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Central bank digital currencies (CBDC) are “the newest danger hanging over society.” According to a former employee NSA and CIA According to Edward Snowden, these tools “distort” the very nature of cryptocurrencies.
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 him, CBDC “is clearly designed to deprive users of ownership of their money. He noted that the introduction of these tools is not related to government support for cryptocurrencies or digitalization of finance, since “most dollars are already digital.”
“Instead, CBDC is something close to a perversion of cryptocurrencies, or at least their underlying principles and protocols. A crypto-fascist currency, an evil double, clearly designed to deprive users of ownership of their money and make the state an intermediary in every transaction,” Snowden wrote.
He stressed that CBDC can be used to control citizens’ funds. As an example, Snowden cited the case of an imaginary security guard who was told by a doctor to limit his sugar intake.
Wanting to reduce their risks, the insurance company of this person can transfer information about his health status to the structure that controls the digital wallet. If a man wants to buy a chocolate bar, the payment simply will not pass.
Earlier, the Chinese authorities tested the digital yuan with limited use cases. The money could be spent solely on paying for transport with a low level of carbon emissions.
Recall, according to Snowden, China’s repression of the cryptocurrency industry “only strengthened bitcoin.”
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