Central banking digital currencies (CBDCs) are “the latest threat looming over society.” According to the former employee ANB i CRU Edward Snowden, these tools “distort” the very nature of cryptocurrencies.
Most of your money does not exist as something folded in your wallet, but as an entry in the bank’s database, faithfully requested and drawn under the glass of your phone.
If someone else decides * if * and * how * you can spend, is it really yours? Https: //t.co/720SIvkzZM
– Edward Snowden (@ Snowden) October 9, 2021
CBDCs, he said, are “clearly designed to deprive users of ownership of money. He noted that the introduction of these tools is not related to the government’s support for cryptocurrencies or the digitalization of finances, since “most dollars are already digital.”
“Instead, CBDC is something close to perverted cryptocurrencies, or at least their fundamental principles and protocols. “Crypto-fascist currency, an evil counterpart, is clearly designed to deprive users of ownership of money and make the state an intermediary in every transaction,” Snowden wrote.
He stressed that the CBDC can be used to control citizens’ funds. As an example, Snowden cited the case of an imaginary guard who was ordered by a doctor to limit his sugar intake.
In order to reduce its risks, this person’s insurance company can transfer health data to the structure that controls the digital wallet. If a man wants to buy a bar of chocolate, the payment simply will not pass.
Earlier, Chinese authorities tested the digital yuan with limited use cases. The money could only be spent on low-carbon transportation.
Let us remind you, according to Snowden, the Chinese repression against the cryptocurrency industry “only strengthened bitcoin”.
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