International Skeptics Forum - View Single Post - China announces crypto-currency as their official coin

psionl0 · 21st January 2021, 01:37 AM

Originally Posted by EHocking

Hah! I got suckered.

China IS planning to move to a digital currency but not via a blockchain. It is the opposite of a crypto currency being totally under the control of the central bank and every transaction subject to scrutiny (ideal for totalitarian states).

A digital currency issued directly from central banks would be an ideal setup (it would simplify government payments). However, without some sort of decentralization and anonymity it isn't likely to gain much acceptance.

21st January 2021, 01:37 AM	#5
psionl0 Skeptical about skeptics Join Date: Sep 2010 Location: 31°57'S 115°57'E Posts: 17,162	Originally Posted by EHocking Hah! I got suckered. China IS planning to move to a digital currency but not via a blockchain. It is the opposite of a crypto currency being totally under the control of the central bank and every transaction subject to scrutiny (ideal for totalitarian states). A digital currency issued directly from central banks would be an ideal setup (it would simplify government payments). However, without some sort of decentralization and anonymity it isn't likely to gain much acceptance.
	__________________ "The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975