Former NSA technician Edward Snowden writes that the digital currencies of the Central Bank are a conspiracy against human society, distorting the principles of real cryptocurrencies.
According to a Twitter post by a former NSA employee, authorities are using government cryptocurrencies, to deprive citizens of ownership of their money. The bulk of the dollar’s money supply is already highly digitalized, so the authorities are not launching state-owned cryptocurrencies to support cryptoassets or digitalize the financial sector of the economy, Snowden said.
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. https://t.co/720SYvqzZM
– Edward Snowden (@Snowden) October 9, 2021
“CBDC is a distortion of the essence of cryptocurrencies, or at least their underlying principles and protocols. Fascist currency is an evil counterpart that is used to deprive citizens of ownership of their money. So that the state controls and mediates every transaction. ”
Snowden noted that government cryptocurrencies can be used to control citizens’ money. As an example, he asks for the introduction of a security guard who was advised by the doctor to eat less sugar. To prevent their risks, the company where this security guard is insured may transfer data about his health to a government agency that tracks his digital wallet. If the guard ignores the doctor’s recommendations and tries to buy chocolate, then he will not be able to pay with the state cryptocurrency.
The former NSA specialist is confident that the ban on cryptocurrencies in China will not affect the growth prospects of bitcoin. Snowden recently argued that the main reason blockchain is used in government organizations and businesses is trust. Edward Snowden criticizes the transparency of the Bitcoin blockchain. A public ledger is incompatible with a reliable trading mechanism, he said.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
