Cryptocurrency
China’s Cryptocurrency Currently the First, but Fears Remain
As NewsBTC reports, “There was a biggie last week with the leaking of China’s much anticipated Central Bank Digital Currency (CBDC). The leak revealed extensive details of how the accompanying app works, a look at the visuals of the wallet, and a preview of what the currency would look like for the general public. “A […]
As NewsBTC reports, “There was a biggie last week with the leaking of China’s much anticipated Central Bank Digital Currency (CBDC). The leak revealed extensive details of how the accompanying app works, a look at the visuals of the wallet, and a preview of what the currency would look like for the general public.
“A digital coin from China has been much talked about, so this tease is exciting news as central banks launching digital currencies would help increase the widespread adoption of crypto assets, which in turn would show people the benefits that crypto assets can bring to the real world.
“Clearly China is on the hunt for supremacy in crypto assets, as well as looking to usurp the US dollar as the world’s dominant currency. Tie China’s digital currency with its intention to launch the Blockchain-based Service Network, which will help companies deploy blockchain technology in a smarter and more efficient manner, and there is no doubt the country with the world’s second-biggest economy is looking to take the blockchain bull by the horns.
“However, for those of us who appreciate the decentralised nature of crypto assets, there is a fear that having the world’s most authoritarian superpower launching its own highly centralised digital currency could actually lead to more surveillance of its population. Blockchain technology enables you to track transactions and for this reason, it will be harder for people to maintain privacy. Some people are unbanked for exactly this reason.