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China Creates Its Own Digital Currency, a First for Major Economy
Wall Street Journal ^ | 4/5/21 | By James T. Areddy

Posted on 04/06/2021 5:09:21 AM PDT by EBH

A cyber yuan stands to give Beijing power to track spending in real time, plus money that isn’t linked to the dollar-dominated global financial system

A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power.

It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China is turning legal tender itself into computer code.

Cryptocurrencies such as bitcoin have foreshadowed a potential digital future for money, though they exist outside the traditional global financial system and aren’t legal tender like cash issued by governments.

China’s version of a digital currency is controlled by its central bank, which will issue the new electronic money. It 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.

Beijing is also positioning the digital yuan for international use and designing it to be untethered to the global financial system, where the U.S. dollar has been king since World War II. China is embracing digitization in many forms, including money, in a bid to gain more centralized control while getting a head start on technologies of the future that it regards as up for grabs.

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy; Foreign Affairs; Front Page News; Government
KEYWORDS: bitcoin; china; coopted; cryptocurrency; currency; digital; digitalcurrency
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1 posted on 04/06/2021 5:09:21 AM PDT by EBH
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To: EBH

Why China’s New Digital Currency Raises Privacy Concerns | WSJ

https://youtu.be/Y6YLQXM5izM

As China moves closer to rolling out its new digital cash, there are concerns the government will track every transaction––not just of citizens but of foreign companies in the country. WSJ travels to Chengdu to see this money revolution in action. Photo: Lorenz Huber for The Wall Street Journal


2 posted on 04/06/2021 5:12:57 AM PDT by EBH (How they did it? Social Contagion and Social Media is the mechanism)
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To: EBH

Why in the world would anybody with a choice do a transaction with that? Whatever you do with it will be trackable forever more, in sickness and in health until death do you part. And afterwards unto eternity.


3 posted on 04/06/2021 5:21:03 AM PDT by glorgau
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To: glorgau

Track you, your spending habits, and ultimately will be connected with your vaccine passport.

It isn’t about currency, it is about data. In fact, if you watch the YouTube video there’s a barely a mention that the China Central Bank can revalue your account and control how much you are spending and where.


4 posted on 04/06/2021 5:23:46 AM PDT by EBH (How they did it? Social Contagion and Social Media is the mechanism)
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To: EBH

This story strike me as one of those often talked about “Black Swans”. It seems insignificant when you first read it. But, I think it’s the start of a bigger movement.

I think America’s turn at minting the world’s reserve currency is coming to an end. We’ve abused our privilege for decades now. But, the explosion of money printing in the past year has been more than the global financial community can accept. They are LOOKING for an alternative.

Let’s see if this movement grows.


5 posted on 04/06/2021 5:24:52 AM PDT by SomeCallMeTim ( The best minds are not in government. If any were, business would hire them!it)
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To: SomeCallMeTim

Well they are looking to have this in place for the winter Olympics in 2022. And if you watch the video, all China would need to do once converted to all digital cash is to demand all business in China be done on the Yuan. Boom!

This is a really big deal given the influence of China’s economy in the world. And if they pull it off, the World Economic Forum and other Central Banks (currently 86% looking into digital), we’ll see it is all over.

And they are even talking about putting an expiration date on the digital currency in your wallet! If you don’t spend it, you lose it?


6 posted on 04/06/2021 5:33:15 AM PDT by EBH (How they did it? Social Contagion and Social Media is the mechanism)
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To: EBH

Etherium is considering making some small percentage just disappear each time it’s used, to keep inflation going with it. Lots of different ideas thrown around. Spend it or lose it is a bit scary though.


7 posted on 04/06/2021 5:36:17 AM PDT by Shadylake
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To: glorgau
Why in the world would anybody with a choice do a transaction with that?

Globalist corporations will want to use the cyber yuan, and then they will want you to use it too. I am serious about the globalist corporations wanting. It won't be because they are required by China to do so. Some may initially sound like they are resisting, but it is a desire of theirs to know everything about consumers. Establishment government in the United States will jump on board too. Perhaps, creating their own version with just as much or more monitoring and tracking than the CCP. Then of course, it will be openly traded on FOREX. Add to this COVID, aka Health, passports and they will know your every move. They need this to control your every move. All of it will be sold as good for safety. Every face diaper wearing pussy will love it.

