UK - Bank-Backed Digital Currency to Come

Arno Froese

“We are looking at the question of, should we create a Bank of England digital currency,” Bailey said in a webinar event with students. “We’ll go on looking at it, as it does have huge implications on the nature of payments and society.”

“I think in a few years’ time, we will be heading toward some sort of digital currency,” he added.

The BOE is part of a group of major central banks teaming up to assess potentially developing their own digital currencies, acknowledging their role is being challenged by new technologies and private sector initiatives such as Facebook Inc.’s Libra.

It could be some time before the U.K. central bank is able to fully devote its attention to such a development, however.

“The digital currency issue will be a very big issue,” Bailey said. “I hope it is, because that means Covid will be behind us.”, 13 July 2020

Arno's commentary

In practical terms, digital currency already exists. Paying cash with paper money is losing ground to credit/debit cards and other forms of electronic payment. This also is a welcome avenue because of the Covid-19 pandemic. Yet digital currency is practically non-existent outside the computer-fueled world.

Cash, incidentally, is in itself worthless; it’s a piece of paper printed with numbers. You can’t fuel your car with it or put it on a plate to eat. This vehicle of debt and payment exists purely based on the consumer’s faith in the currency. Therefore, the long-proclaimed and expected cashless society is in the works and will dominate the financial and economic system of planet earth. 

Ultimately, however, this type of remittance will be subject to the purchaser’s permanent membership in the final global system, which we call the mark of the beast.

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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