China’s Digital Currency Could Bring Surveillance State to Wallets at Expense of U.S. Dollar
China’s emerging digital currency could enhance the yuan’s importance in the international financial system at the expense of the U.S. dollar and extend the Chinese surveillance state into wallets around the world.
A combination of visibility of currency users and technical control is a monetary dream for Chinese communist officials, who have staked their regime on their ability to monitor and curtail private activity within China. The digital yuan’s acceptance beyond mainland China could give the regime a significant geo-economic tool, one that bypasses the network of banks and financial institutions that are subject to U.S. laws and binds client states more directly to Beijing.
Beijing’s moves come amid tensions with the Biden administration as the new government in Washington continues calibrating its China policy after the Asian giant’s tactics led former President Donald Trump to sour on its president, Xi Jinping, after spending years touting their alleged friendship. Before Trump, former President Barack Obama grew equally frustrated with Chinese officials, sources said at the time. Now, it’s Biden’s turn.
“There’s no anonymity, which [means] the central bank and the central government is going to watch you and how you spend your money,” said former Department of Commerce assistant secretary Nazak Nikakhtar. “It’s programmable.” (Read more from “China’s Digital Currency Could Bring Surveillance State to Wallets at Expense of U.S. Dollar” HERE)
Delete Facebook, Delete Twitter, Follow Restoring Liberty and Joe Miller at gab HERE.
