All posts tagged: digital currency

Did the Apostle John see programmable currency?

With digital currency such as Bitcoin emerging, there are several reports of governments stating their intention to introduce digital currencies at a national level, replacing cash. However, many have raised privacy concerns about such a currency, as it will be programmable and could easily be associated with your identity through such things as a social security number. As a result: Governments will be able to track every purchase you make. Governments will know automatically know how much money you have in your accounts without having to go through courts and a bank But there are other concerns about the programming aspect of this digital currency, because not only will governments be able to monitor your spending, they will also have the ability to control it, if they so choose. For example, it could be set to restrict a person’s purchase of a weapon if they haven’t completed the proper application forms, which is not necessarily a bad thing. But it could also be used to limit a person’s ability to purchase other items if the …

Is Communist China’s new digital currency a sign of the times?

According to a former executive director with the World Bank, Erik Bethel, Communist China is on the verge of creating a digital version of its currency (official called renminbi but popularly referred to as the yuan) that could result in the regime going cashless in the near future. It will be the world’s first government-backed digital currency. In an interview with CBN, Bethel states the regime’s digital currency, similar to the Bitcoin, will be controlled by the country’s national bank, the People’s Bank of China. As part of its testing phase, the Chinese Communist Party (CCP) will soon release $6 million dollars to its citizens that can use one of two apps approved by the CCP to make purchases. It is believed that the communist regime is preparing for a full launch of its digital coin in time for the 2022 Winter Olympics. Once this process starts, the CCP will have full access to people’s spending 24/7. Many believe the move is just another step in the Communist regime’s attempt to regulate and moderate the …

Is the Canadian government moving towards a cashless society?

The Bank of Canada, which prints and manages Canada’s currency, has stated it is exploring producing its own version of digital money. Bank of Canada senior deputy governor Carolyn Wilkins suggested this move in a speech at the University of Waterloo in Ontario in early November. The announcement, reported in The Globe and Mail, was prompted by the rise of  digital currencies such as Bitcoin. There is concern that virtual currencies could eventually challenge the Bank’s monetary authority.