Why China's New Digital Currency Raises Privacy Concerns | WSJ
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- Опубликовано: 16 мар 2021
- As China moves closer to rolling out its new digital cash, there are concerns the government will track every transaction--not just of citizens but of foreign companies in the country. WSJ travels to Chengdu to see this money revolution in action. Photo: Lorenz Huber for The Wall Street Journal
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#WSJ #China #Yuan
It is funny how people use credit cards and cell phones everyday still believe they have privacy.
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agree
I use only cash, and have physically removed the GPS from my phone. Not everyone is a sheep, don’t give up.
Exactly lol did they really think paying by tapping your phone or your card or through an online platform meant that you had privacy?😂
Once the government can control your bank account, you cannot fight the government. It s not only about privacy, it is mainly about freedom
As a Chinese, I would say this is a great thing! Criminals, money launderers, embezzlers, foreign spies inciting violence will all tremble with fear, and there will be fewer tax evaders. Hope to implement it soon!
You got that right cash is king
RUclips auto subtitles: “Speaks foreign language.”
Was about to type this 🤣🤣🤣
Which language is your device in
Lol perfect profile pic 😂
RUclips has no interest in Chinese, Chinese people are supposed to be blocked from RUclips by their own authoritarian government. But unfortunately RUclips is now infested with paid CCP shills
Annabelle Templar
On F, b
Edward Snowden and Assange showed the world what Freedom and privacy is
yes i say yes
the irony of these two westerners who claim to want freedom and privacy, becoming the patron saints of china, russia, iran... the least free, privacy... countries.
@@mariacheebandidos7183 the difference is that one is telling you that they are doing it openly while other one is that they do it but act like they didn’t.
@@Ilovecruise more like:
one is genuinely using surveillance as a national security measure, since they can not use the information they collect to punish, imprison or even murder their own citizens, political opponents, journalist, ... or stay in power for how ever long they want. because they are a functioning democracy with a robust, transparent and independent judicial system.
and the other is the exact opposite.
hope that clarifies it for you and those who are truly ignorant to the difference or just ...
@@mariacheebandidos7183 power is a ticking time bomb. The only diff between us and them is who used these tools first.
yea meanwhile in the US everyone is using credit cards like the companies don't use your shopping data to target ads on you.
That’s why I only use cash and a really old phone this took a very long time to type
@@bat9241 Yes we have alternatives
CCP bot
@@medstudentonspeed966 got Mac m1 now for Facebook
that's not the issue here. if you want to use credit cards, you can use it. if you like to stay anonymous, you can use cash.
But this system would permanently remove the possibility for ever having any anonymity and usher in a totalitarian regime that could never fall, because nobody could ever rise up against the government ever again
When we go online, we have already sacrificed the privacy as seen in the case study of Facebook.
Nobody forces you to use Facebook, or Google. There are ways of being off the grid. There are no alternatives in China
@@user-ei7ed6zy9k lol ok sure "no alternative"
CCP bot
There is NO privacy, period. Unless you throw away your computer and internet connection and live in the Amazon jungle.
they have we chat and alipay@@user-ei7ed6zy9k
People who argue that there isn’t a point to stopping this because we don’t even have privacy now are part of the reason why we don’t
I'm surprised about how much we care the China's people privacy! What about our privacy!??? Aren't the bank obligated to show my credit card transactions?? (If the government ask??) I expect better WSJ
Kudos boyo actually they can refuse but that in real life not ever gonna happen
USA still has cash. You can keep your privacy that way
@@liambolling dream on, with the combination of cctv and electronic register + book keeping, there is no privacy. All of your transactions are traceable and detailed out.
@@vertikultursg8532 it’s very easy. How do you think so many people buy illegal drugs in the US? What about when businesses are “cash only” pretty much avoiding taxes? You’re adding more variables (ie cctv) to your argument because it’s starting to fall. I’m saying that pure cash is technically difficult to trace compared to credit card. Cash will no longer be an option in China.
