Make Kitco Your Homepage

Fed Coin, El Salvador Coin are coming, say goodbye to privacy - E.B. Tucker

Kitco News

(Kitco News) - Cryptocurrencies represent the opposite of privacy, due to every transaction's provenance being traceable, governments will use this to their advantage when they issue central bank digital currencies, said E.B. Tucker, director of Metalla Royalty.

"What cryptocurrencies have done, is people have really embraced the idea of no privacy. Nobody wants privacy anymore. They love the idea of everything being tracked," Tucker told David Lin, anchor for Kitco News.

Privacy, in this case, refers to an individual's ability to counterfeit money and evade taxes, activities the government wants to control.

On central bank digital currencies, Tucker said that it's only a matter of time before Fed Coin is introduced, as well as an El Salvador Coin.

Tuckers' comments come as El Salvador President Nayib Bukele recently announced that the Latin American country is moving to adopt Bitcoin as legal tender.

For more information on the current market euphoria surrounding cryptocurrencies, watch the video above.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.