According to analysts, while Facebook is preparing to unveil its response to bitcoin, China is about to introduce its own digital currency that will allow the government and Central Bank to see what people are spending their money on.
Unlike the libertarian ideals of cryptocurrency, whose anonymity allows users to buy and sell without leaving a digital footprint, China's electronic cash system will be tightly regulated, experts say, and run by the people's Bank of China, the Central Bank.
This "will give the PBOC a deeper understanding of transactions across the country," analysts at Beijing-based research firm Trivium China said.
In late September, Central Bank Gover
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