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A single world currency: Understanding the central bank digital currencies

The Man of God, Pastor Chris Oyakhilome has continually enlightened the world during Your Loveworld sessions about the deep state agenda, from the one world order to the single world currency. Well have you had about the central bank digital currencies?

The CBDCs are digital in form, are recorded on a ledger maintained by a central bank or Finance Ministry, and the message traffic is encrypted. Still, the resemblance to cryptos ends there. The CBDC ledgers do not use blockchain, and CBDCs definitely do not embrace the decentralized issuance model hailed by the crypto crowd. CBDCs will be highly centralized and tightly controlled by central banks.

CBDCs are not new currencies. They are the same currencies you already know (dollars, yuan, euros, yen, sterling) in a new form, using new payment channels. They are a technological advance, but they do not replace existing reserve currencies.

CBDCs are currently being introduced by major central banks around the world. Countries are at different stages of deployment. China is the furthest along. They have a working prototype of a digital yuan that will be showcased at the Beijing Winter Olympics in February 2022.

If you’re there and want to buy tickets, meals, souvenirs or pay for hotel rooms, you’ll be expected to pay with the new digital yuan using a mobile phone app or other digital payment channel. The European Central Bank has also moved quickly on a CBDC version of the euro.

They are not yet at the prototype stage, but they have made material advances and are getting close to that stage. Japan and the U.S are at the back of the line.

The Fed has a research and development project underway with MIT to study how a digital dollar might intersect with or even replace the existing dollar payments system which is already digitized, albeit without a centralized ledger. The U.S is probably several years away from its own CBDC at best.

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