United States Congressman Warren Davidson voices his surprise at the response from the XRP community regarding Ripple’s work with Central Bank Digital Currencies (CBDC).
Davidson, an outspoken critic of CBDCs, is determined to challenge the concept through legal means.
“I couldn’t possibly be more opposed to CBDC. I want to criminalize designing, building, developing, testing, or establishing CBDC. One ring to rule them all… Cast it into the fire.”
Davidson Says CBDCs Are Harmful
On Aug. 15, Davidson posted a poll on X (Twitter), seeking input from XRP holders. He sought their perspectives on whether they agreed, disagreed, or held no strong opinion on Ripple’s CBDC work.
More than half (53%) didn’t show much interest, clicking ‘Don’t care.’ Approximately 28% liked XRP but weren’t too keen on Ripple’s CBDC work.
Around 18.9% express their support for XRP due to Ripple’s CBDC efforts.
Davidson states his surprise that XRP holders on Twitter are so “hyper-defensive” of Ripple’s work on CBDCs and openly expresses his lack of interest in CBDCs:
“CBDC is an evil tool that corrupts money into a tool for coercion & control,” he states.
A CBDC is a digital version of a country’s currency, regulated by its central bank. While governments see merits in adopting CBDCs, including enhanced monetary policy, tackling unlawful transactions, and facilitating smoother cross-border payments, there is also a notable concern about privacy and control from critics.
A big worry for many is the possibility that CBDCs could be programmed to restrict your spending choices and dictate where and how you use your money.
To learn more about the Ripple v SEC case, read BeInCrypto’s guide: Everything You Need To Know About Ripple vs SEC
Recent Ripple Developments
Ripple introduced its new CBDC platform on May 18. It leverages the XRP ledger to establish a connection between governments and banks.
This technology also allows Central Banks to effectively manage the entire lifecycle of digital currency, including the creation, distribution, redemption, and disposal of digital currency.
Ripple asserts that its ledger technology demonstrates an efficiency that surpasses traditional proof-of-work blockchains by 120,000 times.
A recent study unveils that around 130 countries are exploring the concept of CBDCs.
In 2023 alone, over 20 countries will take significant advancements in moving forward with their CBDC pilots.
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