ZH: ECB Says Cash “Not Fit” For Digital Economy, Dismisses CBDC Privacy Concerns; COGwriter: This is a clear ‘666’ signal
Artist’s conception of Euro becoming digital (Pixabay)
ZeroHedge posted the following:
ECB Says Cash “Not Fit” For Digital Economy, Dismisses CBDC Privacy Concerns
August 24, 2022
In the digital economy, cash is no longer a useful tool, and a central bank digital currency (CBDC) is the “only solution” to continue the existing monetary system, according to a new paper from the European Central Bank (ECB).
The eurozone’s central bank recently published a paper titled, “The Economics of Central Bank Digital Currency.” Authors assessed the implications for the financial system and examined data privacy and digital payments.
Researchers concluded that a CBDC, like a digital euro, would be the “only solution” to facilitate a “smooth continuation” of the present monetary system. Despite widespread concerns that CBDCs would limit the credit supply and function as a disruptive force in the financial markets, the paper rejected these concerns as being unfounded.
Digital money is critical in a digital economy, the ECB noted. Since “cash is losing its appeal as efficient means of payment,” a CBDC is a necessary tool to install. Although the research identified drawbacks of instituting a uniform digital monetary system, such as the sluggish pace of settlements, market developments, and adoption, the paper noted that “a digital update of cash” is crucial to advancing “the two-layer system of public and private money.”
Ultimately, cash possesses “large economic costs without clear benefits,” so “it is by construction not ‘fit’ for the digital age.”
Digital money might generate privacy concerns, authors warned. …
The paper also rejected cryptocurrencies and stablecoins, calling them a “threat to monetary sovereignty.” https://www.zerohedge.com/crypto/ecb-says-cash-not-fit-digital-economy-dismisses-cbdc-privacy-concerns
Here are some excerpts from the ECB paper:
We argue that public digital money in form of a CBDC could replace banknotes as the monetary anchor of today’s two‐layer monetary system and help retaining monetary sovereignty if global stablecoins became widely used. …
Bindseil (2020) notes that in a negative interest rate environment demand for CBDC would be potentially unlimited if it were remunerated at a zero interest rate. At the same time, a CBDC carrying a negative interest rate might face adoption obstacles as users would perceive cash as a less costly means of payment. …
Since cash is only available in physical form, it is by construction not “fit” for the digital age. https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2713~91ddff9e7c.en.pdf?79062191677f6bb6f617909e6a7a9ba8%C3%A4 accessed 08/24/22
The ECB is saying that cash cannot be controlled enough and is not fit for the digital age it wants. This is a clear ‘666’ signal.
According to the Bible (cf. Revelation 13:1-18), a coming European beast power will control buying and selling.
Notice a report about a digital Euro:
Digital euro: new details emerge on how to limit CBDC holdings
11 August 2022
The President of the Deutsche Bundesbank, Dr. Joachim Nagel, shared new details about plans for a digital euro during a July speech. While he covered the usual motivations and risks of a central bank digital currency (CBDC), he added some detail on how holdings of digital euros might be limited.
In the past, there has been a reference to imposing a hard cap on holdings of around €3,000. And in a June speech, European Central Bank (ECB) board member Fabio Panetta shared the current analysis of limiting the total digital euros to between one and 1.5 trillion, equivalent to €3,000 to €4,000 per person.
Nagel confirmed that for individuals, there would likely be a hard cap limit. If someone sends you money that puts you over the limit, rejecting the payment wouldn’t be very user-friendly. https://www.ledgerinsights.com/digital-euro-new-details-emerge-on-how-to-limit-cbdc-holdings/
The coming 666 European Beast power will take steps to shoot for eliminating 100% of cash if possible. As far as when, probably by 2028. And that currency could be in place BEFORE the European Beast power rises up.
It may be a version of the Euro or it will be more of a global currency. Here is something about that from my book Biden-Harris: Prophecies and Destruction:
It has been proposed that various nations around the world are already in the process of accumulating gold to one day overthrow the U.S. dollar—and that the “U.S. is unprepared for this strategic alternative to dollar dominance” [Rickards J. Axis of Gold. The Daily Reckoning, December 20, 2016].
When the U.S. dollar totally collapses people all around the world will consider that even if the Euro (or something similar) is strong, having a more gold-backed currency would be safer.
The collapse of the U.S.A. dollar will shake a lot of the world’s confidence in non-gold backed currencies.
The Europeans do not have to have a perfect currency, only one that is perceived to be in better shape than the U.S.A. dollar.
Having the European power acquiring more gold to back the Euro or possibly another future European currency (that might potentially replace the Euro or even a basket of currencies) may greatly increase European credibility, prosperity, and influence around the globe, even if the backing is only implied. (Thiel B. Biden-Harris: Prophecies and Destruction. Nazarene Books, 2021)
Digital currencies allow for monitoring of buying and selling–which the Bible says the 666 power will do. Digital currencies also give governments ways to essentially force spending by allowing ‘negative interest rates’ on money being held electronically.
