This content originally appeared on HackerNoon and was authored by The Sociable
\ The WEF continues to be a propaganda arm for the Chinese Communist Party and its social credit system based on digital ID & CBDC: perspective.
\ Communist China’s digital yuan serves as a model Central Bank Digital Currency (CBDC) to the world because it reduces reliance on physical cash while “democratizing access to banking services,” according to a World Economic Forum (WEF) report.
\ Published on October 8, the report “Global Financial Inclusion Practices: Case Studies from China, India and the USA” heaps heavy praise on the communist regime for having implemented a programmable digital yuan that fosters what the authors call “financial inclusion” through the democratization of banking services.
\
“By reducing reliance on physical cash and democratizing access to banking services, the digital yuan serves as a model for CBDC use to boost financial inclusion”
WEF, “Global Financial Inclusion Practices,” October 2024
\ If you’re wondering why the WEF is praising communist China for “democratizing” anything, it’s worth noting that the report was produced in collaboration with Beijing’s Tsinghua University Peoples Bank of China School of Finance, which was founded on March 29, 2012, as a joint venture between the University and the People’s Bank of China (PBC).
\ In the report, there is no mention of the Chinese Communist Party (CCP) nor its social credit system and how it leverages digital ID and CBDC to incentivize, coerce, or otherwise manipulate human behavior.
\ Instead, the report says:
\ “The introduction of China’s digital yuan has played an important role in promoting financial inclusion by making financial services more accessible and affordable to underserved populations.
\ “By reducing the reliance on physical cash and integrating the digital yuan into everyday transactions, even in areas with poor network connectivity, the e-CNY has helped to bring unbanked or underbanked individuals into the formal financial system.”
\ Try telling that to the million or so Uighurs that have been sent to “re-education” camps, or try telling that to the millions of Chinese “netizens” who have been blacklisted by the social credit system.
\ Under China’s social credit system, citizens are given a credit score based on their online and offline behavior. It’s a system that rewards “good” behavior like spending time with the elderly while punishing “bad” behavior like criticizing the government or spending too much time playing videogames.
\ When “trust” is broken in one area, restrictions are placed everywhere — meaning citizens who commit even minor infractions can be blacklisted from traveling, going to restaurants, renting a home, or even having insurance.
\ This has happened to over 30 million citizens, according to Chinese State-run propaganda channel CGTN.
\
“The digital yuan has revolutionized Suzhou’s financial landscape, enhancing financial inclusion by providing broader and more convenient access to affordable services […] With thorough attention to infrastructure, regulation, technology and education, Suzhou’s approach offers a proven model for cities worldwide”
WEF, “Global Financial Inclusion Practices,” October 2024
\ Speaking of CCP propaganda, the WEF report highlights how China’s CBDC revolutionized the city of Suzhou’s financial landscape, stating that Suzhou is a proven model for cities worldwide.
\ According to the report, “Suzhou, prominently featured in the [CBDC] pilot phases, stands out as a leader in the adoption of the digital yuan in China.”
\ “The city has not only trialed traditional uses but also explored innovative applications by integrating the digital yuan with local transport and government services, enhancing its utility and acceptance among residents.
\ “For example, users with a digital yuan wallet can touch their phone screen to the turnstile at metro stations, providing easy access to the station.”
\ What the authors fail to mention in their example of a model city is that CBDCs cannot function without being linked to a person’s digital identity, and that both CBDC and digital ID are two of the three key components of Digital Public Infrastructure (DPI) that also includes massive data exchanges.
\ In communist China, users with a low social credit score cannot use their digital yuan wallets on their phones to pass the turnstiles at the metro.
\ And the CCP propagandists at the WEF have the gall to say that it’s a model system for the world!
\
“The digital yuan enhances transaction efficiency and security, promoting public trust and providing a model for other CBDCs aimed at expanding financial inclusion globally”
WEF, “Global Financial Inclusion Practices,” October 2024
\ Three years ago the Center for a New American Security (CNAS) published a report detailing China’s ambitions for an authoritarian Digital Currency / Electronic Payment (DCEP) system in which the State aimed to process and support over 300,000 financial transactions per second, with the data feeding the Communist Party’s social credit system in real-time.
\ According to the CNAS report, “This digital currency push is a major step in expanding the party’s digital authoritarianism, adding real-time financial data into the CCP’s strategy for technology-driven governance.”
\ But it’s not just the financial transactions that the CCP is interested in — it’s about combining that financial data with data collected from the Internet of Things, smart homes, CCTV footage, and of course mobile phone usage, including citizens’ geolocation and browsing histories.
\ According to CNAS, “The system will also enable the CCP to exercise greater control over private transactions, as well as to wield punitive power over Chinese citizens in tandem with the social credit system.”
\ “In addition to basic information about users and transactions, it is possible that various metadata associated with users’ movements and devices could also be infused with such big data,” the CNAS reports states, adding, “The PBOC [People’s Bank of China] will become a possessor of a significant data trove to combine with its tools for censuring and surveilling individuals.”
\ The WEF continues to be a propaganda arm of the Chinese Communist Party, calling its digital ID-based CBDC a model for the world despite it being used as a totalitarian tool for social credit.
\
:::info Tim Hinchliffe, Editor, The Sociable
:::
\n
This content originally appeared on HackerNoon and was authored by The Sociable
The Sociable | Sciencx (2024-11-06T14:28:25+00:00) China’s Digital Yuan: A CBDC Model Reducing Cash Dependency and Expanding Financial Access, Says WEF. Retrieved from https://www.scien.cx/2024/11/06/chinas-digital-yuan-a-cbdc-model-reducing-cash-dependency-and-expanding-financial-access-says-wef/
Please log in to upload a file.
There are no updates yet.
Click the Upload button above to add an update.