8 posted on 04/06/2021 5:36:28 AM PDT by ConservativeInPA (“When injustice becomes law, resistance becomes duty.” ― Thomas Jefferson)
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To: EBH

Digital currency may make it possible for “prison reform”.

If you commit a crime, they empty your virtual wallet instead of sending you to prison.

If they empty your virtual wallet to zero and freeze it so no further funds can be deposited it would be the equivalent of a death sentence.

Nasty, nasty stuff.


9 posted on 04/06/2021 5:37:32 AM PDT by cgbg (A kleptocracy--if they can keep it. Think of it as the Cantillon Effect in action.)
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To: cgbg

China’s Social Credit System
https://www.scmp.com/economy/china-economy/article/3096090/what-chinas-social-credit-system-and-why-it-controversial

It will all be connected. And they are rolling out a system for corporations.

It becomes clearer and clearer everyday why Trump wanted us out of China. In more ways than most Americans have ever realized.


10 posted on 04/06/2021 5:44:02 AM PDT by EBH (How they did it? Social Contagion and Social Media is the mechanism)
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To: cgbg
"But I have 20 Yuan in bank! Why I no can buy gwocewy?"

"Sowwy Mr. Wong, you have low Social Cwedit Scowe."

11 posted on 04/06/2021 5:45:53 AM PDT by Sirius Lee (They intend to murder us. Prep if you want to live and live like you are prepping for eternal life)
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To: EBH

From the dawn of time, the only wampum that qualifies as currency is that wampum that people can TRUST. China is about to find out how few people in the world trust them.


12 posted on 04/06/2021 5:54:36 AM PDT by Migraine
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To: EBH

If currency is digitized and the gobblement controls it, they can confiscate everything they want, and redistribute all the wealth as they see fit. Very possibly the end of the meaningful world.


13 posted on 04/06/2021 5:55:50 AM PDT by _longranger81 (God help us, Every One. )
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To: Migraine

It won’t be about trust.

It is about doing business with one of the world’s largest economies.


14 posted on 04/06/2021 5:58:12 AM PDT by EBH (How they did it? Social Contagion and Social Media is the mechanism)
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To: ConservativeInPA

We, people and corporates have been conditioned to accept or chase the ‘next best thing’ for decades. Corporates want something like this for the ease of transaction. Remember when you could put the credit card in the gas pump for the first time. Some of the world at least, is like the Dems here have been for the past 5 years. If TRump, Orange Man is for it, we are against it. If, the Dollar, is the currency, then some in the world want it gone, no matter the downside of the alternative.


15 posted on 04/06/2021 6:01:46 AM PDT by taterjay
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To: EBH

The governments are going to do this. They want to get away from paper money.

They cannot have currencies out there that they can’t control, so at some point, they either will absorb the current currencies or render them worthless.


16 posted on 04/06/2021 6:35:28 AM PDT by BusterDog
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To: EBH
Revelation 13:17
so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.

If you listen closely you can almost hear the footsteps of the Messiah.

17 posted on 04/06/2021 6:36:15 AM PDT by MAAG (“Don't shine so others can see you. Shine so that through you, others can see Him.”)
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To: MAAG; Roman_War_Criminal

And China will have this implemented by Feb. 2022...

No longer it is coming...it is here.


18 posted on 04/06/2021 6:40:46 AM PDT by EBH (How they did it? Social Contagion and Social Media is the mechanism)
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To: glorgau

“Why in the world would anybody with a choice do a transaction with that?”

What if you don’t have a choice??


19 posted on 04/06/2021 6:45:26 AM PDT by icclearly
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To: SomeCallMeTim

“This story strike me as one of those often talked about “Black Swans”. ....Let’s see if this movement grows.”

It is a “Black Swan” and the movement is moving full steam ahead. I fully expect the brakes to be put on cryto by the government here in this country soon. Anyone in this country who thinks they can just jump on a jet plane headed for some remote island with their jump drive crypto key is nuts.


20 posted on 04/06/2021 6:50:46 AM PDT by icclearly
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