Tensions burst out between Rep. Rashida Talib (D-Mich.) and JPMorgan Chase CEO Jamie Dimon last week at a Capitol Hill hearing over whether the U.S. financial sector should continue funding profitable new oil and gas projects. The viral exchange – particularly Dimon’s assertion that defunding fossil fuels would be the “road to hell for America” – rallied the usual suspects on both sides of the political aisle … for a short while, before the next current thing came up.
But the question of government involvement (some would say coercion) in financial decisions won’t soon fade. In fact, the stakes are about to heighten as political interest in central bank digital currencies (CBDC) grows.
Paul H. Jossey is an adjunct fellow at the Competitive Enterprise Institute and founder of www.thecrowdfundinglawyers.com.
Without doubt, a CBDC could have sinister consequences for the U.S. should the government gain granular insight into Americans’ everyday transactions, potentially directing them to favored public policies.
Read the full article on Coin Desk.