Loading ...China is the First to Launch a Central Bank Issued Digital Currency – DCEP
DCEP – Digital Currency Electronic Payment
Foreign corporations will need DCEP to conduct Business in China.
Eventually they will need DCEP to conduct business WITH China.
This is a big deal. China is way ahead of the US (or any other country) in development of a central bank digital currency.
The long term plan is to replace the use of the US dollar for trade with China, and to replace the US dollar reserve status.
Lots of DCEP info on the web for those interested in follow up research.
This article explains DCEP
https://boxmining.com/dcep/
This URL is from a video in the above article
It needs to be taken seriously because they are probably in the best position to back it with gold. Whoever does so (assuming the world believes a digital currency is backed by gold and the country doing so proves it by making it redeemable) will become the new world reserve currency.
That seems to make sense, Chartmaster, but will the CCP exchange the renminbi for gold if it means the gold is exported from China?
I believe they will. There might be some initial drain of gold out of their reserves but once the world accepts their currency is “as good as gold” the requests for convertibility will be minimal and China will replace the US as world leader economically and probably militarily as well. Not overnight but slowly and steadily. Just as US replaced Great Britain.
TERNS OUT….It’s backed with NOTHING…not even Bonds…it’s pure Thin Air MMT