China's central bank The People's Bank of China, began testing its new digital Yuan's interface on April 14th with one of its largest banks, the Agricultural Bank of China, rolling out a test UI.
Two weeks later, there are reports that a pilot has been launched.
The test run is taking place in at least four cities in China:
That's not all, China also launched its Blockchain Service Network (BSN) for domestic and global commercial use.
China also announced a 71-person committee for its Blockchain which includes executives from China's central bank, as well as tech giants Baidu and Tencent, according to an announcement from the country's Ministry of Industry and Information Technology (MIIT).
Last year, Max Keiser of the Keiser Report told Kitco News that China was backing the new digital Yuan with gold.
This author also had his own source from the Bank for International Settlements (BIS) saying much of the same for years, in which I wrote up two articles explaining the shift from the West as the world reserve currency.
Those articles were entitled:
Both articles detail numerous financial moves that China has taken in the past 10 years.
One of which was buying up gold from the U.S. as a WikiLeaks cable titled "China increases its gold reserves in order to kill two birds with one stone" details.
China again began stockpiling gold in 2013, when they bought J.P.Morgan's building that previously housed its gold.
Then the Asian Infrastructure Investment Bank (AIIB) was planned between 2010-2012, and was fully operational by 2016.
Although currently it is not known if China's digital Yuan is backed by gold, it wouldn't be at all surprising.
China opened up its own gold market in 2016, an entirely separate system than the COMEX gold futures market in New York and the Over-the-Counter (OTC) trades cleared through the London Bullion Market.
China and Russia have both been working to undermine the West and the U.S. dollar since China called for a new world reserve currency as early as 2009.
Now, the disruptive fiat digital Yuan is here and it could help China achieve their goal of replacing the U.S. dollar as the world's reserve currency amid a growing economic collapse happening in the U.S. due to the coronavirus lockdown and other outlying factors like propping the economy up on fraud by deregulating banks and entities.
It is China's time to shine as the petro dollar is in its last death throes with oil plunging almost -$40, a historic move, and releasing a digital currency will force the rest of the world to follow or be left behind.
In the words of Fortune magazine,
While many see the release of the Chinese fiat cryptocurrency as bullish for Chinese-based blockchain projects, the outlying effect is that such a move by China is Orwellian.
The Chinese now have a digital currency which, when it is fully rolled out, will be able to track all point-of-sale purchases.
China's new digital currency couldn't be further from the original foundation and purpose of Bitcoin and cryptocurrency which is freedom from centralized structures through decentralized ownership.
In other words,
However, with China's new recent move we can surely expect that the Chinese government will be able to seize digital funds or turn off a person's wallet if they disobey the Chinese Communist Party (CCP.)
This is assumable due to the Orwellian rules already in place in China with the social credit system and restrictions on traveling throughout the country by using that mechanism to silence critics of the CCP.
China is also not the only country developing a digital currency,
BIS states that future is now inevitable in a PDF from January of this year compiled of research of more than 50 Central Banks polled entitled:
The poll indicates that as many as,
The main questions we must ask ourselves is this:
I think the obvious blaring answer for most of us is, no.
In other words, buy 'Bitcoin'...