Moves towards cashlessness was number 13 of 22 items to prophetically watch in 2022:
13. Cash and 666 …
Notice the following prophecy:
16 He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.
18 Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666. (Revelation 13:16-18)
It will be a European power that will fulfill the above prophecy of 666 (watch Can You Prove that the Beast to Come is European?).
It will likely take computers aided with artificial intelligence to aid in the fulfillment of the scriptures in Revelation 13:15-18, as well as cyber-spying/monitoring. I do believe that cyber monitoring will be used by the European Beast, King of the North, 666 power.
We are seeing a move to digital/electronic money (watch Blockchain, Karl Guttenberg, and 666 and Sweden going to ‘666’ cashlessness?). Knowledge of financial transactions is greatly increasing.
This type of financial surveillance could not have happened during the time of the Apostle John as there was no real way to monitor many financial transactions then (despite the fact that ‘preterists’ believe this was fulfilled almost 2000 years ago, see also The Dangerous Rise of Preterists). The same was true for all the centuries that followed until the late 20th and now the 21st century. But now not only does the technology exist to monitor most financial transactions, the political will is there as well.
Furthermore, Europe is trying to set itself up as the “sheriff” of cryptocurrencies:
December 13, 2021
Let’s tune into some surprisingly hands-off regulatory proposals in the EU in the crypto space …
Surprising Twist for Crypto Regulation in the EU
Eurointelligence wrote about the Surprising Twist for Crypto on December 3.
Decentralised finance happens to be one of the few high tech areas where the EU is doing quite well. Last week the Council adopted its position on proposed crypto market regulations for Defi products. They are very industry-friendly.
The proposed regulations are the most important to date for the European crypto industry because they establish rules for issuers, or the developers and companies behind tokens, as well as crypto-asset services providers, or exchanges and custodians.
Happily for the EU industry, the new regulations do not apply to non-fungible tokens, NFTS. Nor do they apply to utility tokens, meaning any crypto asset that provides access to a good or service provided by the issuer. Crypto-assets that are offered for free, airdrops, are also exempt. Crypto assets automatically created as a reward for maintaining the blockchain on which they operate are also unregulated.
It’s a different story for stablecoins. The EU remains attached to the idea of launching its own central bank digital currency. Whether pegged to a fiat currency or basket of currency or assets, any form of stablecoin will be under strict regulation including a ban on earning interest, and a requirement for all issuers to be granted permission by the relevant national authority.
Fully decentralised exchanges are not subject to these rules, most likely because, as we’ve been arguing, it would be impossible to enforce them.
In another pleasant surprise for the industry, self-custody software and hardware wallets do not fall under the new regulations either. Earlier announcements that the EU planned to ban anonymous wallets appear to have been premature: there seems to be a growing recognition in the EU of what is and is not possible in Defi and crypto.
Belgian Politics Synopsis
Please consider the Most Important Piece of Regulation on Cryptocurrencies
The most important piece of regulation on cryptocurrencies in the world thus far has arrived: I read through all 405 pages of the “Proposal for EU Regulation on Markets in Crypto-Assets” so you don’t have to. …
These crypto-assets face some regulation. The Regulation describes very detailed rules on the contents of white papers and also establishes rules on marketing communications. This is bad news for scams with poorly written, undetailed white papers and those using misleading forms of marketing. The European Securities and Markets Authority (ESMA) will most likely establish templates and standards for white papers in the crypto-industry (see Regulation Title II for further details).
Link to follow-up on the Ordinary Legislative Procedure: https://eur-lex.europa.eu/legal-content/EN/HIS/?uri=CELEX:52020PC0593
Link to the proposed EU Regulation on Markets in Crypto-Assets: https://www.consilium.europa.eu/media/53105/st14067-en21.pdf
Link to the “Brussels Effect”: https://en.wikipedia.org/wiki/Brussels_effect
Blogs, crypto journalists (you know who you are), etc. are all free to use the info in this post. No need to credit me. I just want people to be informed.
Belgian Politics Overall Assessment
I am pleasantly surprised. While some of you want nothing to do with regulation, which I respect, this seems very reasonable and a step in the right direction.
Cryptocurrency will still be the ‘Wild West of Finance’; but now there will be a new Sheriff in town. And that Sheriff, is the European Union. It does no longer tolerate unregulated stablecoins; it does no longer tolerate shady projects with no utility, crappy white papers, and misleading marketing; and it sure as hell does no longer tolerate unprofessional exchanges who screw EU citizens out of their money. But it does like innovation and it will try not to hinder development in the cryptocurrency and blockchain space because they have made similar mistakes before in other industries.
