Starting this month, for the first time ever, thousands of workers in China will be paid their wages entirely in digital yuan.

This is a massive “milestone” for the Chinese Communist Party in their quest to move to an entirely digital currency.

Be careful not to confuse China’s digital currency with Bitcoin. China’s digital currency is issued by China’s central bank and is not de-centralised like the cryptocurrency exchange, Bitcoin. There is a massive difference when it comes to privacy and control.

China’s digital currency will put it in full control of finances in a way that has never been possible before, but that is not the biggest problem.

The real challenge is the growing influence of China’s currency on the world stage. The Chinese Yuan has overtaken the US Dollar on many fronts, including in Russia, Brazil, Argentina, Bangladesh, Iran and is gaining steam in Singapore and Malaysia. Last month, the Chinese RMB became the number one currency in Hong Kong’s cross-border trade, overtaking the US Dollar for the first time ever.

The Trilateral Commission declared this year, 2023, “as year one in one world government.” They, along with the World Economic Forum, are watching China’s implementation of the digital currency very closely. Digital currencies, like that which China is doing, gives centralized governments more control than has ever been possible before.