@@liambolling money laundering and drug dealing is exactly what they claim to tackle here with digital currency. Stop claiming everything not traceable is privacy and privacy = freedom. Will you abandon GPS and smartphone for privacy ?
Trying to imagine what WSJ will say when EU or USA have their own digital currencies
they will talk about it's positive ways, but nothing about privacy
Yeah, they’d same something different because only china has a group of devils the CCP 😈
It will be revolutionary that could benefit the people worldwide. Chickens, pigas, and cows will also benefit tremendously. Black people will become wealthier. Muslims will become safer. Data will be help privately, but u just have to trust their words for it 😁
They will say its great but its not paper money was created to transfer large sums of physical money (gold and silver) and then it all went down hill from there this is just the next big monitory fall 😔.
WSJ is a propoganda machine worse than HITLER'S.
i don't understand the concept of this video like... privacy hasn't been a thing for years now
Lol it's just propaganda against China to make China like bad country.
@@yogawan3805 SO TRUE... they make it seem like the west is only made up of angelic countries ugh
That's true. The west is making all their efforts to make China looks bad...any gov wants control. That's what governing is all about. No such thing as privacy under a government unless in an anarchy society
Its big problem for the corrupt elite and money laundering business.
Common people doesnt care about this, like they dont care about social media tracking their activity.
This is actually very good for commoners and middle-class, especially the lower-class.
Remember, corruption is a massive issue in China, and China IS TRYING to combat it (unlike other countries that only talk).
America is toking about Privacy what a shock 🤯
at least America talks about it or even mentions it.
Meanwhile in China, they don’t even know what privacy is
@@abdiganiaden seems like USA just don't want to move forward anymore.
@@abdiganiaden you give up privacy for convenience. And it is very convenient. Nobody carries cash in China already. This was the natural next step.
@@abdiganiaden Are you talking nonsense? Is that your sense of superiority? As long as the use of mobile phones and the Internet, no privacy is common sense
Privacy won't feed your belly.... Who cares
China: *sneezes WSJ: *human rights violations
Underrated comment 👍
Uighyrus killing and illegal occupation of Tibet ain't illegal?
lol literally
@@akshat3422 illegal in what sense? US overtook Guam and Saipan. Also California from Mexico.
What they don't tell is that, while Chinese Digital Yuan tracks you and "gives privacy concerns", the same thing was happening with Alipay, ApplePay, WeChatPay, GooglePay for the last few years...
So I don't know what's new here, do you think they don't share their data with the govt?
@@maeudaou7347 Samsung is Korean
@@ChuBoyBrando those Samsung servers are host in US for US customers and compliant to US law.
anyone who carries a modern cellphone and used a debit/credit card can be tracked...
Same as credit cards
Samsung is owned 70% by America ever since Soros screwed up the korean economy in 1997 financial crisis.
How is this different to now? Doesn't the government still have access to bank details anyway?
You can still withdraw cash nowadays and do whatever you want with it, but when this becomes mainstream and country goes totally cashless, then you won't be able to use cash anymore and the only option will be government-controlled digital money on the APP.
Yes in the case you are audited the government could request access to your bank account details. This would make that audit unnecessary and full tracking of everyone’s spending by the government (not just the bank) would be a reality
You don’t need a bank
😁😁 wonder y USA has much energy when it comes to china fix yo own
Cash is not trackable. Now gov can track every purchase, the ultimate power to control
As if the US govt doesn’t know where money goes domestically, worse with US’s control over SWIFT. Pathetic to criticise China’s advancement.
Well.... They don't.
Actually cause we have Mint Gold and Silver mint they cant keep track and not including old Bill's some people keep older Bill's for about 10 years cause there legit dollars but not on the radar for the most part
@@eane1275 they really don’t especially when you can still use cash
@@jeremiahbell8682 100%.