This text has clearly been written by highly knowledge civil servants and has been endorsed by EU Ministers of Finance with a more open approach to blockchain and cryptocurrencies than their non-EU counterparts. The EU made the mistake of allowing the US/Asia to dominate the tech industry. They do not want to repeat that mistake with the cryptocurrency space. https://www.zerohedge.com/crypto/eu-well-ahead-us-crypto-support-and-regulation
So, we see a claim that Europe will be the dominant force in cryptocurrency.
While 2022 will not see a cashless world, expect to see more movements towards monitorable payments.
The fall of the US dollar and the trend towards digital money will concern many.
As far as Europe’s digital plans go, back in January 2022, the Continuing Church of God (CCOG) put out the following video on our Bible News Prophecy YouTube channel:
EU to be ‘Sheriff’ of BitCoin & Digital Currencies
Will Bitcoin remain unregulated? The European Union does not think it should be and it released a paper titled “Proposal for EU Regulation on Markets in Crypto-Assets.” Christine Lagarde, president of the European Central Bank, earlier endorsed EU regulation of crypto and digital currencies. A Belgian declared that the EU was the “new Sheriff in town” to deal with the “wild west” of Bitcoin, blockchain, and other cryptocurrencies. The European Union now also has the European Public Prosecutor’s Office in operation, mainly to deal with financial matters? Will the Europeans end up controlling buying and selling associated with 666 in Revelation 13:16-18? Is Europe taking preliminary steps to do so now? Dr. Thiel address these issues.
Here is a link to our video: EU to be ‘Sheriff’ of BitCoin & Digital Currencies.
The European Public Prosecutor’s Office officially started operations on 1 June 2021 (https://www.eppo.europa.eu/en/background).
So, yes, there is an enforcer for 666.
A few years back, my wife Joyce and I visited Sweden, which is almost cashless. We put together a video about its moves towards cashlessness on our Bible News Prophecy YouTube channel: Sweden going to ‘666’ cashlessness?
The world in general, as well as Europe in particular, is moving more towards a cashless society.
Yes, more digital currency use is coming.
The Bible prophesies that totalitarian financial controls are coming to Europe:
16 He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.
18 Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666. (Revelation 13:11-18)
The type of controls prophesied in Revelation 13:16-18 were something that was not possible when Jesus had the Apostle John pen the above. But it is possible now with digital technology.
The surveilling time of controlling buying and selling-666-is coming.
The Continuing Church of God (CCOG) also put together the following video related to digital currencies on our Bible News Prophecy YouTube channel, of which the audio portion was sent for broadcast on the European Gospel Radio station AM 1323 kHz last month:
The government of Belgium is in the process of ordering small businesses to accept credit cards. In Sweden more and more cashless transactions are occurring. The European Central Bank as well as the government of the United States is working on developing Central Bank Digital Currencies (CBDCs). Could this be used for ‘1984’ type monitoring? Is something like this needed for ‘666’ control of buying and selling as warned in the Book of Revelation? Does the European Union now have a unit that could do ‘666’ monitoring? What about the use of gold? Steve Dupuie asks Dr. Thiel various questions related to these topics.
Here is a link to our video: Cashlessness and 1984.
Are you paying attention to what is going on in the world?
Steps towards ‘666’ are clearly happening.
Yes, Europe will adopt some type of digital currency.
The 666 prophecies will be fulfilled.
Probably by 2028.
Some items of possibly related interest may include:
Mark of the Beast What is the mark of the Beast? Who is the Beast? What have various ones claimed the mark is? What is the ‘Mark of the Beast’?
The Mark of Antichrist What is the mark of Antichrist? What have various ones claimed? Here is a link to a related sermon What is the ‘Mark of Antichrist’?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is a link to a video titled: Can You Prove that the Beast to Come is European?
European Technology and the Beast of Revelation Will the coming European Beast power would use and develop technology that will result in the taking over of the USA and its Anglo-Saxon allies? Is this possible? What does the Bible teach? Here is a related YouTube video: Military Technology and the Beast of Revelation.
Fourth Horseman of the Apocalypse What is the pale horse of death and pestilences? What will it bring and when? Here is a link to a related sermon: Fourth Horseman, COVID, and the Rise of the Beast of Revelation. Some shorter related videos may include Amphibian Apocalypse: Threat to Humans? and Zombie Deer Disease is Here! Are the 10 Plagues on Egypt Coming? Here is a version of the article in Spanish: El cuarto jinete de Apocalipsis, el caballo pálido de muerte y pestilencia.
22 items to prophetically watch in 2022 Much is happening. Dr. Thiel points to 22 items to watch (cf. Mark 13:37) in this article. Here is a link a related video: 22 items to watch in 2022.
