Digital Yuan: China’s Plan to Topple the U.S. Dollar

American Spectator ^ | June 23, 2020, 12:14 AM | John Jiang

[T Ruth]

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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 People’s 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 “world’s first sovereign digital currency,” before spending the rest of the article attacking Facebook’s 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, China’s central bank. The digital yuan’s 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.

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[Pearls Before Swine]

Which Communist country do you think has sound money?

Russia—the ruble is crap.

China— a mystery, with lots of opaque debt, continually devaluing against the dollar to keep exports competitive.

Frankly, I don’t know of any country that has sound money and sound policy at this moment. The Swiss held out the longest, but they have to keep their currency from strengthening too much against the Euro.

Money as a store of value is going to undergo some ups and downs over the next decade, IMHO.

[jdsteel]

Oh yeah, the world will go bananas over a digital security from Communist China.

Riiiiiiiiight.

[elbook]

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Monetary Fraud at the Touch of a Switch.

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Time for NATIONAL DISTANCING from the Chi-Com Plague Pit.

.

[delta7]

Just in,
https://www.zerohedge.com/commodities/chinese-gold-miners-continue-gobble-gold-companies
...and for your info, Russia has been amassing gold (on par with China) with all the dollars it has sold off. The gold bull has arrived. A full audit of our reserves is in order, none of the financial greats believe we even have a sliver of what used to own.

[delta7]

Bitcoin will be taken down. Six countries have already announced plans for digital currency, Italy the most recent......governments are banning cash and need to tax ALL you have-cash, PM’s are anonymous, hard to tax...can you say “ no man will buy or sell without the mark”...that is coming sooner than later. India is already three years into testing the digital currency ..if it succeeds in India, it will succeed worldwide.

[delta7]

You read about Indias sweeping digital ID program in effect on their .gov page....after all are digitally ID’d, then they all go to digital money...
https://www.digitalindia.gov.in/content/vision-and-vision-areas

[delta7]

Do not confuse digital currency like Bitcoin with government owned digital currency . Can you say “ cashless” society? Much coming out on it recently, China’s recently announced digital currency ultimately bans all cash, and Russia’s planned digital currency will also ultimately ban cash, India’s government has also put out similar statements...still a few years left but creepy how fast mandated cashless is moving. I suspect the 2020-2022 global crash will move it along much quicker....ever wonder why China is already 5G wired? ....key to mandated cashless society is super super quick 5G, every transaction has to be “ time stamped” in milli seconds..for example: all of the US ATM machines are time stamped by GPS- but it is not quick enough - we ( tthe US) will not see cashless until 5G is wired across the US.

[Pearls Before Swine]

A full audit of our reserves is in order, none of the financial greats believe we even have a sliver of what used to own.

Now, if most of the gold had been stolen over the years, it would be epic. Not that the dollar is gold-backed, mind you. But that it couldn't be, even at an astonomical price per ounce.

And also, because the embezzlement would have had to have been monumental and bipartisan.