Edward Snowden speaks up on central bank digital currencies
By Bob Garcia
The whistleblower ranks CBDCs among the worst type of cryptocurrencies
Whistleblower and privacy advocate Edward Snowden wanted to share his feelings via an op-ed about central bank digital currencies (CBDC). His criticism seems to have been quite scathing against CBDCs, so much so that he called them the “newest danger cresting on the public horizon.” In addition to this, he stated that he does not consider them an innovation, but rather a perversion of cryptocurrency and a “cryptofascist” currency. His comments have undoubtedly generated many reactions within the related community.
The former Central Intelligence Agency (CIA) and National Security Agency (NSA) subcontractor released his article over the weekend and details everything he thinks about CBDCs. Many politicians and central bankers around the world have endorsed CBDC; however, critics like Snowden will not budge and says he strongly disagrees with them. While it is true that Snowden has long proven to be a lover of decentralized assets and cryptocurrencies such as Bitcoin, Ethereum and others, his sentiments towards CBDCs are quite the opposite. This is a clear indication of his concern when it comes to the adoption of the technology.
Snowden says that many sources would have you believe that CBDCs are a digital dollar, but, according to him, no one should ever believe that story. “I will 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, 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. Neither is a Central Bank Digital Currency a State-level embrace of cryptocurrency – at least not of cryptocurrency as pretty much everyone in the world who uses it currently understands it,” he wrote in the article.
As part of his conclusion, he states that people make a living from their work, and asked the US government, the Federal Reserve and the Treasury whether the state really needs to centralize money.