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 ...
Make fun all you want, but let’s see what things look like in Feb. 2022. This currency war has been going on a long time.
Oh I wonder what this is all about? I wonder if we will all be using a digital currency soon and why that would be desirable for those who want unlimited power?????
All that you said is my thinking as well. That 2-trillion Covid bill (cough) and another 2-3 trillion equally fake infrastructure proposal have got me looking at precious metals - not as an investment but as a store of value for the few bucks I have saved.
After taking a look at the chart below and making a Weimar Republic comparison, your comments may well be prophetic: 
I’m not making fun of it.
I really am coencerned that our system of inflating our way out of debt on the backs of countries that use our currency (reserve currency advantage) will bite us...
= inflation
I think this is a big deal too...
My original answer came across as sarcasm... but it wasn’t... Eventually a world cryptocurrency will take over... and all our fears about losing reserve currency status will come true... Or most of ‘em.
Maybe it's just me then. I do business with people I trust. Those I distrust, not so much (which is why I hate monopolies).
Ping to post #25
Our Fed is already looking at it and feeling left out.
You're excused.
I may not see it as clearly as you; but it occurs to me that no one trusts China. However, many find them useful.
Federal Reserve’s Digital Dollar Push Worries Wall Street
As soon as July, officials at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology, which have been developing prototypes for a digital dollar platform, plan to unveil their research, said James Cunha, who leads the project for the Boston Fed.
A digital currency could fundamentally change the way Americans use money, leading some financial firms to lobby the Fed and Congress to slow its creation — or at least ensure they’re not cut out.
Seeing the threat to their profits, the banks’ main trade group has told Congress a digital dollar isn’t needed, while payment companies like Visa Inc. and Mastercard Inc. are trying to work with central banks to make sure the new currencies can be used on their networks.
“Everyone is afraid that you could disrupt all the incumbent players with a whole new form of payment,” said Michael Del Grosso, an analyst for Compass Point Research & Trading LLC.
Lawmakers, U.S. Treasury Department officials and the Fed haven’t yet approved the rollout of a U.S. virtual currency, which could still be years away. Nor have they decided how a digital dollar would interact with the existing global payments network. Still, the U.S. and other countries seem committed enough to digitizing their currencies that it’s making financial industry executives nervous.
“The fire has been lit,” said Josh Lipsky, who has helped convene government officials from the U.S. and other countries working on digital currencies as director of the GeoEconomics Center at the Atlantic Council. “The world is moving very quickly on these projects.”
They are not going to have a choice, comrade.
It is easier. (For the government to track you.)
Ping to 50
As Tucker has said while China does all of this our schools and military and corporations are worried about Wokeness 101. The left is destroying the west with their obsession with race and critical race theory etc.and everything that makes us hate each other.
Two immediate issues/questions come to mind:
1) Fraud/scamming/counterfeiting; and
2) How is the digital yuan’s exchange rate determined? By fiat or will the Chicoms abandon their longstanding refusals, and finally allow the yuan to be freely traded in the international currency market?
For a scary view of life under a social credit system try:
https://www.hummingfluff.com/lovelypeoplecomic.html
People are investing huge sums in bit coin and other “cypto” currencies.
Any transaction you do with a card now is trackable by everyone.
At least China is upfront about it.
You carry a tracking device, camera, and microphone in your pocket every day.
Google and Apple even give you a nice little report on where you have been every month, along with some targeted ads.
ALPR is old tech. They know where you are before you get on the highway.
[a Weimar Republic]
I told someone a week ago that this is coming. There is no way to stop it from happening.
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