In the discussion of the digital currency of the U.S. central bank by the Senate Banking Committee, Elizabeth Warren said that cryptocurrencies are used for illegal activities and are a bad investment.
According to her, “counterfeit currencies” are highly volatile and unsuitable as a means of payment.
Cryptocurrencies are a bad investment
The Massachusetts Senator noted thatcryptocurrencies are convenient for criminal activity and cause irreparable harm to the environment. She referred to the recent Colonial Pipeline attack by hackers, and stated that some mining centers are leaving too noticeable a carbon footprint.
Cryptocurrencies deceive investors, helpcriminals and exacerbate the climate crisis. The threats posed by cryptocurrencies show that regulators in Congress and the federal government can no longer hide in anticipation of their disappearance. They will not disappear. It's time for us to get down to business.
At the same time, Warren sees the solution to the problem of cryptocurrencies in creating his own CBDC:
Central bank digital currencies are very promising
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