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.
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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.
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A CBDC is a perversion of cryptocurrency, or at least the founding principles and protocols of it—a cryptofascist currency, expressly designed to deny you the basic ownership of your money by installing the State at the center of every transaction. https://t.co/720SYvqzZM
— Edward Snowden (@Snowden) October 9, 2021
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.
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“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?”
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?https://t.co/720SYvqzZM
— Edward Snowden (@Snowden) October 9, 2021
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.”
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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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
