Trial run for Chinese cryptocurrency underway in two cities, World News

Trial runs for the Chinese digital currently are underway in two cities, Shenzhen and Suzhou.

Once the trial period ends, the currency will be available through banks and consumers shall have access to it. 

What made China go digital?

China recently banned BitCoins, a global cryptocurrency. The trade within the dictates of digital currency is anonymous and untraceable, effectively out of the State’s control. China intends to prevent this by curating a digital currency of its own. 

Digital currencies will reduce cost, boost productivity, and be more reliable.

For the Chinese government, the biggest advantage is the ability to track it. The authorities will know who’s evading tax and whether any laundering is taking place.

The hidden dangers

Many critics of cryptocurrency believe that individual privacy and financial autonomy will be compromised and might open more appendages of control for China, which has a poor record on this front.

However, the digital…