CHINA - ‘One Day Everyone Will Use China’s Digital Currency’

Arno Froese

Chandler Guo was a pioneer in cryptocurrency, the digital currencies that can be created and used independently of national central banks and governments.

In 2014 he set up an operation to produce one of those currencies, Bitcoin, in a secret location in western China.

At its peak his machines were capable of mining 30% of the world’s Bitcoin. He believed Bitcoin would one day change the world and replace the dollar.

But now he sees a new force emerging—a payment system created by the Chinese state and known as Digital Currency Electronic Payment (DCEP). 

It’s really a digital version of China’s official currency, the yuan, and Mr Guo feels DCEP will become the dominant global currency. “One day everyone in the world will be using DCEP,” he says.

China’s digital payment systems are widely seen as the most advanced in the world.

The country is on the verge of becoming a cashless society. In 2019, four out of every five payments in China were made through either Tencent’s WeChat Pay or Alibaba’s Alipay.

“America is the leader of the global financial system. But they don’t have the motivation like China to make the change [to a digital currency],” says an anonymous Chinese cryptocurrency observer known as Bitfool.

Many Bitcoin enthusiasts fear that DCEP will be used as a tool by the Chinese Communist Party to exert greater control over their citizens through surveillance. The authorities will be able to monitor how money is spent in real time. They will also have the same controls over DCEP as with the yuan.

The yuan is tightly controlled by Beijing and its exchange rate is the source of much tension between the US and China. The US accuses China of keeping the yuan weak to benefit its economy.

“DCEP is the antithesis of Bitcoin. The ultimate goal of a cryptocurrency is the separation of money and state,” says Stewart Mackenzie, a cryptocurrency expert based in Hong Kong. “It’s easy for them to say that it’s like Bitcoin when it’s worlds apart.”, 25 September 2020

Arno's commentary

The fact that local currencies do not have a future is confirmed in Scripture. Revelation 13:17 reads: “And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” That is the ultimate currency, and this license to buy or sell is closely connected to the worship of the image of the beast, as documented in verse 15: “And he had power to give life unto the image of the beast, that the image of the beast should both speak, and cause that as many as would not worship the image of the beast should be killed.”

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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