Do you remember the hotel data leak that ended a few marriages? And really, China's internet users care about privacy. " Lack of financial privacy was already very lucratively abused by online shops, or by loan sharks. " Financial data can reveal uncomfortable information about a consumer's preferences and habits *. could potentially be embedded within the CCP's existing social credit system and AI-based surveillance system as a tool of oppression to identify political dissenters. This strategy paper lays out a potential use-case: The current 14th Five-Year Plan provisions an integration with the social score system which enables more nuanced carrot and stick policies. The design of should, from its very beginning, pay great attention to big data-related top-level design and relevant infrastructure within the legal boundary. With this spirit, China is about to build a colossal state financial database and the e-CNY is an essential building block: Just imagine a real-time analysis of the complete money flow! Illegal activities detected in real-time, automated fine-grain control over individuals' spending habits, and to optimize businesses. The ugly - Big data surveillance and control. Still, the e-CNY project's former manager denied such allegations and asserted that the e-CNY is " not intended for surveillance."Įven more so, surveillance was the plan from the beginning: ![]() This financial panopticon is a deliberate engineering choice. To put this into context, we can expect a digital Dollar * (or Euro) to have transaction privacy. "Voluntary anonymity at front-end and real-name at back-end." All data will be shared with authorities. Regardless of how often the PboC vows to protect personal information, privacy is technically impossible. To paraphrase: The central bank and thus the CCP knows every transaction. Internally, the PBOC sets up an information firewall, and strictly implements information security and privacy protocols, such as appointing responsible persons for maintenance, establishing business China wall, applying a tiered authorization system, putting in place checks and balances, and conducting internal audits. It is secured with patented Trust Us™ technology: This comes with immense privacy implications - to protect the privacy of e-CNY users, the PBoC introduces the new term managed anonymity. ![]() The e-CNY is a centralized database with a record of every transaction. That is technically impossible to achieve with a distributed system (see CAP theorem), and thus: A multi-layer security system has been initially established to mitigate the potential risks. Therefore, additional checks prevent the same Yuan to be spent twice:Į-CNY adopts a variety of technologies, including digital certificate system, digital signature, and encrypted storage to prevent double-spending, illegal duplication and, and to achieve irreversible transactions. Hardware wallets are required to be tamper-secure, but those have yet unsolved security issues. The e-CNY "supports offline transactions" that depend on a secret "wallet key" stored in hardware security modules.
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