IPMorgan is addressing the dangers of CBDC. Check out the latest reports about this below.
Dangers of CBDCs
Yanis Varoufakis, former prime minister of Greece, has expressed his opinion that the current banking system in the US has valid concerns about introducing a central bank digital currency (CBDC).
In an op-ed for Project Syndicate, Varoufakis likens worries about CBDCs to previous concerns about smoking restrictions.
According to the Daily Hodl, Varoufakis draws a comparison between the reaction of cigarette companies to smoking restrictions and the way JPMorgan and other “Too-big-to-fail (TBFT) banks” perceive CBDCs as a government-endorsed danger to their business.
“Once upon a time, the greed of tobacco companies was channeled through libertarian outrage over the restriction of smokers’ freedom to choose cancer.”
He continued and said the following:
“This time, the outrage is serving the interests of bankers panicking at the prospect of Fed accounts. Dimon and other masters of the TBTF universe are right to be scared, because a Fed CBDC would threaten their empire building.”
He also stated this:
“And bankers around the world are right to fear that many of their lucrative services would no longer be required. With those services – holding deposits, processing payments, and so on – ‘disintermediated,’ they would suddenly be unable to hold societies hostage.”
JPMorgan in the news
It’s been just revealed the fact that JPMorgan is “persistently” discriminating against its own clients and closing bank accounts without warning. This is according to the Republican attorneys general from 19 states.
The law enforcement officials that are led by Kentucky Attorney General Daniel Cameron, sent a letter to JPMorgan CEO Jamie Dimon. They were stating that the banking giant’s practices go against the company’s own policies on equality.
At the company’s latest shareholder’s meeting, Dimon told investors that America’s regional banking crisis will likely have a domino effect on the real estate industry.
“There’s always an off-sides. The off-sides in this case will probably be real estate. It’ll be certain locations, certain office properties, certain construction loans. It could be very isolated. It won’t be every bank.”
