Edward Snowden, the famous US-based whistleblower, recently tweeted about the concept of Central Bank Digital Currencies (CBDCs) and, specifically, about the Federal Reserve’s future plans on that. The whistleblower strongly opposed the concepts of Central Bank Digital Currencies or CBDCs.
CBDCs are blockchain-based assets that basically represent a country’s currency and are centralized in nature. Since banks approve them, and the banks control their supply as well as their regulation, the decentralized nature of digital currencies gets destroyed.
As a result, in a recent opinion piece, Edward Snowden called out to the governments, especially the US Fed, on their plans of ruling out a CBDC. He boldly calls these assets “closer to being a perversion of cryptocurrency.”
Edward Snowden claims that CBDCs represent a ‘Cryptofascist Currency,’ citing China
Edward Snowden pointed out a number of points in this recent opinion editorial that the subcontractor for NSA wrote. He also brought several facts into light about the concept of centralization and ownership.
Edward Snowden believes that when it comes to cryptocurrencies and CBDCs, a major difference can be found in the way the respective transaction proceeds. Citing the recent negative stance of China on cryptocurrencies, the infamous whistleblower residing in Russia pointed out that China’s government seeks to be the middleman in all transactions.
Edward Snowden explained that although China’s digital yuan launch is a huge step in blockchain adoption, the ban on cryptocurrencies shows that China wants to keep an eye on every single penny a human spends in the country.
He further stated that no one needs a government-controlled digital dollar as:
“After all, most dollars are already digital, existing 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.”
To conclude, Edward Snowden called these currencies just an ‘evil’ duplicate to something that Satoshi Nakamoto presented to this world. Although there are many countries looking to ramp up the creation of their CBDCs, does this actually mean that these nations are on the road to crypto adoption?
