In the eyes of the Chinese government, the CBDC constitutes an ideal alternative to fiat, but not only. It also applies to other practices of surveillance, control, even repression, Population. With the deployment of e-CNY, the Chinese Communist Party (CCP) hopes to go further in the cropping black sheep of all the Celestial Empire. This new repressive feature of central bank digital currency worries many.
Digital Yuan, this monitoring tool par excellence
China is one of the first countries to take an interest in CBDCs or central bank digital currencies (MNBC). Although less popular with the Chinese, these digital assets have already been deployed in 26 regions attached to 17 of the 23 countries in Mao’s country.
To speed up adoption, Xi Jingping’s government even opted to distribute a hundred million e-CNY to the population at the beginning of the year. Some businesses in Hangzhou and Shenzhen have also obtained similar assets in large quantities on occasion.
” In China, the CBCC is linked to a digital identity card. If you are caught speeding, a fine is instantly deducted of your digital wallet by a monitoring system. »
What is feared comes more easily than what is hoped for, says Publilius Syrus. By speculating on the hidden wills of CBDC promoters, deemed fond of totalitarianism.
Adding such features to the digital yuan would have China rubbing its hands. Such a success would certainly push the government to imagine other heinous practices with its CBDC of mass destruction.
Moreover, had he not deployed tanks to intimidate the Chinese demanding the thawing of their savings in July 2022? Damage !
Can we do without it?
In a country where the foundation of Western democracy is conditioned by a high level of maturity of the population, the staying the course on the CBDC will not surprise us. In addition, for 15 years, the overall index of democracy in China has declined significantly. Since 2019, it has been 2.25, while in Norway and New Zealand it is around 9.
In April 2022, Forbes alerted us to some aspects of central bank digital currencies. In his columns, Christian Kameir (Sustany Capital) pointed out that:
” The problem is thatthere is no limit to the level of control that the government could exert on people if the money is purely electronic and provided directly by the government. A CBDC would give federal public servants full control over the money that goes in and out of each person’s account.
This level of government control is not compatible with economic or political freedom. »
In his opinion, Congress must promote innovation in financial services. There needs to be a coexistence of assets, real competition. And why legalize bitcoin, the guarantor of our freedom, in stride?
For Cointelegraphthe CBDCs “ will lead to absolute government control “. It seems completely normal that the Chinese or Canadian governments persist in deploying them as quickly as possible.
” While no technology is inherently bad, the consequences of potential misuse of different technologies vary widely. Likewise, a CBDC system is basically just a tool, which is neither good nor bad in itself. But the risk of misusing a CBDC seems so great that the concept deserves rejection “, notes the crypto media.
The advent of bitcoin in 2009 nurtured the hope of a real emancipation from fiat and from the institutions that continue to vampirise the people. Unfortunately, central banks will not back down. They even plan to ramp up with 15 retail CBDCs and 9 wholesale CBDCs in operation by 2030.
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