cryptonews: The government has no intention of making the digital pound a tool of a surveillance state, a U.K. minister has told a parliamentary hearing. 🇬🇧
, in part to not be left behind by China's digital yuan and other CBDCs. That's something Griffith said was a concern for the U.K. as well.
Even in China, however, privacy is a big concern, with the government working to reassure people that their every purchase will not be tracked — a process it often characterized as "controllable anonymity." In October, the South China Morning Post reported that the People's Bank of China's Digital Currency Research Institute, which is spearheading the digital yuan project, was moving more aggressively to "about data protection and privacy in using the digital yuan' and was "vowing to implement clear laws concerning the monitoring of digital wallets."
Transactions would only be monitored when there is a reason to suspect money laundering, terrorist financing or tax evasion, according to Mu Changchun, head of the DCRI. "We need to ensure there is a limited scope for user information to be used," he said. Which is a concern in the land of the social credit score.Related Articles
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