Post
Topic
Board Altcoin Discussion
Re: Chinese Firms Collaborate With Chinese Central Bank to Launch Digital Yuan
by
fullhdpixel
on 29/07/2020, 20:50:28 UTC
Well, it's a good news actually.  We just want to hope it becomes reality because numerous similar news like this we have read and heard and at the end of the day, it remains at the level of the news.
Not really though, it was planned to destroy the decentralization we got from crypto currencies and most governments doesn't want us to get financial freedom and not interested in tracking the blockchains created from anonymous persons that is why governments creating their own CBDCs which may affect the banks as well.
Decentralization is convenient for the users but is it convenient for the government? The answer is no because the whole payment system and economy of the country cannot be relied upon a decentralized platform. Tracing of illegal activities, scams, frauds and black money would be impossible if that is put into action.

People will deny to pay the taxes and the country will begin to collapse in various ways. Government is interested in the blockchain technology and not decentralization. Therefore, they are creating their own centralized digital currencies powered by blockchain to meet the required expectations and get a step closer to digitalization.