Popular whistleblower Edward Snowden has recently cited his personal opinion on Central bank digital currencies. Even though it is being made to look like that they are cryptocurrencies, but there is a huge difference. In fact, Edward says that they are closer to being a perversion of cryptocurrency. He also calls it a “cryptofascist currency” that is explicitly designed to deny users the ownership of their money. And CBDC is not a digital dollar no matter what the internet says.
Edward Snowden on CBDCs
While Edward is a big fan of decentralized cryptocurrencies, he is very skeptical about CBDCs. Since I started writing about them, I always pondered on this question which Edward recently asked as well. He says that even though CBDCs are claiming to be the digital dollar, we should note that most of our dollars are already digital. We can access the money from our phones and it is stored in the banks in a database. So, what is so special about CBDCs? I don’t think there is anything and it is also going to be as centralized as the dollar.
Snowden also asks a very important question while talking about all this. He asks let’s say a man is earning by labor will it ever be enough to retire? And can he actually depend on the state to take care of him after he does? But of all that, the fact that he has to be dependent on the government and all other centralized aspects should his hard-earned money be out of his control as well? Well, this was the conclusion of Edward Snowden’s editorial piece.
CBDCs are no different than fiat
The government continues to borrow and print money while inflation continues to rise. And this has resulted in the depreciation in the value of savings of a common man. While Bitcoin and many other cryptocurrencies solve this problem, CBDCs are just another centralized version of money. Even the name has central in it. If users don’t have ownership of their money, the government can do anything with it. And I don’t think CBDCs will solve any problem that exists with fiat.
What are your thoughts on Edward saying that CBDC is not a digital dollar? And do you think it will let users be the owner of their money? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.