RUSSIA could become the first country to make its entire currency digital, as cryptocurrency booms. Discussions are underway about the launch of the digital ruble with local banks and the country’s financial watchdog has reportedly said it would present a more detailed concept by summer.
This news comes at a time when we’re already seeing other nations taking an increased interest in digital currency or even making significant headway in implementing it.
In January we learned that Venezuela announced plans to move its economy to a completely digital one (although that may present its own challenges) while Japan, late last year, also began making preparations to pursue digital currency. Likewise the European Central Bank is doing the same in the wake of Facebook’s Libra.
And one can’t overlook the fact that China is actively testing their digital yuan as we speak and may very well compete with Russia as the first nation to adopt a fully digital currency system.
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. 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!
Russia could become first country to make entire currency DIGITAL as cryptocurrency booms
From the Sun: The head of the Central Bank of Russia, Elvira Nabiullina, said the regulator had received detailed feedback from the banking community about the prospect in a report back in October.
According to an RT report, most lenders expressed their support over a two-level model of the digital ruble.
The model would allow banks to open wallets for their clients on the central bank’s platform and conduct operations with the currency.
Nabiullina said: “We will develop a more detailed concept and start discussing it with the public, market participants, and banks at the beginning of summer.”
The next step would involve launching and testing a special platform.
The adoption of the new form of currency would also require amending legislation.
Russia’s central bank revealed its plan to assess the possibility of creating a digital form of the country’s national currency in its report published in October last year.
The digital ruble would exist along with cash and non-cash rubles, and would allow private and corporate users to freely transfer digital rubles to their electronic wallets.
The revelations come amid a boom in the price of the cryptocurrency bitcoin, which surged to record highs last week.
The price of a single Bitcoin hit nearly $48,000 (£34,400) after the announcement, which investors believe shows the the cryptocurrency markets are beginning to be embraced by the traditional finance world.
Both Mastercard and BNY Mellon, America’s oldest bank, announced their plans to incorporate Bitcoin into their multi-billion dollar businesses.
Now crypto-market watchers now believe a wave of Silicon Valley billion-dollar investments could spark another surge, with Twitter among several companies rumoured to be planning a Tesla-style share purchase. Read More
Sources
- Russia could become first country to make entire currency DIGITAL as cryptocurrency booms (February 18th, 2021) – The Sun