IslamNews – China has charged ahead with an effort to remake the way that government-backed money works, rolling out its digital currency, eCNY, with different qualities from its cash or digital deposits.
Testing of the eCNY began last year in four cities and was recently expanded to bigger cities, such as Beijing and Shanghai. The government has not said if and when it will roll out the eCNY nationwide, but several officials have said it could be ready for tourists at the 2022 Olympics in Beijing.
Effect: No other major power is as far along as China with a homegrown digital currency. The move could make it easier for the government to track financial transactions.
Quotable: “If I cannot buy you a coffee without the government knowing about it, I do worry about what this could mean,” said the former head of the International Monetary Fund’s China division.
Related: A study by a company that monitors the use of the internet by states shows that, as Chinese and Indian troops clashed at the border last year, Chinese malware flowed into the Indian electrical grid. The findings lend weight to the idea that a broad Chinese cyber-campaign may have been behind a major blackout in Mumbai in October.
Source: The New York Times