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All transactions will be tracked and processed by them...they have basically created a PRC Diners Club Card for the Yuan.

I can't wait until they get hacked. I hope the NSA is working on this as we speak.

If the US implements something like this, I do wonder whether it could destroy a substantial portion of the business of VISA and MasterCard. It certainly could transfer a lot more control on what can be purchased from private hands to government hands, since the Fed might be able to code transaction controls or otherwise halt unapproved purchase (or make it even easier to cease assets).

This does have to be carefully done by the US, if at all. There are existential implications for general freedoms...which, no doubt, China understands. But, we US citizens are more and more willing to surrender privacy for convenience. Which makes me believe that we are headed to a Brave New World dystopia instead of a 1984 dystopia.