In my previous blog, ‘Secret Money,’ I gave some comments on investing in cryptocurrency, like Bitcoin.
I was asked if Bitcoin was the one world currency which the Bible mentions as a phenomenon in the end times, in which we will not be able to trade without bearing the ‘name of the Beast which is 666.’ See Revelation 13:16-18.
There is no doubt in my mind that global developments offer us lots of signs that the end is near. However, I believe that the development of cryptocurrency is more like a steppingstone, than the end itself.
Bitcoin is a decentralized currency which would make it very difficult, if not impossible for a central government to control. Bitcoin does enable cross-border transactions and some regulatory challenges, but it is not possible to control its use.
The digital euro
Of more concern, I believe is the development of digital currency, which is different to crypto. Cryptocurrencies emphasize decentralization, aiming to disrupt traditional financial systems and enable more direct peer-to-peer transactions. Digital currencies, issued by central banks, maintain ties to existing financial frameworks, enabling governments to maintain control.
The digital euro would essentially be a digital form of physical euros, issued and regulated by the ECB, which is the central bank responsible for the monetary policy of the Eurozone. It would be a new way for individuals, businesses, and financial institutions to hold and use euros in a digital form.
As the use of physical euros declines quickly, this gives the central bank a unique power to control its issue and usage.
It would allow individuals to have a digital wallet directly with the central bank, making it possible to hold and transact in digital euros without relying on traditional banks.
The experimental phase of introducing a digital euro ends in October 2023, after which it is expected that the introduction phase will begin.
In the US, the Fed is studying the introduction of a digital dollar …
I believe that the digital euro will be introduced and accepted very quickly. There are many advantages in using a digital euro. A digital euro offers advantages of enhanced financial inclusion by providing access to the unbanked; efficiency through faster cross-border transactions; reduced costs by eliminating intermediaries; improved security and privacy features, and increased visibility for central banks to implement effective monetary policies while complementing physical cash.
Current development
Right now, Russia is accelerating the implementation of the digital rouble.
The Central Bank of Russia will start its first real operations on August 15, 2023 in 11 cities. Now Russians are being told that it will be "the onset of a new beautiful and transparent world." Russian blog discussions about the digital rouble, maintain a viewpoint is that businesses and citizens will be under an even tighter control of the state with such digital currencies. It can easily control use of roubles by citizens outside of Russia. One blog called it ‘digital serfdom.’
The Russian central bank will be able to restrict certain financial transactions, encourage the purchase of some goods and discourage or even forbid others, merely by pushing a button. It is being written that it might also have a shelf life, meaning that the government could stop it’s issue, go to a ‘new digital rouble’ with horrifying consequences for savers.
Is this a stronger pointer to the warnings about the restriction of buying and selling in Revelation 13?
In closing
Current events are clearly showing that the Body Of Christ is being confronted with fast-changing technological developments, like blockchain technology and the potential of the third version of the internet - web3, the metaverse. We are diving head-first into new waters of technology, the depths of which we cannot currently fathom.
Our human story begins in a garden and ends in a complex city, full of technology, full with the best of art, science and craftsmanship. Technology is part of God-given human creativity and I believe it will eventually be redeemed by the Lord.
History has shown that during periods of great technological change, Jesus Christ remains the same, and enables his people to weather the storms and even make use of the new technologies, as we have done throughout the centuries.
We need not fear. “Fear not, for I am with you; be not dismayed, for I am your God; I will strengthen you, I will help you, I will uphold you with my righteous right hand.” (Isaiah 41:10)