Fear of loss of privacy with the use of digital currency
March 8th, 2021 | 
Author: 
One reason that is often quoted against the use of digital currency is that the government can keep track of the citizens – where they go, what they spend on.
This fear is overblown.
Already, the current ecosystem allows the private companies to have the data. The government can have access to the data, if there is a need.
A rich source of data is the mobile phone which tracks the movement of the owner and the people that are contacted.
No government will want to waste time and resources to know what its ordinary citizens are doing. There are too many citizens to keep track of. What the citizens do is of no consequence to the government.
The government can use its access to the data to track criminal activities or illegal use of money.
They already have the means to do so. They do not need to rely on the digital currency.
If any person wishes to engage in illegal activities, such as money laundering and to meet people that they should not meet, they have the means to avoid the tracking.
They can find other ways to make payment, such as non digital currency or assets.
It is very bad for any government to use state resource to target any citizen, e.g. political opponent, and to get information that put their opponents at a disadvantage. This is a real risk and should be stopped. However, this risk already exist with the current eco-system. The use of digital currency does not add to the risk.
I encourage people to have an open mind and to use digital currency for small payments. This will improve efficiency, so that the time of the parties involved in business transactions can be put to better use.
Tan Kin Lian
Posted in 
Above named jerk is either a kleptomania ‘rogue’ or idiot who can’t see the link between digital currency to cryptocurrency, preaching on the ‘merits’ of shady deals. Hope tomorrow it crash to zero.
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They should track all the he Ah Long’s why are they not?
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“No government will want to waste time and resources to know what its ordinary citizens are doing. There are too many citizens to keep track of. What the citizens do is of no consequence to the government.”
Can’t believe what this joker is saying.
Try telling that to the people jailed under the trumped up Marxist conspiracy.
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What is the problem with digital currency payment ? With digital currency,see whether future generation one day handle cash and see whether they can count correctly or not for change in cash currency ? And with digital currency and if hawker accidentally key in value value of $59.90 for payment instead of $5.99 and customer failed to check and thereby lose some extra money difference ($59.90-$5.99).After walk away,how to recover is another headache ! And digital currency payment jet up all the prices of food and items !Why government wants everything digital ?It is all for their own benefits,advantages and taxes ! With digital payment,everything you buy and pay be it inside store or online,all cannot escape GST payment ! Government will collect more and more GST ! Digital payment look to have a lot of goodness but not to citizens who are paying ! Pay by cash is always the cheapest !
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Aiyoh, comrade Ah Tan, why are you so inferior? Have you had a brain scan check? You are showing signs of suffering from dementia. Really, as the first comment states, tkl: tew kow lay.
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TKL intellectual depth on finance is “VERY CHEEM” but if I am an investor in financial market, I will look SOMEWHERE ELSE, ANYWHERE for advice, not him.
Could it be that his fetish obsession with digital currency stems from the fact that RED China (another of his fetish inclination) is the most advanced technology experiment with e-Yuan digital currency?
In my world, CASH IS LEGAL TENDER AND KING, all imitations or its pretensions has political calculus of theft, exploitative domination and control and empty of legal tender force of offer/acceptance.
For example, you bought a property $880K, to be paid out of digital currency in full 3 weeks from hence. Politics gets in the way – instead of detaining you without trial, the CB, freezes your digital currency account by passing the commercial bank who DESPITE INSTRUCTION from the property buyer earlier, suddenly unable to process/finalise the transaction. The seller of the property committed to a bigger mortgage elsewhere got trapped and entangled in this quagmire – entirely faultless and bewildered of silent failure in contract.
Digital currency seeks to displace cash. How about those digitally-illiterate or has disabilities like Alzheimer’s unable to relate to digitalized transaction – they are vulnerable to get conned.
Even those who are financially strong but riddled with disabilities and wants to donate to charity causes may find it handicap to supply help. Or govt my block political donation to opposition politics.
And when economic times are unstable, there could be a run from commercial bank to CB’s deposit, but to save the DEATH-AWAITING SINKING COMMERCIAL BANK in a global financial meltdown, govt block it AND THE DEPOSITOR DIED OF FINANCIAL INSOLVENCY when the commercial bank finally goes under.
Govt can also print money to fund political largesse BUT UNABLE TO SELL ITS DEBT (BOND issue) to repay its principal, maybe even just the interest – THE CENTRAL BANK SIMPLY DEVALUES ALL DEPOSITS MASSIVELY to pay off its debt. In good times, one unit of your bank deposits is exchangeable for one unit of your DIGITAL CURRENCY ISSUED BY THE CENTRAL BANK.
