Source: (Photo by Sarah Silbiger-Pool/Getty Images)
WASHINGTON — If you have been hearing the word “cryptocurrency” recently, but don’t really know what it means, you are not alone. But, one Hoosier leader says it can be a dangerous tool.
Essentially, cryptocurrency – or crypto – is a form of payment that is commonly used online. Independent companies or groups keep records of its use, as compared to banks or other, more traditional institutions.
Now, there is talk that a central bank digital currency could be used in the United States. This is a type of crypto whose records of use would be maintained by a single entity, instead of various individual banks.
Because of this, Senator Mike Braun expressed his concerns to Fox Business Wednesday. He said this nationwide digital currency would be the “ultimate surveillance tool” under the Biden administration.
He noted that its implementation would allow the U.S. government widespread access to financial records. More than that, he argued that it is not yet clear if digital currency would be a stable “medium of exchange.”
Learn more about the central bank digital currency conversation in the U.S. here.
