China’s digital currency will be used for control according to Miles Guo and Joseph Lubin

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In an interview with CNBC’s “Squawk Box” on Nov. 5, Joseph Lubin said there was no reason for China to adopt the use of decentralized technology and that their digital currency will likely be used as a mechanism for control. 

According to Lubin, China will downplay decentralization when the People’s Bank of China officially launches its digital currency. Instead, the country will use blockchain as a way to modernize their currency rather than promoting the freedom it offers, “China is probably not interested in that aspect of blockchain. They will, I believe, bring a digital RMB to China that makes use of some of the cryptographic primitives of blockchain technology but there’s no real reason for China to make use of its decentralizing aspects.” On top of that, Joseph Lubin believes that China is to promote further control, “I think the central bank and the government have very significant control already. My guess is that it will be used to maintain the control that they have but also to potentially enable interoperation between more public and global systems.”

On October 30, Miles Guo gave a detailed explanation of the purpose behind the upcoming blockchain in China. The first thing he mentioned about blockchain was security, which means all hardware must be controlled. The second is availability, which is what the communist party can do to invade the economy, to achieve its economic goals, to realize the so-called Chinese dream, to dominate the world. The third is its controllability. Just like the Chinese communist party’s firewall, it could build a “blockchain regional network.” The fabled blockchain on the web is meant to decentralize, and no one can tamper with the data, something that cannot happen under the communist party’s jurisdiction. The ultimate purpose of this blockchain is to destroy the US dollar, the SWIFT and CHIPS system and change the world economic order! This is the conspiracy behind the Chinese communist party’s blockchain, which means the United States is at a moment of life and death. If the CCP wins this battle, then the US will lose its dominant position in the world.

Source:Joe Lubin: China Will Avoid Blockchain’s ‘Decentralizing Aspects’

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