In desperation, your $1 million is devalued to $100K overnight – JUST LIKE SHARE CONSOLIDATION in investment when entity lost 90% of its asset bases through poor investment decision. It may even mandate that out of the $100K digital currency, $50K must be invested in in its nearly bankrupt bond.
China drive to digital currency has one major political economic imperative – TO REPLACE US DOLLAR HEGEMONY as a global reserve currency used in international commerce.
It also fight back against Alipay, We chat pay so that Jack Ma and friends no longer fart in the face of XJP again.
IT WILL BE USA AND CHINA BULLY THE WORLD OF FINANCE.
TKL, YOU REALLY ARE A CIRCUS BUSKER OR A CARNIVAL JESTER – in this garbage idiotic post.
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@ TKL
Money deposited with any commercial bank has the CB or monetary authority as the INDEPENDENT regulator. Digital currency issued and control by the CB/monetary authority has ROGUE GOVERNMENT as the unrestrained regulator who political mantra might be
- we do what we like, never mind what the farking peasants think and/or
- we do what is convenient, never mind what the farking law says.
and if that is not enough,
- we do what we like, never mind what the economy collapse in consequence.
@TKL, YOU ARE A WALKING COW talking finance.
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Tan Kin Lian : This is your best :
“No government will want to waste time and resources to know what its ordinary citizens are doing. There are too many citizens to keep track of. What the citizens do is of no consequence to the government.”
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You are the biggest CCP retarded here.
Even demoncratic USA also spied on its citizens. Please shipped yourselves to China.
U.S. court: Mass surveillance program exposed by Snowden was illegal
https://www.reuters.com/article/us-usa-nsa-spying/u-s-court-mass-surveillance-program-exposed-by-snowden-was-illegal-idUSKBN25T3CK
Oppie are really bunch of I.C.B (International Cry Baby)
Go watch this programme and update yourselves on what is happening internationally.
Yahoo TV 一起看
https://www.youtube.com/watch?v=658bI6deB5U
GE2024.PAP.Guarantee.Win.HuatAgain
Majullah $PAP$ $PAP$ Huat$
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The more a bird-talker talks cock,the more he sounds like a cock.
TKL,can you ask H$K where the $100B goes to?
I will clap for you if you do so.
Stop bird-talking and say something useful.
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Speaking of currency, DBS has lost its business significantly and they are blaming it on CoVID.
https://sg.yahoo.com/finance/news/dbs-cuts-bonus-of-ceo-senior-managers-after-profit-decline-043038177.html
How about all the non-recoverable ‘assets’ in a particular country and the forced takeover of a local failed lender orchestrated by a foreign government using $G citizens’ monies?
Especially so when the head of an $G bank is a foreigner it just shows $G citizens are lousy at everything right? Right.
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With digital payment, the banks do not need to install ATMs and also do not need to pay technicians to repair and maintain the ATMs. With the lower cost and savings and more profits, will the banks increase the interest rate for our Saving Accounts? Not likely.
The government get money immediately. They can also track all monetary transactions and impose more GST. What do the public ? Nothing much.
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Most of the advanced economy already into different stages of digital payment.
To do away physical currency is the first stage goal.
What Banks Benefit had mentioned, digitalised payment (digital transactions) tracks all your spendings and spending behavioir. Such data is used in loan application analysis without our knowledge, and also sold to 3rd parties for target marketing, and competitive analysis. G usage is just secondary.
Convenient have a cost to be paid. 20 years ago i don’t understand why a British couple had been resisting spending in non-cash transactions. Now, i perfectly know why.
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FOR EVERY TRANSACTION PROCESSED via digital currency, the govt of the day charges an administrative fee -ostensibly for the maintenance of the digital platform, the peasants will be forced to pay a minimum charge of $10 for a transaction for the value of $2 for a packet of salt or sugar.
@ TKL, haven’t we got enough BACKDOOR GST like HDB, CPF, Medishield Life, COE, ERP, ADDITIONAL TAX ON WATER TAX CONSUMPTION already?
YOU GIBBERISH LUNATIC.
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IN WARTIME CONTINGENCY OF POWER FAILURE when the enemy blasted out our power stations and power supply, the entire economy grinds to a halt. Even supermarkets cannot sell its grocery and call girls won’t supply its services without certainty of payment compensation.
