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Digital currencies , ‘new financial capitalism variants’
By Nidz Godino
“I would say that the forces promoting cryptocurrencies are largely in relation to Wall Street as mafia is to the police,” Partido Lakas ng Masa vice presidential aspirant Walden Bello said non-fungible tokens (NFTs), cryptocurrencies, and other forms of digital currencies are exploitative and just “new variants” of financial capitalism.
Digital currencies have dominated Internet and have taken millions to invest in the new platform.
“That is, they complement each other to defraud gullible and exploit the weak…this is just another variant of finance capitalism.”
Bello said it was evident with various alleged bankruptcies and scandals connected to the new platform.
“We are seeing right now a wave of bankruptcies and scandals connected with use of cryptocurrencies and digital currencies which have been manipulated by capitalist elements out to defraud workers under pretext of making super-profits for them,” the vice presidential hopeful said.
If given cabinet position, Bello earlier said that he would be efficient in finance department.
Bello is among vice presidential candidates included in the national ballot for the upcoming elections in May along with Davao City Mayor Sara Duterte-Carpio Senate President Vicente “Tito” Sotto III, Sen. Francis Pangilinan, Buhay party-list Rep. Lito Atienza, Dr. Willie Ong, Rizalito David, Manny Lopez, and Carlos Serapio.
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