{"id":5037,"date":"2019-11-18T09:36:48","date_gmt":"2019-11-18T09:36:48","guid":{"rendered":"https:\/\/www.bestonlinecasinosites.com\/news\/?p=5037"},"modified":"2019-11-18T09:36:48","modified_gmt":"2019-11-18T09:36:48","slug":"chinas-digital-currency-to-help-in-combating-online-gambling","status":"publish","type":"post","link":"https:\/\/www.bestonlinecasinosites.com\/news\/chinas-digital-currency-to-help-in-combating-online-gambling\/","title":{"rendered":"China&#8217;s Digital Currency to Help in Combating Online Gambling"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>China has been working on a new stablecoin project that is intended to help the country to strike a much-needed\nbalance between privacy protection and regulatory enforcement. If all goes well,\nChina will be the very first country on the planet to launch a digital currency\nof its own. This does not come as much of a surprise especially considering how\nmuch control the country already has on the existing cryptocurrency market. <\/p>\n\n\n\n<p>The <strong>Digital Currency Electronic Payment (DCEP) <\/strong>project has been in development for five years which is perhaps enough time to iron out any issues that it may have had. It has been touted as a huge step forward for financial innovation despite concerns that the country <strong>plans to use it to increase financial control.<\/strong><\/p>\n\n\n\n<p>Well, that seems to be the case since there are a few areas that are going to get the short end of the stick and one of them is online gambling. The activity is still <a href=\"https:\/\/www.bestonlinecasinosites.com\/news\/1-5b-world-cup-gambling-ring-busted-in-china\/\">illegal in the country<\/a> and is categorized in the same way as cybercrimes, tax evasion, and even financing of terrorism.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"complementing-the-great-firewall\">Complementing the Great Firewall<\/h2>\n\n\n\n<p>As it stands, gambling control in China is conducted by the central government via an internet regulation and censorship system. Otherwise referred to as<strong> the &#8220;Great Firewall&#8221;<\/strong>, the system mainly blocks web domains of <a rel=\"noreferrer noopener\" aria-label=\"illegal sites (opens in a new tab)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-09-11\/the-24-billion-online-casino-boom-china-is-struggling-to-halt\" target=\"_blank\">illegal sites<\/a> such as online gambling platforms.<\/p>\n\n\n\n<p>However, the offshore online gambling operators who are still\nhellbent on offering their services to Chinese gamblers also have some tricks\nup their sleeves. For instance, once any of their domains are blocked, they\noften just change their URLs.<\/p>\n\n\n\n<p>With the new digital currency, the Chinese government will have another layer through which they can monitor online gambling activities. In essence, DCEP will supposedly be able to <strong>trace transactions to some extent<\/strong>.  This is will weed out third-party payment providers that have been facilitating gambling transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"what-about-anonymity-and-privacy\">What About Anonymity and Privacy?<\/h2>\n\n\n\n<p>Naturally, considering the fact that the proponents of the digital currency have said that <a rel=\"noreferrer noopener\" aria-label=\"anonymity will only be allowed to a given extent (opens in a new tab)\" href=\"https:\/\/www.ledgerinsights.com\/chinas-yingke-law-blockchain-working-group-film\/\" target=\"_blank\">anonymity will only be allowed to a given extent<\/a>, there have been far-reaching concerns about DCEP. The Central Bank of China has, however, clarified that while cash-like levels of privacy will be guaranteed, the authorities would reserve the right to impose tighter control on any suspicious transactions. They are calling this <strong>&#8220;controllable anonymity&#8221;.<\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>&#8220;That is a balance we have to keep, and that is our goal. We are not seeking full control of the information of the general public,&#8221; Mu Changchun, head of the People\u2019s Bank of China\u2019s digital currency research institute said.<\/p><\/blockquote>\n\n\n\n<p>As the debates rage on, there are still a lot of details\nthat are yet to be revealed about the digital currency. With very compelling arguments\nfrom both sides of the divide, we might have to hold out for a little longer till\nthe currency finally starts being used. <\/p>\n","protected":false},"excerpt":{"rendered":"China has been working on a new stablecoin project that is intended to help the country to strike a much-needed balance between privacy protection and regulatory enforcement. If all goes well, China will be the very first country on the planet to launch a digital currency of its own. This does not come as much [&hellip;]","protected":false},"author":4,"featured_media":5038,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,204,483,484,54,231],"class_list":["post-5037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","tag-china","tag-crypto","tag-dcep","tag-digital-currency","tag-online-gambling","tag-regulation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China&#039;s Digital Currency to Help in Combating Online Gambling - Best Online Casino Site News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bestonlinecasinosites.com\/news\/chinas-digital-currency-to-help-in-combating-online-gambling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China&#039;s Digital Currency to Help in Combating Online Gambling - Best Online Casino Site News\" \/>\n<meta property=\"og:description\" content=\"China has been working on a new stablecoin project that is intended to help the country to strike a much-needed balance between privacy protection and regulatory enforcement. If all goes well, China will be the very first country on the planet to launch a digital currency of its own. 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