Infamous US whistleblower shares his highly negative take on central bank digital currencies, saying that the State wants to be in the center of every transaction
World-renowned US whistleblower Edward Snowden has taken to Twitter to denigrate the concept of central bank digital currencies (CBDCs) and in particular one the Federal Reserve may launch in the future.
Snowden calls CBDC “perversion” and “cryptofascist currency”
Snowden believes that if the Fed Reserve issues a CBDC (the so-called “FedCoin”), it will be used for bringing the savings of ordinary working Americans down to zero, despite officially calling it a “useful policy tool”.
The whistleblower tweeted this after sharing a screenshot of an NYT article on the CBDC. In it, a Dr. Prasad wrote that the Fed 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.
In his other recent tweets, Snowden is certain that the funds that will be stored in the CBDC in a bank account by an average US citizen will not actually belong to them, since it will be the Fed Reserve who will decide “if and how you can spend it.” “.
A harsher 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 of its founding principles and protocols – a cryptofascist currency, expressly designed to deny you basic ownership of your money by placing the state at the center of every transaction.
China Crypto Ban made Bitcoin stronger, Snowden says
However, Snowden does believe in Bitcoin as in a new money for the future free world and praises the flagship crypto. Recently, he tweeted, despite the new Chinese ban, the main digital currency has become even stronger and is still up by around ten percent, despite the governments’ joint global efforts against it.
