China has brushed aside concerns that its planned government-backed crypto will be used to keep tabs on the activities of its citizens. Allegedly, users of the centralized digital currency will be guaranteed ‘controllable anonymity’ as long as they are not engaging in illegal activities. This is according to the head of the digital currency research institute at the People’s Bank of China, Mu Changchun.
Speaking at a conference in Singapore, Changchun said they were not ‘seeking full control of the information of the general public’, per Reuters. However, there will still be controls in place to prevent tax evasion, money laundering, terrorism financing and other illicit activities from being aided or performed using the centralized digital currency. Changchun’s remarks come at a time when speculation is rising over when China will launch the state cryptocurrency.