The CCP has been heavily promoting digital RMB and has recently announced major trials. This has aroused public attention. Experts believe that this is a new monetary measure implemented by the CCP to tighten control over the people and to prepare to return to a planned economy. On August 14, the Ministry of Commerce of the CCP expanded the scale of the digital RMB pilot project in 28 urban areas including Beijing, Tianjin, Hebei, Shanghai, Guangdong-Hong Kong-Macau Greater Bay Area, and the midwest areas.

Xie Tian, chair professor in Business at University of South Carolina Aiken, believes that one of the reasons for the CCP to promote digital RMB is related to the rapid economic deterioration. Because a large amount of paper money is printed, when all this money goes into the market, it will trigger a huge inflation and cause economic crisis and social unrest. Another reason is that digital currencies can be used to punish corrupt officials who own lots of paper money through corruption.

Another reason for the CCP to implement digital currency is to further control the people. Xie Tian indicated that the CCP has already been controlling people’s life and consumption through GPS, surveillance cameras, WeChat, and TikTok. Now, people’s salaries will be transferred directly to their mobile phones as a digital currency linked to their real names.

Economists commented online that digital currency is not the best way for China to reverse the international situation and is also not the solution to save the CCP regime. Whether it’s unlimited printing of paper money, restricting people’s freedom, or implementing a planned economy, the digital currency will chase the Chinese people back into a small cage from a spacious yard. This is a path that leads people to slavery from freedom and wealth.

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