If China’s crypto-yuan takes off, what does that mean for those in the traditional banking system now?
Well, the time has come, and if you have any of your money in the “traditional” banking system… the time is now for you to get prepared.
The simple idea I’m talking about is Bitcoin, but China is taking this simple idea to a different level. According to Bloomberg, they are poised to launch their own crypto yuan as early as this year:
The crypto yuan, which may be on offer as soon as 2020, will be fully backed by the central bank of the world’s second-largest economy, drawing its value from the Chinese state’s ability to impose taxes in perpetuity. Other national authorities are bound to embrace this powerful idea.
There are a number of ways that, according to Bloomberg, “the digital yuan can disrupt both traditional banking and the post-Bretton Woods system of floating exchange rates that the world has lived with since 1973.”
One way China’s crypto could disrupt banking forever is by making an international bank ledger irrelevant. Instead the ledger is distributed in crypto transactions, so the “trust process” is made more efficient. There would no longer be a need for the network of banks in the $124 trillion international money transfer market.
That one disruption alone should make lenders nervous. But you should be nervous too, because there could be a Government monopoly on your money if China’s idea takes off.
Deposits and Lending Controlled by… Your Government?
Right now the central banking system as you know it relies on lenders that make deposits for you.
According to the same Bloomberg piece, China’s idea could potentially hand all of the banking power over your deposits to the Government itself:
A digital yuan — or Singapore dollar or Indian rupee — could bypass this system and allow any holder of the currency to have a deposit at the central bank, potentially making the state the monopoly supplier of money to retail customers.
Handing over centralized control of your money to a Government, digital or otherwise, is never a good idea. And using a digital currency like China proposes could also give any Government control over your private data associated with your transactions.
Whether you’re a political activist, or you just have a dissenting opinion that the Government doesn’t like, China’s idea could allow the government itself to simply take direct control of your money.
Clearly, not good.
In the U.S. and abroad, the big banks are already corrupt enough. They have to pay billions in fines as a result.
So giving the Government even more control over the system is asking for “double trouble,” no matter how convenient it may seem.
Keep Your Money Safe from Government Control
Today, it’s more important than ever to keep your money safe. If China’s idea takes off, it will be critical that you’re able to safely grow your wealth out of reach of government interference.
So I’d like to show you how to do both.
As you probably know, I’ve been living the life of a “digital nomad” since 2001. And during that time, I’ve learned dozens of extremely valuable lessons about how to keep your options open and maximize your freedom.
I created GWP Insiders to share those lessons.
In fact, I recently updated the entire membership area and I’m relaunching it as GWP Insiders 3.0. And, for a limited time, you can save 70% on membership.
Why should you seriously consider this?
GWP Insiders is a complete roadmap of internationalization strategies for location independent entrepreneurs and investors looking for answers to tax, residency, wealth, and lifestyle questions.
Bottom line, we believe in REAL freedom. Freedom to keep the money you earned. Freedom to travel where you want, when you want…
Freedom to be private and secure in your business affairs and day to day life.
When you become a member of GWP Insiders, you’ll have access to some of the most valuable and closely guarded secrets the wealthy use to protect and grow their wealth.
For example, you’ll discover:
- How to obtain citizenship and a second passport in less than one year.
- The biggest tax haven in the world (most NEVER get this right).
- How create offshore bank and brokerage accounts to store, protect, and grow your wealth.
- How to structure your business to minimize or eliminate taxes.
- The best opportunities for investing in foreign real estate.
- The best places around the world for living as an expat or nomad.
And much, much more.
Right now, you can save 70% on your GWP Insiders 3.0 membership. But please hurry because this offer won’t last much longer.
To living privately,
Bobby Casey
Location Independent Entrepreneur
P.S. Don’t wait for China’s idea to take off. Become a GWP Insiders member today and learn the secrets for leveraging the power of offshore bank and brokerage accounts, while growing your wealth outside of the U.S. before it’s too late…
