The Federal Reserve is moving forward in its efforts to develop its own digital currency, announcing Thursday it will release a research paper this summer that explores the move further.
Last month, I posted on China’s continued progress with respect to digital currency. In contrast to China’s – and other nations’ – embrace of this technology, the US has been sluggish in this regard. And it seems that it’s due to this reason that the US government is trying to pay more attention to this now.
I’ve noted in previous articles on digital currency that as we see nations such as China adopt this technology, it will spark a “race” amongst the nations. Although the US government is stating they’re not in a rush, they wouldn’t want to be outpaced either.
Fed officials have emphasized the importance of getting the issuance of a central bank digital currency right rather than participating in a race with its global peers. However, the moves of multiple countries, most prominently China, in the central bank digital currency (CBDC) space has intensified talk about how aggressively the Fed should move. China’s progress has stirred worries that it could undermine the dollar’s position as the global reserve currency.
I believe that it may very well be a part of the mark of the beast system that comes about during the tribulation and that as we see efforts for this progress it shows us how close this time period is, and even closer the rapture of the church.
The Fed this summer will take another step in developing a digital currency
CNBC: Though the central bank did not set any specific plans on the currency, Chairman Jerome Powell cited the progress of payments technology and said the Fed has been “carefully monitoring and adapting” to those innovations.
“The effective functioning of our economy requires that people have faith and confidence not only in the dollar, but also in the payment networks, banks, and other payment service providers that allow money to flow on a daily basis,” Powell said in a video message accompanying the announcement.
“Our focus is on ensuring a safe and efficient payment system that provides broad benefits to American households and businesses while also embracing innovation,” he said.
Fed officials have emphasized the importance of getting the issuance of a central bank digital currency right rather than participating in a race with its global peers.
However, the moves of multiple countries, most prominently China, in the central bank digital currency (CBDC) space has intensified talk about how aggressively the Fed should move. China’s progress has stirred worries that it could undermine the dollar’s position as the global reserve currency.
“It’s going to take some time to do it right,” said David Treat, leader of the blockchain practice for Accenture, which is leading a public-private research initiative into CBDCs. “We’re talking about a four- or five-year journey to real availability and usage and a lot of learning that has to happen between now and then to make sure how it’s implemented fits with each country’s social values and laws.” Read More
“Now I tell you before it comes, that when it does come to pass, you may believe that I am He.” (John 13:19)
For the believer in Christ, these are amazing times we’re living in as we see the world stage is being set up just as the bible says it will in the last days preceding Christ’s return. For us, it’s a time of hope as our redemption draws near, but for those yet saved, they lack the same hope and instead may find themselves living in fear as to what tomorrow may bring.
In Revelation 19:10 we’re told that the essence of bible prophecy is Jesus, “For the testimony of Jesus is the spirit of prophecy.” My purpose in writing these articles in relation to bible prophecy is to express this truth to ultimately point you to Christ. Bible prophecy is not meant to scare but to prepare. These things were revealed to us so that we have confidence in God’s word and believe in Jesus (John 13:19).
If you have not placed your faith in Jesus’ finished work on the cross, I implore you to do so today (2 Corinthians 6:2)! The bible makes it clear that our life is like a vapor so tomorrow isn’t guaranteed for anyone (James 4:13-14). We’ve all sinned and fallen short of the glory of God (Psalm 51:5, Romans 3:23), and due to this, there’s nothing we can do to save ourselves or somehow work our way to heaven (Isaiah 64:6). Because God is Holy he must judge sin. The penalty of this sin is death and ultimately the Lake of Fire (Romans 6:23, Revelation 20:11-15).
But God, in His love has provided a way to escape his wrath through Christ (John 3:16-18, John 14:6). Jesus paid for our sin penalty by taking God’s wrath in our stead on the cross (Romans 5:8). He died for our sins, was buried, and rose again 3 days later (1 Corinthians 15:1-5). Although God offers humanity the gift of eternal life through the shed blood of his son, it’s our choice to either reject this gift and pay for the penalty of our sin ourselves or accept it by placing our trust in the one who’s already paid it all in full (Acts 16:30-31, Romans 6:23, Ephesians 2:8-9). Make sure you’ve made the right decision about Jesus today! It will be the most important decision of your life, for eternal life.
- The Fed this summer will take another step in developing a digital currency (May 20th, 2021) – CNBC
This is an updated edition of a post originally published on Himitsu | End Times Study