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Blockchain Association policy head: US shouldn’t compete with China’s CBDC using surveillance tools

“We will not compete against China — an authoritarian dictatorship — by also acting like an authoritarian dictatorship,” said Jake Chervinsky.
Jake Chervinsky, head of policy at crypto advocacy group the Blockchain Association, said the United States should be careful to avoid a “totalitarian nightmare” in its potential launch of a central bank digital currency, or CBDC.Speaking at Austin’s SXSW festival on Tuesday in a panel on ‘Financial Surveillance in a Cashless Society’, Chervinsky said though U.S. President Joe Biden had issued an executive order establishing a national strategy for cryptocurrencies in the United States, there were potential privacy concerns over the country launching a CBDC. Empowering a government to surveil its citizens using a CBDC, “sounds like the kind of thing China would do” with its digital yuan, according to the Blockchain Association policy head.“It seems that a central

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