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.

“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.

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.”

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 is a trader, crypto enthusiast, and analyst with over seven years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.