When it comes to XRP, the entire cryptocurrency world starts taking sides. Due to the fluctuating movements of the SEC case and investors’ dwindling patience, a cloud of uncertainty has always loomed over the cryptocurrency.
A Surprised Figure
Last month, XRP won a major victory in the SEC case and experienced significant price increases. However, the price could not stay at the desired level and declined again. Today, it was announced that the SEC will file an appeal. So, what’s happening around XRP?
Warren Davidson, a United States Congressman, expressed his astonishment at the response from the XRP community regarding Ripple‘s collaboration with Central Bank Digital Currencies (CBDCs). Davidson, a vocal critic of CBDCs, is determined to oppose this concept through legal means.
I couldn’t be more against CBDC. I want designing, building, developing, testing, or implementing CBDCs to be considered a crime. A single ring to rule them all… Throw it into the fire.
Davidson Says CBDCs Are Harmful
On August 15, Davidson conducted a poll on Twitter, asking XRP holders for their opinions. He inquired whether they participated in Ripple’s CBDC initiatives or had strong views on the matter. More than half of them (53%) responded with “I don’t care” and showed little interest. Approximately 28% liked XRP but were not enthusiastic about Ripple’s CBDC work.
Around 18.9% expressed their support for XRP due to Ripple’s CBDC initiatives. Davidson expresses his surprise at how “overly defensive” XRP holders on Twitter are regarding Ripple’s work on CBDCs and clearly states that he has no interest in CBDCs:
CBDCs are a demonic tool that corrupts money into a tool of oppression and control.
CBDCs are a digital version of a country’s currency regulated by the central bank. While governments see benefits in adopting CBDCs such as advanced monetary policy, combating illegal transactions, and facilitating smoother cross-border payments, critics have significant concerns about privacy and control.
The possibility that CBDCs can be programmed to restrict your spending preferences and dictate where and how you use your money continues to be a major source of concern for many.
