Posted on 07/07/2021 11:52:46 AM PDT by re_tail20
The Chinese were the first in the world to invent paper money back in the 7th Century.
Now, more than 1,400 years later, China is again on the cusp of creating a new form of government currency that some say could pose a serious economic threat to America and the West.
"In effect, they are not cryptocurrencies, they are not so-called stable coins, in effect, they are the national physical currency of a country just represented in a digital form," said Erik Bethel, former U.S. executive director with the World Bank.
Bethel says while the world fixates on private cryptocurrencies like Bitcoin, Beijing is busy building a digital version of its own currency, the Yuan, also known as the Renminbi, to control its citizens and eventually threaten the dominance of the U.S. Dollar.
"They've pretty much created all of the building blocks that will allow a central bank digital currency to flourish," Bethel told CBN News.
Yaya Fanusie, a former economic and counterterrorism analyst in the CIA, says China's goal is to replace cash with a digital currency that's controlled by the communist government's central bank.
"China has said for a while that it expects to be pretty much a cashless society in the future so the idea is that cash notes, coins will no longer be around and so people will be using digital currency that's going to be in their wallets," said Yaya Fanusie, a senior fellow at the Center for a New American Security.
That digital currency will also be issued by the government bank allowing what Congressman Michael McCaul, the top Republican on the House Foreign Affairs Committee, says is unprecedented access to people's financial transactions.
"This will give them data on behavior and on how people spend," Rep. McCaul (R-TX) told CBN News.
And it...
(Excerpt) Read more at 1.cbn.com ...
Dims are always as jealous of China as they used to be of Russia ... back when Russia was communist.
Even if it takes the form of bottlecaps.
And why would someone buy a $1 book on ebay for $61?
To get $60 of recreational drugs.
No more Chinese Communists mayors found with billions in cash in their basements.
Chinese people will find other things to barter if there is no cash. People will find a way to make their lives function even under oppressive regimes.
Bad for a multitude of reasons, not the least of which is the susceptibility to hacking.
Is it a cell phone or is it a guided missile controller?
China is just begging for a major series of hacks.
China is still a very poor country outside the cities. I wonder if all the villages have electricity and modern wireless POS terminals. I find it hard to believe that every little village and small store has such equipment. They will probably go back to bartering.
From the History of Money:
A.D. 800 - 900: The Nose
The phrase “To pay through the nose” comes from Danes in Ireland, who slit the noses of those who were remiss in paying the Danish poll tax.
806: Paper Currency
The first known paper banknotes appeared in China. In all, China experienced over 500 years of early paper money, spanning from the ninth through the fifteenth century. Over this period, paper notes grew in production to the point that their value rapidly depreciated and inflation soared. Then beginning in 1455, the use of paper money in China disappeared for several hundred years. This was still many years before paper currency would reappear in Europe, and three centuries before it was considered common.
Buuuuuuut,black dems are unable to use plastic..They must have cash at all times.....
The black market will just use Bitcoin. Yes, even in China.
Most things wind up getting tossed.
Many things can get repaired.
“[Chinese] villages have electricity”
If you have a solar panel, you have electricity.
China leads the world in solar technology because it has lots of villages.
They’ll unpeg from the Dollar
Kinda like “pay up the azz”
LOL
Whatever works.
“WeChat (...lit. ‘micro-message’) is a Chinese multi-purpose messaging, social media and mobile payment app developed by Tencent. First released in 2011, it became the world’s largest standalone mobile app in 2018, with over 1 billion monthly active users. WeChat has been described as China’s “app for everything” and a “super app” because of its wide range of functions. WeChat provides text messaging, hold-to-talk voice messaging, broadcast (one-to-many) messaging, video conferencing, video games, sharing of photographs and videos and location sharing.”
Users who have provided bank account information may use the app to pay bills, order goods and services, transfer money to other users, and pay in stores if the stores have a WeChat payment option. Vetted third parties, known as “official accounts”, offer these services by developing lightweight ‘apps within the app. Users can link their Chinese bank accounts, as well as Visa, MasterCard and JCB.”
“WeChat Pay (微信支付) is a digital wallet service incorporated into WeChat, which allows users to perform mobile payments and send money between contacts.”
“Although users receive immediate notification of the transaction, the WeChat Pay system is not an instant payment instrument, because the funds transfer between counterparts is not immediate. The settlement time depends on the payment method chosen by the customer.”
“All WeChat users have their own WeChat Payment accounts. Users can acquire a balance by linking their WeChat account to their debit cards, or by receiving money from other users. For non-Chinese users of WeChat Pay, an additional identity verification process of providing a photo of a valid ID is required before certain functions of WeChat Pay become available. Users who link their credit card can only make payments to vendors, and cannot use this to top up WeChat balances. WeChat Pay can be used for digital payments, as well as payments from participating vendors. As of March 2016, WeChat Pay had over 300 million users.”
“WeChat Pay’s main competitor in China and the market leader in online payments is Alibaba Group’s Alipay.”
https://en.wikipedia.org/wiki/WeChat
The much predicted cashless society is about to come true.
Along with the “Mark”. Or else you won’t have access.
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