China's digital currency not seeking 'full control' of individuals' details

Andrew Cummings
November 14, 2019

The central narrative through which the Chinese state has defended its aggressively centralized digital currency is based on a need for a balance between anonymity and anti-money laundering and other criminal activities that the government wants to maintain.

China isn't targeting capital markets or trade-financing centres with its digital currency plans at this time, Mr Mu said, speaking on a panel at the Singapore FinTech Festival on Tuesday. Adding that trading of digital products in the name of the PBOC are likely fraudulent. The People's Bank of China has been studying the legal digital currency since 2014 and is still in the process of research and testing. So, I guess we'll still have to wait and see if this will ever see the light of day.

China has made a decision to call its cryptocurrency the Digital Currency Electronic Payment, which will be powered by blockchain technology and integrated into several digital wallets. Addressing that very sentiment, the central bank publicly commented that the newly proposed state-backed cryptocurrency would not be taking full control of the user data.

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.

"That is a balance we have to keep, and that is our goal. We are not seeking full control of the information of the general public", Mu said.

In August, Mu told a public forum that it was "almost ready". The only exception is made for state-controlled sports lottery and the state lottery.

Chinese President Xi Jinping has recently called for greater levels of research and investment in blockchain. It isn't a way to gain the complete authority of the general public's information. Neither the writer nor the publication ( holds any responsibility for your financial loss.

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