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China’s so-called digital currency is actually a long-established electronic currency, plus the central bank’s gradual removal of paper currency, as simple as that. Many Chinese people have become accustomed to using mobile payment. It has become extremely popular in today’s China, as most transactions and settlements are already in electronic form.

But there are still many people who are willing to use paper money because they can trade without revealing their identities or whereabouts.

For the CCP’s corrupt and high-ranking officials, paper currencies can be hidden in secret places, whereas using digital currency will expose all their illegal assets.

According to the Chinese-edition BBC, an official of the People’s Bank of China said, “The legal digital currency will replace the total cash in circulation (M0).” Chinese authorities are also asking for digital currency to “replace all currencies” and “realize the reform of the currency operating system.”

The Central Bank of China and state-owned banks are the biggest winners of the digitalization of currencies. They no longer need to print, escort, and store paper currencies. Bank tellers no longer need money counters, and don’t need to count the remaining cash at the end of the day. There is also no need for a bank vault, except for storing gold and jewelry. Chinese e-commerce companies are among the first to cooperate with the government to accept digital currency, and they will also benefit from the program.

The biggest loser is the ordinary Chinese people. As almost everyone in China is already using mobile payment nowadays, switching to digital currencies will not bring more convenience, but will deprive more privacy and rights instead.

The Central Bank of China claims that digital currencies are decentralized and untraceable. This is an outright lie. The Chinese authorities are able to track the transactions all the way, as it is highly centralized and tightly controlled by the government.

The central bank also claimed that “payment data will be anonymous.” In fact, that isn’t the case. The government and banks can easily check the data at any time.

When the CCP formally issues digital currency, will they take back equal values of paper money? If not, it’s the same as printing money without any cost! If paper money is to be collected by Chinese banks in exchange for digital currency, are there going to be any quota as restrictions? When North Korea issued a new currency a few years ago, there was a quota. Many people suffered huge losses from this restriction.

If the same situation occurs in China, corrupt CCP officials will cry, but what they lose is just their illegal and bribery gains; Chinese people will cry because all their hard-earned money will be wiped out by the CCP.

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Why is the CCP is forcibly and rapidly launching digital currency? there are seven possible reasons.

1. China’s economy is in dire straits, food crises are emerging, grain purchases from Chinese peasants are insufficient, and state-regulated purchases and sales have reemerged. At this point, the supply and marketing cooperatives, the planned economy, and the “planned currency” are simply a perfect combination.
2. Digital currency can help to conceal and obliterate the evidence of the CCP’s crazy printing of money and causing artificial inflation, plundering ordinary people, and transferring their assets to corrupt officials.
3. Digital currency can digest the huge amount of funds invested in the housing market, which can cool the real estate boom.
4. Getting ready for decoupling from the U.S. dollar. When decoupling, the yuan will depreciate sharply. If cash is recovered and a large amount of cash is destroyed, it is equivalent to issuing new banknotes. The issuance of digital currency as the new currency will make the devaluation controllable.
5. Use digital currency to monitor people, control dissidents, and maintain political power.
6. The CCP has used big data, surveillance cameras, mobile payments, Party branches, neighborhood committees, etc. to build the world’s first-class and most closed “1984” national system. Together with digital currency, the CCP will complement the last element of the “police state.”
7. Compete against the new international digital currencies that may be launched by G-7 countries, such as the United States and Japan.