Former NSA adviser and whistleblower Edward Snowden has called the Central Bank Digital Currency (CBDC) a “cryptofascist currency” primarily designed to deprive people of their original ownership of their money. Snowden said in a tweet that a CBDC would place the state at the center of every transaction, contrary to the founding principles and protocols of virtual currency. Cryptocurrency was developed as a decentralized currency, free from the control of any single authority. It was designed to remove financial institutions such as banks from the process of trading and investing.
whereas cryptocurrency With sharp gains made this year, some are still skeptical because of the underlying assets or absence of government support. Many governments are proceeding cautiously to give it the status of legal tender. They say they are studying the technology being developed and developing their own CBDC, which will be backed by a sovereign guarantee.
“A CBDC is a perversion of cryptocurrency, or at least its founding principle and protocol—a cryptofascist currency designed to deny you the original ownership of your money by explicitly setting the state at the center of every transaction. Is,” snowden said.
A CBDC is a perversion of cryptocurrency, or at least its founding principle and protocol—a cryptofascist currency designed to deny you the original ownership of your money by explicitly setting the state at the center of every transaction. https://t.co/720SYvqzZM
— Edward Snowden (@Snowden) October 9, 2021
Tweet shared link to Snowden’s newsletter Title “Your Money and Your Life”, he took a firm stand against potential use cases for CBDCs, including the belief that CBDCs would represent the digital dollar.
“Instead, I will 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, not as something in your wallet. , rather exists as an entry in the bank’s database, sincerely requested and presented under the glass of your phone,” he said.
Earlier, Snowden, who now resides in Russia after leaking NSA data to the media and fleeing the US, has drawn criticism as well as appreciation of the cryptocurrency.
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