China is leading the charge when it comes to fiat digitization. The country’s central bank has already unveiled a digital version of the yuan as it moves to take advantage of blockchain technology. While the ledger technology is designed to enhance anonymity, that won’t be the case with digital yuan.
The head of the People’s Bank of China-run Digital Currency Research Institute has confirmed anonymity cannot be guaranteed with the digital yuan. The lack of anonymity is part of the agency effort of ensuring the digital currency is not used in illegal activities such as money laundering, tax evasion, or financing terrorism.
In addition, controllable anonymity should allow the central bank to track all payments made by users. However, the agency intends to give users reasonable anonymous digital yuan transactions in addition to protecting their identity in transactions.
While all the current payment systems led by WeChat Pay, AliPay and credit cards are tied to the user’s bank account, that won’t be the case with digital yuan. Likewise, it should allow more anonymity than all the other options. The PBOC will also enable people to transact small amounts without collecting extensive KYC.
Controlling digital yuan anonymity comes on the heels of the PBOC cracking down on the illegal use of cryptocurrencies. The agency has already shut down several online gambling sites that were using USDT to launder money.
Crypto Mining Spree
Buoyed by the government’s increased focus on digital yuan, Zhongjia Bochuang has ramped up its investment in the digital currency mining sector. The Shenzhen Exchange-listed company is in the process of acquiring millions worth of ASIC machines from MicroBT.
The company plans to spend about $155 million on MicroBT WhatsMiner ASIC mining rigs over the next two years. The ambitious investment does not surprise, given that the company is a big investor in the blockchain mining field.
Cryptocurrency mining activities have edged higher, in recent months, on prices racing to record highs. With Bitcoin trading above the $50,000 mark, companies are increasingly ramping up mining activities to take advantage of the record-high prices.
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