JPMorgan And Big Banks Are Panicking Over American CBDCs

It looks like JPMorgan and other important banks continue to panic over the US CBDCs and what they mean for the financial system. Check out more details below.

According to Yanis Varoufakis, the former prime minister of Greece, the current banking system in the US has legitimate concerns about implementing a central bank digital currency (CBDC). In an op-ed for Project Syndicate, Varoufakis draws a comparison between the perceived risks of CBDCs and past fears regarding smoking restrictions.

The online publication  the Daily Hodl notes the fact that just as cigarette companies lamented the rise of smoking restrictions, Varoufakis says JPMorgan and the other “Too-big-to-fail (TBFT) banks” view CBDCs as a government-backed threat against their business.

“Once upon a time, the greed of tobacco companies was channeled through libertarian outrage over the restriction of smokers’ freedom to choose cancer.”

He continued and said the following:

“This time, the outrage is serving the interests of bankers panicking at the prospect of Fed accounts. Dimon and other masters of the TBTF universe are right to be scared, because a Fed CBDC would threaten their empire building.”

He also stated this:

“And bankers around the world are right to fear that many of their lucrative services would no longer be required. With those services – holding deposits, processing payments, and so on – ‘disintermediated,’ they would suddenly be unable to hold societies hostage.”

It’s been just revealed the fact that JPMorgan is “persistently” discriminating against its own clients and closing bank accounts without warning. This is according to the Republican attorneys general from 19 states.

The law enforcement officials that are led by Kentucky Attorney General Daniel Cameron, sent a letter to JPMorgan CEO Jamie Dimon. They were stating that the banking giant’s practices go against the company’s own policies on equality.

Check out our previous article in order to learn more.