Saturday, November 27, 2021

Senator Elizabeth Warren Makes U-Turn, Backs Digital Currency as the Best Means to Reach the Unbanked

Elizabeth Warren, Senator and former United States presidential candidate, who had publicly been skeptical about Bitcoin (BTC) and crypto as a whole, has recently backed digital currency, stating that it could serve as a vital means to reach the unbanked.

In an interview on CNBC Squawk Box a few hours ago, Warren pointed out that the crypto industry may be the proper means to tackle a number of challenges in the traditional financial institution, especially in terms of reaching the unbanked across the world.

Read Also: Could Amazon Integrate Ethereum and Cardano as Bitcoin Remains Key for Its Crypto Payments? Insider Says Yes

“One of the things I think is very interesting is digital currency. There has been an enormous failure by the big banks to reach consumers all across the country…digital currency and central bank digital currency may be an answer there.”

According to the senator, the existing financial system has a lot of problems, suggesting that some crypto-related solutions could potentially solve the problems.

Read Also: JPMorgan Now Let Retail Customers Invest In Bitcoin, Ethereum, Bitcoin Cash, and Ethereum Classic

Elizabeth Warren noted:

“We have a lot of problems in our financial system right now. The question we have to ask is look at the design of crypto to see where it may be better but also to see where it may inject its own risks into the system.”

Read Also: Elon Musk Confirms He Owns Ethereum and Dogecoin, Says Both Tesla and SpaceX Own Bitcoin

It’s worthy of note that the recent comment from Warren came shortly after tagging crypto enthusiasts as a “shadowy, faceless group of super coders and miners” in a Tuesday crypto-based press panel, as reported by Cointelegraph.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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