China’s Controlled and Streamlined Governance Shows How Bitcoin Stands for Freedom
China, the world's most populated country is also a technology freak and known for its high level of technical incorporation in their daily lives. The country is so technology mingled that of the total 2 billion smartphones, two third of the total amount is used in China.
Water Resistance might be a necessary feature for phones in 2019, but it has been a compulsory feature in all smartphones in China for long due to its citizens' addiction to smartphones which they even use while bathing. There are separate lanes for mobile phones users so that they don't harm others and themselves while being consumed into their phone screen.
China's dependence on technology can be understood from the fact that digital payments are the only way of paying for any service, be it online marts or common roadside vendors, all of them accept digital payments. The WeChat app that failed to raise the popularity charts around the world despite Leon Messi being the brand ambassador, is a lifeline in China.
People use Wechat for not just interacting with friends and family, but its an all-in-one integrated app, where you can chat, order food, do shopping online and even try dating. The Wechat is the lifeline of China and physical fiat payment almost rare.
Despite being so technically oriented the country's governance is quite traditional in orientation and have control over everything. Although the governing party is often referred to as a communist, it is more capitalism oriented than any other country.
The government owns everything, and the governance is so streamlined that any change or rule implementation is almost immediate. The level of centralization is so deep and dense that it has almost started to ring an alarming bell.
The Centralized Payment System in China is a Growing Concern
China has a culture of public shaming and the things have turned ugly as the government is using the aid of the technology to hunt law-evading citizens. You may think that, oh, that's fine, the miscreants must learn their lesson, and I agree with it. However, imagine a government starting a point system for the citizens where they are monitored round the clock through AI cameras and violating a traffic rule get your faced painted on every LED screen on the locality. Well, that is scary!
The Chinese government has implemented technology to take control of the life of citizens, where the AI camera with face recognization features can catch you from miles away and since the money is digital, and all the payment portals and database are under government control, all you can do is hope not to break a rule. Because if you do so, the fine is automatically deducted plus your face is plastered for everyone to watch.
The government believes the best way to teach a miscreant is to hit on their pockets, which is understandable, but what about human rights, what if I was not at fault, can I not challenge the verdict? Well, challenging the verdict would be your last concern, as the community sentiment is quite timid towards the governance.
According to Wang Jun, Director of Marketing Solutions at AI firm Intellifusion, just public shaming is not enough,
“Jaywalking has always been an issue in China and can hardly be resolved just by imposing fines or taking photos of the offenders… But a combination of technology and psychology… can greatly reduce instances of jaywalking and will prevent repeat offenses.”
Why China is Reluctant over Cryptocurrency
China is one of the biggest hubs for Mining operations mainly due to the ample cheap electricity availability and the technologically oriented tag also help to its cause. However, the government has quite a tough stance over the use of cryptocurrency in the country.
The government has banned the use of Bitcoin and other altcoins and continuously initiates programmes to crack down on any financial operations related to cryptocurrency. Recently the country also deemed ICOs and STOs as illegal.
The main reason for the ban is the governance where they hold the control over every aspect of the citizens. So, having a financial system which was discovered to end the monopoly and control of authorities does not sound that the Chinese government would like to incorporate in their governance anytime soon.
Bitcoin Gives You Freedom and China Makes You Understand why You need that Freedom
China is definitely one of the most technically oriented countries, but the governance is using the same technology to take control of your finances, what you can buy and what you can see on the internet. China is basically a glorified version of Dictatorship.
If you think I jumped the guns right there, let us think of it, the Chinese president who is also the head of the army has recently passed a bill which makes him the president for as long as he wishes to continue. This might even make Putin look like a saint.
China falls under the very rare category of the countries which is quite developed but its citizens enjoy the least amount of freedom and rights. This is where Bitcoin can come into the picture and liberate the citizens from the clutches of government.
It is not ok to put surveillance over the citizens, but in 2018, the government also took away the financial sovereignty, where the government has access to the citizen's finances. Which means the government can any time deduct any money without any prior notice.
The use of Bitcoin and cryptocurrencies can help Chinese citizens to have some control over their financial life and let them know what freedom is. Cryptocurrencies were discovered to end the monopoly of such authoritarian governance and looking at the increasing control, Bitcoin could be the only bail-out for the people.
The level of authoritarian control of the Chinese government makes you understand why it is against the use of cryptocurrencies in the country. The government is well aware that the digital asset could start an outrage which would be tough to control. Thus, the world's most technically oriented country is refraining to incorporate the blockchain technology as it promises distribution of power.
It's not like Chinese people are not dealing in cryptos, but the use is strictly prohibited and the heavy censorship over Bitcoin-related websites and a continuous crackdown on crypto related services is a clear indication that the government might never allow the use of crypto unless they find a way to control its use.