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The global economy is in the early days of digitalizing currencies. Central banks worldwide are either in the infancy period of transitioning to digital money or deliberating digitalization’s pros and cons. After a couple of trials in the post-coronavirus recovery, China is placing its bets on the digital yuan, advancing its scope and reach to become the kingpin of fiat money. But market analysts are only now beginning to show an interest in the virtual yuan, potentially out of fear that it could threaten and undermine the U.S. dollar and inflate its standing among international reserve currencies. Is this a positive step in the diversification of currencies, or will it be more of the same big-government economics? Whatever the case, the red dragon continues to expand its fiery breath across the globe.
In 2014, the People’s Bank of China (PBoC) began studying the creation and implementation of a digital yuan. Six years later, the central bank began rolling out various digital yuan trials in multiple cities with different companies, including McDonald’s, Starbucks, and Subway, participating in the test run. Authorities distributed “red packets” containing 200 yuan ($30), available on a mobile phone or a card. The money appears on a screen with the image of Mao Zedong, resembling physical cash. The digital yuan is programmable, and the government has tested expiration dates, which would be beneficial to stimulate an ailing economy. Overall, it would be an effective totalitarian tool to monitor the economy and the people.
Despite some hiccups, including notable amounts of fraud, officials liked what they saw. Beijing now plans to expand issuance ahead of next year’s Winter Olympics. While several details remain in limbo, the government has stated its objective for the yuan: prevalence and domestic dominance.
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They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We have a Giving Fuel page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.
Thank you and God bless!
JD Rucker