RATE Group | George McDonaugh: China’s New Panopticoin – Commentary on China’s Cryptocurrency
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George McDonaugh: China’s New Panopticoin – Commentary on China’s Cryptocurrency

31 Oct George McDonaugh: China’s New Panopticoin – Commentary on China’s Cryptocurrency

Posted at 12:05h in Cryptocurrency News by

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by George McDonaugh

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China’s New Panopticoin

Jeremy Bentham, an 18th-century Philosopher and social theorist envisaged a building designed to allow all prisoners of an institution to be observed by a single security guard. It was called a Panopticon and in today’s world, the equivalent won’t be made out of bricks and mortar, it will be digital, the emergent property of a swathe of various technologies welded together by a regime intent on total control of billions of minds. One of those technologies will be a new ‘cryptocurrency’ called DCEP which stands for Digital Currency Electronic Payments.

Rumour has it the PBOC will soon unveil this new sovereign stablecoin in a range of new pilots led by the country’s commercial banks. I strongly suspect, DCEP will be the exact opposite of every feature of Bitcoin. It won’t be public, transparent, permissionless, global or censorship-resistant. It will be identical to the system they have now, except with added…

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