WEB Notes: The same old tired excuse is given to move forward with a “digital currency”.
‘It will lower the cost of financial transactions, making it more available. Cheaper to operate and “ought” to reduce fraud’.
Will this mean any break for the people? Of course not.
In the age of widespread “hacking” they think it will be safe from fraud?
In case everyone forgot about their credit and ATM cards we already have “digital currency” just not in the exact form of their choosing. They reveal the real reason for an all digital currency; ‘greater governmental oversight, traceable transactions’.
Of course they say this will help fight corruption. I find that laughable. If the government has control of it, it will be corrupted no matter what. In case anyone needed a reminder, China is a part of the Bank of International Settlements which is the Central Bank of the World’s Central Banks. China is deeply rooted into the globalist structure.
China’s central bank is testing a prototype digital currency with mock transactions between it and some of the country’s commercial banks.
Speeches and research papers from officials at the People’s Bank of China show that the bank’s strategy is to introduce the digital currency alongside China’s renminbi. But there is currently no timetable for this, and the bank seems to be proceeding cautiously.
Nonetheless the test is a significant step. It shows that China is seriously exploring the technical, logistical, and economic challenges involved in deploying digital money, something that could ultimately have broad implications for its economy and for the global financial system.