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

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ken
ken
2 months ago

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!

Tony zstark
Tony zstark
2 months ago
Reply to  ken

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.

mijj
mijj
2 months ago

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

joey_n
joey_n
2 months ago
Reply to  mijj

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.

Digby
Digby
2 months ago
Reply to  joey_n

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

joey_n
joey_n
2 months ago
Reply to  mijj

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.

Anti-Empire