Fears about central bank digital currency (CBDCs), according to the co-founder of the smart contract platform Cardano (ADA), are warranted since governments may eventually take them.
Charles Hoskinson, in a recent video update, expresses concern that CBDCs may pave the way for the government to stifle people’s freedom of expression because of the correlation between speech and money.
CBDCs are linked to wacky mandates in which the flow of money may be cut off at will if you offend a policymaker. Or maybe you’ve been advised that a certain item is off-limits.
If you do anything the government doesn’t approve of, you’ll supposedly have your credit card automatically cancelled. Your ideas, thoughts, and words are now linked to your bank account. And if you vote for the wrong person or believe in the wrong thing, and someone gets angry with you, you lose all your money.
Hoskinson continues by claiming that the World Economic Forum (WEF) and, later, central banks, came up with the concept that CDBCs might be utilised to exert control over billions of people.
“That’s a gift the world’s CBDCs are providing us. The integration of social credit and CBDCs is feasible on a global scale, and it will happen.
This isn’t just a theoretical exercise; it’s been actively discussed everywhere from the World Economic Forum to the central banks of the world, with China’s digital currency already in the hands of hundreds of millions of people thanks to partnerships with companies like Tencent. This is the path it will take.”