Chinas crypto dreams: The great E-Yuan swindle

It's coming, but not now: The chinese crypto currency.

Yes, this is really true: Four out of five central banks worldwide are tinkering about the introduction of a digital currency. While the European Union is far behind all of the others, because they are only thinking about the thinking, the plans of the Bahamas, Sweden and China are well advanced. Estland are on front too – but if you are on Facebook or somewhere else in the net, you will always see ads about the chinese plans.

It's only a fantasy now

The so-called E-Yuan fires the fantasies all around the world because the Chinese central bank People’s Bank of China (PBoC) has developed a crypto currency with the still bulky name Digital Currency Electronic Payment (DCEP). This isn't a real thing in the real world at the moment, only pilot projects are currently running. But fraudsters use the situation for their business: The scammers try to suggest you that a participation will be taking place right now. And you can go with it and be a winner.

Peoples crypto

Ok, there is a good chance that the digital yuan will enter circulation in 2021. Or 2022. Or 2023. People in China than will be able to download a government-issued digital wallet. Participants do not need a bank account or internet access anymore if they use the virtual currency. But: This is not now and it is not for non-residents of the "Peoples Republic". At the moment the time for the start of the E-Yuan token is completely unknown – and everyone who try to sell you „chinese bitcoin“ is a cheater who is only looking for your money, not for your prosperity.

They hope for your money

Beware them, but don't forget the rest of the story who is very interesting. The communist regime in China, a successful but authoritarian regime, sees the digital central bank money not as a way to freedom like we see crypto currencies.

They hope for the opposite: If an account at the central bank full of E-Yuan has the same solidity as hard cash, everyone will use it. And has it one day displaced cash, the Communist Partys repressive ideal of the transparent, controllable consumer would be achieved. Electronic payments with the E-Yuan will - unlike cash - always leave traces, it gives the government the total control over everything. Who buys what, who is given money where and for what? This kind of centralisated digitization offers opportunities for a perfect dictatorship with complete surveillance. At the expense of the citizen it leads to a strengthening of the state.

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