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Replacing the Dollar?

News and Prophecy Staff
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“Four of the world’s biggest banks have teamed up to develop a new form of digital cash that they believe will become an industry standard to clear and settle financial trades over blockchain, the technology underpinning bitcoin. UBS, the Swiss bank, pioneered the ‘utility settlement coin’ and has now joined forces with Deutsche Bank, Santander and BNY Mellon—as well as the broker ICAP—to pitch the idea to central banks, aiming for its first commercial launch by early 2018” (Financial Times, August 23, 2016). “The World Economic Forum said in a report this month that more than 90 central banks are discussing the use of blockchain, and estimated that 80 percent of the world’s commercial banks would have initiated projects using the technology by 2017” (Fortune, August 24, 2016). The U.S. dollar has enjoyed a lengthy reign as the world’s trade currency since WWII; however, world markets and central banks are actively seeking a global alternative for the world’s reserve currency—and blockchain could be the solution.

Bible prophecy foretells an end-time global economic system called Babylon where “the merchants of the earth have become rich through the abundance of her luxury” (Revelation 18:1-3). This system will replace the USA as the world’s dominant financial power because God will punish American pride and power due to its acceptance and celebration of sin (Leviticus 26:14-16, 19; Deuteronomy 28:44). To learn more about this soon-coming Babylonian system, read our booklet the Beast of Revelation: Myth, Metaphor or Soon-Coming Reality?