Topic: First Glance of China's Digital Currency - page 2. (Read 340 times)
The concept is totally the same as crypto has. It needs an app and wallets as well. But as it is handling by the government, it must be centralized. Anyway, will they use banks to manage it as it is still a part of China's national currency? Or there is a government exchange to support it? I'm a bit curious about the parties the people talked on the twitter.
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There's an existing technology which allows users to send money via phone numbers for a while now.
This is somewhat no different.
This is somewhat no different.
It's not just different, it's WORSE. Through this, there will be, once again, increased surveillance. They can definitely collect more data of their people through this. As if privacy in China wasn't dead to start with.
They have just invented another centralized worse thing, it's totally centralized and you have to pass KYC for buying digital currency to fiat via this app, the govt will be able to identify every single transaction. The Chinese government has always wanted to regulate the crypto market by them-self and DC/EP might become the only thing by which Govt can fully regulate the crypto exchange.
There's an existing technology which allows users to send money via phone numbers for a while now.
This is somewhat no different.
This is somewhat no different.
It's not just different, it's WORSE. Through this, there will be, once again, increased surveillance. They can definitely collect more data of their people through this. As if privacy in China wasn't dead to start with.
There's an existing technology which allows users to send money via phone numbers for a while now.
This is somewhat no different.
This is somewhat no different.
It's not just different, it's WORSE. Through this, there will be, once again, increased surveillance. They can definitely collect more data of their people through this. As if privacy in China wasn't dead to start with.
CBDC's will be financial slavery. I'd prefer to live as a nomad and accept camels as medium of exchange than ever use them.
I've given my view of them a few months ago in this post: https://bitcointalksearch.org/topic/m.53363115 .
We should not be happy about digitized national currencies but scared of them.
I've given my view of them a few months ago in this post: https://bitcointalksearch.org/topic/m.53363115 .
We should not be happy about digitized national currencies but scared of them.
There's an existing technology which allows users to send money via phone numbers for a while now.
This is somewhat no different.
This is somewhat no different.
Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know.
What did you expect?
It is not just centralized but the Chinese government will now be able to get Bird's eye view on every transaction undertaken by their citizens. Cash still has some degree of anonymity, but with Digital Yuan, that is also gone!
Welcome to the world of holistic surveillance with CBDCs!
I'm just a little bit curious if how it works if it can be used when both parties are offline, it's kinda pretty much nice, but that's the only part I surprised.
Looking at one of the photos tweeted by the same poster:
Since it says that the phones needs to touch for the transaction to work, then it's safe to assume that the transfer is most definitely through NFC.
A good innovation for digital currency but you are right, much centralized, well, always expect from China.
I'm just a little bit curious if how it works if it can be used when both parties are offline, it's kinda pretty much nice, but that's the only part I surprised. And still, this kind of digital currency should not be compared to Bitcoin, they are far much different for me.
I'm just a little bit curious if how it works if it can be used when both parties are offline, it's kinda pretty much nice, but that's the only part I surprised. And still, this kind of digital currency should not be compared to Bitcoin, they are far much different for me.
https://twitter.com/molllliy/status/1250085748092485634
Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know.
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