Will the Digital Yuan makes China even more powerful?

[Cakra bumi212]

The digital yuan is a very strategic step to make a global superpower for structural changes to China's economy and financial system. and help fight money laundering and increase financial inclusion.

[Lanirex]

China is a big country that is one step ahead of other countries. Of course, China understands that this is a digital era where everything is done online. With the launch of the digital yuan, China will have its own digital currency, and if this succeeds in attracting attention from the Chinese community in particular, this will be a strong economy for China.

[Freemind]

The digital yuan is a very strategic step to make a global superpower for structural changes to China's economy and financial system. and help fight money laundering and increase financial inclusion.

What you say is something that the Chinese government still has a lot of work to do. What would prevent a Chinese citizen in any city in the United States from buying Chinese currency and sending it to their own country?. If we read the reports on money laundering in recent years we will see that some banks are the largest money launderers on the planet, who will prevent banks from continuing to launder money from clients whose main business is the sale of weapons and drugs?. Everything "bad" that governments and banks have applied to cryptocurrencies during these years, can be applied to the digital wallets of any government.

[gurunanakji777]

Let's wait and watch until and unless they launched it nobody can predict how China will use it for trading and transactions around the world. As such CHINA is known for a crackdown on cryptocurrencies and mining so it needs other countries' support also to recognize its digital yuan and it's not going to be easy to persuade other countries to use it.

[Freemind]

Let's wait and watch until and unless they launched it nobody can predict how China will use it for trading and transactions around the world. As such CHINA is known for a crackdown on cryptocurrencies and mining so it needs other countries' support also to recognize its digital yuan and it's not going to be easy to persuade other countries to use it.

In this case, I don't think the Chinese government will have a problem getting other countries to use their digital currency like they do now with the Yuan. The value will remain the same and will continue to be used for imports and exports, the only thing that will change will be the way of paying and receiving payments, which will be totally digital. All the countries of the world want to do business with China, it is a giant that is waking up and there is a lot of money to earn.

[Senin]

Let's wait and watch until and unless they launched it nobody can predict how China will use it for trading and transactions around the world. As such CHINA is known for a crackdown on cryptocurrencies and mining so it needs other countries' support also to recognize its digital yuan and it's not going to be easy to persuade other countries to use it.

China's digital yuan makes cashless payments in its banking system faster, cheaper and more efficient. And this means that the state as a whole will benefit from such an innovation and the country's economy will become more stable and strong. Although the digital yuan has already been launched since February, there is very little specific information on how effectively it is working now. Therefore, a certain time is needed to see this, and similar experience is also needed in other countries. After all, the digital yuan is special, they say, it does not even use blockchain technology.

[zilzylian]

China's economy is advancing and they need a new financial system to speed up payment transactions, CBDC is a great idea for a financial system, but crypto is better because it is more transparent and the digital yuan they create is similar to the stable coin usdt

[therozaq]

China's economy is advancing and they need a new financial system to speed up payment transactions, CBDC is a great idea for a financial system, but crypto is better because it is more transparent and the digital yuan they create is similar to the stable coin usdt

For chin and other government, I think they need CBDC to compete to crypto currency.
Because many investors  predicted, crypto will have great future.
So, the  government should have good policy

[Speaker]

they will definitely participate in this and will not miss this opportunity, apparently the market is not so hot and ripe to take a direct part in it now

[KaliLinux]

China has been testing the Digital Yuan and soon the Digital Yuan (DCEP) will be implemented soon. Will this move make China even more independent and more powerful? And what are the consequences for the world trade?

Read the article: China Soon to Legalize Digital Yuan and Ban Other Stablecoins, DCEP to Work With WeChat and AliPay

If I know what this is referring to then it would be CBDC regardless of its nomenclature. Its value is the most important and translates to how the country's economy would or might not change because it is now more digital than in fiat form. Look at the countries that have launched the so-called Digital currency ie CBDC. This is just a way to make the less literate citizen thinks their Government is being involved in Cryptocurrency which is far from it.