The Chinese are leading the effort to implement a digital currency. Starting first within China and then expanding to other nation’s around the globe, the People’s Bank of China, or PBOC, is developing a form of digital currency that enables controlled anonymity - privacy between parties involved in a transaction but full visibility of the transaction details by the Chinese state, in real time, of any and all transactions employing this digital currency system.  My guest for today’s podcast is Mr. Yaya Fanusie, an Adjunct Senior Fellow at the Center for a New American Security (CNAS). His research focuses on the national security implications of cryptocurrencies and blockchain technology.  Mr. Fanusie explains how this new digital currency system operates, the risks and benefits of this system to both the Chinese state and the commercial participants, and some issues that the US and its western allies need to bear in mind as this system begins to expand around the globe. You can download a copy of Mr. Fanusie's paper here: https://www.cnas.org/publications/reports/chinas-digital-currency