As China’s debut of its digital currency draws to a close in tandem with the 2022 Winter Olympics, the regime’s crypto ambitions remain in place. Experts warned of the Chinese Communist Party’s centralized control, both at home and abroad. A digital currency will empower the regime’s control over its populace, especially dissenters, as all future financial transactions would leave an easy-to-monitor, digital paper trail. The Olympic games may have functioned as a staging ground for foreign individuals from around the world to adopt China’s digital currency. The country has been developing a digital form of its sovereign currency since 2014, issued by its central bank, the People’s Bank of China (PBOC). The goal is to replace physical banknotes and coins, which are, according to China analyst Anders Corr, “hard to surveil.” “[Electronic payment] will make normal criminality, for example, drug and stolen good sales, more difficult,” Corr, principal at advisory …
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