March 14, 2022

Experts fear political use of digital yuan

Featuring Yaya J. Fanusie

Source: NHK-World

Journalist Yanaka Marie

Beijing might have another motive in mind for its digital yuan: gathering transaction data. The e-CNY is a “data issue,” said Yaya Fanusie, Adjunct Senior Fellow at the Center for a New American Security. “The digital currency is really just one part of a data collection effort. Chinese policy is trying to make data more controllable and more accessible.”

Although the Chinese government has said it would value users’ privacy, some experts are worried about how it might use the data it collects. If entities decide to use the digital yuan, Fanusie is concerned that their transaction data could be used against them.

Read the full story and more from NHK-World.

Authors

  • Yaya J. Fanusie

    Adjunct Senior Fellow, Energy, Economics and Security Program

    Yaya J. Fanusie is an Adjunct Senior Fellow at the Center for a New American Security (CNAS). His research focuses on the national security implications of cryptocurrencies an...