China’s Cryptocurrency May Pose Threats To International Money Movement – UK Spy Chief

The UK spy chief has alluded to the suspicion that this would present an avenue through which China will promote its central bank digital currency (CBDC).

The UK spy chief, Sir Jeremy Fleming has raised concern that the Winter Olympics scheduled to be held in China could be a medium through which China would promote its digital currency. His concern stems from the fact that the widespread use of the currency could give the country the leverage to track international movement of funds.

According to Fleming, who is the director of the UK intelligence signal agency, GCHQ, the possibility that China’s CBDC could be used to track the movement of funds in the international market. In an interview with FT, Fleming said regarding China’s central bank digital currency:

“If wrongly implemented, it gives a hostile state the ability to surveil transactions,” he said. “It gives them the ability to be able to exercise control over what is conducted on those digital currencies.”

Even though China has policies that are anti crypto, the Asian country is working on its own digital currency which may come into mainstream prior to the 2022 Winter Olympics when the country would host the event.

Even though most countries’ CBDC has been sluggish in taking off, it is expected that the Chinese version of the central bank backed digital currency would come into mainstream prior to the Olympics which would hold from February 4 – February 20.

Speaking from the London headquarters of the National Cyber Security Center as the agency readies itself for a new cyber strategy publication.

Fleming should know since his agency has listening stations in collaboration with sister agencies such as MI5 and MI6. He highlighted the importance of his  GCHQ expertise due to the increasing emphasis on technology.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.