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Blockchain technology is about to transform every trust-based interaction of our lives, from financial services to identity, from health care to our Internet of Things devices. In this podcast, host Laura Shin talks with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.

Nov 19, 2019

Martin Chorzempa, research fellow the Peterson Institute, and Dovey Wan, founding partner at Primitive Ventures, discuss China's new blockchain push and the forthcoming DCEP. They cover how the blockchain initiative is part of an effort to set global blockchain standards, how it fits into the larger U.S.-China trade war as well as the threat from Facebook's Libra, and why part of the motivation behind the DCEP may stem from the shadow banking system in China. They also talk about how the DCEP might work, why it aims to be like cash, and ways in which a successful digital currency could be used to help internationalize the renminbi, but why other countries will likely still resist becoming more dependent on China's currency. We also explore what "controlled anonymity" will look like in the DCEP, why it might actually be preferable to transacting via WeChat Pay or Alipay and whether or not Chinese people will become interested in Bitcoin due to this exposure to blockchain technology.

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Episode links: 

Martin Chorzempa:

Dovey Wan:

Xi Jinping’s speech:

Cryptography law: 

China’s 500 enterprise blockchain projects:

Changchun Mu, the deputy director of the payment and settlement department of the PBOC, on how DC/EP aims to replace the M0 money supply (banknotes and coins):

Dovey’s article on how the digital yuan will affect the M0 money supply:

China’s already very digital economy:

Reaction of Chinese dissident to China’s blockchain push:

Unconfirmed interview with Alex Gladstein of the Human Rights Foundation:

The commercial entities involved in helping to release the DCEP:

How they will be involved:

”Controlled anonymity“:

Problems that could arise with the DCEP:

People with poor social credit banned from buying plane and train tickets:

The FT on why China’s currency will not replace the USD: 

2000 speech by Bill Clinton:

Change in plans to eliminate the Bitcoin mining industry: