Subscribe to Blockworks’ free newsletter now. Get the day’s top crypto news and insights delivered to your inbox every evening. “You’re creating architecture that gives the government a little bit more insight into transactions.” This is because some of the biggest banks have been persuading its customers to start. Expectedly, WeChat Pay and Alipay will both rake in transactions amounting to billions but 2021 could well be the year that will change all that. The key thing here is that the central bank is, I think, inserting itself more into the payment architecture,” he said during the panel. In China, has been set for a shopping festival and that is when digital payments will go into a frenzy. The Chinese authorities support coordinated development of various payment methods.”ĭuring a panel on the topic earlier this year at CoinDesk’s Consensus conference, Yaya Fanusie, a Fellow at the Center for a New American Security, and former CIA counter terror financing analyst, pointed out that China’s push for a CBDC via the eCNY is about gathering as much data as possible - to combat things like tax evasion and illegal gambling amongst other things. This is problematic for any central banker, as they cannot exert the same amount of control on M2 as they can on cash.Īs the People’s Bank of China whitepaper on eCNY explains, the “eCNY will provide the public with a new interoperable way of payment, which will further diversify payment instruments and make the payment system more efficient and safer. Given the two apps popularity in China they control a significant amount of the supply of M2, or commercial bank money. Part of the reason why this announcement generated such considerable interest is because of the expectation that eCNY will eventually replace the payment rails offered by WeChat Pay and AliPay.
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Underground casinos would often recruit people to rent their personal payment code to the casino in order to launder funds, in exchange for a cut of the proceeds. Ling also added that the use of personal payment codes was a common scheme for laundering funds from underground casinos.
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