- China announced a push to use its Crypto-Yuan in third world nations.
- The main focus is on Africa.
- It will allow China to gather all personal data and use from foreign nations.
China announced its strategy to focus on the third world countries digitalization via the use of Crypto-Yuan. Crypto-Yuan (BSN) on April 25 in Beijing. China. China Mobile is heavily involved in the Crypto-Yuan payment system and is also involved in a Facebook underwater cable initiative around Africa.
Chinese Crypto will collect all personal data of all the users. This means that on the global scale, and with foreign customers using it, all their information will be collected and immediately stored by the Chinese government.
To use Crypto-Yuan the user only needs to have access to a smartphone with the enabled Bluetooth capabilities. Therefore, it will not require much time to complete such transactions. The user may not be able to see the difference between a digital currency payment and a mobile money transfer, except that no Internet connection is required to process transactions.
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The Chinese government stated that it wants to overthrow US dollar. It also believes that it can gather and control a majority of intelligence in Africa and have access to all individual personal information via its Yuan Crypto payment system in Africa.
Currently, most global banks are members of the Society for Worldwide Interbank Financial Telecommunication, an independent provider of financial transaction services. SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.
If the Yuan-Crypto system is implemented in Africa, the consumers will loose their privacy and all the funds will be controlled by the Chinese government, since every transaction (as well as the funds technically) will be held in China virtually.
China also plans to completely eliminate paper currency in the next ten years. So, besides forcing and controlling its own citizens, China has devised a plan to control the African continent financially. Why is the US allowing Facebook to conduct projects with China? Is it a threat to the global privacy and security of the West?
China plans to offer their payment system or force its payment system on Africa in the next 5 years.
Huawei is supposed to lead the use of the system which will also allow it to circumvent certain restrictions that have been placed on the company in the West. Huawei is a security threat to the West and fully controlled by the Chinese government. Huawei CFO Meng Wanzhou lost her bid to stop extradition to the US from Canada to face fraud charges. The charges arise from Huawei circumvention of the Iran sanctions. UK is also leading a campaign to create an alternative 5G network to avoid using Huawei.
Besides exports with low grade dishonest practices and products, China thrived on theft of IP and deceptive practices. The new plan to control Africa is dangerous for the whole world. This has to be addressed in the near future.