I can’t remember the last time I used cash. Or rather, I can (for my son’s haircut) because it was so unusual; it’s been about 18 months since my default wasn’t paying via the Google Pay app on my smartphone.
As a result, and because I also have played around with buying, selling, and holding cryptocurrencies, that a Central Bank Digital Currency (CBDC) would be a benign thing. Sadly, as Edward Snowden explains, they really are not. His latest article is well worth a read in its entirety.
Rather, I will tell you what a CBDC is NOT—it is NOT, as Wikipedia might tell you, a digital dollar. After all, most dollars are already digital, existing 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.
Neither is a Central Bank Digital Currency a State-level embrace of cryptocurrency—at least not of cryptocurrency as pretty much everyone in the world who uses it currently understands it.
Instead, a 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.
Source: Your Money and Your Life – by Edward Snowden – Continuing Ed — with Edward Snowden
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