Here's the link
In my rather poorly informed opinion, these developments are something exciting to look forward to. While some may make a substantial claim that the DCEP may be misused (but in reality, what isn't), it will be fun to observe how the world responds :)
anyhow did u exercise today, lib?
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I mean I'm petty boug as fuck so I can't tell you the last time I used cash for a payment (except for my rent. I think my landlord is money laundering but my rent is low enough for me not to care), though I feel like if you don't have this alongside some kind of backup system then you're screwed during an inevitable system outage. The backup doesn't have to be cash though, it could just be receipts that get stored by vendors and then punched into the system when it comes back up.
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Maybe I'm reading it wrong but it seems like it only effects currency and monetary policy, which are already exclusively the realm of the state. I will say that I think people saying that this will wipe out illegal activity by giving total economic control to the government are getting pretty far ahead of themselves - not only will foreign currencies continue to exist even if China makes its own currency totally digital, but people are totally capable of operating on systems of informal credit without currency and in fact did so for the majority of human history.
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It raises a privacy concern for me too. How do you combat people with access to the algorithm from abusing it? I guess it has to be the same way you prevent any other abuse of office - constant, vigilant anti-corruption measures. There's no reason that the data can't be kept anonymised though, allowing people to continue purchasing their sex toys and onlyfans subscriptions discretely.
The way I see it, either China is a DOTP and problems that arise with the system will be ironed out with the will of the people in mind, or it's an authoritarian hellscape where the only concern will be the needs of the state oppression apparatus. I feel like they're a DOTP and they'll cross those bridges as they come to them - and I can say with full confidence that any capitalist government or corporation that put together a system like this would build it to maximize extraction of surplus value and nothing else.