China likely to launch its own Government Backed digital currency in 2016

Welcome to illuminati silver, we tell you
the truth about silver. Today in Wednesday 3rd February 2016 and we
are discussing the report issued by Bloomberg Business that China is considering launching
its own digital currency. The report the details of which to be found
in the latest EDITION OF Bitcoin magazine states, and we are going to quote a substantial
part of it as it is so eloquently explained: “The People’s Bank of China (PBOC) is
studying the prospect of issuing its own digital currency and is aiming to roll out a product
as soon as possible. The PBOC, China’s central bank, is persuaded that a state-backed digital
currency could reduce capital outflow, money laundering and tax evasion, make economic
activity more transparent and improve the efficiency of global transactions.
The creation of China’s state digital currency was discussed at a meeting in Beijing, attended
by digital fintech experts and high level authorities including PBOC’s Governor and
Deputy Governor. The PBOC’s official statement is in Chinese only, but Chinese speakers have
confirmed that the automatic translation provided by Google is reasonably accurate and understandable.
A research team including experts from Citigroup and Deloitte has been looking into digital
currencies since 2014 and has achieved some encouraging initial results. This team is
now expected to “set up clear strategic objectives for digital currencies issued by
the central bank, and develop key technologies and applications aimed at an early launch
of a digital currency issued by the central bank.”
An estimated $843 billion of capital flowed out of China in the 11 months through November,
according to a Bloomberg estimate, and capital outflow results in rising interest rates and
economic slowdown. ………However, it seems likely that, if the Chinese government introduces
an official “ChinaCoin,” wealthy Chinese will just use other means to take capital
out of the country, including next-generation privacy-preserving digital currencies like
Zcash . “Right now it’s too early to see what
effect the PBOC’s move will have on China’s Bitcoin community,” said Wang Chun, co-founder
of the mining pool F2Pool. “They could decide to let Bitcoin co-exist with its own digital
currency, or chose to crack down on it.” Ecuador became the first nation in the world
to issue a government-backed digital currency last year, telling all of the country’s
banks to get on board. There have been rumors of “Fedcoin” in the United States and
some kind of “Eurocoin” in Europe. Yanis Varoufakis, the former Greek finance minister,
proposed a cryptocurrency dubbed Future Tax Coin (FT-Coin). Other countries including
the Philippines are studying the possibility of rolling out official digital currencies.
According to some Chinese economists, digital money is the future, and China should take
the lead. If Chinese authorities choose to push ahead
and proceed with the creation and deployment of ChinaCoin, it seems plausible that the
impact could be quite disruptive.” Our sources within China not only advise us
that this is true but the planning is at such an advanced stage. We expect to see a product
being launched before the end of 2016. We are speaking with experts on crypto currency
economics to try and assess the ramifications of such an introduction, for without doubt
they would certainly be quite profound. To see the article in full please look at
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daily at Disclaimer: Illuminati Silver owners come from a background
of Banking, International Wealth Management and Economics. Having now retired from these
worlds we are not qualified to give investment advice. Therefore, this and other productions
must not be deemed to be giving such advice and merely represent the personal views of
its owners.

35 thoughts on “China likely to launch its own Government Backed digital currency in 2016

  1. For a bit more centralized economy, it fits their agenda…not sure how well it will go over in the States when it is forced upon us…oh what the future holds…

  2. Digital currency one step closer to complete enslavement. Good for the money changers and not so good for the people. Once cash is eliminated their will be no more bank runs and they can drive the interest rates as negative as they want. Its amazing the authors of the bible saw so far into the future. RFID chips for everyone eventually. Thanks for the update.

  3. What if the Chinese back it with gold as a test to see the effect on the China coin and possible yuan in the future.. Just speculation on my part

  4. I think that a digital currency is not only unique to China, but will be introduce by ALL governments. Reason…they think we all criminals and want the full benefit of taxes. If you think about it we already have digital currencies in all countries and what you mean is that they phasing out cash.

  5. Amazing China already has a thing called sesame credit it scores you on your choice of decisions in scociaological matters and credits your acct based on what the state deems as good decisions

  6. If Janet Yellen's image shows up on a minted coin, I will go into the airsick bag business. It will become a growth industry.

