China's Digital Currency is Not About Total Surveillance

Daniel Fowler
November 14, 2019

Within the People's Bank of China (PBOC), the Digital Currency Research Institute is part of the central bank's payments division.

It is not clear when the new digital currency will be launched. Adding that trading of digital products in the name of the PBOC are likely fraudulent.

Market observers, however, believe the country's "over-obsessive control and governance" could be the driving factor behind the Digital Currency Electronic Payment (DCEP). So, I guess we'll still have to wait and see if this will ever see the light of day.

Mu also said the central bank intends to balance "controllable anonymity" with anti-money laundering and counter-terrorist financing efforts as well as monitoring criminal activities such as tax evasion and online gambling.

On Tuesday, a senior central bank official announced that China's proposed digitized domestic currency is not a bid to gain full control of information belonging to the general public. the aim was to balance privacy concerns and the authorities' need for information.

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The DCEP is, according to some, going to be partially powered by blockchain technology and will use wallets just like bitcoin and other cryptocurrencies.

With worries of surveillance and abuse in mind, the head of the People's Bank of China's digital currency research institute Mu Changchun stressed that the digital currency is not meant to empower the state to control private information of the public.

Details: The PBOC said that the digital fiat currency is "not seeking full control" of information from its citizens.

There has not been any definite date set for the launch of the state-backed cryptocurrency with multiple obstacles clouding it. Changchun had earlier claimed that the asset was nearly ready to launch but turned tables in September when he said that there was more work left to be done on the rollout.

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