China is minting digital fiat currency
Posted On November 19, 2019
Concerns over the privacy and personal information leak during placing transactions in China intensify as the mobile payment solution has grown into maturity. However, the People’s Bank of China (PBOC) is resorting to the digital fiat currency to address the issue, striking a balance between “controllable anonymity” with anti-money laundering and counter-terrorist financing efforts as well as monitoring criminal activities such as tax evasion and online gambling. Unlike Bitcoins, the new currency it is claimed does not rely on pure blockchain architecture but will request real-name verification among users when circulated.