Zero Hedge: Whether blockchain can be a successful technology underpinning global payments is still an open question. Current blockchain technologies still have speed and volume limitations. But what it allows China to do is bypass the dollar-based global banking system and intermediary banks.
There’s another application China is potentially working on. Max Keiser, the host of the Keiser Report, a financial news show on the Russian state network channel RT, recently suggested that China’s digital currency has even greater ambitions.
“I can tell you that the cryptocurrency that China’s rolling out will be backed by gold,” Keiser told Kitco News, a gold-focused website.
“It’s a two-pronged announcement. Number one, China’s got 20,000 (metric tons) of gold, and number two, they’re rolling out a crypto coin backed by gold, and the dollar is toast.”
If true, that could be a game-changer, as currently, no government currency is backed by gold. more
Opinion: Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the faith and credit of the government that issued it.
Virtually every government issued currency in the world is fiat currency and yet the West, which un-pegged the dollar from gold in 1971, has been slow to develop cryptocurencies because they bypass central banks. The Libra, Facebook’s version of crypto. is a possible alternative.
Beijing on the other hand plans to use its digital currency to exert total control and surveillance over its 1.4 billion citizens. A neighbor who recently returned from a trip to China said she was unable to use paper money during her trip.
Prophetically it is inconceivable for the fulfillment of Revelation 13:16-17 without digital currency:
“He causes all, both small and great, both rich and poor, both free and slave, to receive a mark on their right hand or on their forehead, 17 so that no one may buy or sell, except he who has the mark or the name of the beast or the number of his name.”
John’s description of the great tribulation (final 3.5 years) indicates that an authoritarian government will have the ability to track every form of commerce, even the ability to buy and sell, a detail often overlooked as to the severity of it.
In Revelation 14:9-10, John makes the penalty clear:
“If anyone worships the beast and his image, and receives his mark on his forehead or on his hand, 10 he himself shall also drink of the wine of the wrath of God, which is poured out full strength into the cup of His indignation. He shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb.”
It is interesting that in an open letter to Mark Zuckerberg written by Steve Forbes (here), the magazine magnate and former presidential candidate made two suggestions to Mark Zuckerberg:
Back his crypto with gold, and call it “the Mark”.