China likes cashless surveillance

China is undertaking a huge experiment that could transform the future of money. Through ambitious pilot testing in major cities, the Chinese Communist Party is racing to develop centralized digital currency, also known as digital yuan.

If expanded as planned, China would become the most powerful economy to offer a national digital currency, long before the digital euro proposed by the European Central Bank. With more than 750 million people in China purchasing online goods last year, analysts at Goldman Sachs estimate digital yuan could be used by 1 billion people in the next decade. Yet the development of hyper-centralized digital yuan would also create the world’s largest repository of financial transactions data, allowing the authoritarian CCP unprecedented access to ramp up surveillance of ordinary citizens.

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The War Against Cash - 06/10/2021

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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