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?
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.
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.
I sell globally, and work for a European based chemical company. I can tell you: If China says they must used Yuan, they will DO IT.... gladly. They're hellbent on growing in China, no matter the cost. And, they're sour on investing in the US.
Yikes. It’s an even more insidious - backdoor - kind of wealth tax.