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Rich Turrin

Rich Turrin

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Central Banks Join the Cryptocurrency Gold Rush

December 10, 2022 by Rich Turrin

National e-currencies aim to centralize money again

Article: here

“We have to be very careful in not ascribing superpowers to central bank digital currencies, when government has these powers over your existing bank accounts.”

Rich Turrin, author and fintech consultant

And it [the e-CNY] makes an interesting case study, says Rich Turrin, a Shanghai-based fintech consultant and author of Cashless: China’s Digital Currency Revolution, as other CBDCs will likely follow a similar blueprint. “Most of them are going to look pretty similar, because of the job they’re designed to do,” he says.

This has led to accusations that the digital yuan is designed to be an economic surveillance tool, something critics fear could be replicated elsewhere. But Turrin says that China’s recently enacted Personal Information Protection Law provides some of the strictest privacy protections in the world. Officials, for one, can’t access wallet holders’ details without going through the courts. Turrin also points out that both the Chinese government and most foreign ones can already obtain warrants to access citizens’ conventional financial records.

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Rich Turrin

About Rich Turrin

Rich Turrin is the international best-selling author of “Cashless – China’s Digital Currency Revolution” and “Innovation Lab Excellence.” He is an Onalytica Top 100 Fintech Influencer and an award-winning executive previously heading fintech teams at IBM following a twenty-year career in investment banking. Rich is a leading media commentator and advisor on China’s digital currency and tech scene. Living in Shanghai for more than a decade, Rich experienced China going cashless first-hand.

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