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Could the proposed US ‘digital dollar’ be self-annihilating? Edward Snowden seems to say so

Former Central Intelligence Agency (CIA) and National Security Agency (NSA) subcontractor and whistleblower, Edward Snowden, who recently published an opinion article concerning central bank digital currencies (CBDCs), continued to discuss the danger behind their adoption on Twitter.

According to the famous privacy advocate, CBDCs are  “the newest danger cresting the public horizon,” designed to usher the State’s ultimate financial control.

Annihilation of Savings

While ironically commenting on Dr. Eswar Prasad’s opinion piece published in the New York Times in July 2021, in which the professor of trade policy at Cornell University presented the so-called ‘digital dollar’ in a positive light, Snowden said that CBDCs could be used by the Fed for “casually annihilating the savings of every wage-worker in the country if they don’t spend them fast enough.”

“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. If someone else gets to decide *if* and *how* you can spend it, is it really yours,” wrote the famous whistleblower in his own opinion piece published on October 9, while pointing out that the adoption of CBDC proposes a direct threat to financial independence and freedom. 

Crypto’s evil twin

Snowden, who is known to be a fan of decentralized cryptocurrencies, such as Bitcoin (BTC), warned that those should not be confused or compared to CBDCs, which are, according to him, here to “ransom our future.”

“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,” he wrote. 

The post Could the proposed US ‘digital dollar’ be self-annihilating? Edward Snowden seems to say so appeared first on CryptoSlate.

Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years

The founder of Paytm, a major digital payment company in India, is “very positive about crypto.” Noting that cryptocurrency is here to stay, he expects it to become a mainstream technology in a few years. Paytm Founder Is ‘Very Positive About Crypto’ Vijay Shekhar Sharma, the founder of Paytm, said at a virtual conference organized::Listen

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The founder of Paytm, a major digital payment company in India, is “very positive about crypto.” Noting that cryptocurrency is here to stay, he expects it to become a mainstream technology in a few years.

Paytm Founder Is ‘Very Positive About Crypto’

Vijay Shekhar Sharma, the founder of Paytm, said at a virtual conference organized by the Indian Chamber of Commerce (ICC) Thursday that cryptocurrency is here to stay, PTI reported. He added that crypto is Silicon Valley’s answer to Wall Street.

Paytm is an Indian multinational technology company that specializes in digital payments. The company completed an initial public offering (IPO) last week. In its IPO filing, Paytm revealed that it has 337 million registered consumers and 22 million merchants.

Sharma opined:

I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life.

The Paytm founder admitted that cryptocurrency is currently being used in a speculative manner, elaborating:

Every government is confused. In five years, it will be the mainstream technology.

Sharma believes that people will realize how the world would be without crypto. However, he stressed that crypto will not replace sovereign currencies, like the Indian rupee.

The Paytm founder also said that once his company’s revenue crosses $1 billion, Paytm will be launched in developed countries. “Now Paytm in a JV with a Japanese entity is running Japan’s largest payments system. Later we will go without a partner,” he shared.

Early this month, Paytm Chief Financial Officer (CFO) Madhur Deora indicated that his company is open to offering bitcoin services if crypto assets become legal in India.

The Indian government is currently pushing for cryptocurrency legislation. A cryptocurrency bill is expected to be introduced and passed during the winter session of parliament which starts next week. The bill seeks to ban private cryptocurrencies with some exceptions. However, the bill has not been published and there have been conflicting reports coming out of India regarding the content of the bill.

What do you think about the comments by the Paytm founder? Let us know in the comments section below.

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Regulation, India, indian crypto, indian cryptocurrency, indian government, paytm, vijay shekhar sharma

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Could the proposed US ‘digital dollar’ be self-annihilating? Edward Snowden seems to say so

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