The only good thing that I can see coming from this is. The Mexican cartels money will be worthless over night. 🤔🤨😎
I think if Chinese digital currency “not raises privacy concern” is a news and people will say wow, China is doing something different this time , but “raises privacy concern” is a common sense and not worth covering.
I almost believed it would be: new digital currency raises privacy for their people
@Kurt Luvvinz The upper class of china*
@Kurt Luvvinz I mean what else can we do? Invade China?
@Kurt Luvvinz the problem is, China make our government like a fool.
But no one talks about privacy concern for credit card companies
It will be difficult to save if the govt tells you to spend your money within a certain time or it’s forfeited.
Tracking is just the first step. The goal is to have total control of every penny circulating.
some aspects of the other side of the medal would be fighting agains money laundering, total win over fake money crime and so on...
NWO
Yep. Low chances that it's not the case.
is not what all governments want lastly?
And soon, they will want to have total control over us... when we eat, when we work, etc... humans will become tracked themselves, no need to track our phones and siphon data that way anymore. See y’all in 2050.
If this was the US, WSJ would say this is innovative. But since it is China, it is 'concerning'. LOL #assange #snowden
China sends Muslims to concentration camps and arrests anyone who opposes the government based on those data.
Wall street is pretty supportive of china idiot. China has the money and wall street wants it
@@wedonteatbears Another sends them to torture camps
@@geoff9858 I agree, Russia also loves to torture their political prisoners cuz it's friends with China.
@@wedonteatbears Maybe, so far not seen any photos of torture and humiliation unlike Abu Ghraib or Gitmo with photos all over.
"The cons and cons of China's new digital Yuan"
why?
Can you say a good thing about the digital currency which has an expiry date and the holder of that currency have to use it forcefully because the government wants.
@@RP-nc6et I have to say that I never used it and I assume it is the same case for you. The advantages that I see is the nearly complete elimination of OTC (or illegal) transaction. Secondly what does privacy even mean nowadays? If the Chinese government saves your information you will be a few hundert kb on a multi exabyte databank. Thank you for the fair questioning, have a nice day! :)
@@RP-nc6et I assume the expiry date of the money is because it is just a trial. They are given away free by the government. It's like a voucher or experiment. I don't think the government will ever put an expiry date on the real digital currency. If that happens, no one will trust it.
@@martincyy When the CCP make other forms of money illegal their citizens won't have a choice.
But banks already know where the money came from and where it’s being spent nothing new?
Banks =\= central government have a middle man handle the data. Why have 2-3, 15 different banks handle the data when you can have a single central govnement do so. Much smoother.
If they are withdrawing cash from a bank they don’t know where that person is spending the cash
@@locogreen915 but u can withdraw certain amounts of money
In fact most transactions are done online so I really don’t get except the west want to be the one to control spying on us as they already doing nothing new here
Obviously banks like Barclays or Chase are HARDLY the same as The CCP
@@pm_-wm1wq freedom in the west is an illusion...the problem here is that big organization wants to move money without been caught....
Every transaction u Make tru the bank can been tracked that is how money laundry are caught
Black Mirror looking more like a documentary
truth, truth
You are naive
Nothing new in this video. Just cool new tech which removes fees and western propaganda. No matter your origin, if you use a Mastercard or Visa, the US government and your own government knows every single little transaction you make.
In turn becomes some kind of True Crime..
Yup
Give me a break, we have data issue with every US app.
I was in kenya,in Eastern Africa. Just imagine there is an offline payment app called MPeza.
Yep,
Mpesa in Kenya, Tanzania
Mobile Money in Ghana
Ussd in Nigeria
Ecocash in Zimbabwe
South Africa, etc.
mpesa is not offline, you still need access to sms at least to make payments
Financial investment now should be in every wise individuals list
Bitcoin trading nowadays is a big chance to make money
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He's obviously the best, I invested 2000USD with him within 14days I made profit of 9,800USD
I heard his strategies are really good??
