According to the ex-CIA officer, state digital currencies pervert the very nature of cryptoassets, as they deprive users of ownership of their money.
Former CIA officer Edward Snowden criticized national digital currencies (CBDCs) in his new article and called them "the latest threat looming over society." Snowden argues that CBDCs pervert the very nature of cryptocurrencies by depriving users of ownership of their money.
“CBDC is something close to perverting cryptocurrencies, or at least their underlying principles and protocols. It is a crypto-fascist currency, an evil twin, clearly designed to deprive users of ownership of their money and make the state an intermediary in every transaction, ”Snowden explained.
According to the ex-CIA officer, in the future, national cryptocurrencies can be used to control citizens' money. As an example, Snowden cited a situation in which a doctor ordered a patient to limit sugar intake. The insurance company that serves the patient may share this information with the CBDC control structure to mitigate its risks. As a result, if the patient wants to buy a candy bar, the payment will not go through.
Snowden spoke out about Bitcoin last week. Then the former CIA officer explained the rise in the price of the first cryptocurrency. According to Snowden, the restrictive measures that have been introduced in China against cryptocurrencies have made Bitcoin stronger.
At the end of September, the People's Bank of China imposed a complete ban on cryptocurrency transactions. The use of digital assets in the country is now tantamount to illegal financial activity.
Tough measures against cryptocurrencies began to be introduced in China at the end of May of this year after the call by Vice Premier of the State Council of the People's Republic of China Liu He to tighten regulation of digital assets. Local provincial authorities began to ban the mining of cryptocurrency, and crypto business began to leave the country.