Digital currencies such as cryptocurrency (crypto) and central bank digital currency (CBDC) are becoming more of a talking point today. Cryptocurrency has been gaining popularity these past few years with coins such Bitcoin, Ethereum, and dogecoin, many heralding the technology as a bastion of anonymity as it’s decentralized, meaning it’s not issued or regulated by one entity. This also makes crypto immune from manipulation or interference.
CBDCs, however, are centralized and would not guarantee the same level of privacy as crypto. Cointelegraph states that “while cryptocurrencies are decentralized, CBDCs are centralized. Moreover, cryptocurrencies provide anonymity; CBDCs allow central banks to see who owns what.”
By definition, CBDCs are a type of digital currency issued and regulated by the central bank of a nation such as China’s digital Yuan or Nigeria’s e-Naira. Many nations around the world are at least researching the feasibility of a CBDC while others are in the pilot or implementation stage.
In comparison to cryptocurrencies, a CBDC would be less concerned about data and privacy. The crypto sector is unquestionably autonomous with a peer-to-peer paradigm, whereas certain restrictions bind central banks. Users can choose how much and what kind of data they wish to disclose because cryptocurrencies are peer-to-peer. On the contrary, CBDC transactions will automatically send vast amounts of data to tax and regulatory agencies. (Cointelgraph)
As digital currencies becomes further cemented in society, the question we should be asking is is this something we should be paying attention to? I believe so. Although the bible doesn’t speak distinctly about digital currency many believe that Revelation 13:16-17 is one place we can look to that may hint at it. We’re told 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, regardless of status, to take a “mark” in order to freely engage in society.
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)
What’s primarily brought to our attention is the aspect of buying and selling. Those who choose to adhere to this system must follow its requirements being that one must have a mark on “their right hand or on their foreheads”, “the name of the beast”, or “the number of his name”.
It’s also clear in Revelation 13 that the antichrist will be given control of everyone on the earth and such a system would only facilitate that, “…And authority was given him over every tribe, tongue, and nation,” (Revelation 13:7).
I don’t believe such a system could come into place and have total control over people if cash can still be used as a means of payment. For this reason, some are sounding the alarm on the growing efforts towards CBDCs due to the fact that it would not only allow for the tracking of its users, but because it can also be programmable, it could also give the government unprecedented tools to control users or prevent them from using the currency based on a variety of conditions met or unmet.
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 the system if it’s deemed necessary.
Although we truly are seeing a trend towards digital currency’s increasing popularity, reception, and testing/implementation among various nations, it’s important to highlight the fact that at this stage it’s still too early to say dogmatically where this may ultimately lead to.
So how does this relate to us now and how can we view this? It should serve to add to our excitement as we see what may be a key part of the tribulation period already casting a shadow into our time now! As we see the tribulation period drawing near, it further serves as confirmation that the rapture of the church is also around the corner!
Other articles in this series:
- What is the Prophetic Significance of the Third Temple?
- What is the Prophetic Significance of the Abraham Accords?
Other Prophecy Questions:
- Does the Mark of the Beast Currently Exist?
- Is the Drying up of the Euphrates River a Fulfillment of Bible Prophecy?
Sources
- What are CBDCs? A beginner’s guide to central bank digital currencies – Cointelegraph
- Cryptocurrency Explained With Pros and Cons for Investment – Investopedia