Yea I made profit of $13,500 trading with him last week
Why did I think this said uploaded “10 months ago” 😂😂
i think there’s a similar video posted on this channel about digital yuan 10 months ago
China and most countries have already started using digital currency to pay for goods and services, it would be a wise thing to be amongst the earliest digital currency investors, think about the nearest future what could become when these currencies become more valuable than some real assets. If you have 10,000yuan and you feel you don't like it's performance anymore it would be easy to sell them off and buy what ever leading digital currency you like eg. BITCOIN
The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network that's why I chose to invest in it because it's safe and confidential. My experience has been made smooth by my personal broker Mr Lewis Oakley he manage my investment and I can only sing his praise because I have archive alot with Bitcoin through him. In my first year I made more than a million, didn't really know or have a mining skill but Mr Oakley ensured my profit advice to anyone out there is start where you stand no hesitation let's goo guys
Do you use cryptocurrencies? Do you invest money in them? Start now, don't waste any more time I'm already earning massively. It's an easy, simple and convenient way to use money and earn it. Benefit from and with them.
Other companies prefer to allow virtual currencies as a payment method. From hotel chains, airlines to tourist parks have bet on the use of cryptocurrencies.
You can't fight poverty by just printing more fiat into the circulation. Bitcoin prevents this kind of absurdity from taking place in the first place. If you mean well for the people, embrace a transparent financial system.
Bitcoin is more profitable investment online. It's infact the best way of earning passive income
Privacy?
China: We don't do that here
The US might know as much about chinese citizens as the CCP. xD
uSA better use the old technology to get privacy protection 👍👍👍 cash
Where does that? lol especially not USA
@@PhoenlxA How would they know?Care to elaborate it's the other way around!
@@staytech6662 Snowden told us and showed prove
Haven't we been doing this for decades with eftpos, credit cards, online banking, Google pay etc. I can't remember the last time I used actual cash or went to a bank
Yeah, but you did that through an intermediary, in this case, GPay and/or your bank. But in their case, their is no intermediary. It's like burning your money and saving it on your phone, if that makes sense. I was confused at first, too.
Meanwhile, US folks enjoy writing checks and money order and feared postal guy took a peak at it
Yeah,Took a peek lol
Speaking of privacy, do anyone in the states actually think their privacy is well protected when using credit cards as the payment option? The credit card companies and banks have your transaction records anyway, why all of the sudden digital payment in China become such a big "threat" to privacy when your privacy is already in other people's hands for many years.
Uhmmm ever heard of free markets? nobody is obligated to use google, or visa. Privacy centric services like iPhones, signal, Bitcoin and DuckDuckGo are getting bigger and bigger cos capitalism allows us. We still have a long way to go
@@user-ei7ed6zy9k it's ok he's just a CCP bot
@@user-ei7ed6zy9k do anyone forces Chinese citizens to use Yuan digital currency? 🤔
It's more of trackable purchasing with digital currency vs none tracked currency cash. Even with the serial # on physical bills it's hard to find where the money will lead and what it will be purchased or the value of that money if traded elsewhere. Cash is very similar to cryptocurrency in the sense of being decentralized. Cash can be decentralized based upon the region and country it is in. Cryptocurrency is world wide based decentralized currency. TBH I feel this is to place some control to the current cryptocurrency boom and what Forex trade has done to country economies. Smart of China to do so.
Americans pretend to forget why Snowden is in exile. Uncle Sam has all the data and now they are worried about China.
I'm being tracked right now. Why is that any different.
Guy has Facebook and clubhouse on his phone.... which are banned in China 😂
The Chinese government has already seen this footage and that man is now missing 😂
he also had instagram on his phone
Lol rip Rando Chinese guy.
Just to make things clear, Banned =/= Illeagal, Banned is something that is not approved but that doesn't mean its illegal to have.
