In May 2021, we followed the development, testing, as well as the announcement of the release of the digital yuan in the edition of the Central Bank of China on this blog. According to the already established plan, in June 2021, the National Bank of China announced that the digital yuan will be officially put into circulation by the 2022 Winter Olympics.

And the waiting is finally over. According to Beijing Business News, since yesterday the e-CNY pilot app is available on iOS and Android app stores. This is the official service platform for the CCP’s legal digital currency pilot for individual users, providing e-CNY exchange and circulation services and the opening and management of personal wallets. So let’s analyze the first reactions collected in the news of the ‘China Report’ of the U.S. BL channel:

“According to a January 2nd report by the Epic Times in July 2021 the Chinese Communist Party announced that overseas visitors could use e-CNY directly during the Beijing Winter Olympics and that e-CNY wearable devices would even be distributed to foreign athletes for free. Several U.S. Federal Senators sent a letter to the U.S. Olympic Committee on July 19th requesting that U.S. athletes be prohibited from obtaining or using e-CNYs during the Beijing Winter Olympics because the CCP would use e-CNYs to conduct surveillance.”

Comment: Oh, great! CCP will now using their CBDC do the same thing the U.S. Government is doing to the whole World with Google and Apple help!

“Jeremy Fleming head of the British Intelligence Agency and director of the government communications headquarters also told Financial Times that e-CNY which the Chinese communist party is promoting through the Winter Olympics could become a tool for spying on users and exercising control over global currency transactions.”

Comment: So, the British intelligence service is deeply concerned that it will no longer have a monopoly on global dirty jobs… Understandable.

Okay, we’ve seen what bureaucrats and intelligence have to say, let’s see now what economists say:

“On october 22nd 2021 Muchang Chun director of the Central Bank of China’s institute of digital research revealed that 140 million personal wallets and 10 million corporate wallets had been opened and the cumulative number of transactions reached 150 million with a transaction value of nearly 62 billion Chinese yuan. Professor Tian Xie from the Aiken School of Business at the University of South Carolina previously told New Tang Dynasty that the Chinese Communist Party had multiple considerations for the rapid launch of e-CNY but the risks behind it are alarmingly large.

One is China’s economic difficulties. e-CNY can cover up the evidence of the CCP’s crazy money printing and artificial inflation depriving Chinese people of their earnings. Secondly e-CNY can destroy and digest the sky-high amount of money invested in the housing market thus cooling the housing market. Thirdly the CCP can use e-CNY to monitor the people. Fourthly, to prepare for the decoupling from the U.S. dollar. Once decoupled from the U.S. dollar or sanctioned by the U.S. the CNY may be devalued significantly. If the cash can be recovered the destruction of the cash can put the devaluation under control.”

Comment: ‘cover up the evidence of the CCP’s crazy money printing?’ Let’s see who is the absolute leader in insane printing:

Oh, look! Well that’s the United States! Which means that the decoupling from the American dollar is a problem of the USA, and not China. As are not the Chinese risks calming the real estate market and putting devaluation under control. As far as monitoring the people is concerned, it is true – but it will really be possible with any centralized currency of any Central Bank in the World. That is why it is the greatest financial scam in the history of mankind, as Dominic Frisby explained in the text “The Financial Reset Day”.

All the negative features of Central Bank Digital Currencies (CBDC) are correct. In that form, they should never exist. People who accept them have not deserved anything better than the fate that awaits them.

Others, who want to keep their freedom and break all ties with fraudsters, will invest fifteen minutes in learning how to keep blockchain keys and will keep their value in bitcoin.