Edward Snowden Warns Over An American CBDC

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Last Updated on 9 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Whistleblowers are once again all over the news. Frances Haugen, a former Facebook manager, plunged her former company into crisis this week when she detailed some of the shady dealings that the Mark Zuckerberg company did behind closed doors. Apparently, some Silicon Valley firms prefer profits over your well-being. Please, someone tell that to my Uber driver who has to compete with taxis or to my Amazon delivery guy who has to urinate into a bottle.

Of course, the original whistleblower is still none other than Edward Snowden, the NSA operative who is now hiding in Russia and who spilled the beans on the US government spying on its own population.

Snowden has been interested in cryptocurrencies for a while now, and he famously called the Bitcoin bottom last year (in March 2020 to be exact) when the world’s biggest digital currency dropped from $8,000 to $4,000 as soon as Wall Street realized that the Covid-19 crisis would be somewhat bigger than it had originally estimated.

Advertentie.

Digital Yuan

This time round, Snowden warns his followers in a long substack article about the implications of the US government implement a CBDC (central bank digital currency).

He states:

Look at China, the napkin-clingers cry, where the new ban on Bitcoin, along with the release of the digital-yuan, is clearly intended to increase the ability of the State to “intermediate”—to impose itself in the middle of—every last transaction.

Later on, he claims that:

What some economists have lately taken to calling, with a suspiciously pejorative emphasis, “decentralized cryptocurrencies”—meaning Bitcoin, Ethereum, and others—are regarded by both central and commercial banks as dangerous disintermediators; precisely because they’ve been designed to ensure equal protection for all users, with no special privileges extended to the State.

In other words, Snowden calls for Bitcoin and other cryptocurrencies to remain free and without state intervention, as he believes no good can come of any government getting involved in it. China will disagree with the launch of their Digital Yuan imminent, and already we wonder how many progressive Democrats in the US Congress will head his warning. We fear not many.