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Former American Computer Intelligence consultant who later is known for declassifying the information from the National Security Agency of America (NSA) in 2013 by leaking it. The action made him famous; for some, he turned out to be a controversial figure, while some considered him a whistleblower. Whatever the reason for listening to him but his opinion people consider it somehow on any subject especially criticizing Governments approaches in general and the economy.
Since the government decided to move forward with adopting the blockchain technology for creating their digital currencies, Snowden was among those who think of it as yet another plan of authorities to invade people’s privacy. Earlier, he even considered the CBDCs as cryptofascist currencies that could destroy the savings of any wage worker quickly.
Recently Edward Snowden was again seen weighing in on the emergence of central bank digital currencies during his talk at Camp Ethereal 2022, which helped last week. While talking about CBDCs, he expounded on why the new digital form of assets is problematic.
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At the event, Snowden was interviewed by Marta Belcher, who’s president of Filecoin Foundation and Protocol Lab’s general counsel. He said that the risks with CBDCs are very easy to draw, and one of the most problematic things is that they give too much control to the government over citizens’ finances.
The whistleblower used an analogy from the DuckTales cartoon from 1980 of Scrooge McDuck. He said that Scrooge had a giant vault full of coins and dollar bills, and whenever he needed money, a huge magnet came out from the top of it, and it pulled dollars out of everybody’s pocket in the town. This is what CBDC is, he said.
Snowden further spoke that with CBDC, people don’t realize that they have immediately been put down from authority and made them to the centre of the economy. Earlier, what used to happen was that whenever a person needed some stuff, he used to go to put the dollar, press the button in the vendor machine, had his stuff and was good to go with minimum or no interference from the government.
But he said as today people are moving on towards the electronic version of cash, their freedom of permission becomes more certain and limited. And the tremendous concern is that they are being asked more and more to participate in such activities to boost CBDC’s practicality and real-life uses.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
