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 …