“To increase the adoption of the digital yuan, China promises anonymity” headlines this dispatch from the Reuters agency taken up by the Investing.com site.
A senior Chinese central bank official, Mu Changchun, said the country will respect the privacy of digital yuan users and protect their personal information. According to Changchun, the digital yuan has a limited anonymity feature that allows reasonable anonymous transactions”.
Like all Chinese citizens, you will probably appreciate the dialectic on the “limited anonymity function which allows reasonable anonymous transactions”, I still laugh about it as it is worthy of Orwell’s 1984 Newspeak.
For Mu Changchun, the use of the digital yuan “prevents and combats illegal activities, including money laundering, terrorist financing and tax evasion. “Banknotes and coins can buy gold and convert foreign currencies, the same goes for e-CNY. »
In the United States, a bill has been tabled by 3 American senators aimed at banning the e-CNY in American stores, no more and no less, in order to truly preserve privacy! Sometimes you still have to pinch yourself when you read what you read… we are right to think what we think!
The Bank of China will have to succeed in giving confidence in its digital yuan just as we can have confidence in cash and its availability.
As I write these lines, China is going through a major banking crisis with significant protests, accounts being blocked, refund “strikes” by customers refusing to pay. In short, the situation is complicated, and money, whether digital or physical, is above all about trust.
Charles SANNAT
“This is a ‘presslib’ article, that is to say free of reproduction in whole or in part provided that this paragraph is reproduced following it. Insolentiae.com is the site on which Charles Sannat expresses himself daily and delivers an impertinent and uncompromising analysis of economic news. Thank you for visiting my site. You can subscribe to the daily newsletter free of charge at www.insolentiae.com. »
Source Investing.com here