Skip to comments.Digital Yuan: China’s Plan to Topple the U.S. Dollar
Posted on 06/23/2020 9:44:12 AM PDT by T Ruth
China has been conducting intensive research on a potential centralized digital currency since at least 2014. The Digital Currency Electronic Payment (DCEP) plan, popularly known as the digital renminbi or digital yuan, was announced by the Peoples Bank of China (PBOC) in October 2019. In an op-ed published in the Global Times, a Communist Party mouthpiece, leading Chinese academic Huang Zhen declared that the digital yuan will likely become the worlds first sovereign digital currency, before spending the rest of the article attacking Facebooks rival digital currency project, Libra (more on that later).
While the PBOC has yet to fully commit to a timeline for rolling out the digital yuan, its efforts appear to be well under way. Pilot trials have been conducted in several cities so far this year, and officials have indicated that the currency will be ready for use by visitors to China during the 2022 Winter Olympics in Beijing.
China aims for economic omniscience
The digital yuan can be broadly classified as a central bank cryptocurrency, a subcategory of digital currency. The central bank aspect is self-explanatory: the currency would be controlled exclusively by the PBOC, Chinas central bank. The digital yuans most radical departure from the norm would be the use of cryptography to verify and secure currency ownership and transaction. This added layer of security means that the currency will be recognized as legal tender and exchangeable between individuals without requiring a bank as an intermediary.
(Excerpt) Read more at spectator.org ...
What could be less anchored to something hard (Gold? Property?) than a digital currency that can be created and manipulated by a government?
Not that the dollar is looking good under what is de facto MMT policy.
“But every one does it!”
Good grief the CCP is obsessed with destroying the USA!
How could this work? Didn’t Bitcoin prove to be tulips?
My thoughts exactly. I'm glad you immediately brought that up. The dollar is essentially a fiat currency. It is also primarily a digital currency, which has been forced upon us through banking regulations in the guise of protecting us from terrorists. (The vast majority of financial transactions are electronic. Everyday mom and pop transactions with paper money pale in comparison to electronic transactions.)
This has been on this globalist agenda for decades.
In many respects it is already working. Forget about the technical mechanisms used to facilitate transactions. The concern that we should have is over privacy of transactions. That is already absolutely gone in the US. I am not a proponent of Bitcoin because I am a proponent of the greenback - which is no longer green. I have no trust in China to ensure privacy or any other progressive business. I guess in a way that makes me look at Bitcoin in a better light. But I am a conservative and I don't want to progress by my very nature.
Digital may be, but China has been buying massive quantities of gold, promoting and selling gold from their banks to the masses for 5 years now. They have bought many gold mines in Africa and recently bought one in Canada. Most of the experts have said two things, 1) the Yuan will be backed by gold 2) their gold holdings rival our “ claimed” reserves ( US gold holdings have not been properly audited since the 1960’s). For the nay Sayers, Russia has been doing the same. Many China white papers state their unit of currency will be officially backed by an amount of gold by 2024-30. It matters little if currency or digital currency is around, point is it WILL have massive gold reserves backing it.
China will replace the dollar when the world trusts China. The virus made world trust in China almost ZERO.
Next up we will be seeing articles decrying possible EMP attacks.
Then another run at climate change.
Then the Norks/Iranians/Venezuela.
Fear porn. Damn tired of it.
For those interested just google China gold reserves- question is when not if. I believe it will be officially “unveiled” shortly after the 2020-2222 financial crisis. You can visit the GATA.org site that has been following this issue since China legalized gold and started selling physical from all their banks.Also, be aware, by law, gold can NOT be exported from China and is confiscated at departure airports.
Martin Armstrong, 2032.
“Fear porn. Damn tired of it.”
Wait for the third shoe to drop.
As big a gorilla as China is the NWO is bigger.
I think Bitcoin will have arrived when it’s well known as a medium of exchange, and not as a speculative investment vehicle.
“... a potential centralized digital currency ...”
Makes me wish I had studied hacking in college instead of zoology.
I actually was being sarcastic so I do apologize. People on freerepublic have been parroting tulips for several years, yet there has never been any real connection. No one knows ultimately where it ends but those that got in early are still doing ok at $9,400 per tulip!
Does it come with a manditory RFID chip thingy inyour RT hand or forehead? just ask’n
How is it that a communist county can have sound money and we cannot? Something is extremely wrong here.
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