Cardano founder Charles Hoskinson recently emphasized the importance of cryptocurrencies in holding governments and businesses accountable. In a social media post on May 11, he expressed concern about the growing influence of central bank digital currencies (CBDCs), warning that they could lead to a dangerous centralization of power.
In his post, Hoskinson argued that the crypto community should focus on the primary goal of #cryptocurrencies - creating a new system of accountability for authorities - rather than sidestepping secondary issues such as tax debates and discussions about regulation.
He warned that if the rise of cryptocurrencies is ignored, CBDCs could become dominant, increasing government surveillance and control over citizens and threatening their privacy and freedom. Mr. Hoskinson believes that CBDCs can be used by governments to control information and restrict social mobility.
This view is shared by privacy advocates who see CBDCs as a tool for pervasive government surveillance and control. Notably, Robert Kiyosaki, author of Rich Dad, Poor Dad, has also warned that central banks could use CBDCs to monitor individuals. In response, Kiyosaki increased his investments in #bitcoin and silver.
CBDCs are essentially digital versions of national currencies designed to enable faster and more secure transactions. Sixty-eight countries are already implementing projects, including pilot tests in Brazil, Japan and India.
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