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Dystopian World Could Emerge From Government Control of Blockchain via CBDCs, Says Okcoin CEO

source-logo  dailyhodl.com 06 June 2023 18:11, UTC

The chief executive of San Francisco-based crypto exchange Okcoin thinks government control of the blockchain via central bank digital currencies (CBDCs) could lead to a dystopian world.

In a new interview with broadcaster David Lin, Hong Fang says that she “loves” Florida’s recently passed ban on CBDCs.

The Okcoin CEO argues that the issuance of a CBDC is the government’s way to control the lives of private citizens.

“It’s control – it’s controlling everything. Once the government is controlling it, it’s very hard to give back control, so I think we have to be very careful about that.

Blockchain increases transparency, and once you actually include the money piece into that, and then put that under government control, we basically get the evil of two worlds, right?”

Fang argues that Bitcoin (BTC), by contrast, is all about giving individuals more freedom and control.

“Technology is giving that empowerment to individuals. It’s giving the tools to individuals and freeing us from corporations…

But money is the ultimate layer. If money can be controlled, it’s kind of desperate, and you can actually see that in other parts of the world, in some other parts of the world where the money is under control… it’s dystopian.”

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