In cities across China, the country’s central bank has begun rolling out the e-renminbi—an all-digital version of its paper currency that can be accessed and accepted by merchants and consumers without an internet connection, credit or even a bank account.
Already having conducted more than $5 billion in e-renminbi transactions, China has opened its digital currency up to foreigners. Next year, when Beijing hosts the Winter Olympic Games, authorities are expecting to let the world test drive its technological achievement.
The U.S., by contrast, is having trouble even concluding its multi-year exploration into the possibility of an e-dollar. In fact, an upcoming Federal Reserve paper on a potential U.S. digital currency won’t take a position on whether the central bank of the United States will, or even should, create one.
Instead, Federal Reserve Chair Jerome Powell said in recent testimony to Congress, this paper will “begin a major public consultation on central bank digital currencies…” (Once planned for July, the paper’s release has since been moved to September.)
Once the world leader in digital payments and technological innovation, the U.S. is being outpaced by its top global adversary as well as much of the industrialized and the developing world. Read More …
Opinion: Chinese money comes by two names: the yuan (CNY) and the people’s renminbi (RMB). The distinction is subtle: while renminbi is the official currency that it is used to facilitate the sale, purchase, or trade of goods between parties, the yuan is the unit of account of the country’s economic and financial system.
Chinese central bank digital currency/e-currency is now functioning in both yuan and renminbi. The US is behind not only China in e-currency production but ranks 18th in the world in digital currency product behind Sweden, South Korea, and China but also countries like the Bahamas, El Salvador, Ecuador, and Turkey.
The end of the US dollar as world reserve currency has been the subject of intense debate since the 2008-9 financial crisis when the US economy became dependent on QE, printed money, that is accelerating today.
A look at prophetic Scripture tells us that the cause of the coming global financial collapse is hyperinflation brought on suddenly in Revelation 6:5-6 early in the tribulation.
The loss of confidence in the US dollar as world reserve currency may well be started by China and Russia and followed by the EU, however, nowhere in prophecy do we find the final global government to be China. In fact, China is not mentioned until Revelation 16:12 late in the tribulation.
It is revived Rome, Daniel’s 4th beast described in Daniel 2 and 7, that should be the focus of our attention. It is the prophesied 10 nation revived Rome that will elect a super-president who will be Satan’s man to rule for 42 months.
“For then there will be great tribulation, such as has not been since the beginning of the world until this time, no, nor ever shall be.” Matthew 24:21