CBDCs or Central Bank digital currencies

China has started a pilot of its digital yuan. Many are optimistic that digital money is the future.

But the question is " is it as good as it sounds " Well China started a major experiment to install CCTVs at all major locations in their country as well.

The digital money could be used to spy on people of their country, couple that with facial recognition and you have a perfect government surveillance system working at every moment and keeping track of money, identity of people in and out of the country as well.

It goes against the very ethos of DIGITAL MONEY that is cryptocurrency provide psedonimity some even provide complete anonymity and is widely accepted as it prevent surveillance and tracking.

India is also working on digital rupee, by doing that government want to ensure that the whole monetry activity within the country comes under their watch. 

That raises some serious questions, by doing that they are providing an alternative to cryptocurrency and probably want to stifle their growth.

We should be careful.

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