I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.
The Peoples Bank of China, the countrys central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOCs ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals private lives.
Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.
Bitcoin started as a noble cause which could take power away from the government with transparent transaction which cannot be edited, this was the biggest fear i had, if some countries take this noble concept and start their own private currency which could dent the privacy of every citizen as they will be having more power and could control everything and China being a dictator regime it is easy for them to implement these things as the voice of the citizens would not be heard, it is nothing but a centralized structure and they are planning to mine fiat currency without the expense of printing the fiat currency. The Peoples Bank of China, the countrys central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOCs ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals private lives.
Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.