  7. I am just old enough to have grown up before the internet and then I came of age when the internet was budding and becoming mainstream. I was amazed at how much good the massive exchange of information was bringing to the world (and still does) but now I am amazed at how much oppression and negative social engineering this digital age is making possible. The years ahead I think will be both interesting and tumultuous, but I also believe the world will come through it better in the end. I think the overarching conspirators and colluders will mostly fail to seize the future in this world transition that we are on the brink of.

  8. This seems to me to be positive for gold, for two reasons. First, Chinese people wanting to hide their wealth from the government or move it abroad will use gold as a vehicle. Second, once China has this currency they will encourage/coerce/incentivise other asian and middle eastern countries to use it for international trade. In that role, backing it with gold will be an important feature.

  9. Yes news like this makes me want to Stack even more…so when Digital…or shito currency…comes around…there will be an underground trading in Gold and Silver…so sick of hearing about our Governments trying to protect us from Drug Dealers…the Boogie Man etc….it all about control…control…con f…ing trol!!! Why doesn't the main stream media ask our fantastic presidential candidates about these types of things????…opps…I forgot middlemen (Presidents) aren't allowed in the room when these things are decided….😏 Keep up the Great vids my friend!

  10. Interesting news! I certaily see digital currency as the natural progression from physical currency. Is it not in the best interest of the establishment to support this move thus providing more control?

    However, once implemented and accepted by the many ignorant of wealth preservation it will be too late, it will ensure enslavement of the masses as digital wealth has zero store value. It, like fiat currencies, ensure the destruction of generational wealth.
    The informed minority need to use these worthless currencies that all return zero and purchase stored value goods with informed timing/ sale

    It is 'amusing' that governments say we need to track money to stop criminality terror etc yet these same interests allow the banks to launder drugs money, illegal oil sales to Turkey etc on a gargantuan scale….. it feathers the nests of many off the book governmental criminal -Black operations, pay off to offcials etc Hypocrisy personified!

  12. How interesting!!! First that IS would consider digital currency to be worthy of discussion, and secondly of course that this new "disruptive" idea would be gaining such official momentum around the world. Maybe all those "scifi" movies got it wrong… we wont be using credits… we will be using cryto.
    … and is that any more of a good thing?? Have we been cursed? "May you live to see interesting times"

  13. I just came back to the uk after spending 3 months in the philippines. apart from the big city's and business players which are the minority out there most of the country does not even have atms or debit cards established and many islands and places i visited are strictly a cash society so to set up a form of digi is out of the question when they cant even do it with debit cards. the huge investment by the governments to create it which with the amount of corruption these guys pocket on the deals just would not happen. so for that reason it would not take hold out there. unless you only implemented this law to the business sector however the other people still need to trade so at best you could only have both cash and digi running side by side each with there own benefit.

  14. people need to wake up and move away from nothing backed paper/digi currencies and move towards a solid metal or commodity backed note. I like peoples entrepreneur views of creating wealth from investing early in these varies designs but realistically they are equally doomed from the start as is fiat. so lets skip the bs phase and go back to basics and support the metals of history. all you need to do is look at the stock markets vs the metals there is a reason they hold there ground and thats because its a real physical asset. dont be duped by these temporary fads and whiz kids as soon the markets will be so saturated with 100's of competing crypto's that ultimately can be switched off just as quickly as they switched on.

  15. going to a all digital currency, will be embraced by the majority of naive peons in society. They will happily allow themselves to become even more enslaved thru digital currency, because it is convenient for them. No more paper money, or coins needed, just 1 plastic card to do all monetary transactions. This is one more nail in the coffin towards societies enslavement .

    It is coming….TPTB…just have to figure out how to use it to enslave society , while allowing that same digital currency, to allow TPTB, to continue onwards with their bribery, corruption, money laundering, blackmail, etc.


  16. seems they avoiding the real issues and looking for a quick fix. and your people on the inside admit that if they get it wrong the down side dramatically out weighs the good? eerily similar to the housing issue the u.s. had in 2008.

  17. This is becoming scary as our privacy slowly goes down the drain. Stories such as this one cause me to consider over weighting my precious metals investments. As with anything brought down on our heads by big government, remember prohabition, black markets will pop up. Once they have us totally under their thumb, then they can tax us on every transaction we are involved in. No more need to do your taxes at year end, they will just send you a bill, or better yet pull it straight out of your account.

  18. Digital currency = the mark of the beast. What's the point of stacking gold and silver in a society where no one will be able to buy or sell apart from digital currency?

  19. A government backed digital currency? How is that different from a regular government backed currency used digitally/electronically?

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