Posted on 04/17/2022 2:50:04 PM PDT by blam
Russia’s war in Ukraine is obscuring one very alarming threat posed by the Chinese regime: its system of paperless money, warned hedge fund manager Kyle Bass.
“It is, I think, the single largest threat to the West in the last 50 years. And it’s being overshadowed by the Russian invasion of Ukraine,” Bass said during a recent interview on EpochTV’s “American Thought Leaders” program.
The Chinese digital currency, variously known as the digital yuan, digital renminbi, e-CYN, and e-yuan—is currently being developed by the Chinese regime through its central bank. Since the e-yuan is backed by the People’s Bank of China (PBOC), it is a central bank digital currency (CBDC) or simply the digital version of China’s fiat currency.
So far, pilot tests of the e-yuan are being carried out in more than 20 different Chinese cities and the money was made available to visiting foreigners through a mobile app for the first time during the 2022 Beijing Winter Olympics.
“This isn’t a simple digital payment app. This is an app that tracks where you are, what your name is, what your social security number is, [and] what all of your identifiers are. It has the geo-locating ability,” he explained.
Bass explained once the Chinese digital money is fully-developed and is made available to everyone outside of China, the Chinese regime could seek out certain e-yuan users, such as those in financial trouble, and corrupt them.
“Image if the Chinese government had access to every Tom, Dick, and Harry in America, and in Europe, and in Canada,” he said. “Imagine if they could cross-run an algorithm that says, let’s look for U.S. government employees that have Tinder that are short on cash—and maybe they’re married—and we can corrupt them immediately.”
“It gives them the ramp to corrupt anyone and everyone around the world that’s corruptible, which is a real national security problem,” he added. “So it’s a way they can export digital authoritarianism.”
China’s global rollout of its e-yuan has a very specific agenda, Bass said, which is to reduce its dependence on the U.S. dollar.
“About 87 percent of global transactions that China settles are settled in dollars,” he said. “They’re desperately short energy, they’re desperately short food, they’re desperately short basic materials, they have to go buy these things every day around the world, and no one trusts their currency, and they still have a closed capital account.”
“And so what do they have to do? They have to use their [U.S.] dollars to do so,” he said.
More than 80 countries in the world, including the United States, are exploring the issuance of CBDC, according to tracking by the Washington-based think tank Atlantic Council. So far Nigeria is among nine countries that have launched digital forms of their currencies.
In March, the White House issued an outline of President Joe Biden’s executive order on digital assets. The president was “placing urgency” on research and development of a U.S. CBDC, and issuing one was “deemed in the national interest.”
Several U.S. lawmakers have been keen to see the threat posed by the e-yuan properly addressed. In May last year, Reps. French Hill (R-Ark.) and Jim Himes (D-Conns.) introduced the 21st Century Dollar Act (H.R.3506), which would require the U.S. Treasury Department to include in a report for Congress any risks to the U.S. dollar posed by the digital yuan.
In March, Sen. Marsha Blackburn (R-Tenn.) and eight of her Republican colleagues introduced the Say No To the Silk Road Act (S.3784). If enacted, the legislation would require the U.S. Commerce Department and U.S. Trade Representative’s office to file reports on the e-yuan.
Additionally, the U.S. State Department would be required to put a warning on its website, warning U.S. citizens traveling to China “about the dangers of the digital yuan,” according to the text of the bill.
“There are some senators that you’ll see in the coming weeks are going to launch legislation to outlaw its use. And I believe that, that those that legislation must happen,” Bass said.
“The West needs to convene, and we need to ban it immediately,” he added. “You can’t have a little bit of cancer, you either have cancer, you don’t have cancer.”
There is a booby trap behind every tree.
We can rest assured that JoeTato and his people are already on top of this. /s
The Swedes are fond of paying electronically.
Nobody wants the real one, why would they want the digital one?
I wouldn’t trust the Communist Chinese government with large sums of money.
Chinese restaurants don’t like payment card merchant fees.
The Chinese government could ban Visa and Mastercard in China if the digital yuan is banned by the US government.
A digital yuan account may be useful like Paypal is.
Would you like cancer, Mr. Griffin?
No, I would not.
I tend to avoid new financial accounts because fees might be levied on them.
The Chinese digital currency the biggest threat? Yes and no. The US cashless digital currency being spoken about by the Fed and Treasury is by far the biggest threat. A dozen countries are working on it, BUT when the US instates it everyone will follow, the floodgates will open. The US is very, very close and no one is paying attention.
Our hope, the US cashless digital currency ( ultimate control over buying everything) is shelved if the Demoncrats are defeated in November, they seem to be the primary backers.
However, us Bible thumpers are familiar with the Biblical warnings about a cashless society. Pray for discernment, if as with the great Covid vax hoax, people will rush to cashless, like lambs rushing to their slaughter.
The US will probably have its own digital currency in a few years. The threat from China isn’t so much its digital currency, it’s that they are setting up an alternative paying system outside of the US controlled SWIFT, with which they are cooperating with Russia and other countries who trade with them. That’s the big deal. In any event doesn’t Kyle Bass hold a bunch of gold himself? Probably a good idea at this point before the price starts quickly heading up. I don’t trust Bitcoin in a shtf scenario.
Kyle is my Texas billionaire nickel guy. I have $1,200.00 In nickels too.
Yup Kyle is no fool, he knows what’s up. Thanks for the link.
This below seems stupid. Why on earth would those US and EU govermmnment users be using the e-yuan and especially with tinder accounts?
“the Chinese regime could seek out certain e-yuan users, such as those in financial trouble, and corrupt them.
“Image if the Chinese government had access to every Tom, Dick, and Harry in America, and in Europe, and in Canada,” he said. “Imagine if they could cross-run an algorithm that says, let’s look for U.S. government employees that have Tinder that are short on cash—and maybe they’re married—and we can corrupt them immediately.”
A cashless society is the least to be worried about. Being justified before God is the ONLY thing people should be worried about.
Saving your portfolio while rejecting the Resurrection, and then burning in agonizing pain for eternity isn’t a good trade.
Or worse yet, thinking you are “safe” without any self-evaluation with the same result.
A cashless society is the least to be worried about. Being justified before God is the ONLY thing people should be worried about
———
Of course, well said….but we as Christians should be concerned about the unsaved. My line of thinking- when the cashless system arrives ( who knows exactly when), time will then be very, very short and those open to God’s word will be very few….and the persecution of Christians will be large.
Until then, go preach the word to all Nations, (best to begin at “home”) while the harvest is relatively easy.
Why would anyone own a currency that the Chicoms could devalue tomorrow?
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