In short, ECONOMY GRINDS TO A HALT worst than Covid-19 lockdown.
In those circumstances, @TKL very happy for LEE-jiapore?
Cynical or just plain idiot?
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@ Banks Benefit
YOU MIGHT BE COMPLETELY WRONG – there could be NO NEED for any competing commercial bank ANYMORE.
The GOVT DIGITAL BANK might forcibly CONSOLIDATE ALL BANKING DEPOSITS into one particular name or joint names – not much different from your CPF now.
This digital saving akin to “CPF” (aka CONFISCATED provident fund) set-up is where your pay/savings goes INTO THE BLACK BOX AND NEVER COMES OUT.
It is transformed into in ILLEGAL TRUSTEE LAW CONSTRUCT – a PERPETUAL TRUSTEE – rolling over from generations to generations forever and even your sons/daughters or nominated beneficiaries cannot touch the money.
Your kids have mortality ending, the PERPETUAL TRUSTEE has no mortality because it is PERMANENT of legal life.
DIGITAL CURRENCY IS THE EASIEST ROUTE for any rogue govt TO CONFISCATE AND ENSLAVE PEASANTS AH SENG, AH LIAN AND SIGINAS (you have been told of this already).
IT IS LEGALISED THEFT – just like CPF.
But unfortunately for the liberated learned group, 61% of the peasants have a*seholes smarter than their desiccated coconuts!
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ANY DERANGED MIND that spoke or advocates the transition from cash to digital currency NEEDS some soul searching of his/her “blank-skull” intelligence.
He or she must not speak or give advice on any topical issue in FINANCE in Hong Lim Park.
At least in a written platform or his/her own facebook, it can be publicly-challenged and debated upon vigorously.
Why?
That advocacy mind may be “TOO CHEEM” (aka intellectual depth is too profoundly deep) way beyond the comprehension of the men/women on the street. They could all end up confused and misled resulting in a lot of unanticipated pains and misery later.
SAD!
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ONE BIG CLUE why the advocacy of digital currency is “TOO CHHEM” of his/her blank intellectual desiccated coconut is these facts.
a) No Central Bankers – be that Fed, BOJ, RBA, BOE, Bundesbank, HKMA, MAS, not even PBOC of China – came out swinging publicly in favor of digital currency or its use in international transactions.
- Not a single high-profile distinguished economist dare stake his/her reputation in advocacy of digital currency.
Why?
DIGITAL CURRENCY introduction will dramatically change the global monetary/economic structure architecture and POLITICAL POWER CONSTRUCT and INEQUALITY DIVIDE inevitably between the governing and the governed.
IT IS THEREFORE DISRUPTIVE of civilisation going forward way beyond privacy concern and so-called efficiency/expediency of accounting/finance applications.
HOW TO CO-ORDINATE THIS?
will it end up two dominant economic powerhouse – CHINA AND USA – squabbling forever in tumultuous fights and wrecking global economies or they collaborate together to enslave the world?
IS IT GOING TO BE COLLABORATION AND EXPLOITATION of political choice between them or CONFRONTATION AND MUTUAL ASSURED DESTRUCTION and the world together in clashes of civilisation?
Domestically, it is THE ENSLAVEMENT OF PEASANTS at the mercy of UNNATURAL ARISTOCRATS?
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Straits Times: Budget debate: PA plays ‘critical role’, proved its worth during pandemic, says Eric Chua to Leong Mun Wai
PAP MP Eric Chua is full of shit just like HSK, Tharman, SHAMmugam, Vivian, Desmond Lee
Eric is playing “fast-and-lose” with the facts. PA has been around for many years and it costs taxpayers almost a billion a year.
1) What has PA been doing BEFORE the pandemic to justify its huge $ budget?
2) Whatever PA is doing during the pandemic could easily be done by a specially formed group if the government is willing to pay. It should not be not problem getting Singaporeans to join the group since so many of them has been made jobless when PAP allowed in a large number of foreigners to work in Singapore.
THE FACT IS PA WAS FORMED TO PROVIDE EMPLOYMENT TO PAP SUPPORTERS AND STOOGES.
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Straits Times: Budget debate at a glance: Transforming Singapore for a post-Covid-19 future
The PAP will use the pandemic (and the use of part of Singapore’s TRILLION+ $ reserves) for more “rent-seeking” policies and/or decisions to replenish the massive reserves it uses at its “war chest” to “buy” votes during elections.
