Former Coinbase chief technology officer (CTO) Balaji SrinivasanHe believes that Bitcoin (BTC) is a way for US citizens to evade government control and exit the monetary system.
Srinivasan, bitcoin In a new interview with bull bull Anthony Pompliano, he said he was particularly concerned about the Federal Reserve’s plan to launch FedNow, the new digital payments and reconciliation service, in July.
Former Coinbase CTO stated that he describes this service as a central bank digital currency (CBDC). According to Srinivasan, FedNow has enough features to give the government more control over people’s finances.
“He believes this project will be one of two things I will talk about. First, there will be all sorts of chaotic pressures and bank runs in the coming weeks as anxious depositors control their funds. The breaking point will be whether they tie it up with the big banks or convert it to Bitcoin. As funny as this may sound, it will be important enough to determine whether freedom survives or not.
If everyone puts their money in the big banks, they will start to think that the Fed saved us. This will ultimately be the end of small banks and technology banks. What they’re trying to announce during all these crises FedNow CBDC… If what I’m afraid of happens, the money will be stuck in big banks and we will be sentenced to 3-4 banks. As a result, you can’t even spend your money without government approval…”
According to the Federal Reserve, the FedNow Service aims to enable businesses and individuals to send and receive payments instantly whenever they want. However, the Fed did not say that it plans to use CBDCs to process payments.
The Biden Administration is currently exploring the possibility of using CBDCs to issue digital dollars.
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