Business
China’s new digital front has caught the world napping – Sydney Morning Herald
That gap between China and the west on digital currency could have profound consequences for control, surveillance, innovation and international sanctions.
China’s “digital currency/electronic payment” platform, known as DC/EP or the digital renminbi, is the anti-crypto currency. Where bitcoin sought to unshackle cryptocurrency traders from the rigours of central banks, DC/EP could one day bring more than 1 billion people under the surveillance of the Chinese government.
It is a replacement for the physical renminbi in the country’s money supply. A one-for-one, like-for-like trade backed by the central bank that will see China’s money supply switch…
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