Edward Snowden says CBDC is a “crypto-fascist currency” that should put governments at the center of every transaction

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Former NSA advisor and whistleblower Edward Snowden has described the central bank’s digital currency (CBDC) as a “crypto-fascist currency,” which is primarily intended to deny people basic ownership of their money. In a tweet, Snowden said the CBDC would put the state at the center of every transaction, contrary to the virtual currency’s founding principles and protocols. Cryptocurrency was developed as a decentralized currency that is free from the control of a single authority. It is designed to take financial institutions such as banks out of the trading and investment process.

While the cryptocurrency has made quick gains this year, some people still doubt that there is no underlying asset or government support. Many governments are cautious about giving it legal tender status. They say they are studying the developing technology and developing their CBDC backed by a state guarantee.

“A CBDC is a perversion of cryptocurrency, or at least its founding principles and protocols – a crypto-fascist currency that is specifically designed to deny you basic ownership of your money by placing the state at the center of every transaction,” Snowden said.

A CBDC is a perversion of cryptocurrency, or at least its founding principles and protocols – a crypto-fascist currency that is specifically designed to deny you basic ownership of your money by placing the state at the center of every transaction. https://t.co/720SYvqzZM

– Edward Snowden (@Snowden) October 9, 2021

The tweet included a link to Snowden’s newsletter entitled “Your Money and Your Life”.

“Rather, I’m going to tell you what a CBDC is NOT – it is NOT, as Wikipedia could tell you, a digital dollar. After all, most dollars are already digital and exist not as something folded in your wallet but as an entry in a bank’s database that is reliably requested and reflected under the glass of your phone, ”he said.

Previously, Snowden, who now lives in Russia after leaking the NSA data to the media and fled the US, criticized and valued the cryptocurrency.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not liable for any loss that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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