American whistleblower Edward Snowden has taken to Twitter to criticize the idea of central bank digital currencies (CBDCs). He emphasized that rather than being an innovation, CBDC’s are “closer to being a perversion of cryptocurrency” and a “cryptofascist currency.”
Edward Snowden Not a Fan of CBDCs
Former NSA consultant turned whistleblower Edward Snowden said that Central Bank Digital Currencies (CBDCs) could “casually [annihilate] the savings of every wage-worker” in the country.
“What is a Central Bank Digital Currency, you ask? Oh, you know: just a “useful policy tool” for casually annihilating the savings of every wage-worker in the country if they don’t spend them fast enough.”
He believes that if the Fed Reserve issues a CBDC it will be used for bringing the savings of ordinary working Americans down to zero.
The whistleblower tweeted this after sharing a screenshot of an article by New York Times guest columnist Dr. Eswar Prasad, a professor of trade policies at Cornell University where Dr. Prasad wrote that the U.S. Central Bank may impose a negative interest rate on electronic balances of CBDC in every person’s account to stimulate the owner to spend CBDCs faster and for companies to invest their digital dollars.
Snowden Calls CBDCs a “Perversion of Cryptocurrency”
In a new tweet, Snowden emphasized that the funds that will be stored in CBDC in a bank account by an average U.S. citizen will not actually belong to them, since it will be the central bank who will decide “if and how you can spend it”.
In another tweet of Snowden states that a CBDC is a “perversion of cryptocurrency” and even “a cryptofascist currency” since the State will be at the center of every transaction:
“A CBDC is a perversion of cryptocurrency, or at least the founding principles and protocols of it a cryptofascist currency, expressly designed to deny you the basic ownership of your money by installing the State at the center of every transaction.”
Meanwhile, CBDCs are however gaining popularity among countries as over 110 countries plan on releasing theirs.
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