Lots of people use the "prohibited" in china
Lately whatever China does, raises concerns for West and US.
jealousy
If your concerned about privacy live off grid or don’t use any technology at all 🤣
Is that the only solution in your head?
I love how people are worried about the government tracking them when they never talk about companies tracking and selling thier data to unknown parties. At least with the government you can create laws that encourage privacy. Good luck getting a company to change and uphold their TOS -
As a Chinese, I would say this is a great thing! Criminals, money launderers, embezzlers, foreign spies inciting violence will all tremble with fear, and there will be fewer tax evaders. Hope to implement it soon!
Are u serious aooolll the governemwntd goal to to decrease privacy
*Honestly thought this was already the standard. It definitely caught us off guard while visiting in 2019.*
Are you referring to online payment like WeChat pay? Digital yuan is similar but the difference is that digital yuan is the currency itself. No need for paper currency in the bank to back it up.
@@mangofloat6581 referring to the QR code form of payment all over Beijing. Like Ali pay and you couldn't get said code *unless you have a bank account from Mainland China. And, we learned that it's limited to 1 account per household address as we tried to secure bank accounts. Then, we really learned why there's such a distinction with "Mainland China."*
@Coco Yamashi I'll trust you but wonder if Hong Kong feels the same?
As if every government didn't ask for the IRS every year, and your private bank wasn't obliged to give your information should the government ask for it. If you're a company you will have to give the information of your transactions anyway, if you're a private citizen you do too. What's the big fuss around it? Just because it's China? We've been seen the end of paper money for the last 70 years, from books to cartoons and movies. China just did it first. I wonder how the tone of the video would be if it was the Dollar or the Yen.
Dude in Chengdu concerned about the big brother knows where he buys dumplings hence BTC passes $100k
lol
Experience states that the man who likes the convenience and security of the dj will be very sorry he said that if certain situations come to fruition.
You know it's funny when our own country is talking about privacy from another country, the irony in that is almost frightening 😂
It’s going to be interesting how Visa, MasterCard and American Express react to this trend as digital cash transactions with no fees to businesses take off.
Great point, but somehow they must be getting some kind of kick back to give up their business.
In china with digital Yuan, your money is not really your's ! it is controlled by the government. your money can be blocked by th the Government, your money can expire or the force on you limits how much money you can spend and on what.
Nothing new. .
In India we have Google pay , Amazon pay, phone pay.
I'll prefer these online payments rather then carry cash evrytime at cost of privacy..
is india cashless now?
@@user-dg8gc2zq4k cash is still there and it will not go also in near future but people prefer online whenever required....
@@siddhantk4985 i see, people prefer it but if the online payment is not available on every places, you still can't get rid of the wallets, right?
@@user-dg8gc2zq4k
Very correct.
More then availability it's like personal choice and also some old people don't trust this online systems so it won't be all online at least in future also.
@@siddhantk4985 Ok thanks, however i still think it depends on how the govt and companies push it, they should put the QR code everywhere firstly, let some people like you to get rid of the wallet, and once people have taste how convenient it can be, they will trust it eventually~~~ actually in china is also a personal choice, cash is still there, but just everyone choose to use the online payment after few years promotion~~
India has been using a digital version of our currency for retail payments since 2015, and its absolutely seamless.
I china have wechat initial release date: January 21, 2011
Cbdc and upi are different from each other!
.... so?
Soooo if you misbehave they will turn off or eliminwte your funds
Scary! Bitcoin has more value than a CDBC which can be issued at will! Why should a government backing make any difference to a CDBC to knowledgeable investors when they know that the governments of the world generally owes more to debtors than they owns in assets? The only value of CDBC is control - it allows a government total control over citizens. One can have 1 billion CDBC, but the central bank can turn the value of those CDBC to zero at will. China already demonstrated their willingness to use central control to regulate its citizens access during the COVID-19 crisis. Only fools will willingly hand over their freedom to the state in exchange for "seamless" function! Scary indeed!