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Straits Times: Budget debate: Of fiscal stability and stronger social safety nets – Grace Ho
Grace Ho is full of shit just like PAP politicians. She should not talk about “fiscal stability” and “safety nets”.
1) Unless she has full details on Singapore’s massive reserves (which is kept secret) she has no business talking about “fiscal stability”.
2) What “safety nets” is she talking about? Where are the “safety nets” for the thousands of Singaporean PMETs who lost their job after PM LHL allowed a massive influx of “cheap” (no CPF) foreigners into Singapore?
Straits Times is indeed The Shit Times.
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Straits Times: Same old, same old, maid abuse cases are a blight on Singapore – Han Fook Kwang
Abuse is “normal” in Singapore. The PAP has been “abusing” Singaporeans for over 5 decades.
(1) PAP brought in large number of foreigners to work in Singapore causing massive job losses among Singaporean PMETs.
(2) The above foreigners also depress local wages and their demand caused a sharp rise in prices. Singaporeans got squeezed and screwed big-time by PAP.
(3) The price of HDB flats more than doubled since LHL became PM while wages were stagnant and prices rising sharply.
(4) PAP used over-priced HDB flats to “drain” the CPF accounts of Singaporeans.
(5) Singaporeans had to use the non-depreciating, interest earning cash in their CPF account to buy an over-priced, poor quality, basically depreciating (to ZERO because of the 99-year lease) HDB flat.
STRAITS TIMES IS INDEED THE SHIT TIMES.
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Straits Times: Same old, same old, maid abuse cases are a blight on Singapore – Han Fook Kwang
Abuse is “normal” in Singapore. The PAP has been “abusing” Singaporeans for over 5 decades.
(1) PAP brought in large number of foreigners to work in Singapore causing massive job losses among Singaporean PMETs.
(2) The above foreigners also depress local wages and their demand caused a sharp rise in prices. Singaporeans got squeezed and screwed big-time by PAP.
(3) The price of HDB flats more than doubled since LHL became PM while wages were stagnant and prices rising sharply.
(4) PAP used over-priced HDB flats to “drain” the CPF accounts of Singaporeans.
(5) Singaporeans had to use the non-depreciating, interest earning cash in their CPF account to buy an over-priced, poor quality, basically depreciating (to ZERO because of the 99-year lease) HDB flat.
STRAITS TIMES IS INDEED THE SHIT TIMES.
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Maid abuse in Singapore is prevalent because Singaporeans are abused by PAP over the last 5 decades. Out of frustration and anger Singaporeans wind abusing others because they if they protest or complain they will be “fixed” (abused again).
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Dear @ Oxygen
A perfect good reminder on this fact!
Once power failure, we will all be back to stone age! >.<"
From digital perfection we will go right back to barter trade. The man will carry a sack of rice to the brothel.
This is perfectly true that when we go big time into green energy, we will ask our enemies to wait for us to charge our batteries during war.
My grandfather used to say "never die before". Digital currency is another perfect example.
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I suspect this bugger may be gathering information/data for some nefarious projects. Let’s feed him with some disinformation/data. Keep the real stuff to yourself.
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@ Tan Kin Lian
I am manager from a well-known International cryto-exchange in Singapore. Would you like to join? Just convert your $5 million (Sing) into digital/cryto currencies? You only need to pay me cash $3 million (Sing dollars) via digital transfer to our clientele privilege A/C (available to you if you are interested).Don’t wait. I have insider info that it will hit $70,000 in a few days time. Offer also extended to some ‘special’ TRE readers here. Thanks. :)
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Tagging by govt already exists,i am sure.
Digital monetary exchanges will just enhance it.
Besides,expect more $cams as digital exchanges will make it easier for scammers.
Everything has its benefits and disadvantages.
For the end-users,govt must ensure more benefits than disadvantages
This has mostly been not the case.
HDB policies.
Ft policy
Others.
Most of them disadvantage sgs more than benefit.
The most obvious is GRC.
GRC IMPEDES MERITOCRACY as unwilling scholar$ get drawn into public service that is fast becoming DISSERVICE?
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@ Mike
OI OI OI, mate, you are a REAL KNOCKER on this one.
I haven’t figure out this one – A GOOD SHOT from you!
HILARIOUS!!
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I would like to differ. Eavesdropping is ok.
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