In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Given the problems created by cyberwarfare we need to think carefully about cryptocurrency warfare. Its advent might give outsiders or foreign governments the ability to totally disrupt an economy or a nation at the touch of a button.
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The PBOC is in a rush to develop a digital currency because of China’s experience with bitcoin. China is the world’s largest market for bitcoin because the cryptocurrency allows the country’s residents to easily bypass its’ rigid currency controls.
The central bankers apparently hope that issuing their own cryptocurrency will give them some control over the situation. Some control is better than no control which is what they have right now.
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