China's New Plan; Digital Currency

 We know that some cashless currency will be running the world in the near-term future.  We know this because the Bible tells me so.

We also know that America has had the world's ONLY reserve currency since the end of WWII and this has given us tremendous leverage to own the printing press to the world's only reserve currency.  Mainly, we can run $30 trillion deficits and just keep printing money to pay the interest since we own the printing press.

But what if China wants to rule the world for a while?  What might they do to unseat us from our prideful perch?

Communist China is adding another element to its toolbox of surveilling and controlling its population. Already known as the country in the world with the most pervasive surveillance and social credit system, China has now created a digital currency, the digital renminbi or yuan -- also known as Digital Currency Electronic Payment (DCEP) -- to ensure that hardly any transaction goes unregistered.

Unlike cryptocurrencies such as bitcoin, which are not issued by governments and therefore cannot be used as means of payment in most daily transactions, China's digital currency is issued and controlled by China's central bank.

According to the Wall Street Journal, the currency "is expected to give China's government vast new tools to monitor both its economy and its people. By design, the digital yuan will negate one of bitcoin's major draws: anonymity for the user."

"DCEP is the antithesis of Bitcoin. The ultimate goal of a cryptocurrency is the separation of money and state," said Stewart Mackenzie, a cryptocurrency expert based in Hong Kong. "It's easy for them to say that it's like Bitcoin when it's worlds apart."

The real purpose of the new digital currency, however, seems to be to challenge the long-standing global reign of the US dollar. "China must brace for a full-blown escalation of the struggle with the United States and prepare to gradually decouple the Chinese yuan from the US dollar," Zhou Li, a former deputy director of the Communist Party's International Liaison Department wrote in July 2020. "By taking advantage of the dollar's global monopoly position in the financial sector, the US will pose an increasingly severe threat to China's further development."

China has been working on the digital yuan since 2014 and launched it as a pilot project in four Chinese cities last year. The digital currency has since been expanded to 10 cities and provinces covering 100 million people, where the pilot has been conducted in the form of lotteries. In Shenzhen, for instance, the government gave away a total of 10 million yuan (about $1.5 million) to about 50,000 people, which they could then use with 3,000 local merchants after downloading a digital renminbi app.

Shenzhen is home to some of the country's biggest tech giants, such as Huawei and Tencent; Walmart reportedly also participated in the pilot project. Another Chinese e-commerce company, JD.com, as part of the project, paid its employees with the digital yuan. There are reportedly also plans to have foreign athletes and visitors at the 2022 Beijing Olympics use the digital yuan as a means of payment.

Most recently, it has been reported that China will hand out 40 million renminbi ($6.2 million) of its digital currency to citizens in Beijing in a lottery; that it is testing the digital yuan in Hong Kong, and that it recently rolled out more than 3,000 ATMs in Beijing where people will be able to convert digital yuans to cash and vice versa.

China is denying that launching the digital yuan is fraught with hidden agendas, such as challenging the dollar. "For the internationalization of renminbi, we have said many times that it's a natural process, and our goal is not to replace US dollar or any other international currency," said Li Bo, a deputy governor of the People's Bank of China. "Our goal is to allow the market to choose."

"Some foreign media outlets recently associated the process with geopolitics, assuming that the PBC [People's Bank of China] plans to establish a new global financial configuration by issuing DC/EP [digital currency/electronic payment]," the Chinese Communist Party's (CCP) Global Times wrote recently.

"Some even jumped to the conclusion that the Chinese government deems the issue and control of a sovereign digital currency as a 'new battlefield' of national competition. In fact, the PBC's decision is merely a necessary move to comply with the inevitable trend of global currency development. From material objects and precious metals to paper notes and the digital currency in the future, pursuing simpler and easier payments is an unstoppable trend of monetary and financial development."

Here;  Communist China's New Plan: Digital Currency :: Gatestone Institute

Amazing!!  This will ENSURE that hardly any transactions go unrecognized by the government!!  Talk about the Mark of the Beast heading for planet earth!  

And how much longer can America really hold together?  We pray that she does until Jesus returns but with every gay-pride month and National Coming Out day that passes, we wonder how long we can function as a nation.  It would seem that the foundations of America have already been exploded and now we are just waiting for the implosion to take over.