Central bank digital currency a ‘terrible idea’, US Congress told

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A central bank digital currency would be “one of the worst financial ideas of recent times”, a US think-tank researcher told a US Congress subcommittee.  

Central bank digital currencies would only increase the size, role and power of the Federal Reserve, said Alex Pollock, senior fellow at the R Street Institute, on July 18. The R Street Institute is a conservative think-tank noted for advocating pro-free market policies.

The Federal Reserve would become the “overwhelming credit allocator of

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