Extract :
China is set to
introduce its own digital currency - one that could allow the Government and
the Central Bank to see what people spend on ..
Far from the
libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and
sell without leaving a digital trail, China's mooted
e-cash system will be tightly regulated, experts say, and run by the
People's Bank of China, the Central Bank
The country where
social credit systems and facial recognition cameras are becoming wide-spread,
a new Chinese cryptocurrency could allow the govt to more closely monitor the
actions of its population
==========================
Only 2 years back ,
China had banned Crypto-currency exchanges and banned initial coin offering !
Now we see the
reason :
When
it come to Crypto-currency, the Chinese Govt just do NOT want any
competition from any private party . It wants its 1.4 billion citizens ,
to :
# Stop using paper
currency altogether
# Switch over to its
monopolistic crypto-currency for all purchases of GOODS and
SERVICES ( no matter, how small and from
whom )
In a nutshell, data on
life-time purchases of everyone ( from cradle to grave ! )
For those who do not wish to sit down and make a list
of thousands of GOODS / SERVICES they need throughout the day , here is a small
sample :
# Street-side
Vendors / Kirana Shops / Misc Shops / Malls / Garments / Jewelry etc
# Doctors /
Hospitals / Drug Stores / Labs / Gyms /
# Rickshaws / Taxis
/ Trains / Planes / Boats / any type of rented vehicles
# Domestic
Servants / Paper Vendors / Milk Vendors / Dhobi / Florists
# Plumber /
Carpenter / Electrician / House Cleaners / Masons
# Yoga Teacher /
Physio-therapists / Massagers / Beauticians
This list can run into thousands
And the Chinese Govt wants its citizens to throw away (
most likely convert ) their paper currency into its Centrally Issued
Crypto-currency – may be by end of 2020
{ A far superior
version of our very own De-Monetization
, which increased corruption ! }
Have no doubt that this switch-over to Crypto-currency
will start with the Chinese Companies / businesses , by end 2019
They must “receive “ and make all “ payments “, only
through Crypto-currency !
[ As I have pleaded earlier with our own Central
Government, ALL businesses, ( no matter how
big or small ), must raise ALL their bills /
invoices , only through a CENTRAL GOVT
PAYMENT PORTAL . Just no paper bills !
And
no need to file any GST RETURNS by any business since software of PAYMENT
PORTAL will take care of that automatically !
Biggest grievance against GST will be
eliminated ! ]
Chinese Companies must pay their workers / employees ,
only through Crypto-currency !
All bank related account-keeping will be in
Crypto-currency - [ Block-Chain
Technology ? ] – whether Corporate Accounts or savings/current accounts of
individual citizens
There will be no “ forgery “ , nor any unaccounted /
tax-evaded “ BLACK MONEY “ !
May be this would eliminate the use of CASH in purchase
of , difficult to detect “ physical assets such as LAND / GOLD / PROPERTY
May be, this revolution could reduce / eliminate
CORRUPTION ( which is based on cash )
The Chinese Govt has already mandated that all smart phones
sold / manufactured in China , must be based on Beidou Navigation System
Now Beidou is boasting of “ positioning
accuracy “ of just 1 meter ( 3
feet )…… which can be improved to
a few centimeters with augmentation systems
That fulfills the
requirement of : Tracking mobile phones of
every passenger in a vehicle !
And each of this mobile will come factory pre-installed
with the Chinese Crypto-Currency Mobile App for making , B2B / B2C, DIGITAL PAYMENTS and Interbank Transfers !
QED :
Will
China rule the Sky ? [ 26 Nov
2018 ]
-
Even as we keep ourselves busy trying to
run down political parties ?
=====================================================
Hemen Parekh
hcp@RecruitGuru.com