| It means: - China controls the rate of issuance of coins, like a central bank, except it may be easier to mint coins as needed and direct them to a particular person or purpose. - China has significant control over the exchange rate to other currencies, because it can limit activity of other exchanges. - China controls the logic encoded in the coins, because digital coins are not like cash. For example, they are planning to program some coins to expire if not spent within a time limit. - China can govern who is allowed an account and who is not, and can remove an account from someone if they choose. - Above applies to business accounts as much as personal. I think there's a good potential in "designed money", in particular with logic attached to the coins to influence how they are used and behave. But of all the governments in the world to deploy such a thing at scale, China is not high on my list of countries to trust, with their heavy emphasis on surveillance, control and worse if you're in the wrong group. Money is really central to people's lives. |