Edward Snowden warns of CBDCs

As Central Banks all over the world are enthusiastically announcing their plans to create a CBDC, and China has already rolled it out, it is time for us citizens to really understand what it is.

First things first – Central Bank Digital Currency is not a cryptocurrency. It is conceived as a private blockchain-like system, which enjoys a seamless transfer and direct access to every wallet, but is fully controlled by the central bank, while crypto’s principal virtue is its independence. With a CBDC, a Central Bank can see and directly control money on every citizen’s account – a gift for a surveillance state and a nightmare for everyone concerned with their privacy and independency.

This threat didn’t escape one of the most famous privacy champions – Edward Snowden. In yesterday’s post on his substack he warned that “CBDC is something closer to being a perversion of cryptocurrency, or at least of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction”.

We at D.Center cannot but agree. A CBDC can undermine the basic principles or personal liberty and become very dangerous. We should watch closely what our central bankers do before it’s too late.