India Set to Launch Digital Currency
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India Set to Launch Digital Currency
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From CBN News: India plans to launch government-backed digital money with a digital version of its currency, the rupee.
In making the announcement last week, the country’s Finance Minister Nirmala Sitharaman said the move would strengthen the country’s online economy.
Sitharaman said, “Introduction of a central bank digital currency, will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technologies to be issued by the Reserve Bank of India starting 2022 and 23…”
Appearing on Thursday’s CBN Newswatch program, CBN News Financial Editor Drew Parkhill explained India’s digital currency would be a central bank digital currency.
“In other words, it would be an online version of the money you spend,” Parkhill said. “Instead of paper, instead of coins, it would all be online. It would be the official government currency, but the online version of it.”
“The idea in some quarters is that, down the road, all transactions are going to be online. All transactions are going to be digital,” he explained. “And then paper money would then ultimately go away and central bank digital currency would be a step towards that…”
“The details are not clear. So what about privacy?” he asked. “Can the government track everything you do online if it’s a purely digital currency? Who’s going to be able to watch all of this? Will it be businesses? Will it be banks? Will it be the government? How much privacy will you have? So this is a big concern. It’s not only in India, China of course is moving in this direction and there are concerns about that there as well.”
As CBN News has reported, because it is largely untraceable, physical currency has been called the “last bastion of privacy” in China, and that’s likely to be one reason the Chinese government would like to get rid of it altogether…
But U.S. Rep. Michael McCaul (R-TX), the top Republican on the House Foreign Affairs Committee, said it will give the Chinese government unprecedented access to people’s financial transactions.
“This will give them data on behavior and on how people spend,” McCaul told CBN News.
And it gives Beijing the power to track that spending in real-time.
“There will be a point where the People’s Bank of China, the central bank of their country, is going to be able to look, peer inside of every single transaction, what everyone does, 24 hours a day, 7 days a week,” warned Erik Bethel, former U.S. executive director of the World Bank.
This means if you are a human rights activist or a Christian, authorities can use this new technology to punish you if you engage in activities they consider anti-government…
As CBN News previously reported, U.S. Treasury Secretary Janet Yellen has indicated the Biden administration is interested in doing more research into creating a digital dollar.
But other experts are warning there are other reasons not to use digital currency – surveillance. Thought you could be spied on using your credit card? With certain types of digital money – the bank, even the government – would know every purchase you make.
What do you think? Share in the comments!
(Excerpt from CBN News. Photo Credit: Getty Images)
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Digital currency is evil. The “Digital Wallet” that Biden’s regime is going to introduce will give government total control over your income, and will give them tracking ability to watch, record, track and know about everything you do with your digital money. Worse, they will have the ability to electronically control, and even deny your purchsse of anything THEY feel is not good for you. In their opinion. Overweight ? They can deny your purchase of that Big Mac and chocolate shake which THEY feel is unhealthy for you.. Politically, THEY can deny any expenditure of yours if it does not fit their Party’s agenda. You can see where the evil lies in Digital Currency…it opens the door for evil purposes. In fact, if you do not “Tow the Party Line”, they can cut off your income flow entirely in a worst case scenario for offending their regime.
This is The Mark of the Beast. In one European country, they are implanting by the thousands, digital chips “under the skin” on the back of the hand. Want to make a purchase ? Just swipe your hand over a digital chip reader to pay for your purchase. This will fulfill prophecy’s ” No one may buy, or sell without The Mark.”
Thank You, Lord, for people like Drew Parkhill and Michael McCaul, who are aware of the dangers. Grant them wisdom and courage to speak up and stand firm. Deliver us from evil!
Father prepare your people to deal with the prospect of digital currency. Help us not to be frightened but wise. Give us understanding so we may act wisely. Turn President Biden’s heart away from digital currency.