Chinese officials will be confused why I'm buying so much Cheetos
my gf works for commonwealth bank, basically anyone who owns a bank account and use their credit card is like naked in the system.
Not just banks can access to your credit data, even something like loyalty mileage program, e.g. asia miles can too know your spending pattern and your purchase data.
No one believe china (CCP) anymore. We feel sad for the chinese people who get that suppressed by the regime dictatorship.
Maybe that extra money they still from other, they can pay back countries who suffered a lot from the virus they spread.
4:18 that's such an odd claim, the money in your bank account has an expiration date?
can someone verify this claim, or WSJ is just letting their guest to pull things out of their rear end without fact checking it?
Also what is the benefit to China, if they have a temperamental monetary policy, Such as making your digital currency valid or invalid without any reason?
or is it just another slippery slope fallacy pulled from his rear end?
If I recall it correctly, the digital yuan is still in its testing phase as a pilot program so I think the logic behind it is to encourage usage so that the government has more data on what issues exist and what reforms are needed before it's rolled out nationwide
why is nobody talking about the 0 transaction fee? thats actually insane if you compare it to us and european standards
Corporations know “everything”about us anyway. An annoying aspect of that is the drive to monetize that information without my knowledge.
Have you noticed the way government always give great reasons why the public should use it and how it benefits them
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I agree to this forex investment is the best to go into right now but going into this you also have to be ready for the busy nights as well
This aged extremely well, especially with the US printing money like crazy.
And because bitcoin just blowed up and is hovering around $53000 right now.
Crypto currency (bitcoin) trade is just like that any other business, but in this case more sophisticated and advanced. When you invest your money goes through the market and is used for trade, only a professional know how to trade with these currencies with yrs of experience and software available.
@@rosiemaya7055 Invested both in stocks and crypto but currently crypto especially bitcoin is doing better and proven to be the future.
I'll like you to know that bitcoin is a digital gold-it is harder stronger, faster and smarter than any money that has preceded it. Invest in it now to save your financial future...
@@livingston5742 Bitcoin is one of the best way to invest and make millions at the moment with the current rising in it.
@@kelvin485 Investing in different steam of income that doesn't depend on the government to bring in money especially now economic crises in hitters the world pretty hard, investment like bitcoin will be the wisest decision.
"Similar to how lottery winnings have to be sent y before a certain date"
'xcuse me, what?!
Just leave them alone and focus on your own economy
Target asks for my SSN and phone number for discounts. Why don't you care about privacy in the US first?
BBC filter new version
WSJ: Why China's New Digital Currency Raises Privacy Concerns
Also WSJ: *Uploads videos to a Google owned platform*
HAhahaha, funny
@@dokingjonson6173 Thank you.
Where else should they upload it?
@@ragephil5609 They can save this video in a CD ROM and sell it to us..
@@peanutboy123 hahHH
My concern is that hackers will be able to access the system and shut down everything for the entire country. I assume several plans will prevent it.
Just accept the fact that nowadays, privacy doesn't exist. So much noise not because of privacy, but because of who hold the data: this government, that government, or big corporate. Not to mention that the data owner can give or sell the data to other parties.
I mean credit cards do the same thing.
In Thailand we are already using digital payment (e.g. PromptPay, TrueMoney, etc) at almost everywhere now. Is our privacy compromised? Maybe. But do not rule out the fact that credit cards, cash , internet payment are all still trackable.
Same in Malaysia
Cash is not trackable!!! Get you facts right.
I don't get why people are so upset about things like this.. what do you think happens when you pay using a credit card or an app? At least with this your data will go directly to the government and not through a private company that can easily do whatever it wants with it and will give it to the government in an instant when asked.
Here's the thing, they can't. Visa and Mastercard isn't just giving Government access to my money and the government is constantly waiting for these companies to mess up so they can sue them and try to win the trust of the people and get more access over the money
I am not really concerned about some one company or entity seeing my transactions. It is about their government being the entity that has *all* the data and *all* the control and this is just one more step towards there. Imho, it is never a good idea that one single entity has control over all data. It should rather be spread around multiple independent entities.
