by Mike James

European Central Bank President Christine Lagarde signaled that her institution could create a digital currency within years in what would be a dramatic change to the euro zone's financial sector.

"My hunch is that it will come," Lagarde said during a virtual panel discussion hosted by the European Central Bank. "If it's cheaper, faster, more secure for the users then we should explore it. If it's going to contribute to a better monetary sovereignty, a better autonomy for the euro area, I think we should explore it."

Lagarde said it might be two to four years before the project could be launched due to concerns over money laundering, privacy, and the technology involved.

The United States and United Kingdom representatives on the same virtual panel expressed more caution. Federal Reserve Chair Jerome Powell said the Fed will "carefully and thoughtfully" review the issue. Bank of England Governor Andrew Bailey said there's a "lot of hard work to think through the implications."

Policymakers intend to decide around mid-2021 whether to initiate a full-fledged project and prepare for a possible launch.

China is also advancing with plans for a central-bank digital currency.

"We're not racing to be first," Lagarde said. "We are moving ahead diligently, not incautiously. We will be prudent."

Digital currency is any currency, money, or money-like asset that is primarily managed, stored, or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency, and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files, or on a stored-value card.

Digital currencies have properties like traditional currencies but generally do not have a physical form like currencies with printed banknotes or coins. This lack of physical form allows nearly instant transactions over the internet and removes the cost associated with distributing banknotes and coins. Because these currencies are only in electronic form, you can only access them with computers and mobile phones. Because they require no intermediary, digital currencies are often the cheapest method to trade currencies.

All cryptocurrencies are digital currencies, but not all digital currencies are cryptocurrencies. Digital currencies are stable and are traded with the markets, whereas cryptocurrencies are traded via consumer feelings and psychological triggers in price movement.

Much of our banking today is done digitally via computers. It's not a giant step to move completely into a digital currency. Credit cards and debit cards could be a bridge to a fully digital economy. Will something else take their place in the future?

This sounds a lot like Revelation 13:17: "And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name." There is no doubt the mark of the beast will have something to do with the crises at the close of this age. Today's coronavirus crisis is a great example of what may happen in the end time. Europe is one case to point to.

The August 21, 2020 issue of the German newspaper Hannoversche Allgemeine Zeitung had an article entitled, "The Corona-Crisis Is an Opportunity." In this article, Bundestag (parliament) President Wolfgang Schauble says, "'Europe as a whole needs to take on more responsibility, especially in security and defense policy.' … At the same time, he describes the Corona crisis as a 'great opportunity for Europe. 'Resistance to change decreases in a crisis. We're now able to establish the economic and financial union that we haven't achieved politically until now.'"

The Coronavirus crisis has been an interesting test for the world and a possible signal of things to come. We have seen how this worldwide crisis has provided many governments with authoritative powers to more fully control their populations. Many people are completely reliant on the government to help them out of their economic difficulty at this time.

The economic difficulties that will come on this world before Christ's return will be far more severe than what we are experiencing now. It won't be too difficult for people to fall in line when their very livelihood is in danger. A perfect opportunity for Satan to raise his Beast (Revelation 13:1-2).

Sources:

"Digital Currency," Wikipedia, https://en.wikipedia.org/wiki/Digital_currency.

"Lagarde Sees Digital Currency Coming," www.bloomberg.com, November 12, 2020.

"Lagarde Sees Digital Currency Coming," World Focus in Midnight Call, February 2021.

"Chip Under the Skin?" by Norbert Lieth, Midnight Call, February 2021.

"Digital Currency," by Jake Frankenfield, Investopedia, June 27, 2020, https://www.investopedia.com/terms/d/digital-currency.asp.