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Snowden: Deflationary Fed-Controlled CBDC Will Cause ‘Annihilation’ of Savings

·1 min read

BeInCrypto –

Edward Snowden recently took to Twitter to weigh in on the hypothetical central bank digital currency (CBDC) issued by the US Federal Reserve Bank (Fed). In the tweet, Snowden commented on and gave criticisms against CBDCs.

Edward Snowden’s (@Snowden) original post was a link to an article that he published about CBDCs on Oct 9, 2021. In this post, Snowden delivers a comprehensive description of his position and arguments on the state of CBDCs and how they might be implemented by the US Federal government. Importantly, he stated that he is hoping for the article to “specifically to influence the Fed’s much-heralded and still-forthcoming “discussion paper,” a group-authored text on the topic of the costs and benefits of creating a CBDC.”

In the reply which Snowden later responded to @adasound_io (the Twitter handle of the Cardano-based NFT platform for musicians), sharing an excerpt of an opinion piece written by Dr. Prasad which was published in the New York Times in July 2021. In the excerpt, Dr. Prasad presents his arguments, which appear to paint the so-called ‘digital dollar’ in a positive light.

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