The British secret service chief expresses concerns about the use of digital Renminbi for controlling global transactions -
The British secret service chief expresses concerns about the use of digital Renminbi for controlling global transactions -
The head of the Government Communications Headquarters (GCHQ), one of the three great secret services in the United Kingdom, has expressed concerns about China and its digital Renminbi. Sir Jeremy Fleming explained that the existing Chinese CBDC could be used to collect information from users and to check and filter global transactions hypothetically.
Great Britain is concerned about Chinese CBDC progress
The head of the Government Communications Headquarters (GCHQ), one of the largest secret services of the UK, warned of possible negative effects on global transactions in connection with the introduction of the digital Renminbi. Sir Jeremy Fleming that is extended if the currency is extended to other countries, this could have negative effects on the health of the financial system. Fleming said:
If the implementation is incorrect, there is an enemy state the opportunity to monitor transactions. It gives them the ability. . . In order to be able to carry out what is carried out with these digital currencies.
GCHQ is responsible for securing the information from the United Kingdom and coordinating the country's cyber defense against the country in the event of an attack.
China is progressing
Fleming further explained that China his Digital Renminbi Wallet as one of the payment alternatives for the next Olympic Winter Games in Beijing, for locals and foreigners alike. This could cause foreigners to install and use the digital Renminbi money exchange to pay goods and services during the event.
The concerns of the fleming share are the result of developments and progress that China has made in the field of digital currency in recent years. While some countries of Essays wrote about the introduction of a digital central bank currency and others have already done this, no country has set up a pilot project as advanced like China. Fleming emphasized:
china stolen a march. . . [It’s] Invested a lot, openly and hidden, and this is because you have a real influence on how the road traffic regulations will work in a technological and digital context. We have to find out what our answer to all of this is.
still lacks a framework to manage this type of currencies worldwide, and Beijing has not intended to work with other countries on this question. However, Fleming pointed out the importance of open trade and the collaboration between the two nations.
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