Facial Recognition and CBDCs

New York (RichTVX.com) —

In China, if you jaywalk or cross the street in an unauthorized area, the facial recognition system can quickly capture and match your face with its database. Then, your personal information, including your face, name, and other relevant details, will be displayed on a public screen or board of shame in real-time. Moreover, the system will automatically deduct the fine from your linked bank account. This practice represents a part of China’s social credit system, which aims to monitor and assess citizens’ behaviors and social standing based on their actions and choices. It uses various technologies, including facial recognition, and big data, to collect, analyze, and evaluate vast amounts of information and produce a personal score or ranking. A high score can bring benefits and privileges, such as access to loans, education, and travel, while a low score can result in penalties, restrictions, and social stigmatization. Although the social credit system remains controversial and criticized by many for its potential misuse, privacy invasion, and political control, some argue that it could be a glimpse of the future of governance and regulation. With the rise of digital ID, CBDCs (central bank digital currencies), and other digital technologies, more countries and organizations might adopt similar approaches to monitor and manage their citizens’ behavior and finances. Therefore, it’s crucial to balance the benefits and risks of such systems and ensure they align with ethical, legal, and democratic principles.

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