(ETH) – Experts are warning that digital currencies are the future of money and will replace cash whether we like it or not. And according to a new report from CBN News, The nation that is pushing the hardest for this to happen is also one of the world’s most oppressive Nations – China.
The report states that China has begun trials of a new digital Yuan, with the intent of becoming the first country in the world to offer a digital sovereign currency and Unlike other digital currencies like Bitcoin, which work outside the control of a governing authority, the digital Yuan will be the world’s first digital currency issued by a central bank.
This currency will be an international currency and surprisingly many in the financial world are looking forward to using the digital Chinese currency in global trading. Wu Haifing of the Chinese University of Hong Kong says, “I believe the potential of that is going to be enormous.” CBN is reporting that Chinese officials are saying their new digital economy needs digital money but is already being seen as another way the Chinese government can track its citizens.
And here comes the most frightening part of this report, Unlike cryptocurrencies like Bitcoin that offer anonymity, this Chinese central bank will be able to monitor every transaction of the digital yuan. Are you really surprised? This comes from the same country where citizens have already been tracked by hundreds of millions of facial recognition cameras and are given a social credit score and rewarded or punished according to their scores.
David Curry of Open Doors says, “China is building what I think is a blueprint, a road map of persecution for other regimes around the world and they’re doing it with surveillance.” He goes on to warn that “This is just another tool in the toolbox of the Chinese communist party to control,” Mosher says.
“It’s a way of raising the high-tech prison walls a little higher on the Chinese people. China will not only know where they go and who they talk to. They will know every penny that they spend.” China is not alone in this endeavor as at least 12 other nations are already reportedly going into or are considering Central Bank Digital Currencies for the future.