I get what you are saying but if the government wants to check or freeze your account even if the middleman (bank, credit card company or whatever) doesn't work with them, they can just get a court order, this is not particularly hard anywhere and I imagine it would be even easier in a country like China.
At least the government (probably) won't be selling your data to advertisers. I would prefer that my data is kept at a properly run government organisation (assuming they exist) than a for profit (usually) foreign third party
@@sidekick3942 actually they do. Govt agencies such as FBI and NSA have backdoor to all institutions, just do some dig on the subject. And yes it's done "lawfully".
Is it really that much of a privacy concern versus the tracking system we have with our purchases? my bank knows what I purchase and where. And the government can easily access that information.
Buy bitcoin. National Fiat will always fail, even in digital form.
Bump this comment up boys.
It's going to happen all over the world whether we like it or not.
I like it
Also. 'privacy concerns'? If a government wants they can track your every credit card or bank transaction. Cash is about the only thing that still has some degree of privacy and nobody uses cash anymore.
That their system has currency that "expires" is terrifying!
Love how his Facebook app and Clubhouse app is shown. 😃
Also youtube, twitter and messenger... obviously he is not the obedient one =')
Privacy Concerns?? India has chip installed in their 2000 currency notes to track the cash piles.
That's right.
Genius isn't it?
Fud
I cant imagine the anxiety when your phone is out of charge or even lost.
losing a wallet full of cash is much more anxious than losing my old phone or out of battery, having to charge my phone, or get a new phone, it's only a password away to get all my money back...
Chinese people all have rechargeable battery packs. If you don't have one, there are charging stations and rentable battery packs pretty much everywhere, so at least you won't have to worry about your battery dying.
Whatever china does , is concerning Everyone especially west pity .
@@hngparteeban8406 this has nothing to do with East vs West. Every method has its pros and cons both cash and digital. Why are you taking this so personally?
in china you can get a portable sharing charger just about anywhere... justlike like ride sharing
This is coming to other countries to,with time.
Now you understand why people are going to Bitcoin.No central banks there.
"... an average of *0.6%* for each transaction..."
*THAT'S IT???? THAT'S - ALL - THEY'RE TRYING TO SAVE???*
if i bought something for $100,000 , that extra charge would amount to a crazy-huge sum of.... _$600_
That's 0.6% off of every payment in the entire economy, that's huge and for what, for Apple, Google or WeChat to sell your data to everyone instead of for tax office to have it and use it only for their proposes?
@@aleksandersuur9475
yeah, i guess $600 out of 100,000 is pretty HUGE
/s
@@BroAnarchy Chinese GDP is ~14 trillion USD, that's 84 billion just given to banks for near enough nothing, pure profit margin. What for? How do they provide any better service than having state facilitate these payments?
@@aleksandersuur9475
you assume the entire $14 Tril. is used electronically, and we know it's not (because there's still fiat currency in circulation, duh) so that $84 you just pulled is based on that assumption .... and that's what that amount is, an assumption. not the actual true proportion.
(but yes, 0.06 % of 14 Tril is 84 bil, i get that and that's true , mathematically speaking)
They were forced to save, not tried to save. If it's going to roll out sooner or later, why not become an early adopter? These businesses can virtually challenge Central Bank's decisions
The details, I think, are important. How does the central bank prevent a duplicate payment? If you have one digital currency, and you counterfeit it, and then you spend both at exactly the same time, how does the Chinese central bank know which is the counterfeit and which is not? If you lose your smartphone, do you lose access to all of your digital cash? What if you forget your password to your phone?
very smart, I don't think it's running on blockchain technology, but they might have some kind of AI that filters transactions and track fraudulent ones.
