By Time Korso
December 12, 2021
The Chinese Central Bank has run several tests of the government-back digital currency, which, unlike cryptocurrencies, does not promise anonymity to its users. However, so far these tests have remained mostly local or time limited, with a countrywide rollout yet to be unannounced.
China might use its digital renminbi for surveillance over its users and to control global currency transactions, the head of the British digital spy agency GCHQ, Sir Jeremy Fleming, has suggested in an interview with the Financial Times. He noted that while digital currencies in general present a “great opportunity” for the world, they might be misused.