Fun

UK Intelligence Chief Raises Concerns About Use of Digital Renminbi to Control Global Transactions

News Feed - 2021-12-13 06:12:23

UK Intelligence Chief Raises Concerns About Use of Digital Renminbi to Control Global Transactions


The chief of the Government Communications Headquarters (GCHQ), one of the big three intelligence agencies in the U.K., has raised concerns regarding China and its digital renminbi. Sir Jeremy Fleming stated that the already existent Chinese CBDC could be used to collect information from users and, hypothetically, to control and filter global transactions. UK Worried About Chinese CBDC Advancements


The chief of the Government Communications Headquarters (GCHQ), one of the biggest intelligence agencies in the U.K., has warned of possible negative effects on global transactions related to the adoption of the digital renminbi. Sir Jeremy Fleming stated that if the currency extended to other countries, and other players use it like locals, it could have a bad effect on the health of the financial system. Fleming stated:


If wrongly implemented, it gives a hostile state the ability to surveil transactions. It gives them the ability . . . to be able to exercise control over what is conducted on those digital currencies.


GCHQ has the responsibility of securing the information of the U.K. and coordinating the cyber defense of the country in case of an attack. China Moving Forward


Fleming further explained that China is promoting its digital renminbi wallet as one of the payment alternatives for the next Beijing Winter Olympic Games, for natives and foreigners alike. This might prompt foreigners to install and use the digital renminbi wallet to pay for goods and services during the event.


The worries that Fleming shares are a result of developments and advancements China has been making during recent years in the field of digital currency. While some countries have penned essays about launching a central bank digital currency, and others have already done so, no country has established a pilot as advanced as China. Fleming stressed:


China has stolen a march . . . [it’s] investing very heavily, overtly and covertly, and that’s because it is starting to exercise real influence on the way in which the rules of the road are going to operate in a technology and digital context. We have to work out what our response is to all of that.


There is still a lack of a framework to manage these kinds of currencies globally, and Beijing has not shown intentions of collaborating with other countries when it comes to that issue. However, Fleming remarked on the importance of open trade and collaboration between the two nations. Tags in this story central bank digital currency, China, control, digital renmimbi, Digital Renminbi, GCHQ, Intelligence, jeremy fleming


What do you think about Fleming’s concerns regarding the digital renminbi? tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. 90% of Bitcoin"s Supply Cap Has Been Issued, Miners Have 119 Years Left to Mine BTC NEWS | 4 hours ago Korean Officials Quit Jobs to Join Crypto Industry, Lawmaker Reveals NEWS | 17 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGamesta CEO Spencer Tarring Talks About GameFi, Metaverse and How the Guild Fits in the Grand Plan Next articleOKEx Blockdream Ventures Partners With WAX Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItAces, Jokers, and NFTs: Playing Card Manufacturer Bicycle Launches NFT Genesis Collection


The well known playing card manufacturer Bicycle has announced the launch of the company’s first non-fungible token (NFT) collection. The NFT card collectibles called the “Genesis Collection” were designed by the artist Adrian Valenzuela and the first drop of NFTs ... read more.E-Commerce Giant Amazon Backs Wax Blockchain-Based Fractional Trading Card Market Dibbs: Report Prosecutor General’s Office Wants to See ‘Cryptocurrency’ in Russian Law Crowdfunding Platform Kickstarter Will Shift to Blockchain-Based Model Indian Prime Minister Modi Tells President Biden"s Summit: Cryptocurrency Should Be Used to Empower Democracy

News Feed

ADALend: New Wave of DeFi Loans on Cardano
ADALend: New Wave of DeFi Loans on Cardano sponsored ADALend is building a scalable and decentralized lending protocol on Cardano, governed by the community. Cardano is the market l
Spot Bitcoin ETFs attract investor interest despite August outflows
Amaka Nwaokocha13 hours agoSpot Bitcoin ETFs attract investor interest despite August outflowsThe positive inflows into ETFs from major players like Fidelity and BlackRock highlight the growing confidence in the investme
Wrapped Bitcoin Project Sees 18% Redemption of Circulating Supply in 54 Days
Wrapped Bitcoin Project Sees 18% Redemption of Circulating Supply in 54 Days Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum
Goldman Sachs to Settle Massive Corruption Case for $2.8 Billion With US Government
Goldman Sachs to Settle Massive Corruption Case for $2.8 Billion With US Government Goldman Sachs has reportedly agreed to settle with the U.S. government over i
US Government Now Offers Informants Crypto Rewards in Addition to Bank Wires, Suitcases Full of Cash
US Government Now Offers Informants Crypto Rewards in Addition to Bank Wires, Suitcases Full of Cash Attendees of the Black Hat hacker conference in Las Vegas we
Savannah Fortis10 hours agoMastercard combats crypto fraud with latest AI integrationMastercard announced it will integrate a new AI tool to detect and prevent fraud routed through cryptocurrency exchanges.1341 Total vie
$1.6B port investment could revive El Salvador’s Bitcoin City plans
Derek Andersen5 hours ago$1.6B port investment could revive El Salvador’s Bitcoin City plansThe Turkish Yilport Holdings made the largest-ever private investment in El Salvador and will develop the port at the proposed
Bitcoin for Spain’s Congress: BTC Sent to 350 Spanish Parliament Members
Bitcoin for Spain"s Congress: BTC Sent to 350 Spanish Parliament MembersBitcoin has been sent to 350 deputies of the Spanish Congress as part of an educational initiative similar to
While DeFi Total Value Locked Fell by 51% Since the End of Q1, Arrakis Finance Amassed $1 Billion TVL
While DeFi Total Value Locked Fell by 51% Since the End of Q1, Arrakis Finance Amassed $1 Billion TVL press release PRESS RELEASE.Zug, June 08, 2022 — As markets continue to
Crema Finance Hacker Negotiates With Defi Project’s Team, Returns $8 Million in ETH and SOL
Crema Finance Hacker Negotiates With Defi Project"s Team, Returns $8 Million in ETH and SOL Following the hack on July 2, 2022, the team behind the decentralized finance (defi) pro
Grayscale’s GBTC Bitcoin holdings have fallen 33% since its conversion
Martin Young5 hours agoGrayscale’s GBTC Bitcoin holdings have fallen 33% since its conversionGrayscale held around 620,000 BTC at the time its GBTC fund was converted into an ETF. Today it’s sitting at around 420,680
Tom Mitchelhill52 minutes agoWintermute claims NEAR backed out of $11M stablecoin redemption dealWintermute founder and CEO Evgeny Gaevoy says the NEAR Foundation reneged on an offer to convert $11 million worth of its s