Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: BradSow on October 06, 2020, 11:43:04 AM
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You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?
Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan (https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan)
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I read about the inception plans earlier this year but I thought it was just government drivel to sound cliche. That is a nice one from China. Leading innovations
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Most likely, the digital yuan will play a very important role in the system of world non-cash payment methods. The US and Europe are already lagging behind China and will be forced to force the release of their digitized currencies in order not to suffer trade losses.
At the same time, the digital yuan will represent serious competition for decentralized cryptocurrency as a means of payment. After that, bitcoin can hardly hope that it will be used as the world's reserve currency as a means of payment.
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We need more details like when it will be released for public and will it be available at a global level and at exchanges just like other stablecoins or it will be usable only inside China? I hope these things will be clarified soon.
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China, the digital yuan can hamper the bitcoin market a little bit. But bitcoin don't care about it because many governments support digital currencies cannot failed bitcoin any how. So bitcoin will be alive, alive and alive forever. Don't be worried about digital yuan.
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With the digital yuan that is now being implemented in China, of course this shows a good progress in crypto. Hopefully this news can make crypto prices go up, because more and more people believe in crypto.
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We need more details like when it will be released for public and will it be available at a global level and at exchanges just like other stablecoins or it will be usable only inside China? I hope these things will be clarified soon.
The Chinese government should be interested in having their digital yuan used around the world. This should be a major bargaining chip for China in its trade war with the United States. Since China is now very actively trading with all countries, citizens, I think they will be very active in supporting their national digital yuan. Indeed, it will soon occupy a respectable place in the global financial system and international trade.
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China, the digital yuan can hamper the bitcoin market a little bit. But bitcoin don't care about it because many governments support digital currencies cannot failed bitcoin any how. So bitcoin will be alive, alive and alive forever. Don't be worried about digital yuan.
The digital yuan will be a huge event both domestically and abroad. The government is preparing very seriously for its release, and as far as we can see, this process is going quite well. And although this stablecoin of the state is still not the first, it will have a very serious impact on world trade.
I agree that the digital yuan will compete with decentralized cryptocurrencies as a means of payment.
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Very interesting, does Yuan adopt blockchain technology? I think this is very positive in creating the digital Yuan, of course the role of the Chinese government in controlling it is also very necessary.
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The digital yuan has an impact on cryptocurrency market because China is a huge populated country in the world cryptocurrency market and they have very much possible negative impact on cryptocurrency market.
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They plan to use Lightning Network for data payments. Not sure what the plan is for comments but you're right that full on blockchain transaction would probably suck.
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Maybe this is one of China's strategies in facing a trade war with the United States, replacing dollars with yuan for trade between countries. Even though it is now denominated in fiat currency the dollar cannot be replaced but it is possible that the digital yuan will replace it.
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China seems to be proving themselves in the blockchain industry. I think most countries are now left behind by their adoption on cryptocurrency. Slowly but surely and other country will soon start following their footsteps. I dont know but western countries having a hard time due to SEC strict regulations.
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The digital yuan has an impact on cryptocurrency market because China is a huge populated country in the world cryptocurrency market and they have very much possible negative impact on cryptocurrency market.
You are not completely correct because the digital yuan has no negative impact on cryptocurrency market but I think yuan of china protocol has bring a positive impact on bitcoin as well as cryptocurrencies market.
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Maybe this is one of China's strategies in facing a trade war with the United States, replacing dollars with yuan for trade between countries. Even though it is now denominated in fiat currency the dollar cannot be replaced but it is possible that the digital yuan will replace it.
In any case, the Chinese government will use its digital yuan in a trade war from the United States. They are well aware that it is now a very powerful weapon. The Chinese are now trading a lot, especially using the Internet. These payments in the future may well be paid with the digital yuan, rather than the traditional dollar.
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To me, China's digital Yuan is not cryptocurrency because it doesn't work on blockchain technology. It was born to increase the degree of government control over the money, especially in relation to the overseas financial flow of the wealthy in China.
However, I am quite excited about their test, heard that they are conducting an airdrop of $1.5M to conduct testnet in 6 days :)
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China is competitive in all industry as long as they can. From agriculture, semiconductor, technology, warships, weapons etc. Now they are trying to adopt Yuan into digital aspect where could make them popular and possible to have more support from Chinese national and foreigners who use and interested.
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The digital yuan is not a prime factor in cryptocurrency industry. I think their will be no compitator as bitcoin.
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The digital yuan is not a prime factor in cryptocurrency industry. I think their will be no compitator as bitcoin.
It's just that the digital yuan may soon become one of the most popular means of payment, first in the Asian region and then around the world. In this regard, cryptocurrency can be used even less as a means of payment and this can become a chronic problem for it. Do not underestimate and be frivolous about the digitized currencies of states, especially the digitized yuan.