Two Horned Beast of Revelation and 666 Who is 666? This article explains how the COG views this, and compares this to Ellen White. Here is a link to a prophetic video Six Financial Steps Leading to 666?
The Great Monarch: Biblical and Catholic Prophecies Is the ‘Great Monarch’ of Catholic prophecies endorsed or condemned by the Bible? Two sermons of related interest are also available: Great Monarch: Messiah or False Christ? and Great Monarch in 50+ Beast Prophecies.
Persecutions by Church and State This article documents some that have occurred against those associated with the COGs and some prophesied to occur. Will those with the cross be the persecutors or the persecuted–this article has the shocking answer. There is also a YouTube video sermon you can watch: The Coming Persecution of the Church. Here is information in the Spanish language: Persecuciones de la Iglesia y el Estado.
Some Doctrines of Antichrist Are there any doctrines taught outside the Churches of God which can be considered as doctrines of antichrist? This article suggests at least three. It also provides information on 666 and the identity of “the false prophet.” Plus it shows that several Catholic writers seem to warn about an ecumenical antipope that will support heresy. You can also watch a video titled What Does the Bible teach about the Antichrist?
Must the Ten Kings of Revelation 17:12 Rule over Ten Currently Existing Nations? Some claim that these passages refer to a gathering of 10 currently existing nations together, while one group teaches that this is referring to 11 nations getting together. Is that what Revelation 17:12-13 refers to? The ramifications of misunderstanding this are enormous. A related sermon is titled Ten Kings of Revelation and the Great Tribulation.
Four Horsemen of the Apocalypse What do each of the four horseman of the Apocalypse represent? Have they began their ride? Did Jesus discuss the any of this? Might their rides coincide with the “beginning of sorrows? Do they start their ride prior to the Great Tribulation? Did Nostradamus or any other ‘private prophets’ write predictions that may mislead people so that they may not understand the truth of one or more of the four horseman? There is also a related YouTube video titled Sorrows and the Four Horsemen of the Apocalypse.
Spiritual Samaritans: Old and New Who were the Samaritans? Do the represent true Christianity or something else? Here is a link to a related sermon: USA in Prophecy: Samaria.Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? In the Spanish language check out ¿Quién es el Rey del Norte? Here is a link to a video titled: The Future King of the North.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? In the Spanish language check out ¿Quién es el Rey del Norte? Here are links to two related videos: The King of the North is Alive: What to Look Out For and The Future King of the North.
Satan’s Plan Does Satan have a plan? What is it? Has it already been successful? Will it be successful in the future? Here are links to a two-part sermon series: What are Some of the Parts of Satan’s Plan? and Satan’s Plan is More Dramatic than Many Realize.
Will the Anglo-Saxon-Celtic Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves? Here is a related item in the Spanish language ¿Serán divididas las naciones anglosajonas?
British are the Covenant People What do ‘British’ and ‘Britain’ mean in Hebrew? Are the descendants of the Anglo-Saxons people of the covenant? Does the British royal family connect to the throne of David? What does the Bible teach? What does history show us? Is there any DNA evidence related to British-Israelism? When did Christianity make it to the British Isles? Could Jeremiah have made it to the British Isles? What type of Christians made it to the British Isles? Did the last King of England believe in British Israelism?
Canada in Prophecy: What Does Bible Prophecy, Catholic Prophecy, and other Predictions Suggest About the Future of Canada? There are prophecies that suggest involvement with Canada. And many are not positive about its future. A sermon of related interest is also available: Canada in Prophecy.
Australia and New Zealand in Prophecy Do biblical prophecies help explain the wealth blessings for Australia and New Zealand? Might cursings from disobedience come in the 21st century? Here is a link to a related sermon: Australia and New Zealand: Origins and Prophecy.
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2028 or or 2031 or 20xx? There is also a video titled 6000 Years: When will God’s Kingdom Come? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?
Might the U.S.A. Be Gone by 2028? Are there prophetic reasons to believe that the USA will not last two complete presidential terms? Yes. There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028?
When Will the Great Tribulation Begin? 2022, 2023, or 2024? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
The Gospel of the Kingdom of God This free online pdf booklet has answers many questions people have about the Gospel of the Kingdom of God and explains why it is the solution to the issues the world is facing. Here are links to four related sermons: The Fantastic Gospel of the Kingdom of God!, The World’s False Gospel, The Gospel of the Kingdom: From the New and Old Testaments, and The Kingdom of God is the Solution.
Biden-Harris: Prophecies and Destruction Can the USA survive two full presidential terms? In what ways are Joe Biden and Kamala Harris apocalyptic? This book has hundreds of prophecies and scriptures to provide details. A Kindle version is also available and you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to your free Kindle reader app (or if you already have one or a Kindle), you can go to: Biden-Harris: Prophecies and Destruction (Kindle) to get the book in seconds.
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