The same way banks do... they can claw back the money, or make legal claims on the criminal
How come WSJ doesn't talk about privacy concerns when the CIA/NSA/Big Tech all have our personal information?
Professor Fanusie!!! I took his class at Morgan lol
Ancient China invented paper money, Modern China is first country to adopt digital currency.
China's Golden Age 2.0.
🙏🙏🙏🇨🇳🇨🇳🇨🇳🙏🙏🙏
Certainly won't be a millionaire at the end of the this recent fluctuation, but however I had 55k invested 6 months ago in bitcoin I'm sitting at 482k now with 50% in eth and 20% in the other alts. The so I'm ver happy and thankful to you to Mrs Annabelle Templar who made this possible by helping me trade maybe the next time I'll have enough to become a millionaire.
Wow, your portfolio must be looking nice
How do people make so much money trading binary
@Jessica Morgan is mrs Annabelle Templar your broker, I guess I didn't make so much because I didn't put in much
Bitcoin is the most profitable investment online.
It's infact the best way of earning passive income
@@stevegreat3245 Yep and partly because you didn't put in much but I'm sure if you traded with my broker your profits would be higher
If you think about it. no difference if you ise credit card and debit card anyways... even paper money. All controlled by the government anyways.
Dont we do that here but more secretive? We arent innocent either.
He has Instagram and Google on his phone? Aren't those banned in China?
Believe it or not many Chinese travel or work overseas. And just because it’s banned doesn’t mean it’s illegal
All CCP member have facebook and youtube app. Didnt know that?
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I don’t understand why there’s a privacy concern 🤷🏼♂️
Already as it is there’s no privacy with Credit Cards and other payment lines used in other countries
Expiration date and blocking the wallets they wish.. are the points.
Upi - "hold my otp"
@Valkyrie lol my boi I r living under rock
@Valkyrie lol 🤡 u don't even know what is upi lol kid go to school every transaction happens will have upi interface which is made of bhim(payment api)and bhim is now app like Paytm or phonepe which connects to upi which intern connects with bank servers directly.if government start taxing every transaction through upi bhim will have the highest revenue .
The end of dollar dominant
that security guy talks all that nonsense and they are launching the digital dollar, the same logic can be applied there
The unlimited goverment ripoff. Sorry your account has a 0 blance due to the internet hackers stole it all. Have a Nice Day!
You say the wrong thing your gov can FREEZE YOUR ACCOUNT
You litter, spit, curse, late bill etc all grounds for freezing or limiting your account.
But hey ho the plebs will just think BIG BROTHER IS SO NEET-O
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Everybody gangsta until their phone dies.
I bought a watermelon, Xi was watching, I was so scared.
2:02 how does he have Instagram, Facebook and Twitter isn't it ban in China?
VPN
yes. it's (not-so)subtle propaganda.
I mean, moving away from cash also helps the government accurately tax people/businesses. India removed a bunch of physical currency from circulation a few years ago because they have so many issues taxing people, it could also be viewed that this is the next level of something like that
China: Control Money Supply.
India: Hold my UPI.
Chinese rather believe in government than the big moneys and private corporations
Maybe that is a question you should ask "Chy-na."
This sounds eerily similar to India's UPI
1. UPI is managed by RBI - the central bank
2. Extensive Rewards System (By apps like Google Pay and Amazon Pay who use the UPI API)
3. QR code based payments
4. 0 merchant transactions fees
5. Recent news suggest that Google might monetize UPI data for Adverts
China is the first country to establish this nationwide payment ,wechat pay and Ali pay since 7 or 8 years ago .Chinese people been used to this e payment ever since ,now the government has stepped forward and this is different from epayment ,this is the actual digital currency,its the paper money just digital .and can do transactions off line
@@user-ck8mn8we9z Yes the key differences being it's a whole new digital currency and it can work offline, but I was intending to just draw some similarities
whats the problem for the government to know where all the national currency is?
And thus cyber theft becomes ramped