Opinion: DCEP built on the digital yuan is just another payments app
The Shenzhen authorities’ distribution of 10 million digital yuan among 50,000 residents is nothing more than a change of payment channel. The public does not realise what lies ahead, when monetary policy comes under even greater control by the Chinese central bank, according to Dovey Wan, managing partner at Primitive Ventures.
… it’s just a change of payment channel and another app where you can move “money” around, rarely ppl will realize the significance of how elastic the future will be when it comes to monetary expansion and subtraction
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) October 12, 2020
Dovey Wan is confident that the Chinese authorities would only need to change a couple of lines of code to confiscate assets.
In the future, targeted stimulus policy, helicopter money, brrrrrr in a much more granular level, an easy seizure of your personal wealth (for fair causes like anti-corruption, or can be exploited for corruption itself..) can all happen with a few lines of codes
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) October 12, 2020
In the context of the digitisation of payments, now migrated into the digital yuan, the public can easily lose autonomy, which will be replaced by the ‘central servers of the DCEP’.
In such conditions the importance of owning the keys to one’s own wallets grows.
when retail has been so spoiled by the convenience of digitalization of fiat, and now into digital fiat, they can easily trade self-sovereignty and enslaved by the ultimate efficiency those central servers offer
It’s more critical than ever for everyone to really own their keys
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) October 12, 2020
Some, after reading Wan’s tweets, thought about the times described in George Orwell’s dystopia ‘1984’.
1984 is coming?
— unite Lian连 (@unite49212139) October 12, 2020
Earlier in September ForkLog reported that the PBoC will oblige to accept the digital yuan across China.
China’s digital currency — totalitarianism or a new monetary theory?
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