China and Russia: Full Steam Ahead Towards a Cashless Society
Today we learned China is taking another step toward being a cashless society. Not just any cashless society, but the largest populated nation on the planet. Please keep in mind this announcement is coming on the heels of China’s closest ally, Russia, announcing she would be issuing a crypto-ruble – Which is a digitized currency as well. Once these two nations go cashless that will be a huge blow to hard currency in circulation around the world.
Yesterday, Cointelegraph reported that local news sources in Russia had been informed by the Minister of Communications, Nikolay Nikiforov, that President Putin has approved a plan for the issue of a “CrypoRuble.” There was no detail, however, on timeline and no any subsequent confirmation that we’ve seen. Coincidentally, or not, Nikiforov is quoted as saying “I confidently declare that we run (sic) CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will.” Source
As ZeroHedge reported
In a story that seems to have gone largely unnoticed by the western press, the China Daily reported that the PBoC has successfully designed a prototype that can regulate its future supply of digital fiat currency.
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