He turned his back on crypto by banning cryptocurrencies and mining earlier this year. Chinese management made critical statements for digital money. digital yuan (e-CNY) and the authorities, who stated that they will respect the privacy of the users, assured that they would not follow the users.
Do digital currencies make it easier to track?
e-CNY’s controversial limited anonymity model has been the subject of controversy for some time. The Chinese government, which wants to follow the trade of citizens with digital currencies, rejected these claims. Mu Changchun, Managing Director of the Digital Currency Research Institute money laundering, terrorism and tax evasion Said they would avoid it.
The research unit, controlled by the People’s Bank of China, is engaged in developing a central bank digital currency (CBDC). The aim of the Chinese government is to renew their financial systems and also to be able to fight competitors like Bitcoin.
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Testing the use of digital yuan in various parts of the country, China allows any product that can be purchased with paper notes and coins to be traded with these coins. However Some security issues of e-CNY exists.
“(e-CNY) prevents and combats illegal activities, including money laundering, terrorist financing and tax evasion, protecting the need for financial security,” Mu Changchun said.
Struggling to overcome the economic crisis caused by the pandemic and wanting to reduce the use of digital money, China has for a while. digital yuan for free distributed. But the limited anonymity of money worries people and other countries.
So what do you think about the digital currency issue? You can share your views with us in the comments section.