China’s Digital Currency Will Allow Consumers ‘Controllable Anonymity’

[cheezcarls]

The People’s Bank of China (PBOC) is the first major central bank to hint at issuing its own digital currency. Consumers fear an end to the anonymity of cash, but officials say that their goal is ‘controllable anonymity’.

Based on data from patents that have already been filed, Chinese businesses and citizens would download digital wallets which can be replenished from bank branches and then used to make digital cash payments.

Read the full news here

I don't know what are you going to say about this guys regarding "controllable anonymity". Do you think it's a good thing for Chinese consumers? As China is pushing to invest big time on blockchain by 2023, along with removing the "cryptocurrency mining" ban and circulating a Bitcoin article to their citizens, I think it's a good sign.

I strongly believe that Bitcoin and other cryptocurrencies would be massively adopted much faster as China is back in the game as one of the biggest crypto players around the corner.

[Artemis3]

Obviously not true, "control" is the one thing they don't want losing, much less to indentured peasants... This is a talk like it was monero, most people seem to be unaware that with Monero your transactions are not anonymous unless you use a specific (cli only wallet) setting. If China adopted XMR then yes, it would be true. I don't think they cloned Monero, but even if they did they would have to release the code with their modifications for the community to verify it, as most likely such "anonymity" can't possibly include "The State". Which renders the whole thing useless in the first place.

Venezuela has yet to release the modifications done to Dash for Petro. It is an obligation by Venezuelan law, but they are ignoring it (laws are overrated here anyway, what the leader says its obeyed, period). Take Dash, change its name, run a couple of nodes in a single datacenter and, oh, make sure it has infinite supply, and you get an idea of what that coin is. Oh and no wallets, only a single online wallet.

One would think the Chinese would do better, and i think they probably will, but not in that regard. Anonymity is not something a police state needs, or is willing to concede giving. Back in my country, anonymity is forbidden (in the constitution, no less), imagine that... You'd think the Chinese have more freedoms in their "communist" constitution?

Right to Anonymity i think is even a constitutional right in America, but unconstitutional here. What is it in China?

Speaking of controlling anonymity, you can already do that with Bitcoin. Disclose your wallet address if you want. Maybe politicians should, or NGOs, or anyone that would want their wallets audited for whatever reason.

[Kyraishi]

These things just don't add up, it's not possible to have controllable anonymity, especially if it's a centralized system, all the cash and other payments they are talking about could all easily be traced.

While they do look like they are doing a good job with not giving the government complete control over the coins, I don't think a lot of people believe them when they say that..

[joinfree]

I don't think controlling anonymity makes users have the total financial freedom and privacy that they need from the government. If they don't regard already cryptocurrencies like Bitcoin, Ethereum as good to use by their country then it's best to make it a decentralized blockchain network with full anonymity or better still just stick with their fiat currency.

[hello_good_sir]

One would think the Chinese would do better, and i think they probably will, but not in that regard. Anonymity is not something a police state needs, or is willing to concede giving. Back in my country, anonymity is forbidden (in the constitution, no less), imagine that... You'd think the Chinese have more freedoms in their "communist" constitution?

Right to Anonymity i think is even a constitutional right in America, but unconstitutional here. What is it in China?

Speaking of controlling anonymity, you can already do that with Bitcoin. Disclose your wallet address if you want. Maybe politicians should, or NGOs, or anyone that would want their wallets audited for whatever reason.

Just look at their work, it's so obvious all that China wants is control of their population, and they even don't mind giving away some 'anonymity' to make this stuff easier, it's not even real anonymity since their entire infrastructure is all controlled by them.

What's the entire point of this? I doubt China would create an even, semi-anonymous coin for their citizens to use when they don't need it and I'm pretty sure their entire population knows is bullshit anyway?

This is some confusing shit...

[boris1044]

The People’s Bank of China (PBOC) is the first major central bank to hint at issuing its own digital currency. Consumers fear an end to the anonymity of cash, but officials say that their goal is ‘controllable anonymity’.

Based on data from patents that have already been filed, Chinese businesses and citizens would download digital wallets which can be replenished from bank branches and then used to make digital cash payments.

Read the full news here

I don't know what are you going to say about this guys regarding "controllable anonymity". Do you think it's a good thing for Chinese consumers? As China is pushing to invest big time on blockchain by 2023, along with removing the "cryptocurrency mining" ban and circulating a Bitcoin article to their citizens, I think it's a good sign.

I strongly believe that Bitcoin and other cryptocurrencies would be massively adopted much faster as China is back in the game as one of the biggest crypto players around the corner.

The PBOC is poised to become the first major central bank to issue a digital version of its currency. According to new patents registered by the PBOC and official speeches, it could work something like this: Consumers and businesses would download a digital wallet on their mobile phone and load the digital cash from their account at a commercial bank - similar to going to an ATM. They then use that like cash to make and receive payments with anyone else who also has a digital wallet.

This will be a no for me dawg.

[boris2470]

China wants to create a centralized coin. wtf? It is not what do we need! Therefore, I would advise the Chinese to use Bitcoin to protect themselves from the government

[migws]

The People’s Bank of China (PBOC) is the first major central bank to hint at issuing its own digital currency. Consumers fear an end to the anonymity of cash, but officials say that their goal is ‘controllable anonymity’.

Based on data from patents that have already been filed, Chinese businesses and citizens would download digital wallets which can be replenished from bank branches and then used to make digital cash payments.

Read the full news here

I don't know what are you going to say about this guys regarding "controllable anonymity". Do you think it's a good thing for Chinese consumers? As China is pushing to invest big time on blockchain by 2023, along with removing the "cryptocurrency mining" ban and circulating a Bitcoin article to their citizens, I think it's a good sign.

