China Prepping Digital Yuan

By James Corbett of the

If you read these pages then you already know all about the war on cash that is being waged by central banks the world over. From Argentina to Zimbabwe and everywhere in between that dirty, rotten paper money (you know, that icky cash that people can use to exchange goods outside the purview of the government and other horrifying agorist ideas) has been under siege by governments and central banks.

In fact, you may have noticed that just in the past month the EU took another bold step in that direction with the European Commission announcing a new “roadmap” for “the fight against terrorism” that just happens to include “potential upper limits to cash payments.”

Heck, one of the keynote speeches at Davos this year was all about how the world needs to get rid of paper currency.

Perhaps sensing that its championship title for “most invasive nanny-state government” was on the line, the Chinese government has gone several steps further: Late last month China announced that the People’s Bank of China (PBOC) has successfully completed its digital currency trial run. China is ready to switch to a digital currency.

This is not a surprise to those who have been paying attention.

In 2014 the PBOC set up a special task force to investigate the possibility of issuing a sovereign digital currency. In 2015 they expanded that task force. In 2016 the PBOC convened a Digital Currency Symposium attended by “experts” from Citibank and Deloitte & Touche. They concluded that significant advancements in blockchain technology and other technical matters have made issuing a national digital currency possible for the first time

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