Saturday, October 16, 2021
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

Realvision Founder Raoul Pal, “You Can Be Angry At Central Banks, Governments Or You Can Be Optimistic And Migrate To The New World Of...

RealVision founder Raoul Pal made important statements on digital currencies on Twitter. window.coinzilla_display = window.coinzilla_display || ; ...

El Salvador President, Nayib Bukele Says Citizens Are Using More USD To Buy Bitcoins

El Salvador President Nayyib Bukele shared two facts about the cryptocurrency wallet Chivo. window.coinzilla_display = window.coinzilla_display ||...

SEC Tacitly Approves First Bitcoin Futures ETF

The US Securities and Exchange Commission (SEC) has approved the ProShares application to launch the Bitcoin Futures ETF. Trading starts on Monday, October 18th. Also...

Bitcoin Above $60K After Twitter CEO, Jack Dorsey Said Square Is Considering Building A Bitcoin Mining System

Jack Dorsey says that Square is “considering” building its own Bitcoin mining system using custom silicon and open-source software. Read: Vladimir Putin: “Cryptocurrencies Have A Right...

CFTC Fined Bitfinex And Tether To Pay $42.5 Million Over USDT Backing

The United States Commodity Futures Trading Commission (CFTC) has settled claims against Tether and Bitfinex, ordering the company to pay fines totaling $ 42.5...

Bank Of Japan: “The Digital Yen Should Be Compatible With All Payment Services”

Executive Director of the Bank of Japan, Shinichi Uchida, believes that the digital Yen should be as simple and convenient to use as possible,...

Morgan Stanley CEO: “I Don’t Think Crypto Is A Fad, I Don’t Think It’s Going To Go Away”

Morgan Stanley CEO James Gorman said that the bank's clients show little interest in cryptocurrencies, but expressed confidence that digital assets will remain for...

Subscribe To Our Newsletter

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