CBDC in China
Introduction
We know right now China test is digital Yuan in major cities there. A centralized form of money controlled by the government and the central bank.
They will know everything you purchase and where you move your money. The worse they will have the right to freeze your account, as they please if they suspect strange behaviors.
No more freedom! Because they will impose the people of China to use this system.
Banks have already this privilege if they want to close your bank account.
Determination of China
China wants to become the first superpower in the world. And one of their objectives is to impose the Yuan as a global reserve.
They buy a lot of gold to have a strong reserve in a stable asset on their balance sheet. Another important area they massively invest with the Digital Yuan and want to become a leader with their CBDC.
Nothing wrong with that!
Determination brings innovation.
Privacy
I think CDBC will not be very good for any person to use. The state will track everything you purchase and where you spend your money.
We have the right to have privacy, but not in China.
This country is a dictatorship, and eventually, it wants to impose its vision on the world.
Conclusion
I think we cannot stop innovation and China is determined to invest in the future of money. A superpower needs to be the leader but I believe with their CBDC it will be a failed mission.
People have the right to have their privacy and transact freely without being monitored.
At least we have Bitcoin as a plan B!
