Decred (DCR) co-founder Jake Yocom-Piatt believes that the emergence of CBDCs will facilitate the growth of crony capitalism. He speculates that if successful, central banks will be able to play favorites without the need for intermediaries.
In a Cointelegraph interview, Yacom-Piatt opined that the way the banking system is currently set up, if the Federal Reserve wants to provide a loan to a company or an industry, it cannot do it directly. Instead, it must first make a loan to a commercial bank, who then will lend out these funds. This creates at least some level of transparency and accountability:
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