China’s “Digital Currency,” a Totalitarian Nightmare

xi jinping 1

China has announced a successful trial of the e-yuan which they call the Digital Currency Electronic Payments (DCEP) system. It is being called a contender to bitcoin, but there is nothing crypto about this digital currency which can claim as innovation only that the commercial banks of China and their central bank have merged the money database. This is a master and slave system with the central and commercial banks sharing one ledger, but the central bank is the master in as far as it can print however much yuan it wants in that ledger, while the commercial banks are the slaves in as far as they can only read what orders the central bank has given. Then the commercial banks become the master and the public becomes the slave as the commercial banks can then write all they please, while the public can only read the orders. The public…

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