As China rolls 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. The Wall Street Journal travels to Chengdu to see this money revolution in action. Photo: Lorenz Huber for The Wall Street Journal.
Why China’s plan for the world’s first digital currency matters | Counting the Cost
Feb 5, 2021 – Tried and tested in the biggest “open-air digital prison” in the world, China’s surveillance of Uighur Muslims in Xinjiang has been rolled out across the country. Cameras, artificial intelligence and facial recognition have been deployed to monitor and reward citizens with social credits. But, China is about to take another step to exert its control over its 1.4 billion population. It is currently testing a digital currency that could replace the yuan this year. It may also be used to reign in the country’s powerful technology companies.