G7 countries can confiscate cryptocurrency from the population if they want to

Former Coinbase CTO Balaji Srinivasan has warned that some of the world’s most prominent tech companies may one day betray their users.

Speaking on the Impact Theory podcast, Srinivasan said that if the G7 countries allow the confiscation of cryptocurrencies, tech giants such as Apple, Microsoft, and Google will help them do so. According to Srinivasan, a strong proponent of the CTS, countries may decide to confiscate digital assets in the future in an effort to protect themselves from economic turmoil.

According to the former Coinbase service station, tech giants will be able to easily scan devices to find and hand over personal keys to authorities if they are ordered to do so.

«The G7 countries will have a real problem, they will have difficulties with money, then it will all depend on whether the G7 countries and China can seize users' digital assets. If they succeed, it will become a branching point in history,» Balaji Srinivasan shared his point of view.

Apple, Google, and Microsoft are the most dangerous for users' privacy, the expert believes. Because they have access to the operating system. «In fact, what worries me the most is the fact that Apple has software updates, and Google can access your Google Drive, and Microsoft has Windows. On the orders of the state, theoretically, they can scan your hard drive for keys to confiscate cryptocurrency,» Srinivasan summarized.

As a reminder, in late May, the former Coinbase CEO suggested that world governments could go bankrupt in ten years and therefore try to confiscate bitcoins to finance their operations. The United States will be the first to start — the US government will not be able to take possession of more than 50% of the BTC network hashrate to overwrite previous transactions and make double write-offs. However, Balaji was already confident that the United States could attract large companies such as Apple and Google to cooperate.