China’s pushing its digital currency to devalue the dollar

Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • China’s digital currency could threaten the U.S. dollar. Should the Fed build its own?
  • “China has a digital yuan,” and it’s using it to bully its many trading partners into abandoning the dollar, which threatens to weaken American financial power and drive up the cost of imports.
  • This “e-CNY” (CNY is the trading symbol for China’s currency, the yuan), was presented to the world at last year’s Beijing Olympics and has quickly rung up billions in online payments, despite concern the government uses the system to track and bully its own citizens and businesses.
  • Without more efficient rival systems from the U.S. or other developed countries, Melchiorre said, China may “force their trading partners into their digital payments system,” replacing the U.S. dollar and threatening the benefits Americans enjoy from the dollar’s popularity.
  • “Digital currency is coming,” worldwide, Melchiorre concluded. “I hope we can get our [act] together for the dollar, before it’s too late.”

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