Edward Snowden criticizes CBDC
Former CIA employee and contractor for the National Security Agency Edward Snowden said that central bank digital currencies (CBDCs) are "the newest danger cresting the public horizon." According to him, CBDCs are closer to being a "perversion of cryptocurrency."
Most of your money exists not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and rendered beneath the glass of your phone.— Edward Snowden (@Snowden) October 9, 2021
If someone else gets to decide *if* and *how* you can spend it, is it really yours?https://t.co/720SYvqzZM
Snowden emphasizes that CBDCs are "expressly designed to deny its users the basic ownership of their money." He noted that the introduction of these instruments is not related to government support for cryptocurrencies or the finance digitalization, as "most dollars are already digital."
He stressed that CBDCs can be used to control citizens' funds. As an example, Snowden cited the case of an imaginary security guard who was told by his doctor to limit his sugar intake.
Wanting to reduce risks, this man's insurance company could pass on his health information to the structure that controls the digital wallet. If the man wanted to buy a candy, the payment would be simply rejected.