New WEF Report Cites China’s Digital Yuan ‘as a Model CBDC’ that Reduces Cash Reliance While ‘Democratizing’ Banking Services

by Tim Hinchcliffe | The Sociable

Communist China’s digital yuan serves as a model Central Bank Digital Currency (CBDC) to the world because it reduces reliance on physical cash while “democratizing access to banking services,” according to a World Economic Forum (WEF) report.

Published on October 8, the report “Global Financial Inclusion Practices: Case Studies from China, India and the USA” heaps heavy praise on the communist regime for having implemented a programmable digital yuan that fosters what the authors call “financial inclusion” through the democratization of banking services.

“By reducing reliance on physical cash and democratizing access to banking services, the digital yuan serves as a model for CBDC use to boost financial inclusion”

WEF, “Global Financial Inclusion Practices,” October 2024

But China’s CBDC is being programmed with an expiration date: Spend or it will vanish, which means the currency will expire.

If your social credit score gets too low that you get Blacklisted, authority immediately bans your digital wallet.
——So you can’t spend your own digital… pic.twitter.com/UniQz14E4z

— Songpinganq (@songpinganq) September 7, 2024

If you’re wondering why the WEF is praising communist China for “democratizing” anything, it’s worthy to note that the report was produced in collaboration with Beijing’s Tsinghua University Peoples Bank of China School of Finance, which was founded on March 29, 2012 as a joint venture between the University and the People’s Bank of China (PBC).

In the report, there is no mention of the Chinese Communist Party (CCP) nor its social credit system and how it leverages digital ID and CBDC to incentive, coerce, or otherwise manipulate human behavior. Read Full Article >