Edward Snowden, an American computer expert and former employee of the Central Intelligence Agency and the National Security Agency, stated that governments are threatened by cryptocurrencies.
According to Snowden, governments are used to traditional tools that are easier to monitor. For this reason, developing digital currency technology poses a strong threat to any government.
Criticism of the US Financial System from Snowden
Snowden
I think he correctly perceives an emerging threat to the traditional tools to which they are accustomed, in terms of the ability of governments to regulate private lives and possibly private commerce.
he said, and said that the US financial system is invasive. He also criticized the know-your-customer (KYC) and anti-money laundering (AML) strategies required to handle financial transactions.
A Criticism of Cryptocurrencies!
Snowden also stated that he is skeptical of Bitcoin and other cryptocurrencies. The famous whistleblower, who attended the Ethereal Summit in 2021, said that Bitcoin should be “private by design” to protect other cryptocurrencies from the collapse of law enforcement.
Snowden, who also blasted Ethereum, said that ETH suffers from the same kinds of privacy issues as Bitcoin.
Adding that although blockchain technology is not completely private, none of his worries prevent him from realizing the power of cryptocurrencies and decentralized ledger technology, Snowden looks like he will keep his distance from digital currencies for a long time.