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well China is pushing ahead into a cashless Society it's creating a new digital currency to replace paper money and coins it will also give the Communist Party total knowledge of how the Chinese people are spending their money and that opens the door for unprecedented government control George Thomas has the story [Music] Chinese were the first in the world to invent paper money back in the 7th century now more than 1400 years later China is again on the cusp of creating a new form of government currency that some say could pose a serious economic threat to America and the West China is about to launch one of the most revolutionary Financial projects in the world they're not cryptocurrencies they're not so-called stable coins in effect they are the National physical currency of a country just represented in a digital form Eric Bethel is the former U.S executive director of the World Bank Bitcoin near record highs Crossing 23 000 he says while the world fixates on private cryptocurrencies like Bitcoin the digital Yuan isn't a payment system it's actual money Beijing is busy building a digital version of its own currency the Yuan also known as the renmen B to control its citizens and eventually threaten the dominance of the US dollar they pretty much created all of the building blocks that will allow a central bank digital currency to to flourish and Yaya fanusi a former economic and counter-terrorism analyst and the CIA says China's goal is to replace cash with a digital currency that's controlled by the communist government's Central Bank China has said for a while that it expects to pretty much be a cashless Society in the future so the idea is that cash notes uh coins will no longer be around and that people will be using uh digital currency that's going to be in their wallets that digital currency will also be issued by the government Bank allowing what Congressman Michael McCall the top Republican on the house Foreign Affairs committee says is unprecedented access to people's Financial transactions this will give them uh data on behavior on how people how they spend and giving Beijing the power to track that spending in real time there will be a point where the People's Bank of China is going to be able to to look appear inside of every single transaction that everyone does 24 hours a day seven days a week which means if you are a human rights activist or a Christian authorities can now use this new technology to punish you if you engage in activities they consider anti-government this technological ability is something that the government has never had before it always had to go to companies to say okay cut off this person now the Chinese government I think with sort of the proverbial the flip of a switch can make people fall in line by cutting off their access to money eventually U.S and other...