Subscribe to Blockworks’ free newsletter now. Get the day’s top crypto news and insights delivered to your inbox every evening. “You’re creating architecture that gives the government a little bit more insight into transactions.” The key thing here is that the central bank is, I think, inserting itself more into the payment architecture,” he said during the panel. The Chinese authorities support coordinated development of various payment methods.”ĭuring a panel on the topic earlier this year at CoinDesk’s Consensus conference, Yaya Fanusie, a Fellow at the Center for a New American Security, and former CIA counter terror financing analyst, pointed out that China’s push for a CBDC via the eCNY is about gathering as much data as possible - to combat things like tax evasion and illegal gambling amongst other things. This is problematic for any central banker, as they cannot exert the same amount of control on M2 as they can on cash.Īs the People’s Bank of China whitepaper on eCNY explains, the “eCNY will provide the public with a new interoperable way of payment, which will further diversify payment instruments and make the payment system more efficient and safer. Given the two apps popularity in China they control a significant amount of the supply of M2, or commercial bank money. In terms of its relationship with China’s popular payments services, the PBOC said in its report that e-CNY is supposed to complement rather than replace WeChat Pay and Alipay. Part of the reason why this announcement generated such considerable interest is because of the expectation that eCNY will eventually replace the payment rails offered by WeChat Pay and AliPay. Underground casinos would often recruit people to rent their personal payment code to the casino in order to launder funds, in exchange for a cut of the proceeds. Ling also added that the use of personal payment codes was a common scheme for laundering funds from underground casinos.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |