China Considering East Asia Regional Cryptocurrency to Rival Dollar and Libra

[Tanimariya]

China comes up with yet another crypto-related plan to take on the hegemony of the U.S. dollar in international payments.
Chinese officials are reportedly planning to create an East Asia digital currency to assert more independence from the United States dollar and foster trade relations within the region.
Read more: https://cointelegraph.com/news/china-considering-east-asia-regional-cryptocurrency-to-rival-dollar-and-libra

[Noverteno]

Well, the Chinese authorities have made a very reasonable decision regarding the creation of a regional stable coin for the purpose of financial services to Southeast Asia. Of course, 60 percent of it will be provided by the Chinese yuan. Are their digitized yuan more likely to be used primarily for domestic needs, or vice versa, for international settlements that go beyond the Asian region?

[damsix]

I think this is an expansion of Business from China that is so charming because China is so strict in business, like the business of the metal industry, food, technology, or even smartphones.
Everybody knows how Chinese work is very steeped in the work ethic or hard work, so that it can continue to fly in the industrial world.

I believe that creating a stable currency in the cryptocurrency system is very easy for China.

[masudginanjar]

Basically, China wants to dominate economic markets throughout the world.
China does not want to miss what businesses are trending for now and for the future.

The world of industry, food, textiles, fruit and vegetables, their investment or cryptocurrency does not want to be outdated, including in creating stable coins in the form of Chinese Yuan !

[Senin]

Now they have begun to forecast quite seriously the fall of the dollar's hegemony and the growth of the Chinese yuan in this regard. Therefore, the decision to create a regional stablecoin with 60% yuan will significantly strengthen China's position in the region and create additional competition for the dollar.
It seems that we are on the eve of a major redistribution of forces and resources in the global financial market.

[kent47400]

Even though I am not Chinese but indeed China must also stand up to create a stable coin so that it can be a healthy competitor for LIBRA and USDT.
If USDT continues to exist in the market then maybe someday there will be price manipulation.

The point is maybe the USDT must have competitors, to make it even more attractive in the cryptocurrency world.

[Salman Hasan]

Even though I am not Chinese but indeed China must also stand up to create a stable coin so that it can be a healthy competitor for LIBRA and USDT.
If USDT continues to exist in the market then maybe someday there will be price manipulation.

The point is maybe the USDT must have competitors, to make it even more attractive in the cryptocurrency world.

[Confero]

China is a developed country that continues to have new innovations in any world, China sees this as an opportunity to get big profits. 
China's hope is that they want to get big profits by creating this special East Asian digital currency, and of course they don't want to be rivaled by other developed countries.

[Bobcrypto]

Well, the Chinese authorities have made a very reasonable decision regarding the creation of a regional stable coin for the purpose of financial services to Southeast Asia. Of course, 60 percent of it will be provided by the Chinese yuan. Are their digitized yuan more likely to be used primarily for domestic needs, or vice versa, for international settlements that go beyond the Asian region?

There is no need to start up rivalry cryptocurrencies project by the Chinese when the Libra is yet to start. Since 2018, Libra project was proposed but up till this moment the project has not commence due several challenges from various nations. I think the chinese government and the rest of the southeast Asia nations should wait till Libra is finally on the crypto market before any further plans. This is just my opinion.

[mlawson71]

This is a separate project from China's plans to create their own cryptocurrency?

[aiviaa485]

This thread was created in June and now it's October, maybe now Chinese Digital money can be enjoyed.
It seems I am also now interested in paying attention to digital currencies from China because Binance also has a CEO who is from China.

[jonathancool220]

I also admit that I have more confidence in China because China has been able to create YUAN Digital.
Meanwhile, LIBRA has not created its cryptocurrency yet and this is very sad for me to LIBRA.
YUAN is indeed very fast moving on technology issues because it is part of China that does not want to be outdone by all other countries.