The video header contains the term con, I wonder why. I think China is very transparent about the fact that they have full visibility and control over the payment flows of this digital currency. As much as some may dislike it, that itself does not make it a con.
China has been "cashless" with ditigal wallet on the phone for the last ten+ years so if you are concerned about privacy, you are about 10 years too late. If China is really keeping tabs on foreign transactions, it already knows the 5 W's of every single transaction and everybody raising a stint now?? By then again it's not like our government doesn't keep tabs on our purchases. This is why when and if you are on the run, you are supposed to use good 'ol' cash and not credit cards.
"Pros and Cons" ..... "pluses and minuses" .... "good and bad". Almost everything has good and bad qualities. Not "con" as in a fraud.
Fair, I was attracted to the other con meaning hence the question by another user whether I am a con. I guess I stepped into some mayonnaise...
I think its comical some people in this thread think china is "transparent" in any capacity. Their very cultural dictates this isnt the case. They are THE most manipulated currency to ever exist. The whole world will be cashless soon and here is how: The world debt is out of control. SO you have to blow it up in order to A, not have to pay anything back and B, give a reason as to why extreme measures will be used so "it never happens again". Once it has blown up, everyone will be tracked and you will need "something" to buy and sell, could be a braclet (which is already being used in Israel for covid so it transfers easily), or maybe the chip that Elon is making that can be installed in your head (he wants it to be ubiquitous, as easy and cheap as getting laser eye surgery) can house other data on it at some point. Either way, that gives rise to the blockchain network which is how everything will be tracked monetarily.
And further to the privacy concern, the bigger concern is the loss control of your own financial autonomy. This digital currency isn't like any other currency; it actually comes with its own "features" and limitations that the central government through its central bank can impose on any users even including foreign companies as long as it trades with China using this cashless e-currency. So all users including foreign companies who might be forced to transact in this "cashless" e-currency are giving up lot more than just privacy. They are giving up their own say in how they want to earn and spend their own money. Essentially China is using this "cashless" e-currency to control how the entire world's financial independence because it can now basically override the monetary policy of every single country in the world as long as it transacts with China using this e-currency and at the same time assert its Yuan dominance and undermine the power of the reserve currency, the US dollar unless: 1) The world still insists on the ability to use non-digital cash that is at least outside of the system controlled by the PBOC. 2) Be exempt from any rules, limitations or policies imposed upon the usage of e-currency by PBOC whenever it does need to transact with business in China using e-currency. 3) Stop trading with China altogether if 1) or 2) cannot be accommodated by China and instead trade with other countries in the world for both downline and upline. If the world can create China, it can create a second China in other countries. It just needs to learn from the mistakes during its trading with China.
Ok so if somebody doesn't pay you just activate the chip and this person dies instantly? LOL Oh ok that works. Frees up more jail space, gets rid of collection agencies, "collectors", debt refinancing agencies, bankruptcy lawyers or courts, even underwriters. Everybody is approved for a loan as long as you pay! LOL