Edward Snowden Says the CBDC is a “Cryptofascist Currency” Designed to Put Governments at the Center of Every Transaction
Former NSA consultant and whistleblower Edward Snowden called the central bank’s digital currency (CBDC) a “cryptofascist currency” primarily designed to deny people basic ownership of their money. In a tweet, Snowden said the CBDC will put the state at the center of every transaction, at odds with the founding principles and protocols of virtual currency. Cryptocurrency was developed as a decentralized currency, free from the control of a single authority. It was designed to remove financial institutions like banks from the trading and investing process.
While the cryptocurrency has made rapid gains this year, some people still have doubts due to the lack of an underlying asset or government backing. Many governments are acting with caution to give it legal tender status. They say they are studying the evolution of technology and developing their CBDC, which will be backed by a sovereign guarantee.
“A CBDC is a perversion of cryptocurrency, or at least of its founding principles and protocols – a cryptofascist currency, expressly designed to deny you basic ownership of your money by placing the state at the center of every transaction, ”Snowden said.
A CBDC is a perversion of cryptocurrency, or at least of its founding principles and protocols – a cryptofascist currency, expressly designed to deny you basic ownership of your money by placing the state at the center of every transaction. . https://t.co/720SYvqzZM
– Edward Snowden (@Snowden) October 9, 2021
The tweet shared a link to the Snowden newsletter titled “Your Money and Your Life”, he spoke strongly against potential use cases for CBDCs, including the belief that a CBDC will be the representation of the digital dollar.
“On the contrary, I’m going to tell you what a CBDC is NOT – it is NOT, as Wikipedia might tell you, a digital dollar. After all, most dollars are already digital, existing not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and returned under the glass of your phone, ”a- he declared.
Previously, Snowden, who now resides in Russia after leaking NSA data to the media and escaping from the United States, criticized and praised the cryptocurrency.
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