China has been very severe in terms of playing along with cryptocurrency and the idea of decentralization in the past; it is almost sad to add that the situation has only gotten worse. All types of crypto-oriented transactions are banned in China; there is almost no mining taking place, but it was considered the hub of mining a few months back, and above all crypto exchanges have been issued a statement from the state that they are not at liberty to serve the local clients. There is a bigger picture here at play as China wants to develop its own digital token known as the digital Yuan and would enforce it sooner than later.
At the Hong Kong FinTech week, the governor of China’s central bank calls for personal data protection. Yi Gang says that the digital Yuan will respect the privacy of users, and it will not be launched until the present issues are addressed and completely rid of. There are definitely some privacy concerns when it comes to using and enforcing digital assets within the country. It was a prerecorded video of the governor addressing these issues and patronizing the people that digital Yuan will not have any such drawbacks which other cryptocurrencies possess.
Focus on Personal Data Protection
It is almost a ruse on China’s end where the country wants to make crypto look bad while their own digital asset is emerging as a stunning commodity in which the locals should invest. Addressing the issue of personal data protection, the governor said that as E-commerce, big data, cloud computing, artificial intelligence, and distributed ledger technology are so densely packed and integrated within the financial sector that it has become incumbent to ensure the safety of our data. Many conglomerates in the world have either collected data of their users without their intent or have taken part in data leaks regarding their customers.
It is a bad practice through and through, says the governor of China’s central bank, and that is why it needs to stop. Amid this press conference, many data giants and digital companies in China have issued personal statements to look into their data protection policy and update it to the best of the standards.
