July 01, 2021

China on Cusp of Eliminating Cash, Pushing the World Toward Total Government Surveillance

Source: CBN News

Journalist: George Thomas

The Chinese were the first in the world to invent paper money back in the 7th Century.

Now, more than 1,400 years later, China is again on the cusp of creating a new form of government currency that some say could pose a serious economic threat to America and the West.

"In effect, they are not cryptocurrencies, they are not so-called stable coins, in effect, they are the national physical currency of a country just represented in a digital form," said Erik Bethel, former U.S. executive director with the World Bank.

Bethel says while the world fixates on private cryptocurrencies like Bitcoin, Beijing is busy building a digital version of its own currency, the Yuan, also known as the Renminbi, to control its citizens and eventually threaten the dominance of the U.S. Dollar.

Read the full story and more from CBN News.


  • Yaya J. Fanusie

    Adjunct Senior Fellow, Energy, Economics and Security Program

    Yaya J. Fanusie is an Adjunct Senior Fellow at the Center for a New American Security (CNAS) where his research focuses on crypto, blockchain, and central bank digital currenc...