Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: BradSow on October 13, 2020, 12:36:39 PM
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China is speeding it testing on the digital yuan. It will not take to long before the digital Yuan implemented and it believe China will become less independent on the US Dollar.
Is this a good thing or will China become even more economically powerful and therefor a threat? https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout (https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout)
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If the digital yuan is really released, there might be a big economic war between the US and China. Because China may no longer depend on USD. This will certainly have an impact on the world economic system.
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We already know that China is aiming for global domination specially in terms of economy, and I am sure they are seeing this digital yuan as a possible many tools they can use to entice more countries to go away from the domination of the US Dollar in international commerce. However, many countries right now are also starting to get wary of the intention of China, at least in part this is exposed with the pandemic. Many countries are now starting to resist the influence of China. Many are now seeing that China can be a trap. Personally, I don't see China to be the one to dominate of the vacuum that will be left by USA in the global commerce, that position is reserved for another (still emerging) entity.
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I am positive about China's growing influence in the international financial market. A good alternative to the dominance of the US dollar will emerge. Competition is good anyway.
China has recently been producing a variety of cheap and relatively high-quality goods that can be ordered by mail over the Internet. The digital yuan will facilitate further Chinese trade with other countries. Anyway, I want to see how the digital yuan will work.
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Looks like this is starting to be discussed. Where indeed China is very active with digital yuan which is reportedly going to be released soon. so if this happens, and the digital yuan is successful, then it could be that China will no longer use US dollars. And this has a major influence on the world economic sector. maybe crypto will also be affected.
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That was one of the hottest buzzes nowadays, the CCB sponsors "Digital Yuan" is on the pace of advanced testing in China, and they were airdropping a $2 million worth of Digital Yuan to its lucky citizens, But despite that advancement, I don't think that it will instantly dethrone the "Dollar" dominance, and for sure the U.S is already aware of the Digital Yuan development thats why I believe that they have already a plan to counter it. so it is better to wait for the next move.
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It seems that Yuan really wants to beat USD because the prestige of USD is very heavy.
USD is widely used in various parts of the world for business purposes, while Yuan is still small for expansion.
Yuan Digital looks like it will continue to grow with the times and this is something good for China.
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It's about time someone leads the way. Healthy competition is always good
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The digital yuan will not be as strong as offsetting the US Dollar...
The digital yuan is likely to be large in China as it is today, unlike the dollars that used for international transactions.
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The digital yuan will not be as strong as offsetting the US Dollar...
The digital yuan is likely to be large in China as it is today, unlike the dollars that used for international transactions.
Well there's quite a population in china and there are lots of chinese people in the world so technically speaking it could be as large as dollars
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Us dollar 💵 is a widely used currency in the world on the other side China yuan is a native currency which is very popular in China. Us dollars has a contribution in cryptocurrency but China yuan has not. But I think China yuan has a negative impact on cryptocurrency market because China is a huge populated country in the world and investors from different regions in China create an negative impact on bitcoin obviously.
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The digital yuan will not be as strong as offsetting the US Dollar...
The digital yuan is likely to be large in China as it is today, unlike the dollars that used for international transactions.
Well there's quite a population in china and there are lots of chinese people in the world so technically speaking it could be as large as dollars
Indeed, there are many people from China, but you must know that the use of dollars nowadays means more than the Chinese people, so even though China makes its own currency, it still cannot be used by various worlds.
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It seems that Yuan really wants to beat USD because the prestige of USD is very heavy.
USD is widely used in various parts of the world for business purposes, while Yuan is still small for expansion.
Yuan Digital looks like it will continue to grow with the times and this is something good for China.
I would like the world to have serious competition for the dollar, which is printed by the US government practically without any control and without economic support. This could lead the world to economic collapse. The digital yuan could become a worthy competitor to the dollar. The Chinese government is preparing very seriously for the release of its digitized yuan and there is no doubt that it will be a great success.
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China is speeding it testing on the digital yuan. It will not take to long before the digital Yuan implemented and it believe China will become less independent on the US Dollar.
Is this a good thing or will China become even more economically powerful and therefor a threat? https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout (https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout)
I believe it will not, because western powers won't let that happen the EU and the US particularly countering that move, CBDC sponsored digital currency Yuan will not easily adapt with its trading partners because its a complicated system, with that reason I believe those countries will rely on US dollar or Euro for its foreign currency requirements.
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If China really makes digital yuan they will accelerate their hostility and competition with the United States of course this will be a strong trade competition between China for that China is always closely related to Asian countries to strengthen their trade the USA will experience an economic decline and trade will also affect the entire USA economy.
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If China really makes digital yuan they will accelerate their hostility and competition with the United States of course this will be a strong trade competition between China for that China is always closely related to Asian countries to strengthen their trade the USA will experience an economic decline and trade will also affect the entire USA economy.
One way or another, today the United States and China are already waging an economic war in the truest sense of the word. What China is trying to do is not yet the most important thing, because the United States already has leadership in this regard and today its economy is coping. It’s another matter if China starts to take action to take over the markets and the yuan will not have to satisfy all the demands, which is not so easy.
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China digital yuan, US dollar is the most popular US dollar. However, in the current era of competition, it is doubtful whether the Chinese digital yuan will be able to replace the US dollar now or in the future. Since the US dollar is prevalent all over the world. In most countries, banks accept US dollars. It remains to be seen whether they will compete with each other in the future.
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Last week, China also conducted one of its biggest trials of Digital Yuan. The Shenzhen government announced a lottery of 10 million Yuan in the form of Digital Yuan. Nearly, two million people had applied for the same of which 50,000 won some prize.
The winners will receive the Digital Yuan over the Digital Renminbi app which will be then accepted by 3000 merchants in some district of Shenzhen. Local supermarkets, pharmacies, and even big retailers like Walmart have participated in the process.
This one is realistic and no doubt by doing this with some support of the same brilliant idea will succeed.
But the idea that through China will be free from dollar is something that can't happen by now. This is just something that could be helpful to build China nothing more than this.
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Perhaps China has every chance of becoming the market leader instead of the United States. But another question is whether we are ready for such circumstances when the world will be led, in economic terms, by a country that has a significant share of totalitarianism in its arrangement.
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China has also taken steps to launch digital yuan. However, the US dollar is much more popular than ever before. It has gained more and more popularity all over the world. Because it is possible to transact in traditional banks all over the world. So it is known all over the world. It remains to be seen how people around the world will react to the arrival of Chinaitaldigital yuan.
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Good progress in cryptocurrency in china, if the digital Yuan really exists, it is almost the same as the Libra coin created by Facebook, what I worry about is whether the digital currency can be used and recognized by Chinese banks and bank branches. in another country? because this is almost the same as the stable currency USDT which in my opinion is very good at saving money when someone wants to exchange / send money to a Chinese bank with digital Yuan one does not have to bother going to the bank anymore.
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China digital Yuan is now very booming and it is being a big CDBC in the crypto world. And this is what probably the US afraid of the future of that CDBC. But, what is the matter actually? As long as one of them can make the crypto world more developing, I do not mind about them
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With the Digital Yuan project from China, of course it will greatly affect the world economy, including US dollars. However if the Digital Yuan is successful, it is possible that there will be many other traditional banks that also make their own crypto.
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With the Digital Yuan project from China, of course it will greatly affect the world economy, including US dollars. However if the Digital Yuan is successful, it is possible that there will be many other traditional banks that also make their own crypto.
Most other states will certainly create their own national digitalized currencies of central banks in the near future. Only China, as one of the largest countries with a population of 1.4 billion people, is almost ready to introduce its digitized currency, and the United States is just considering this possibility. The market for goods in China is now very large and the digitized yuan can dominate the international market for a long time. In this regard, the United States is already starting to lose the trade war with China.
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In my opinion, China's move with Digital Yuan is quite interesting. And indeed this of course will be imitated by many other banks around the world. And of course US Dollars may experience changes because of this digital yuan.
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The US dollar is known and traded worldwide. In other words, the government has an agreement with the governments of different countries that the currency will be traded inside each country. A currency that is in circulation all over the world. However, it remains to be seen how popular China digital yuan will be or how many countries it will be able to deal with. May be rivals of each other.
