China's digital yuan vs US dollar

[BradSow]

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

[Black ID]

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.

[TomPluz]

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.

[Noverteno]

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.

[expander]

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.

[masterrex]

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.

[aiviaa485]

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.

[cynthiaaddison]

It's about time someone leads the way. Healthy competition is always good

[Renampun]

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.

[cynthiaaddison]

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

[Coin63@]

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.

[EthereumDev_]

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.

[Fenix]

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.

[masterrex]

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

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.

[wawan96]

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.