Facebook’s announcement last year that it would offer its own token, backed by official currencies, made central banks worry they would lose control over money and triggered a number of competing initiatives. (2)
Digital currency has been a hot topic this year as nations worldwide are seeking other payment methods beyond hard cash to combat the spread of the coronavirus.
It’s caused speculation to abound as to whether we’re largely moving into a cashless society. Although I think we’re still a ways from that being a reality, we’ve seen many indications that the thought process that will eventually get us there already exists.
In July, I called our attention to a digital dollar being looked into and now we also see China is well under way with their digital yuan which will no doubt cause other nations to jump on the bandwagon so as to not be outdone.
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In a December 9th article from RT concerning China’s digital Yuan, they reiterate this point about how this will cause other nations to seek their own digital currencies.
The digital yuan is set to face political resistance from the US, which is likely to respond by eventually creating a digital currency of its own (even though it’s well behind at present). The European Union is also likely to move towards a ‘digital euro’ to safeguard its own interests. (1)
And when we add Facebook’s announcement concerning their own digital currency – Libra – to the mix, we see this is also adding further tension to this digital currency race.
Facebook’s long-awaited libra currency to reportedly launch in a limited form early next year
From CNBC: Libra, a new cryptocurrency being created by Facebook and others, could launch as soon as January but in a limited format, according to a report from The Financial Times, which cited sources familiar with the matter.
The Libra Association, which has 27 members including Facebook, was planning to launch digital versions of several traditional currencies. But now it is reportedly only planning to launch a single coin backed by the dollar.
The scaling back of the project, which was started by a group of Facebook executives, comes after global regulators warned an influx of new libra coins could threaten monetary stability. Facebook did not immediately respond to CNBC’s request for comment. Read More
ECB must prepare to issue a digital euro, Panetta says
From Reuters: Major central banks around the world are studying digital versions of their currencies to address demand for electronic means of payment and fend off competition from private tokens such as Bitcoin and Facebook’s proposed Libra.
In a study published on Friday, the ECB said a digital euro could help where citizens have abandoned cash, foreign forms of electronic money have taken over, or other means of payments have become unavailable.
“We should be ready to issue a digital euro if and when developments around us make it necessary,” Panetta said in a blog post accompanying the study. “This means that we already need to be preparing for it.”
The ECB gave itself until the middle of next year to decide whether to go forward with the project, which is now open for public consultation.
Like banknotes, digital euros would give holders a direct claim on the central bank, making them safer than any deposit at a commercial bank. Read More
Prophetic Implications
Why should we care about this race towards digital currency? The bible clearly tells us in Revelation 13:16-17 that during the tribulation there will be a system put into place that will require every human being on earth to be a part of the “mark of the beast” system to freely engage in society (i.e. buy and sell).
I don’t believe such a system could come into place if cash is still king, hence why we’re seeing efforts to minimize it’s importance in society or get rid of it to varying degrees.
The cashless, digital revolution is on its way, and while the West has so far failed to come up with any comparable scheme of its own, China’s is almost at the finish line already. (1)
With cash, purchases and the activities of an individual remains anonymous. However, in a completely cashless system, not only can your purchases and activities be tracked, you can also be shut out of it if deemed necessary.
If you think what I’m saying is a bit far-fetched be sure to check out my previous article on China’s digital yuan to see CBN News offer a more bleak dystopian future than what I elaborated on here.
RT also made a similar statement stating, “A digital currency is more easily managed by its parent government, and more traceable and observable“.
They go on to state that “With a government-controlled digital currency, financial crimes such as money laundering and tax evasion become more difficult. It provides increased security for users, even if it reduces privacy“.
As usual, when it comes to the discussion of digital currencies, we get the argument that financial crimes will decrease, which is true, but that’s one way they can sell it to the public without necessarily cluing you into the fact that it “reduces privacy” since your transactions will be monitored.
For the believer this should once again serve as excitement as we see prophecies concerning the tribulation period cast a shadow into our time now! It only means that the rapture of the church is truly around the corner!
Sources
- China’s new digital currency spells the end for the US dollar’s global dominance and will change the world as we know it (December 9th, 2020) – RT
- Facebook’s long-awaited libra currency to reportedly launch in a limited form early next year (November 27th, 2020) – CNBC
- Facebook’s Libra currency to launch next year in limited format (November 26th, 2020) – Financial Times
- ECB must prepare to issue a digital euro, Panetta says (October 2nd, 2020) – Reuters