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Co-founder and managing partner at Electric Capital, Avichal Garg, is convinced the only way for the U.S. to catch up with China in the digital currency war is by embracing privacy-focused cryptocurrency.
According to Garg, the Chinese are already far ahead of the U.S. in the digital currency race – their DCEP, or Digital Currency Electronic Payment, is due to launch by the end of the year. That is why developing a US digital dollar might not be enough to compete, given the long time it will take to develop it.
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It is like a kind of war right now. The economy war is here, The US and also China are big countries where they have also big power. However, the existence of China CDBC really infleunces the crypto world. this is also the big one. It is cosnidered that this digital Yuan can really give big infleunce tot he other countries to do te same.
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For now, I think the power is for USD. But Digital Yuan will develop more and more. I think it has a chance to overtake USD in the future. We don't know if US may create their digital currency because of this. If the US government also creates digital currency, then all countries in the world may follow.
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Economically, China will be strong because they have sufficient resources to do this.
USD will remain the choice of many people in paying for all manufactures produced by the United States, these two countries have each advantage in processing the financial system, therefore China is currently the developer of the Yuan digital currency to simplify the transaction system in their country.
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If the digital yuan is really released, there might be a big economic war between the US and China. Because China may no longer depend on USD. This will certainly have an impact on the world economic system.
As we have all know that the struggle is ongoing on base of economy. Thats how they are playing with the wprld. At first they make product to depend on them then they make the market and strong their econom. So yhe world will be depend on china and china will change the world.
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The US dollar is already popular. Banks around the world accept US dollars. So much more popular from all over the world. However, at present China digital yuan is to be introduced all over the world. That means one more step ahead in the world of cryptocurrency. However, it is not known how successful it will be in the future. However, some countries will use China digital yuan.
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Most of the currencies in the world are currently very dependent on the Dollar (USD) currency. This is why, the power of the US dollar is very high and large. even very hard to resist. Now with the Chinese Digital Yuan, maybe this will change our thinking a little in the future. And provide fresh air for countries to create their own digital money.
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In this world, if there is only one who is in power, there will be a monopoly, whether in any case including the name in the world of finance.
The Chinese Yuan must be able to compete with the USD because if the USD continues to prosper then it is certain that the USD will manipulate the price or anything related to USD.
Yuan Digital from China must be able to develop quickly so that it can easily compete with the glory of USD.
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As far as I know, USD is the global payment method, and it's the most popular in the world when some statistics show that 90% of transactions between countries use USD.
In contrast, Yuan is only the local currency of China. It is only accepted for export/import payments in certain countries very close to China.
Back to digital Yuan, it is the CBDC of China, it only solves the speed, transaction costs and transparency of the cash flow. And it only has a positive impact on the domestic economic situation of China. It will be a long time before it can be accepted as a global commodity or payment method.
Therefore, the USD, although not a CBDC, continues to dominate the global economy.
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there could be a major economic war between the United States and China. Because China can no longer rely on the US dollar. This will definitely affect the global economic system.
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With the Digital Yuan proye from China. indeed there is a high probability that it will be followed by other banks around the world. And of course this is very influential on the world economic system, especially in US dollars as an international currency.
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Perhaps the biggest influence is that China's economy is now growing rapidly, almost all sectors have been entered with competitive prices for goods, which of course the world likes.
although we do not close our eyes that quality goods are still held in part by the US and Europe.
So if all sectors are entered, it is clear that the yuan will affect world trade and banks will prepare themselves to be a bridge for payments, because clearly China wants the yuan to be used as a trading currency and other countries cannot escape because of that need. clearly the dollar currency as a currency that has been recognized as a rival in the future if the US does not see this opportunity as their attention.
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China wants to be the worlds most powerful economic and military assets. There is a possibility that they are planning to get away from the pegged US Dollar might. Mass productions of goods and cheap services in China boost their economy and maybe in the future they want Yuan to be independent and want a more faster transaction than fiat that is why there is this Digital Yuan.