Senator Warren believes that CBDCs can help to solve the US's massive banking failure.

Senator Elizabeth Warren supports CBDCs, claiming that they may help solve the US's massive bank failure. Senator Elizabeth Warren, a member of the Senate Banking Committee, discussed crypto and good methods to regulate it during a recent interview on CNBC's Squawk Box.

When it comes to taxation wealth made on cryptocurrency, the discussion also touched on the wealth tax.

"CBDCs have the potential to assist millions of unbanked people."

Warren responded that digital currencies are fascinating, and central bank digital currencies (CBDCs) are particularly interesting, when questioned by anchor Andrew Sorkin whether crypto will be able to disrupt the existing financial system in a positive way.

CBDCs could be useful for the millions of people who are now unbanked or underbanked. Warren described it as "an incredible failure by the large banks" since they are unable to reach consumers across the United States and deliver banking services to them.

As a result, she believes that digital currencies could be a viable solution.

She then recognized that there are several difficulties in the global financial system right now, particularly in the United States. According to the senator, the sector must discover ways to improve the design of crypto for the benefit of the system and to avoid new hazards that cryptocurrencies may "add" to it in order to increase acceptance and regulation.

Cryptocurrency wealth tax

When asked if the wealth tax that Warren is proposing should be paid by individuals who have made a fortune in crypto, and if it should be collected differently than those who have made a fortune in real estate or other traditional assets, Warren responded it doesn't matter.


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