The co-founder of the Cardano (ADA) smart contract platform says fears around central bank digital currencies (CBDCs) are justified, as governments could one day seize them.
In a new video update, Charles Hoskinson warns that CBDCs are setting the stage for the government to control people’s speech and thoughts by connecting them to their financial freedom.
“I don’t want to live in a world that we’re headed for. CBDCs are connected to bizarre mandates where if you annoy a decision maker, your money is just arbitrarily shut down. Or they tell you that you can’t buy a certain product.
They tell you that your credit card is denied the moment you do something the government doesn’t 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 don’t have any money anymore.”
Hoskinson goes on to say that CDBCs can be used to control billions of people, an idea that started with the World Economic Forum (WEF) and eventually found its way to central banks.
“That is what CBDCs are giving to the world. Social credit and CBDCs can and will be combined on a scale of billions of people.
It is not an academic exercise, it is an active discussion that began in [the] WEF and elsewhere, and now it’s making its way into the world’s central banks with China leading the way with its digital currency, which is already in the hands of hundreds of millions of people through partners like Tencent.
And this is where it goes.”
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