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The downside of a cashless China





ANSHA, China — As investors and technologists worry that the U.S. is falling behind in the race for dominance in blockchain, Beijing is trying to get ahead.

“In a bear market for crypto we make friends; in a bull market we make money,” said Rae Deng, founding partner of Du Capital, a crypto investment firm based in Singapore.

 

Deng said at CNBC’s East Tech West  conference in the Nansha district of Guangzhou, China  she sees another flourishing crypto scene coming, with more Chinese investment striding to the market after Beijing suddenly announced plans to embrace blockchain technology.
 

“China is eyeing for a thorough digital migration,” she said. “The policy signal will definitely bring a lot of incremental capital into the market.”
 

She argued that Beijing’s public support will drive “traditional money” – corporate investment in Chinese traditional sectors — to become a big player. These investors previously shied away from the crypto market due to its sensitive status. Initial coin offerings (ICO) have been banned in China since 2017.

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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.

The cashless society from an ethical point of view









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