China’s New Digital Currency — A Preemptive Move Against Domestic Big Tech, US Sanctions, and Cryptos

Digital legal tender

The take is by a Hungarian engineer who used to work in China for their smartphone maker Oppo. I assume he knows his stuff:

Source: TechAltar

  1. ken says

    And when the power goes out…. poof! your broke.

    While the Chinese are trying to show the world their technical expertise they are dooming themselves to nonstop surveillance of where, what, when and what they purchase.

    Everyone will be forced to have a phone in order to buy, sell or trade. This will allow the monitoring of the entire population. Piss them off…. Want to travel… get fuel, buy food, go to a game, buy a car, medicine,,, sorry,,, transaction denied!

    1. Tony zstark says

      If you live in a country where it is possible for the power to go out completely for a long period I would imagine money would be the least of your problems. Having a gun would be a bigger priority. In such a situation paper money would be worthless anyway.

  2. mijj says

    @ken – your phones, PCs and network are saturated with NSA data gathering. You’re already stuck in a non-stop surveillance state.

    1. joey_n says

      Well, yes, there is that.
      But then it leads to another concern: whether cash will still be accepted/used in China, at least for those who would rather pay with it.

      1. Digby says

        Well, they did introduce a new version of the ¥5 banknote last November, so I doubt they’re that ready to abandon cash altogether.

    2. joey_n says

      Another concern is the requirement to own a phone to buy, sell or trade, as ken mentioned. Forget surveillance for a while – what if the phone breaks? What happens to all that money? This is why I’m wondering if cash remains an option, and for how much longer.

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