What is Social Credit?
The Social Credit System is a national reputation system being developed by the Chinese government. By 2020, it is intended to standardise the assessment of citizens' and businesses' economic and social reputation, or 'Social Credit'. The system will be one unified system and there will be a single
system-wide social credit score for each citizen and business. The system is considered as a form of mass surveillance which uses big data analysis technology. Critics will point to similar 'surveillance' systems already in operation in western countries. |
What is Cashless?
A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins. Transactions are through the transfer of digital information (usually an electronic representation of money) between the transacting parties
Cashless societies have existed from the time when human society came into existence, based on barter and other methods of exchange, and cashless transactions have also become possible in modern times using digital currencies such as bitcoin. |
What is CBDC?
Central bank digital currency, CBDC or digital currency is the digital form of fiat money. Fiat money being a currency established as money by government regulation, monetary authority or law. The present concept of CBDCs was directly inspired by Bitcoin, but CBDC is different from virtual currency
and cryptocurrency, which are not issued by the state and lack the legal tender status declared by the government. CBDCs are presently in early hypothetical stage, with some proof-of-concept programmes. |
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