Japan is gearing up its preparation for the issuance of digital currency in both the public and private sectors following swift moves by China and other countries to do the same.
In my previous article on digital currency, Facebook’s Libra Currency Prompts ECB to Prepare for Digital Euro, I made the case that with China’s efforts towards their digital yuan and with the launch of Facebook’s digital currency Libra in January 2021, this will further add to the race towards a digital currency.
This is the very thing we’ve seen with the European Central Bank (ECB) as they strive to remain competitive. Now Japan is also jumping on the bandwagon. I believe in the new year we’ll be seeing much more of this from other nations.
Japan prepares for digital currency, in line with China and others
From the Japan Times: Virtual money issued by central banks around the world is called “central bank digital currency” or CBDC, and is used for cashless payments via smartphones or electronic cards. Some private companies, including one established by Facebook Inc., also plan to introduce their own digital currencies.
Digital currencies differ from credit cards and cashless payment services as they are expected to provide retailers commission-free payment systems. Users are able to not only settle payments at stores but also quickly send money to others via smartphone apps.
The People’s Bank of China is one of the leading issuers of CBDC.
It has accelerated its efforts to create the digital yuan this year, rolling out pilot programs that provided 200 digital yuan (about ¥3,200) to each of 150,000 citizens selected by lottery in Shenzhen in October and Suzhou earlier this month.
“China has prompted moves toward digital currency (around the world),” said Hiromi Yamaoka, a former senior official in charge of payment and settlement systems at the Bank of Japan. “It (has done so at) surprising speed, as central banks tend to take a cautious stance” on new systems, he added. Read More
Prophetic Implications
For the bible believer, why is the race towards digital currency something we should be paying attention to? The bible 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.
He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name. (Revelation 13:16-17)
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.
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
- Japan prepares for digital currency, in line with China and others (December 24th, 2020) – The Japan Times