well China is pushing ahead into a cashless Society it's creating a new digital currency to replace paper money and coins it will also give the Communist Party total knowledge of how the Chinese people are spending their money and that opens the door for unprecedented government control George Thomas has the story [Music] Chinese were the first in the world to invent paper money back in the 7th century now more than 1400 years later China is again on the cusp of creating a new form of government currency that some say could pose a serious economic threat to America and the West China is about to launch one of the most revolutionary Financial projects in the world they're not cryptocurrencies they're not so-called stable coins in effect they are the National physical currency of a country just represented in a digital form Eric Bethel is the former U. S executive director of the World Bank Bitcoin near record highs Crossing 23 000 he says while the world fixates on private cryptocurrencies like Bitcoin the digital Yuan isn't a payment system it's actual money Beijing is busy building a digital version of its own currency the Yuan also known as the renmen B to control its citizens and eventually threaten the dominance of the US dollar they pretty much created all of the building blocks that will allow a central bank digital currency to to flourish and Yaya fanusi a former economic and counter-terrorism analyst and the CIA says China's goal is to replace cash with a digital currency that's controlled by the communist government's Central Bank China has said for a while that it expects to pretty much be a cashless Society in the future so the idea is that cash notes uh coins will no longer be around and that people will be using uh digital currency that's going to be in their wallets that digital currency will also be issued by the government Bank allowing what Congressman Michael McCall the top Republican on the house Foreign Affairs committee says is unprecedented access to people's Financial transactions this will give them uh data on behavior on how people how they spend and giving Beijing the power to track that spending in real time there will be a point where the People's Bank of China is going to be able to to look appear inside of every single transaction that everyone does 24 hours a day seven days a week which means if you are a human rights activist or a Christian authorities can now use this new technology to punish you if you engage in activities they consider anti-government this technological ability is something that the government has never had before it always had to go to companies to say okay cut off this person now the Chinese government I think with sort of the proverbial the flip of a switch can make people fall in line by cutting off their access to money eventually U. S and other foreign companies doing business in China will be required to use the government's new digital currency payment system there's a competitive issue there are I'd say even cyber security issues privacy issues you're handing over your data to the Chinese Communist Party by participating in this digital currency system the U.
S dollar is the world's dominant Reserve currency China's remm beep is number eight beijing's ambition is to eventually supplant the Dollar's Global dominance with the digital Yuan the big concern is internationally especially for the US is in the long term this is an important step this is what I would call a fintech a financial technology development and the issue is that China is thinking decades in advance it's not thinking about the next two to three years you know per se in June the communist government handed out more than six million dollars worth of its digital currency to its citizens as part of a series of Trials around the country the first kicked off in Beijing allowing residents there to use two government Bank apps to test digital payments China then plans to make its big digital currency Splash at the 2022 Beijing Winter Olympics now that the world's largest authoritarian regime has launched this first of a Kind Sovereign digital currency some in the U. S like Congressman Mike Waltz worry Beijing will use this form of payment to also skirt economic sanctions the Chinese government convinces countries like Burma Iran North Korea and others to do business in uh that Chinese digital currency it will also allow uh China and those countries to work around one of our most powerful tools which is sanctions based on history Waltz believes China is only too happy to share the technology with other Rogue regimes that seek to enhance their own surveillance capabilities over their citizens so that those other countries in Africa the Middle East and elsewhere can dominate their people in line with the Chinese version of government but that data then comes back to Beijing so that they will literally through facial recognition be able to monitor the globe George Thomas CBN News if you've ever wondered some about some passages in the Bible how can a government restrict the population so that you cannot buy or sell unless you have a particular Mark well this is the answer this is where literally being set up for that kind of government control the Chinese government is pushing ahead on many fronts to restrict what its population can and cannot do they already restrict the right of assembly they already restrict the religious freedom they certainly restrict political speech and any speech that is critical of their government and the way they run things is definitely cracked down on all you have to do is look at what's happened in Hong Kong over the past just two years and you get a very clear picture of where there are going but they want to control and they're doing it right now with social media scoring where if you don't score a particular way you're not allowed to travel that's already in place but just imagine a government that if you step out of line they can now turn off all your money and do it instantly so you cannot buy or sell you don't have the right in the marketplace to participate anymore that's what digital currency allows a government to do and if you think it's just going to happen in China think again the Federal Reserve already has a study group looking at a digital currency for the United States why are they doing that because they're afraid China will usurp the U. S and become the world currency the digital currency is taking over so you see all the action happening in the stock markets the various markets for Bitcoin other digital currencies uh their rapid rise and people becoming overnight millionaires billionaires trillionaires based on uh the value of these digital currencies and so the Federal Reserve wants to get in on that action to protect the U.
