" I believe that the US doesn’t need a CBDC despite the banks, whose activities are, to my mind, almost all better and more equitably accomplished these days by the robust, diverse, and sustainable ecosystem of non-State cryptocurrencies (translation: regular crypto). "
Is he saying that the cryptocurrency ecosystem currently provides loans, insurance, compliance with laws, anti money-laundering mechanisms on the same level as the existing infrastructure? Let's say I need a loan to build a house, where do I go in the world of cryptocurrency? What exactly does that even have to do with cryptocurrency itself? Banks provides services, they can do it in bitcoin, they can do it with dollars, the mechanism of the currency has nothing to do with it.
I'm honestly not sure after reading that article that Snowden really understands what the purpose of a bank or financial service providers is. they're not just intermediaries in a technical sense, they're institutions that pool and manage risk. yes you can automate the technical transfer of a loan, but a loan always has two human sides, and the creditor will always be an institution because it makes sense to professionalize the management of value.