2021-05-10 08:24:57
Not all digital currencies are the same. China's new central bank digital currency (CBDC) dubbed the digital yuan is the exact opposite of cryptocurrencies like Monero.
-It allows unprecedented surveillance and supervision over every single transaction.
-A digital currency would make it possible to both mete out and collect fines as soon as a State-defined "infraction" is detected.
-The money itself is programmable. Beijing has tested expiration dates to force users to spend it quickly, for times when the "economy needs a jump start."
The digital yuan goes live late 2021/early 2022. If you want to do your part in rejected this new means of controlling you, invest in and use cryptocurrencies like Monero, Nexus, Bitcoin Cash, and others, as well as decentralized finance (DeFi) exchanges and financial instruments.
That being said, the Chinese cashless payments system (WeChat, AliPay, etc) is already able to settle approximately 100,000 transactions per second. If decentralized cryptocurrencies are to become the primary form of currency, they need to surpass 100K TPS and preferably 300K TPS. Being decentralized, this is a massive undertaking, but it is possible, and some cryptos even claim they will be able to do so very soon.
https://www.zerohedge.com/crypto/chinas-digital-yuan-comes-expiration-date
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