[LINK] The Chinese Digital Renminbi (E-CNY)

[Roger Clarke]

On 14/12/20 11:01 pm, Stephen Loosley wrote:
> “How will the digital RMB change the financial ecology?”
> 2020-10-21 17:09 Author: Sun Yang  Source: Suning Financial Research
Institute (Google Translation) (c)
> http://www.cb.com.cn/index/show/zk/cv/cv13450241184

...
> all transaction information is only stored in the digital currency system of the central bank, which fully guarantees the anonymity of users and helps ensure the security of personal information This is crucial today when data privacy is highly important ...
> ... personal level data will be collected by the central bank ...
Digital currency will enable the central bank to better implement the
central government's targeted monetary policy, and to achieve accurate
fund placement and flow monitoring ...

It's a neat Orwellianism to treat 'privacy' as merely security against
third parties.  The State, being your Big Brother, is by definition
incapable of ever doing anything against your interests.


Mind you, this bit negates the naive notion of security against third
parties, and portrays the 'open banking data' scene, like that being
implemented in Australia as the Corporate Data Right (CDR):

> Commercial banks have entered the scene directly, and can obtain
richer and more detailed data information under the scene, which can be
used to portray users' consumption habits or generate credit evaluations
for users ...


Chilling stuff.  Stalin's jealous.


-- 
Roger Clarke                            mailto:Roger.Clarke at xamax.com.au
T: +61 2 6288 6916   http://www.xamax.com.au  http://www.rogerclarke.com

Xamax Consultancy Pty Ltd      78 Sidaway St, Chapman ACT 2611 AUSTRALIA

Visiting Professor in the Faculty of Law            University of N.S.W.
Visiting Professor in Computer Science    Australian National University