Series: The True Nature of Cryptocurrencies – Episode 77 Episode 77 of the series “The True Nature of Cryptocurrencies” focuses on “CBDC in Practice #10: Social Risk – Surveillance State Expansion (Enhanced Authoritarian Control, as Illustrated by e-CNY).” As the full-scale implementation of Central Bank Digital Currencies (CBDCs) advances, China’s e-CNY exemplifies a new frontier of social control through financial infrastructure. In the e-CNY system, all transactions are fully visible to authorities, and anonymity is systematically eliminated. This design not only facilitates the detection of tax evasion and underground economies but also enables direct enhancement of control over dissenting activities and speech. While such increased control is officially justified as measures against financial crime and for efficiency improvements, in reality, it means every aspect of citizens’ spending is placed under state supervision. Over the past week, Bitcoin’s price has surpassed $85,000, and inflows into U.S. spot Bitcoin ETFs have continued to grow—but the direction of regulation cannot be ignored in shaping the broader evolution of cryptocurrencies. The developments in CBDCs and ongoing regulatory debates must continue to be closely monitored, as they will profoundly influence the future balance between financial freedom and control. #markets #investing ※Investing involves risk. All final decisions are made at your own responsibility.