The co-founder of smart contract platform Cardano (ADA) says the fears around central bank digital currencies (CBDCs) are justified as governments could one day adopt them.
In a new video update, Charles Hoskinson warns that CBDCs are setting the stage for governments to control people’s speech and thoughts by connecting them to their financial freedom.
“I don’t want to live in a world where we’re going. CBDCs connected with bizarre mandates where if you anger a decision maker your money just randomly shuts down. Or you are told that you cannot buy a certain product.
You will be told that your credit card will be declined as soon as you do something the government does not like. Your speech, thoughts and philosophy are now connected to your wallet. And if you piss someone off because you voted for the wrong person or believed in the wrong thing, you’re out of money.”
Hoskinson continues that CDBCs could be used to control billions of people, an idea that started with the World Economic Forum (WEF) and eventually made its way to central banks.
“That’s what CBDCs give the world. Social credit and CBDCs can and will be combined on a scale of billions of people.
It’s not an academic exercise, it’s an active discussion that started on [the] WEF and other places, and now it’s making its way into the world’s central banks, with China leading the way with their digital currency, which is already in the hands of hundreds of millions of people through partners like Tencent.
And this is where it’s going.”
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