China’s strict Social Credit System increases the need for Bitcoin in China

China’s strict Social Credit System increases the need for Bitcoin in China

By BitcoinNews.Today | bitcoinnewstoday | 15 Jan 2020


The Chinese government has gained full control over the country after implementing the Social Credit System. Because of this strict social credit system, people of China will less rely on fiat money and will move their attention to Bitcoin.

The government keeps controlling its people and now it has gained access to credit and online transactions. People will be able to get access to financial benefits on the basis of their social scores.

According to the report of XinhuaNet, in this updated social credit system, the Chinese government will take into consideration some of the factors in order to allow people with social scores. These factors include fake divorces, defaults on paying bank loans and acquiring multiple loans from several banks at the same time.

Also Read: China’s strict Social Credit System increases the need for Bitcoin in China

The Primitive Ventures founder Dovey Wan says in a Tweet that the administration will restrict people’s access to credit.

Authority to increase Surveillance and Censorship

After updating the social credit system, the Chinese government has enabled the authority to increase its censorship and surveillance.

The Ministry of Industry and Information Technology (MIIT) will use Artificial intelligence in order to monitor all internet users in the country. All online transactions will have to go through facial recognition. The government will use AI system to cross-reference the faces of users. In this way, the government will be monitoring the whole online activity.

Also Read: Indian Supreme Court respond to case ’RBI Vs Crypto’ and may lift the Crypto Ban

Bitcoin to play its role

The need of the world’s leading digital asset has increased after the implementation of the Social Credit System by China. Chinese people cannot rely on fiat money therefore Bitcoin will play its role as a medium of exchange for Chinese people.

While using bitcoin, people will remain anonymous. Therefore, the government will not be able to keep its eye on them. So, it is expected that people will direct themselves toward the leading digital asset.

Also Read: What is Bitcoin Trading How You Can Trade like a Pro?

   

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BitcoinNews.Today
BitcoinNews.Today

Bitcoin News Today is a Crypto media outlet that lets you know about the latest news in the crypto world and provide step by step beginners guide on how to buy and invest in these cryptocurrencies.


bitcoinnewstoday
bitcoinnewstoday

Bitcoin News Today is a Crypto media outlet that lets you know about the latest news in the crypto world and provide step by step beginners guide on how to buy and invest in these cryptocurrencies.

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