{"id":417144,"date":"2022-03-17T00:31:01","date_gmt":"2022-03-16T21:31:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-association-policy-head-us-shouldnt-compete-with-chinas-cbdc-using-surveillance-tools\/"},"modified":"2022-03-17T00:31:01","modified_gmt":"2022-03-16T21:31:01","slug":"blockchain-association-policy-head-us-shouldnt-compete-with-chinas-cbdc-using-surveillance-tools","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-association-policy-head-us-shouldnt-compete-with-chinas-cbdc-using-surveillance-tools\/","title":{"rendered":"# Blockchain Association policy head: US shouldn&#8217;t compete with China&#8217;s CBDC using surveillance tools"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2570aa9cf3a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2570aa9cf3a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-association-policy-head-us-shouldnt-compete-with-chinas-cbdc-using-surveillance-tools\/#%E2%80%9D_Blockchain_Association_policy_head_US_shouldnt_compete_with_Chinas_CBDC_using_surveillance_tools_%E2%80%9C\" >&#8221; Blockchain Association policy head: US shouldn&#8217;t compete with China&#8217;s CBDC using surveillance tools &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Blockchain_Association_policy_head_US_shouldnt_compete_with_Chinas_CBDC_using_surveillance_tools_%E2%80%9C\"><\/span>&#8221; Blockchain Association policy head: US shouldn&#8217;t compete with China&#8217;s CBDC using surveillance tools &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-128018ef>Jake Chervinsky, head of policy at crypto advocacy group the Blockchain Association, said the United States should be careful to avoid a \u201ctotalitarian nightmare\u201d in its potential launch of a central bank digital currency, or CBDC.<\/p>\n<p>Speaking at Austin\u2019s SXSW festival on Tuesday in a panel on \u2018Financial Surveillance in a Cashless Society\u2019, Chervinsky <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/schedule.sxsw.com\/2022\/events\/PP119639\">said<\/a> though U.S. President Joe Biden had issued an executive order establishing a national strategy for cryptocurrencies in the United States, there were potential privacy concerns over the country launching a CBDC.\u00a0Empowering a government to surveil its citizens using a CBDC, \u201csounds like the kind of thing China would do\u201d with its digital yuan, according to the Blockchain Association policy head.<\/p>\n<p>\u201cIt seems that a central bank digital currency would be under the total and complete control of the government,\u201d said Chervinsky. \u201cSo at all times the government would know what you are spending, where you are spending on it. They could program the central bank digital currency so they could put in restrictions and say \u2018you are only allowed to spend these dollars in these certain places but not in those other places.\u2019 They could freeze accounts or take money out of the accounts at any time.\u201d<\/p>\n<p>The Blockchain Association policy head added:<\/p>\n<blockquote><p>\u201cOur hope is that when the government does this study [as established by the executive order] [&#8230;] the conclusion they will reach is we will not compete against China \u2014 an authoritarian dictatorship \u2014 by also acting like an authoritarian dictatorship. Instead we will empower our private sector to come up with competitive solutions.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/f90d9dbf-ad4a-4f02-80fa-107bc03f1662.jpeg\"><figcaption style=\"text-align: center;\"><em>Financial Surveillance in a Cashless Society panel at SXSW 2022<\/em><\/figcaption><\/figure>\n<p>In January, the U.S. Federal Reserve issued a long-awaited discussion paper on the benefits and risks of a digital dollar. The central bank said at the time it would consider potential privacy concerns of a CBDC, but added that a U.S.-issued digital currency &#8220;might help preserve the international role of the dollar.&#8221; <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Powers On\u2026 The Fed endorses cryptocurrency \u2014 Kind of<\/em><\/strong><\/p>\n<p>Fed chair Jerome Powell has spoken in favor of stablecoins, saying they could be a \u201cuseful, efficient consumer-serving part of the financial system if they\u2019re properly regulated\u201d and that a digital dollar might <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/07\/16\/jerome-powell-promotes-cbdc-digital-dollar-warns-against-stablecoins.html\" data-amp=\"https:\/\/www-cnbc-com.cdn.ampproject.org\/c\/s\/www.cnbc.com\/amp\/2021\/07\/16\/jerome-powell-promotes-cbdc-digital-dollar-warns-against-stablecoins.html\">eliminate<\/a> the need for cryptocurrencies and stablecoins. However, some U.S. lawmakers are pushing back against the idea of a Fed-issued CBDC \u2014 in January, Minnesota Representative Tom Emmer said he would be introducing legislation aimed at limiting the central bank\u2019s \u201cauthority to offer retail bank accounts.\u201d<\/p>\n<p>Some experts have reportedly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-11\/biden-team-eyes-potential-threat-from-china-s-digital-yuan-plans\">argued<\/a> that China\u2019s digital yuan could threaten the U.S. dollar\u2019s dominance should adoption of the CBDC continue to grow within the country and beyond. Sheila Warren, CEO of the Crypto Council for Innovation, said on the same panel though it was \u201ctheoretically possible\u201d to issue a CBDC in the United States without the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> being used for digital surveillance, she foresaw the digital currency being used for wholesale bank-to-bank transactions rather than retail.\u00a0<\/p>\n<p><strong><em>Related:\u00a0Republican lawmakers introduce bill targeting China&#8217;s CBDC on sanctions, privacy<\/em><\/strong><\/p>\n<p>China has been conducting trials of its CBDC in major cities since April 2020 in an effort to eventually replace cash with the digital yuan. As of January, a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/m.thepaper.cn\/newsDetail_forward_16337430?from=sohu\">reported<\/a>\u00a0261 million users have set up digital wallets for the\u00a0e-CNY with more than $13 billion worth of transactions.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockchain-association-policy-head-us-shouldn-t-compete-with-china-s-cbdc-using-surveillance-tools\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Blockchain Association policy head: US shouldn&#8217;t compete with China&#8217;s CBDC using surveillance tools &#8220; Jake Chervinsky, head of policy at crypto advocacy group the Blockchain Association, said the United States should be careful to avoid a \u201ctotalitarian nightmare\u201d in its potential launch of a central bank digital currency, or CBDC. Speaking at Austin\u2019s SXSW&#8230;<\/p>\n","protected":false},"author":1,"featured_media":417145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvZGZlOWQ4MTktZTZjMC00MWVkLTk1OTUtMDc0ZDUyMWU3N2U2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[15047,75046,89665,75057,4973,70934,67874],"class_list":["post-417144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-privacy","tag-cbdc","tag-digital-dollar","tag-yuan","tag-china","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/417144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=417144"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/417144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/417145"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=417144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=417144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=417144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}