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China’s Digital Currency Project Head Says, “Anonymity Is Not Feasible”

The head of China’s central bank digital currency (CBDC) research said in a business convention that complete anonymity is impossible.
China Firm on “Controllable” Privacy of CBDC 
Mu Changchun, the Chinese head of the Digital Currency Institute, said that they would follow the policy of “controllable anonymity” for the digital renminbi, drawing parallels with the present KYC- and AML-based banking system at the 2021 China Development Forum. 
The digital currency wallets’ KYC requirements would begin with only mobile number verification for small balances and transactions.
At the same time, higher volumes would require personal identification information and other income details. Changchun confirmed that mobile companies and banks cannot share personal user information unless required by a legal statute. 
According to the Changchun, controlled anonymity avoids giving leeway in security concerns related to tax evasion, money laundering, and other criminal activities. He said: 
“The anonymity of the central bank’s digital currency is limited anonymity on the premise that risks are controllable. A completely anonymous central bank’s digital currency is not feasible.”
The state agency’s head cited Bitcoin’s use in illegal activities made feasible due to its anonymity. Moreover, he also raised concerns about telecommunications fraud rampant around the world.  According to a report, in 2019, the global volume of fraud through telephone calls was around $32.5 billion. 
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