Get Brave For Free A video from China featuring a man handcuffed to a metal chair and being interrogated for criticizing the Chinese police on social media is now making the rounds.
This virtual profile of yours will lead to real-life consequences: You might not get the loan you need to buy a home because of a bad social credit.
The Chinese government intends to use social media data, surveillance, and purchasing trends to develop a “score” for its citizens to gauge their “buy-in” to the state.A law at the state and federal level guaranteeing social platform access as a citizen’s civil rights would be one example of such legislation.
The New York State Department of Financial Services announced earlier this year that life insurance companies can base premiums on what they find in your social media posts.
The articles and broadcast segments often said China’s central government is using a futuristic algorithm to compile people’s social media connections, buying histories, location data, and more into a single score dictating their rights and freedoms.
As stated by Jerry Brito of the Coin Center, “a cashless society is a surveillance economy.” Bank-mediated transactions enable unprecedented monitoring, and the “death of cash means the birth of perfect financial control.” For example, China’s Social-Credit System punishes behavior the regime deems unfavorable, aided by monitoring via payment platforms.
BEIJING: Western media reports have swirled about China’s social credit system, which is intended to nudge Chinese citizens to adopt good behaviour, including motivating them to pay outstanding debts and fines, as well as encouraging them to obey the country’s laws and regulations.
According to the National Public Credit Information Centre’s 2018 report, 17.5 million people were banned from buying flights and 5.5 million barred from purchasing high-speed train tickets because of social credit offences.
BEIJING: Beijing's municipal government will assign citizens and firms "personal trustworthiness points" by 2021, state media reported on Tuesday, pioneering China's controversial plan for a "social credit" system to monitor citizens and businesses.
The new social credit system under development will consolidate reams of records from private companies and government bureaucracies into a single “citizen score” for each Chinese citizen.
The Chinese state is setting up a vast ranking system system that will monitor the behavior of its enormous population, and rank them all based on their "social credit." Like private credit scores, a person's social score can move up and down depending on their behavior.
In 2014, the Chinese government released its plans to extend financial credit scoring systems to include measures of social behaviour by 2020. In 2013, China’s National Bureau of Statistics signed 11 major data-sharing agreements with Chinese companies, including Baidu, Alibaba, and China Unicom.