China is following Facebook’s playbook to issue a centralized digital currency

[steven36]

An official says it can be used anonymously but still prevent money laundering, lol

 

 

China‘s upcoming state-controlled digital currency is to be similar to Facebook‘s proposed coin, which makes total sense, because Libra isn’t really a cryptocurrency.

 

Mu Changchun, deputy director of payments at China‘s central bank, explained the country was issuing its digital currency “to protect our monetary sovereignty and legal currency status,” Reuters reports.

“We need to plan ahead for a rainy day,” Mu added.

 

It’s likely these concerns reflect those of the European Central Bank. Earlier this week, a representative claimed that Facebook‘s Libra could undermine its power if it was readily adopted, as it could reduce overall demand for the Euro.

Next week: China discovers its digital token is capable of alchemy

Amazingly, Mu mentioned that his government‘s proposed tokens will be just as safe as China‘s paper-based fiat.

 

Payment platforms like WeChat and Alipay are to supposedly support them, and Mu promised they’ll even be usable without an internet connection.

 

More incredibly, Reuters reports that Mu said China‘s purported coin would find a balance between allowing anonymous payments and preventing money laundering.

 

Considering that China is considered by many to be a surveillance-state (with scholars now referring to its politics as “networked totalitarianism“), these claims are outright laughable.

 

So, while Facebook does its best to brand its Libra offering as a real “cryptocurrency,” China has taken notes on issuing an entirely centralized digital currency that’s susceptible to censorship.

 

If anything, the two deserve each other.

 

Source

[Infinite_Vision]

I don't think this is good at all for the Chinese citizen.  They now have a social credit score that is installed on their phone and there are cameras every where monitoring what they buy and sell.  The goal of those in power and I'm talking about the real puppet masters want us to move to a digital currency that is control by them.  That is why they want to get rid of Bitcoin because it is decentralized and make one that is not.  Thus, they can cannot buy or sell if they did not conform to the government.  As I have posted in another thread, China has been testing it in Xinjiang for a while now.  This is not political from me, it is more about not want this kind of system any where around the world.  It is interesting that Jack Ma and Elon Musk recently to discuss things such as AI.  I know Musk has good intention on his idea but the puppet master will find a way to use it for their own good.