Yanis Varoufakis, an economist and former Greek Minister of Finance, has written an op-ed for Project Syndicate stating that the current banking regime is rightfully wary of a central bank digital currency (CBDC) in the US. Varoufakis compares the fears of future CBDCs to the fears of smoking restrictions, with JPMorgan and other Too-big-to-fail (TBFT) banks viewing CBDCs as a government-backed threat against their business. However, Varoufakis believes that a CBDC system could be far more private and resistant to tyranny than the current private banking apparatus, and could bring benefits such as strengthening tax collection, fighting deflation, and enhancing protection against Big Brother.