{"id":29949,"date":"2020-10-12T13:03:11","date_gmt":"2020-10-12T10:03:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=29949"},"modified":"2025-08-27T19:49:55","modified_gmt":"2025-08-27T16:49:55","slug":"opinion-dcep-built-on-the-digital-yuan-is-just-another-payments-app","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/opinion-dcep-built-on-the-digital-yuan-is-just-another-payments-app\/","title":{"rendered":"Opinion: DCEP built on the digital yuan is just another payments app"},"content":{"rendered":"<p>The Shenzhen authorities&#8217; 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.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\u2026 it\u2019s just a change of payment channel and another app where you can move \u201cmoney\u201d around, rarely ppl will realize the significance of how elastic the future will be when it comes to monetary expansion and subtraction<\/p>\n<p>\u2014 Dovey \u4ee5\u5fb7\u670d\u4eba Wan \ud83e\ude90\ud83e\udd96 (@DoveyWan) <a href=\"https:\/\/twitter.com\/DoveyWan\/status\/1315502408303140865?ref_src=twsrc%5Etfw\">October 12, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Dovey Wan is confident that the Chinese authorities would only need to change a couple of lines of code to confiscate assets.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">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<\/p>\n<p>\u2014 Dovey \u4ee5\u5fb7\u670d\u4eba Wan \ud83e\ude90\ud83e\udd96 (@DoveyWan) <a href=\"https:\/\/twitter.com\/DoveyWan\/status\/1315503171037347845?ref_src=twsrc%5Etfw\">October 12, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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 &#8216;central servers of the DCEP&#8217;.<\/p>\n<p>In such conditions the importance of owning the keys to one\u2019s own wallets grows.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">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<\/p>\n<p>It\u2019s more critical than ever for everyone to really own their keys<\/p>\n<p>\u2014 Dovey \u4ee5\u5fb7\u670d\u4eba Wan \ud83e\ude90\ud83e\udd96 (@DoveyWan) <a href=\"https:\/\/twitter.com\/DoveyWan\/status\/1315504100562280449?ref_src=twsrc%5Etfw\">October 12, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Some, after reading Wan&#8217;s tweets, thought about the times described in George Orwell&#8217;s dystopia &#8216;1984&#8217;.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">1984 is coming?<\/p>\n<p>\u2014 unite Lian\u8fde (@unite49212139) <a href=\"https:\/\/twitter.com\/unite49212139\/status\/1315509968028659715?ref_src=twsrc%5Etfw\">October 12, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier in September ForkLog reported that the PBoC <a href=\"https:\/\/forklog.com\/en\/news\/pboc-to-require-nationwide-acceptance-of-the-digital-yuan\">will oblige<\/a> to accept the digital yuan across China.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"QEfNS8O9aq\">\n<p>China&#8217;s digital currency \u2014 totalitarianism or a new monetary theory?<\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"China's digital currency \u2014 totalitarianism or a new monetary theory?\" src=\"https:\/\/forklog.com\/exclusive\/kitajskaya-tsifrovaya-valyuta-totalitarizm-ili-novaya-monetarnaya-teoriya\/embed#?secret=vvUehCW0R7#?secret=QEfNS8O9aq\" data-secret=\"QEfNS8O9aq\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Shenzhen authorities&#8217; 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 of the Chinese central bank, according to Dovey Wan, managing partner at Primitive Ventures.<\/p>\n","protected":false},"author":1,"featured_media":29950,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,1138,1734,1369],"class_list":["post-29949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-opinions","tag-peoples-bank-of-china","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=29949"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29949\/revisions"}],"predecessor-version":[{"id":29951,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29949\/revisions\/29951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/29950"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=29949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=29949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=29949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}