis of 2007-2008 as a reason why there is need for regulation of the crypto market.

Todd asked the senator if crypto could be the “real estate bubble” of this decade.

Warren responded: “The whole digital world has worked very much like a bubble works. What is it moved up on? It’s moved up on the fact that people all tell each other that it’s going to be great, just again like it was on that real estate market. How many times did people say, ‘Real Estate always goes up. It never goes down?’ They said it decades ago before the last real estate bubble. They said it in the 2000s, before the crash in 2008.”

In March, Warren, and other senators, introduced a bill that could block crypto companies from doing business with companies that have been sanctioned. The bill would also give the president the authority to add crypto companies that are not based in the US to sanctions lists for facilitating sanctions evasion.

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