Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: BradSow on October 28, 2020, 10:10:28 AM
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
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Digital Yuan can lead the world into the horizon of blockchain and cryptocurrency adoption. Thus any country that utilizes it properly would certainly be powerful
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Though I hope this not succeed since we know that China government is too greedy against its neighboring nations. But China is to wise and good in making strategies to trick others.
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This will depend a lot on how other countries will be responding to this new digital money from China. Things are all about adoption. But we have to remember that it is not so easy for any country to just jump into another system away from the usual or the traditional platforms already in place. The ongoing story of Brexit is a big reminder of this fact. China knows how to tackle a good opportunity, and they have the bigger vision of world dominance -- in terms of economy and of course militarily. Will China be the topmost leader of the world? That remains to be seen but I know they are not destined to takeover the position that will soon be surrendered by the USA.
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Digital Yuan will not make China rule the world...
more powerful? Of course, but it will only be limited to domestic, digital yuan will not be able to make China feared by other countries.
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I don't think it will run smoothly once the digital coins from china are implemented, for mass adoption is likely to happen in that country.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
In my opinion, with the implementation of cryptocurrency in the financial system, it doesn't really have an impact on China's strength. But with the presence of digital yuan, it will definitely have an impact on the attractiveness of their investment. There will be many crypto investors starting to look to China as their market.
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It is too early if we conclude the effects of the Digital Yuan now. How China can take advantage or even more powerful with the Digital Yuan, it should depend on the way they develop it. At least, China has already an instrument to have the power to compete in digital currency. It is very possible that most countries in the world will have digital currencies then. The future of the world financial system may require it.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
It could possible because China has huge population. They have strong power in cryptocurrency market, Binance a China support exchange platform which already number one exchange. So China yuan will be more popular than USDT.
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It could possible because China has huge population.
What is the correlation between China population and the success of the digital Yuan? Honestly, I don't see any correlation between them. I think the population won't have big effects on digital Yuan growth.
Binance a China support exchange platform which already number one exchange.
Binance isn't located in China anymore. Changpeng Zhao moved it out from China as a strict regulation in China. On March 2018, the company was built offices in Taiwan. Then, they made offices on Malta.
China yuan will be more popular than USDT.
Who can guarantee this? No one knows what to happen in the future.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
China is already powerful country and what they are capable of, is the demonstration of her power—the power that keeps on striking to become more and more stronger around her neighboring countries. So this new step of China is clearly sure to succeed.
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In my opinion, the digital yuan has indeed made China stronger. And if this is indeed successful, then I think it will greatly affect the world economy. Because China itself is a country that is quite influential on the world economy.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
I dont think so, to have a Digital yuan will not make China more powerful because its a complicated process, and I'm sure it will be many obstacles will be fought along the way, the more interesting question is how it will be accepted (Digital Yuan) by other countries especially by the Western economic powers, such as the EU and the U.S,
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I don't think it will add to their current power, this coin will have a long run before it will be adopted to many countries. BTC is still the.most powerful and the most well known coin for all time.
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Digital YUAN may be too late to join cryptocurrency if it doesn't start now.
Even if YUAN Digital is launched, it will not be able to become super as soon as possible because it takes steps to become number 1.
I hope that YUAN Digital will be able to compete in the cryptocurrency market with USDT, USDC and BUSD normally.
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I think if this yuan digital project is a success. Then it will make China's position even stronger. especially in the online market. And surely this will also affect the world economic system. we will see what will happen when this digital yuan is truly successful and successful.
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In any case, the successful implementation of the digital yuan will greatly strengthen and strengthen China's financial and economic position. There is no doubt about it. A digital renminbi on the scale of such a large and densely populated country will allow faster and more efficient payments both within the country and abroad. The role of the yuan will rise, while the dollar and other currencies will fall.
The draft law that is being prepared is also competently drafted to strengthen the financial system of China, and this, in turn, will weaken the influence of the cryptocurrency, and primarily bitcoin.
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The most populated country China will have announced an innovative coins in the market cap named as the digital yuan which will be more popular and more acceptable worldwide. It will launch to destroy united state economic conditions.
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We know that China's ambition is to dominate the world economy, as America is doing today. If we look closely, we will actually lead to an online life and China's strategy of wanting to launch a digital yuan is a very good idea, especially since many crypto players including exchanges were born from that country, so I think this will be a successful project.
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There are many other competing countries that are about to make new breakthroughs for digital currencies, we have seen USDT in the 5th place of coinmarketcap which is having good volume every day.
In my opinion, it is easier for America to make digital currency dollars, because Mastercard and Visa come from these countries, China still needs a lot of time for digital YUAN to be accepted worldwide, because the idea is almost the same as the Libra coin.
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There are many other competing countries that are about to make new breakthroughs for digital currencies, we have seen USDT in the 5th place of coinmarketcap which is having good volume every day.
In my opinion, it is easier for America to make digital currency dollars, because Mastercard and Visa come from these countries, China still needs a lot of time for digital YUAN to be accepted worldwide, because the idea is almost the same as the Libra coin.
China is already far ahead of other world states in issuing its digitized currency. The Chinese government has been doing this for over three years now and their digital yuan testing is coming to an end. The US is just worried about China's success and has just begun to explore the possibility of issuing its national digital dollar. Certainly, the successful launch of the digital yuan will greatly enhance China's economic and financial strength. We'll be able to see it real soon.
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It will definitely give them an edge as technology is always beneficial to you if you know how to use it and realizing this China has taken the step to adopt digital currency and as a first mover they will have the chance to dominate global payments, remittance and transfer sector.
