Privacy and China — Not So Much
China is planning on developing its digital currency due to the rising costs of currency circulation and lack of control. China, a communist society, wants to control everything about its citizens. That goes on to include how, when, what, and where they spend their money. Digital currencies are inherently trackable, and that is one of the primary reasons for the push in China for the development of this new currency. They are planning to have this new currency available to be used across all major payment platforms such as WeChat and Alipay. As of January 1, 2020, China will regulate private and government use of all encryption. If encryption is determined to adversely affect State Security or the Public, it will be forbidden. Additionally, it requires reporting of all unexamined unauthenticated encryption efforts.