China: A Digital Currency Forecast

September 27, 2020

DarkCyber noted “‘One Day Everyone Will Use China’s Digital Currency.” If you have read Beyond Search/Dark Cyber before, you may know that words like “all,” “every,” and similar categorical affirmatives are irritants. We live in an era of “black swans” and words like “never” are tough to accept as characterizing the present datasphere. Nevertheless, we have an “everyone” from the Beeb.

The main idea is that Chinese digital currency will become the big dog. Hasta la vista dollares en efectivo. The Delphic statement comes from Chandler Guo, a “pioneer in cryuptocurrency.” The Chinese DCEP is coming. DCEP is the digital currency electronic payment, and it seems destined to become the way to pay.

The write up notes:

But many question whether it will succeed and there are concerns that it will be used by Beijing to spy on citizens.

And there is the Chinese spy thing.

The article includes an anonymous source, a now standard journalistic convention:

“The Chinese government believes that if some other countries can also use the Chinese currency it can break the United States’ monetary sovereignty. The United States has built the current global financial system and the instruments,” says an anonymous Chinese crypto currency observer known as Bitfool.

Are Guo and Bitfool correct? Sure, why not. It is 2020, the Year of the Black Swan.

Stephen E Arnold, September 27, 2020

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