United States CBDC would ‘crowd out’ crypto ecosystem: Ex-Biden advisor

The creation of a United States digital greenback would “crowd out” the cryptocurrency ecosystem and shield the nationwide safety of the U.S. in accordance with a former prime advisor in president Joe Biden’s administration.

Daleep Singh — a former Deputy Nationwide Safety Advisor for Worldwide Economics within the Biden administration — made the feedback at a Feb. 28 Senate Banking Committee listening to, suggesting that cryptocurrencies facilitate ransomware assaults and contribute to the evasion of U.S. sanctions.

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