Jim Rogers, a prominent investor and co-founder of Soros Fund Management, says Bitcoin (BTC) is not a threat to governments.
In an interview with Kitco News on January 31st, Rogers explained that he sees Bitcoin as a means of transaction and stressed that Bitcoin is not a threat to governments in terms of replacing established currencies or fiat currencies. did.
Rogers, who designed the Rogers International Commodity Index, a broad index of commodity futures in the 1990s, insists that cryptocurrencies are not a threat to governments. If so, the government will likely take action.
At the same time, he downplayed Bitcoin’s global influence as a legal tender, citing El Salvador’s adoption as a limited example. He said he does not expect cryptocurrencies to be widely accepted as money as governments resist such competition.
Although he acknowledges that acceptance of Bitcoin (BTC) is increasing, he is skeptical that Bitcoin (BTC) is legitimate as a currency, except perhaps in El Salvador, which has a population of just 6 million people. expressed his stance. He concluded that this alone was unlikely to have a transformative impact on the world.
Concerns about CBDC oversight
Going forward, Rogers predicted that digital currencies, especially central bank digital currencies (CBDCs), will be widely adopted by various governments around the world.
“I fully expect that eventually we’ll end up with money on computers. It’s going to be much more efficient, cheaper and better for a lot of people and governments,” he said. Told.
However, the investor expressed concern about the potential for increased surveillance related to CBDCs, highlighting the possibility that governments could gain detailed access to individuals’ financial activities.
These concerns are consistent with recent statements by former U.S. president and current Republican candidate Donald Trump. Trump recently pledged not to support a CBDC if he wins the 2024 presidential election, citing concerns about the impact on personal freedoms.
He further affirmed his commitment to defending the Second Amendment and expressed opposition to the creation of a central bank digital currency, citing concerns about the possibility of fiscal compromise. In this situation, he vowed to protect innocent lives and restore freedom of speech.
Meanwhile, the CBDC Anti-Surveillance Act was approved by the US House Financial Services Committee, moving against the proposed currency.
CBDC Anti-Surveillance Law
On September 20, the U.S. House of Representatives Financial Services Committee approved the CBDC Anti-Surveillance Act.
The bill, sponsored by Majority Whip Tom Emmer, would prohibit the Federal Reserve from issuing CBDCs directly or indirectly to individuals, and would require the Secretary of the Treasury to issue a Congressional order to the Federal Reserve Board of Governors. Directing the issuance of CBDC without explicit approval is prohibited.
The law also aims to protect innovation and the development of digital cash that may emerge in the future. The bill has the support of 60 MPs and groups ranging from Independent Heritage Action to the Blockchain Association.
This bill is an important step toward passage in Congress. However, there is no Senate companion bill to this bill. The move is seen as a significant development in the ongoing debate over the role of CBDCs in the US financial system and their potential impact on privacy and surveillance.