The New York Times reported that “A state-issued e-currency would help China’s government know more — much, much more — about how its citizens spend their money, giving it sweeping new powers to fight crime and manage the economy while also raising privacy concerns.” The October 18, 2019 article entitled “China’s Cryptocurrency Plan Has a Powerful Partner: Big Brother” included these comments:
The system emerging in China looks very different from Bitcoin and other cryptocurrencies that enthusiasts have championed as tools of emancipation from big banks and governments.
This is highly controlled, manageable and decided by the central government,…
This is very different from the original concept of a cybercurrency.”
Chinese officials use something of an oxymoron to describe what their new currency will offer: “controllable anonymity.”
As long as you aren’t committing any crimes and you want to make purchases that you don’t want others to know about, we still want to protect this kind of privacy,…
Clamping down on the true anonymity that paper money allows could bring real benefits in a country where corruption and fraud are widespread.
But the government also risks alienating people in China who have grown increasingly sensitive to how their personal data is collected and used.
I don’t think George Orwell saw this coming!
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.