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Edward Snowden gives his opinion on CBDC, the Central Bank’s Digital Currency

Edward Snowden was a consultant to the NSA, famous for denouncing actions that have radically changed his life, putting himself in the spotlight on all privacy-related issues in the world.

It has called the Central Bank Digital Currency (CBDC) a “crypto-fascist currency” designed primarily to deny people basic ownership of their money.

He does so on Twitter, where he comments that the CBDC will put the State at the center of each transaction, in disagreement with the founding principles and protocols of virtual currency.

The concept of cryptocurrency was developed to be a decentralized currency, free from the control of a single authority. The idea was to eliminate financial institutions, such as banks, from the negotiation and investment process, and that is something that the CBDC would not achieve.

The problem with cryptocurrencies is mistrust among the general public, as there are many doubts about its future due to the absence of an underlying asset or government backing. It is true that many governments are moving cautiously to give it legal tender status, but they are very timid moves. By creating the CBDC they want to increase confidence by being backed by a sovereign guarantee.

In words by Snowden:

A CBDC is a perversion of the cryptocurrency, or at least its founding principles and protocols, a crypto-fascist currency, expressly designed to deny you basic ownership of your money by putting the state at the center of every transaction.

The tweet has a link to Snowden’s document titled “Your money and your life«, Where he thinks that the CBDC will be the representation of the digital dollar.

Rather, I’ll 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 – they don’t exist as something folded in your wallet, but rather as an entry in a bank’s database, faithfully requested and processed under the glass of your phone.

Snowden resides in Russia after leaking NSA data to the media, escaping the United States since 2013.

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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