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Bitcoin lacks privacy; traditional financial systems invasive: Edward Snowden

Bitcoin lacks privacy; traditional financial systems invasive: Edward Snowden

Whistleblower talks about the nature of money in present-day society, touches upon fiat, banks and crypto.

Bitcoin lacks privacy; traditional financial systems invasive: Edward nowden Bitcoin lacks privacy; traditional financial systems invasive: Edward nowden

Whistleblower Edward Snowden has said that governments across the world see crypto as a "threat" to their "ability to regulate private lives" and "private trade".

While speaking at Camp Ethereal 2022 last week, Snowden said, "I think governments correctly perceive (crypto as) an evolving threat to traditional tools which they’ve grown accustomed to."

Camp Ethereal is a yearly retreat centered around developments in cryptocurrencies, blockchain, and decentralization.

Snowden further added that financial systems across the world, especially in the US, are “incredibly invasive”.

It is noteworthy to mention that Snowden has a critical stance on cryptocurrencies like Bitcoin as well. He said that the cryptocurrency lacks "privacy".

According to him, a good medium of exchange should be anonymous. However, he said, cryptocurrencies like Bitcoin have created an "even playing field" despite major privacy concerns.

He said cryptocurrency and decentralized technology have the potential to protect people’s rights when it comes to their money.

Snowden cited the recent steps taken by the Canadian government to prevent demonstrators in the country from accessing their bank accounts as an example of overreach by national governments.

Steps like these would not be possible in a decentralized financial system, he said.