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Don’t Fear Central Bank Digital Currency, Embrace It Instead

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Don’t Fear Central Bank Digital Currency, Embrace It Instead
A sign for China's new digital currency, the electronic Chinese yuan (e-CNY), is displayed at a shopping mall in Shanghai, on Mar. 8, 2021. STR/AFP via Getty Images
J.G. Collins
Updated:
Commentary
Last week, South Dakota Republican governor Kristi Noem rejected a bill (HB1193) to update the Uniform Commercial Code (UCC) with her own unique “brand” of veto. The veto came because Noem opposed the bill’s language outlawing Bitcoin and other cryptocurrencies, but allowing a central bank digital currency (CBDC), which is issued by governments.
J.G. Collins
J.G. Collins
Author
J.G. Collins is managing director of the Stuyvesant Square Consultancy, a strategic advisory, market survey, and consulting firm in New York. His writings on economics, trade, politics, and public policy have appeared in Forbes, the New York Post, Crain’s New York Business, The Hill, The American Conservative, and other publications.
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