Former Joe Biden administration adviser Daleep Singh told the senate banking committee on Feb. 28 that developing a central bank digital currency — i.e., a digital dollar — would help safeguard national interest and supersede private cryptocurrencies.

Singh formerly served as Deputy National Security Advisor for International Economics and Deputy Director of the National Economic Council. He was one of the main people who developed the sanctions placed on Russia following its invasion of Ukraine.

In response to queries from Elizabeth Warren, Singh said that crypto allowed bad actors to conduct certain financial crimes like ransomware and agreed that they would not be possible without cryptocurrencies.