Friday, January 21, 2022
Home Crypto News Market Edward Snowden: Government Digital Coins (CBDCs) Are A Conspiracy Against Society, And...

Edward Snowden: Government Digital Coins (CBDCs) Are A Conspiracy Against Society, And Will Ransom Our Future

- Advertisement -

Government digital coins or Central bank digital currencies (CBDCs) are the newest threat that society faces according to former NSA and CIA official Edward Snowden, these coins “pervert” the very nature of cryptocurrencies.

Read: President Nayib Bukele Says El Salvador Will Use Bitcoin Profits To Fund Pet Hospital



Snowden said the CBDCs are a conspiracy against society, distorting the principles of cryptocurrencies. According to the former official of the United States National Security Agency, authorities will use digital coins to deprive citizens of their right to own their money and to be free.

Read: Biden Administration Is Planning An Executive Order On Cryptocurrencies

 

Authorities are releasing state digital currencies not to support cryptocurrencies or digitize the financial sector of the economy, rather it is their use full financial tool to keep their control Snowden said.

Read: Bloomberg Believes SEC May Approve Four Bitcoin ETFs For The First Time By The End Of October

“Most of your money exists not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and rendered beneath the glass of your phone. If someone else gets to decide *if* and *how* you can spend it, is it really yours?”

 

According to Snowden, CBDCs are clearly designed to deprive users of ownership of money.

Snowden wrote in his substack (Your Money AND Your Life):

“Instead, a CBDC is something closer to being a perversion of cryptocurrency, or at least of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction.”





 Read: JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold

Snowden pointed out that CBDCs will be used to control people’s money. He proved his point with an interesting example:

“Let’s say that his doctor has told him that the sedentary or just-standing-around nature of his work at the bank has impacted his health, and contributed to dangerous weight gain. Our guard must cut down on sugar, and his private insurance company—which he’s been publicly mandated to deal with—now starts tracking his pre-diabetic condition and passes data on that condition on to the systems that control his CBDC wallet, so that the next time he goes to the deli and tries to buy some candy, he’s rejected—he can’t—his wallet just refuses to pay, even if it was his intention to buy that candy for his granddaughter.”

Snowden is confident that banning cryptocurrencies in countries will not affect bitcoin’s growth prospects.

- Advertisement -
Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

CoinMarketCap Finally Verified The Floki Inu Market Cap

CoinMarketCap (CMC), the world's number 1 crypto asset tracking website, has verified the Floki Inu (FLOKI) market capitalization. ...

Polkadex Joins Second Round of Parachain Auctions with Community Crowdloan

Tortola, British Virgin Islands,, 21st January, 2022,  — Polkadex Inc., the DeFi order-book exchange built on Substrate, has announced its parachain bid, aiming to...

Former VK.com CEO Andrew Rogozov Joins TON Foundation as Founding Member to Oversee Product Efforts at Successor of Telegram’s Blockchain Project

Abu Dhabi, UAE, 21st January, 2022, ChainwireAfter years of building, The Open Network (TON) is excited to announce an exclusive addition to its team:...

FTX Exchange Launches FTX Visa Cards That Will Enable Users To Spend Their Balances At Merchants Worldwide

FTX launches debit cards in collaboration with Visa. window.coinzilla_display = window.coinzilla_display || ; var...

Has The Time Come For Shiba Inu To Get Listed On Robinhood, As The Exchange Launch Public Beta Crypto Wallets

Online broker Robinhood has launched a cryptocurrency wallet beta program for 1,000 selected clients on a waiting list. ...

Ethereum Co-Founder Vitalik Buterin Comes Up With His Guess About Satoshi Nakamoto

During a conversation with UpOnlyTV, Vitalik Buterin, founder of Ethereum, spoke about the current challenges of his project and its use cases.

Top 5 Leading Crypto Firms

The blockchain sector is still in its infancy, but it is expanding rapidly. Blockchains are decentralized databases that are shared across computer network nodes...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.