Edward Snowden, a former National Security Agency employee who disclosed confidential information about the NSA’s use of cell phone and email data, used Twitter to undermine the concept of the currency. Central Bank Digital Currency (CBDC)
Snowden believes that if the Fed Reserve issues a CBDC (also known as “FedCoin”), it will be used to bring American savings to zero. Although officially called “Useful Policy Tool”
He also shared a screenshot of an NYT article on CBDC. In it Dr. Prasad writes that the Fed may set a negative interest rate on the electronic balance of the CBDC on everyone’s accounts. to encourage owners to bring out the CBDC faster and for companies to invest in digital dollars
In his latest tweet, Snowden is confident that the money that will be kept in the CBDC in a bank account by the average American citizen will not really be theirs, as the money will belong to the Fed Reserve to decide. “How are you going to use it?”
Snowden also labeled the CBDC as a “distortion of digital currency” and even being “Fascist digital currency” because the state will be at the center of every transaction.
“CBDC is clearly designed to deny fundamental ownership of your money. because the state will be the center of every transaction.”
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