I strongly believe that Bitcoin and other cryptocurrencies would be massively adopted much faster as China is back in the game as one of the biggest crypto players around the corner.

Controllable Anonymity? That is, the People`s Bank of China directly says that their cryptocurrency will be controlled by third parties? In my opinion this is a failure, no one will be tempted

[bitsurfer2014]

"Controllable Anonymity" is an absurd and very vague term! China would certainly want total control over not only on its people but has ambitions for world dominance!

If ever they got to release their own digital currency, I would assume they will not make its code open-source and without 3rd party audit, they will most likely put some kind of mechanism for tracking everyone who uses it or even put trojans on its wallets!

Just think about the Huawei scandal - China has the capability to do high tech surveillance at its best. Imho.

[CryptoBry]

I don't know what are you going to say about this guys regarding "controllable anonymity". Do you think it's a good thing for Chinese consumers? As China is pushing to invest big time on blockchain by 2023, along with removing the "cryptocurrency mining" ban and circulating a Bitcoin article to their citizens, I think it's a good sign. I strongly believe that Bitcoin and other cryptocurrencies would be massively adopted much faster as China is back in the game as one of the biggest crypto players around the corner.

I love this new term coming from the creative genius of China: controllable anonymity. That is just a spin of an idea and what it really means is that the government is about to be controlling how people in China are spending their digital money. We have to fully realized that China is all about control and now the government has seen one of the biggest opportunities to expand its influence and clout with its people inside and outside the country. 

There is really one thing I admire with China and its capacity to really smell a good opportunity even afar and its ability to make sure that the opportunity can be taken advantage of in relation to its overarching goal of global domination in many aspects and areas of people's lives. China know what it is doing and its vision can stretch for many generations to come.

Will this mean that soon Bitcoin can be recognized in China? Maybe yes, maybe no but for now things are pointing to the former as there seems to be a looming love affair between the leaders of this country with cryptocurrency. Now, if China will see that opening its market to Bitcoin is presenting another opportunity for control (not necessarily with Bitcoin itself) then maybe we can see Bitcoin to boom in China...soon.

[Anonylz]

If I understand correctly,  "Controllable Anonymity" means consumers will be able to control their involvement to some certain extent,  because knowing the Chinese government and their love for total control, this sounds like a less stringent terms, and I believe the Chinese citizens will find it more appealing than the total control approach, only if they are truthful about it, it sounds good.

[pooya87]

the only way to remove the anonymity of cash is to remove cash from existence and that means no more usage of fiat which is not possible at all for many years. adding alternatives is not going to change that. people who are already using banks (which is nearly everyone) already don't have anonymity, it won't matter if they are using traditional banking or banking with a cryptocurrency!

along with removing the "cryptocurrency mining" ban

there is no "cryptocurrency mining ban" in China!

[Kakmakr]

Let me explain "Controllable Anonymity" to you, in the view of the Chinese government. The Blockchain technology used by them, will allow the Banks and the government to have access to all citizens financial information, but the citizens will not have access to each others data.

It is quite obvious, because you will register with the Banks to have access to this Blockchain technology and they will share that information with the government, but the normal citizen on the street, will not know how much money the people around them has. It is just a Crypto version of the traditional Banking ledger system.  

[Eugenar]

If that is the case, it is mainly controlling people in some aspects of their financial lifestyle. Though, the fact that cryptocurrency could provide efficient transactions, each transaction will be monitored, in such a case that the Chinese Government can view each transaction. With regard to the 'Controllable Anonymity', I don't believe that they do really want their people to become anonymous since, in the first place, each individual should issue their identity to banks to get a wallet address of their own.

[avikz]

Controllable Anonymity??

Lol! It's an oxymoron! A fairytale!

I just read Kakmakr's explanation! Chinese government is really funny! If that is what meant by controllable anonymity, what is the difference of it compared to traditional banking system? Just a digital wallet connected to a database to make things more clear to the government?

It would definitely be beneficial if China decides to uplift the ban on mining! That will be a real progress of cryptocurrency then. Otherwise rest all are just government thingy! More transparent vigilance!

[Ucy]

Well, I like the fact that Chinese consumers are aware & worried about their anonymity (which is probably guaranteed by their law). This is what others should be more focused on rathering waving off this very valuable right without question.
It is not a crime to demand for this natural right.. . Right to privacy is absolutely important. Whoever spies on you lawlessly is seriously violating this right.
Chinese should make sure this is a real/full anonymity though.
Unmasking people's identities should be done under the law. People should be able to sue those who do this outside the law otherwise true Blockchain will remain attractive to those who are aware of the abuses.

[bounceback]

but officials say that their goal is ‘controllable anonymity’.

I personally think that in reality digital currency is far from anonymous because every transaction is carried out with a decentralized network that is recorded in the public Blockchain system, and maybe they also ask everyone who wants to make their crypto wallet to send each user's personal information, so that anonymity ends for crypto currency payments or other transactions.
perhaps this is meant by those whose anonymity can be controlled.

[keyscore44]

Only in China and maybe also in Russia someone could come up with the term "controllable anonymity." After all, this in itself is pointless and illogical. Or they want to control who can be anonymous and who can not? Maybe they'll issue licenses for anonymity, just like gun ownership..   
The fight of governments against decentralization will never end. 

[icewitch0612]

I would not like China to control the sphere of cryptocurrencies, but they are going to invest huge amounts in it, so they will be able to control the market in the future...

[the rise]

The thing that comes to mind is that they will easily control the economy with DCEP, but they will indirectly provide an alternative effect for people to understand more deeply including anonymity transaction options outside the government-provided platform. But China is right because if it isn't like this, they will really lose full control.

most people still want transparency for legal protection and this will still be dominant.