Ray Dalio, an American billionaire and long-time hedge fund manager, said central bank digital currencies (CBDCs) are likely to be introduced.
Dalio shared his views during an interview on the Tucker Carlson Show on February 9.
The discussion also covered US debt issues, gold, and concerns about growing political tension. When asked about CBDCs, he said, “I think it will be done”.
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He noted that a government-issued digital currency could feel convenient for everyday use. He compared it to money market funds in how simple transactions could become.
At the same time, he pointed out that CBDCs “probably won’t” pay interest. Because of this, he said they would not serve well as a place to store value, especially with “the depreciation [of the dollar]”.
Dalio also focused on the level of oversight such systems allow. He said every transaction would be visible to the government. This could help reduce illegal activity, but would also create broad monitoring powers.
He added that programmable money could allow direct taxation and tighter currency rules. According to Dalio, authorities could restrict access, enforce foreign exchange controls, or take funds from people linked to sanctioned countries.
He also warned that access to a CBDC could be blocked if someone is “politically disfavored”.
The central bank expects to introduce its planned “payment accounts” later this year, according to Federal Reserve governor Chris Waller. What did he say? Read the full story.
