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Central Bank Controlled Digital Currencies to leverage Blockchain Technology and Social Credit Systems
Unlike Bitcoin, which represents a form of decentralized finance, digital currency planned in China is anticipated to leverage both the best and worst aspects of blockchain from an everyday citizen s perspective. It is anticipated that China will leverage its soon to be released currency as a means of controlling the commerce of its population. The sovereign nation may do by way of tracing payments between buyers and sellers via blockchain.
Used in conjunction with the country s social credit system, China will be able to determine who is following its policies, demonstrating favorable behaviors, and receive associated rewards such as minimal restrictions on approved commerce activities. On the other hand, those individuals that are identified as not following policies, or otherwise acting in an unacceptable manner, may be restricted from trade of various types including buying an