Why China’s New Digital Currency Raises Privacy Concerns | WSJ
As China moves closer to rolling out its new digital cash, there are concerns the government will track every transaction––not just of citizens but of foreign companies in the country. WSJ travels to Chengdu to see this money revolution in action. Photo: Lorenz Huber for The Wall Street Journal
Why in the world would anybody with a choice do a transaction with that? Whatever you do with it will be trackable forever more, in sickness and in health until death do you part. And afterwards unto eternity.
This story strike me as one of those often talked about “Black Swans”. It seems insignificant when you first read it. But, I think it’s the start of a bigger movement.
I think America’s turn at minting the world’s reserve currency is coming to an end. We’ve abused our privilege for decades now. But, the explosion of money printing in the past year has been more than the global financial community can accept. They are LOOKING for an alternative.
Let’s see if this movement grows.
From the dawn of time, the only wampum that qualifies as currency is that wampum that people can TRUST. China is about to find out how few people in the world trust them.
If currency is digitized and the gobblement controls it, they can confiscate everything they want, and redistribute all the wealth as they see fit. Very possibly the end of the meaningful world.
The governments are going to do this. They want to get away from paper money.
They cannot have currencies out there that they can’t control, so at some point, they either will absorb the current currencies or render them worthless.
If you listen closely you can almost hear the footsteps of the Messiah.
You bad person all your cryptocurrencies be ours.
Oh my! The move to dethrone American economic dominance is well under way.
Physical gold/silver? Would this help protect oneself? Kinda spooky if the American government created it’s own version of crypto currency.
Tracking every transaction...even lemonade stands and garage sales. lol
Americans need to use cash as much as possible to keep their own spending habits private. Credit cards are a form of track able digital currency controlled by banks and by request track able by governments
Look for the US to do the same, bankers dislike decentralized currency. Printing non-commodity backed currency used to require at least paper and ink, now it’s just keystrokes.
A centralized government sh*tcoin with no scarcity just like with regular fiat currency, and produced by a totalitarian regime no less. No matter how hard they push it people will always prefer other better currencies given any choice at all. So apart from some internal government-mandated use in China I expect this to be about as popular as Venezuela’s petro-linked cryptocurrency (and if you never heard of it, that tells you all you need to know).
All developed world currencies have been 90%+ “digital currencies” for years, BTW. Using cryptographic techniques and a blockchain doesn’t magically put it on par with decentralized, private, scarce cryptocurrencies. It’s just worthless government fiat with the same defects.
Smart move on their part.
All those sanctions the US has been imposing drove others away from the Dollar.
Utter stupidity which we will regret.
The days of the dollar are limited folks. The sooner we face that fact the better off we will be. Neither party is capable of reining in spending and the world sees that the “reserve currency” is not in the hands of responsible people.
China correctly understands that “real power” is found in the banking system. They are going to push for a world currency.
OMG! This is worse than 10,000 new ships...
Oh I wonder what this is all about? I wonder if we will all be using a digital currency soon and why that would be desirable for those who want unlimited power?????
As Tucker has said while China does all of this our schools and military and corporations are worried about Wokeness 101. The left is destroying the west with their obsession with race and critical race theory etc.and everything that makes us hate each other.
Two immediate issues/questions come to mind:
1) Fraud/scamming/counterfeiting; and
2) How is the digital yuan’s exchange rate determined? By fiat or will the Chicoms abandon their longstanding refusals, and finally allow the yuan to be freely traded in the international currency market?
This comes at the same time as a major push for paperless billing by financial providers in the United States.