And the Red Dragon may build a spyware into the digital Yuan wallet and ledger so that any Westerners who transact in digital Yuan will be subject to surveillance by the Red Dragon. In this sense, it will serve the same function as Huawei 5G, which the USA and other countries have rejected for security reasons.
China's Launched Pilot Digital Yuan; Bitcoin's the Only Way out. By Chapman Chen, HKBNews. According to Bloomberg (Apr 15), the Central Bank of China has launched an experimental digital RMB, which will at least partly replace paper money (1). It is suspected that this digital fiat currency will be combined with the social credit system to control all the assets and life of all citizens, such that dissidents may not even be able to buy a piece of bread. This was prophesized in Revelation 2000 years ago. For the time being, four state-owned banks, plus China Telecom, China Mobile and China Unicom have tested it in Shenzhen, Suzhou, Chengdu and Xiong-an. According to Chinastarmarket .cn (Apr 15), all wages in Xiangcheng, Suzhou shall be paid in digital Yuan by May and every employee there shall have a digital wallet. Digital fiat currency is a world-wide trend. BIS (Bank for International Settlements published a report on March 1, endorsing the rolling out of a one-world digital fiat currency, in the name of preventing filthy paper money from spreading the pandemic.) But China will be the first country to implement it and it is likely to combine it with the social credit system already in place, so as to control all the assets and all life of each and every citizen. When cash is completely replaced by the digital fiat currency, each and every penny spent by you will have to get the permission of the State. According to Chinastarmarket, the pilot digital Yuan wallet has the functions of cash-digital currency exchange, account balance check, payment and remittance. The digital Yuan is trackable and subject to penetrative monitoring (2), which means that it is highly centralized and completely state-controlled. Digital fiat currency and social credit system combined may eventually be extended to Hong Kong. In 2016, the Hong Kong Monetary Authority already published a white paper on blockchain, the technology behind Bitcoin. China has banned Bitcoin but adopted and adapted blockchain to create the digital RMB. If you have ever taken part in an anti-Extradtion-Law mass rally, if you have criticized on Facebook Carrie Lam, the Chief Executive of Hong Kong, and, worse still, if you have ever appeared in the vicinity of a pro-HK Independence demonstration, you will be penalized. Your digital wallet may be frozen, and you may not be able to purchase a bus ticket or even a small bag of rice. If you want to donate money to The 612 Humanitarian Relief Fund in support of arrested protesters, or even to buy a pig-mouth-shaped respirator, sorry, application denied! This was prophesized in the Holy Bible 2000 years ago. "No man might buy or sell, save he that had the mark, or the name of the beast, or... his number 666" (Revelation 13: 17-18). The only way out now is Bitcoin, which is decentralized, permissionless, borderless, disinflationary and unconfiscatable. No authority can ever deactivate your Bitcoin wallet because of your ideology; no government can forbid you from sending money to someone whose political stance it doesn't like. Even if the digital Yuan or digital HK dollar is not used to persecute dissidents, it is fiat currency after all, and thus can be printed unlimitedly, thereby causing inflation, which will continually and significantly compromise your purchasing power. By contrast, Bitcoin's maximum supply is 21 million and no more, and 18 million have already been mined. There is also a production halving event every four years (the next one is coming in May this year), which will eventually reduce the inflation rate to zero. Disclaimer: This video is neither an advertisement nor professional financial advice. RUclips link: ruclips.net/video/595PXGJeCJI/видео.html End-notes: 1. www.bloomberg.com/news/articles/2020-04-15/china-s-central-bank-to-run-simulations-of-digital-currency-use 2. finance.sina.com.cn/blockchain/roll/2020-04-16/doc-iircuyvh8071664.shtml
Subscribed! Socialism and Communism always brings a living hell like this.
And the Red Dragon may build a spyware into the digital Yuan wallet and ledger so that any Westerners who transact in digital Yuan will be subject to surveillance by the Red Dragon. In this sense, it will serve the same function as Huawei 5G, which the USA and other countries have rejected for security reasons.
China's Launched Pilot Digital Yuan; Bitcoin's the Only Way out. By Chapman Chen, HKBNews. According to Bloomberg (Apr 15), the Central Bank of China has launched an experimental digital RMB, which will at least partly replace paper money (1). It is suspected that this digital fiat currency will be combined with the social credit system to control all the assets and life of all citizens, such that dissidents may not even be able to buy a piece of bread. This was prophesized in Revelation 2000 years ago.
For the time being, four state-owned banks, plus China Telecom, China Mobile and China Unicom have tested it in Shenzhen, Suzhou, Chengdu and Xiong-an. According to Chinastarmarket .cn (Apr 15), all wages in Xiangcheng, Suzhou shall be paid in digital Yuan by May and every employee there shall have a digital wallet.
Digital fiat currency is a world-wide trend. BIS (Bank for International Settlements published a report on March 1, endorsing the rolling out of a one-world digital fiat currency, in the name of preventing filthy paper money from spreading the pandemic.) But China will be the first country to implement it and it is likely to combine it with the social credit system already in place, so as to control all the assets and all life of each and every citizen. When cash is completely replaced by the digital fiat currency, each and every penny spent by you will have to get the permission of the State.
According to Chinastarmarket, the pilot digital Yuan wallet has the functions of cash-digital currency exchange, account balance check, payment and remittance. The digital Yuan is trackable and subject to penetrative monitoring (2), which means that it is highly centralized and completely state-controlled.
Digital fiat currency and social credit system combined may eventually be extended to Hong Kong. In 2016, the Hong Kong Monetary Authority already published a white paper on blockchain, the technology behind Bitcoin. China has banned Bitcoin but adopted and adapted blockchain to create the digital RMB.
If you have ever taken part in an anti-Extradtion-Law mass rally, if you have criticized on Facebook Carrie Lam, the Chief Executive of Hong Kong, and, worse still, if you have ever appeared in the vicinity of a pro-HK Independence demonstration, you will be penalized. Your digital wallet may be frozen, and you may not be able to purchase a bus ticket or even a small bag of rice. If you want to donate money to The 612 Humanitarian Relief Fund in support of arrested protesters, or even to buy a pig-mouth-shaped respirator, sorry, application denied!
This was prophesized in the Holy Bible 2000 years ago. "No man might buy or sell, save he that had the mark, or the name of the beast, or... his number 666" (Revelation 13: 17-18).
The only way out now is Bitcoin, which is decentralized, permissionless, borderless, disinflationary and unconfiscatable. No authority can ever deactivate your Bitcoin wallet because of your ideology; no government can forbid you from sending money to someone whose political stance it doesn't like.
Even if the digital Yuan or digital HK dollar is not used to persecute dissidents, it is fiat currency after all, and thus can be printed unlimitedly, thereby causing inflation, which will continually and significantly compromise your purchasing power.
By contrast, Bitcoin's maximum supply is 21 million and no more, and 18 million have already been mined. There is also a production halving event every four years (the next one is coming in May this year), which will eventually reduce the inflation rate to zero.
Disclaimer: This video is neither an advertisement nor professional financial advice.
RUclips link: ruclips.net/video/595PXGJeCJI/видео.html
End-notes:
1. www.bloomberg.com/news/articles/2020-04-15/china-s-central-bank-to-run-simulations-of-digital-currency-use
2. finance.sina.com.cn/blockchain/roll/2020-04-16/doc-iircuyvh8071664.shtml