News with the tag "Social Credit"

A new report suggests that China is pushing proposals aiming to transplant its traditional social credit system to the metaverse as it seeks to establish greater control. According to Politico, the proposals were initially drafted by China Mobile, the state’s telecom provider termed the “Digital Ide...

Proposals to a United Nations group reportedly show China wants digital IDs and real-world punishments for actions that occur in the Metaverse.

Warren Davidson, U.S. representative and part of the House Committee on Financial Services, has disregarded issuing a central bank digital currency (CBDC) in the country. Davidson explained that CBDCs corrupt money into a “tool for coercion” and detailed that there was no legal way of issuing such a...

Jim Rickards, an economist and investment banker, has warned about the establishment of a social credit system powered by the issuance of a central bank digital currency (CBDC). According to Rickards, this combination could be used to restrict the civil liberties of Americans by limiting their capab...