Thursday, July 29, 2021

China Pushing For Digital Currency

Communist China’s New Plan: Digital Currency

Judith Bergman
Originally Published by the Gatestone Institute.

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.


john said...

Remember the Titanic?

"Even God himself couldn't sink this ship,"
—Edward John Smith

“By faith Noah, being warned by God about things not yet seen, in reverence prepared an ark for the salvation of his household…”
—Hebrews 11:7
“For if God did not spare angels when they sinned, but cast them into hell and committed them to pits of darkness, reserved for judgment; and did not spare the ancient world, but preserved Noah, a preacher of righteousness, with seven others, when He brought a flood upon the world of the ungodly…”
—ll Peter 2:4-5

America isn’t the Titanic and the Titanic is not America. But the same attitude and sentiment exists with regard to the land of the free and the home of the brave.

A man known for his faith and the fact that he regularly lifted up his cap when he prayed. As soon as he heard of the SOS, he ordered his quarters and all officers’ quarters to be emptied immediately for wounded. He then got all men with 20/20 vision to the Bridge and steamed full speed 58 miles to the sight of the sinking. They brought the survivors onto a ship one third the size of the Titanic (named after the Titans….mythological gods who struggled against heaven and always lost.

Anonymous said...

Yes, John, and watching them and Russia build up their military especially, making a show of their vast arsenal, not taking into account God Most High, sitting on His throne and laughing, holding them in derision.
Christ alone, strong and powerful to save!