The digital banking system sounds like a prelude to the beast system. No cash and may start out as a universal debit card and end up as an implantable device in the hand or forehead.Originally Posted by A.J.
The digital banking system sounds like a prelude to the beast system. No cash and may start out as a universal debit card and end up as an implantable device in the hand or forehead.
If you put God First, you have Him at Last.
The Toronto Dominion Bank has issued a letter to their clients telling them that they're switching over to completely digital and if you don't agree to their new terms of use, you will be unable to do online banking or use your debit card. Not sure about credit cards but most likely that, too. It has people very concerned.
Smitty (04-18-2023)
I found this info on Chinese money and expiration dates : Why would China's central bank want to issue a digital yuan with an expiration date? | Department of Economics
the Q and A at your link says ...
of course this question was answered by : Min Wang, likely a CCP plant at the university.Question:
Why would China's central bank want to issue a digital yuan with an expiration date? Apparently, in 2021, China announced it was testing an expiration date feature on its digital yuan, which would allow money to expire if not used. I was wondering how this could impact the economy as a whole were this to become the dominant currency in China and how this would be in the interest of the Chinese central bank.
Answer:
The official digital Yuan issued by the central bank of China does not has the expiration date. The "digital Yuan" mentioned in the question should be the digital consumption voucher which is issued by the local government and has the expiration date.
So, typical fashion they are playing around with semantics, bottom line, your money can be cancelled in China.
Where do you dig up these compromised sources?
Since I'm not sure about what that means, I would like to know what the difference between "digital Yuan" and "digital consumption voucher" actually is. It says that the latter has an expiration date and that the former does not.
Well, my understanding is that the "vouchers" are similar to stimulus checks, unlike stimulus checks issued in the US which is essentially cash, the vouchers are very targeted, so if the CCP wants to bump demand for TVs in a certain province, it will issue digital yuan vouchers to people in a certain province that are only good for TV sets in a certain province, when sales targets are reached, voucher and the underlying yuan expire. it's a way to micromanage demand and supply.
Smitty (04-19-2023)
Ok, but that is clearly a different category than digital money in general. We may speculate about whether or not they will expand the expiration date system, whether or not the person is an agent and is saying that because he is, whether or not Google is trying to fool us with that particular piece of information and so on, but we don't really know that. We do know for a fact that the Chinese government uses the "social credit" system to control citizens, they have been doing that for a long time.
Bank of Canada also exploring expiring digital currency.
It's a PDF file ..
https://www.bankofcanada.ca/wp-conte...swp2021-67.pdf
Money is money, no real "categories", if the government can issue expiring money, I'm pretty sure it's not money, just a control tool.
Highly Favoured (04-20-2023)
Out of the top of my mind, I think the digital Yuan balance in your account has no expiration date. But when a transaction is made from your digital account, a demand is made on your digital consumption voucher which deducts the digital Yuan that is available in your account.
As far as an expiration date, the authorities in charge of your digital account would give you a time limit (voucher) to spend your digital Yuan, or lose it if the digital Yuan voucher allocated in your digital account in not spent by a certain date.
For example, I am allocated 5 weeks of vacation a year. I receive those entitled 5 weeks of vacation every year on my anniversary hire-on date. If I fail to use all 5 weeks of vacation by the next hire-on anniversary date, I will lose any remaining vacation weeks because of my failure to use them before the hire-on anniversary date.
If you put God First, you have Him at Last.
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