Beijing’s new digital currency is a tool that could prop up authoritarian regimes around the world, including China, and the Chinese paperless money could also undermine U.S. leadership in finance, warned a global finance professional. “This is a surveillance tool and it’s disguised as a payment mechanism. It’s going to allow the People’s Bank of…
Erik Bethel: China’s New Digital Currency Is Tool for Mass Control, in China and Beyond
China’s new digital currency is a Trojan horse “disguised as a payment mechanism,” says Erik Bethel, a global finance professional who served as the U.S. representative to the World Bank. “There are a lot of ways that the Chinese government could use this as an instrument of surveillance, tying it to their social credit score,…
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