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Yeah. I think it depends on demand, although China has strength because it is supported by a strong ecosystem with digital Yuan, but it cannot replace the popularity of decentralized crypto without the control of any party.
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Yeah. I think it depends on demand, although China has strength because it is supported by a strong ecosystem with digital Yuan, but it cannot replace the popularity of decentralized crypto without the control of any party.
China's economy is developing very rapidly compared to the economies of other world states. China's trade with individuals from other countries through the Internet is developing very well. The successful implementation of the digitized yuan will significantly accelerate trade in all areas. A particularly digitized yuan will have a positive impact on crowding out the dollar in the Asia-Pacific region and then beyond. I think this is what the Chinese government is striving for.
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It will definitely give them an edge as technology is always beneficial to you if you know how to use it and realizing this China has taken the step to adopt digital currency and as a first mover they will have the chance to dominate global payments, remittance and transfer sector.
Even though China is famous for its controversy, we must admit that they are a technology giant who can always keep up with the latest developments, so we can be sure that China will be able to do it one day. this is what really happens with the latest technology that is always updated from China.
if China really wants to adopt digital currency then we will see further developments that they will be able to do the best because they always work with all their heart and no games are played. whatever china does it always rarely happens something impossible can't be done. they will be able to control all digital money sectors if that happens.
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There are probabilities. We know that China is one of the big countries that have a big influence on the world. Additionally, we can also see how their concern to make their countri=y bigger and compete with the US. That is why I am also sure that they will be very serious about their Digital Yuan that may make them even bigger and more powerful.
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I think that the transition to China's digital currency is the completion of the creation of a system of total control
Since money is an item related to the data of individuals, businesses and all other organizations, thanks to the transfer of money into digital format, the Xi Jinping government, which until now relied on denunciations, a network of security cameras and other means, provides full and comprehensive control of the totalitarian government. The Chinese Communist Party, which cannot be avoided. This will mark the completion of the formation of a public system for tracking invisible threats.
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What makes you think that Digital Yuan makes China be more powerful?
I don't see any big reasons for Digital Yuan to improve China's economic/financial power. It is only another form of Yuan, digital Yuan and fiat Yuan. But a good thing about this digital Yuan is China knows how to follow a good potential in digital currency. It will be more flexible and easy to transfer than fiat Yuan.
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I think no! Since the yuan is developed solely for control, it is unlikely that it will give China any strength)
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I think no! Since the yuan is developed solely for control, it is unlikely that it will give China any strength)
Undoubtedly, the introduction by the Chinese government of the digitized yuan will give this country great financial advantages. We know that digital money has better functional qualities than its conventional counterparts. However, it is all the same, for this it is necessary to look at the work of the digitized currencies of states in practice. A special technology is used in China, for some reason they decided not to use blockchain technology and this adds some mystery.
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What makes you think that Digital Yuan makes China be more powerful?
I don't see any big reasons for Digital Yuan to improve China's economic/financial power. It is only another form of Yuan, digital Yuan and fiat Yuan. But a good thing about this digital Yuan is China knows how to follow a good potential in digital currency. It will be more flexible and easy to transfer than fiat Yuan.
Maybe it wilk take several years to know impact of digital yuan.
China made digital yuan, they believed we will see digital era at the coming future.
So, No reason doubt with this technoligy will have good impact at the coming future.
Hopefully, others countries will follow it
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We know that the digitized currency of central banks should work faster and their transactions will be much cheaper. Therefore, the fact that China has already put into circulation its digitized yuan, which has been developed and tested for a long time and carefully, has received many advantages compared to other states where the digitized currency is only being developed. Europe and the US are only going to release their CBDCs around 2025. In this regard, they are already far behind China.
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For any country going for stable they should state if the coin will limited or we expect more production the future, I dont like it to be mined though. Trading other stable coin to yuan is another business, the margin might just be small. I expect china to treat cryptocurrency carefully because of their previous negative attitude, banning and all sort. Their decisions might be seen selfish
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We know that the digitized currency of central banks should work faster and their transactions will be much cheaper. Therefore, the fact that China has already put into circulation its digitized yuan, which has been developed and tested for a long time and carefully, has received many advantages compared to other states where the digitized currency is only being developed. Europe and the US are only going to release their CBDCs around 2025. In this regard, they are already far behind China.
Hopefully every country have own digital currency.
Digital yuan is faster and cheaper transaction, It's a good thing.
US and EUROPE have CBDC.
The government think about digital currency, But I think those won't threat crypto currency, because crypto have own community.
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China is always follow the trend and update their technology
It's a good thing.
I believe digital yuan will makes China mor powerful to compete with digital currency.
As EURO and US have CBDC.
I think It's the way of the government to reduce the dominance of crypto currency at the coming future
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I think no! Since the yuan is developed solely for control, it is unlikely that it will give China any strength)
Undoubtedly, the introduction by the Chinese government of the digitized yuan will give this country great financial advantages. We know that digital money has better functional qualities than its conventional counterparts. However, it is all the same, for this it is necessary to look at the work of the digitized currencies of states in practice. A special technology is used in China, for some reason they decided not to use blockchain technology and this adds some mystery.
Undoubtedly about Chinese government that always improve their technology.
I have read many opinions about digital yuan, Chinese government will compete to digital currency, especially crypto currency.
But I still believe crypto is better than digital yuan.
There are many projects in crypto and we will see every years crypto has ne trend.
Metaverse and web 3.0 will more popular at this year.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
Yeah digital yuan will make China even more powerful to against crypto currency.
But we all know crypto technology will always being updated.
I don't think crypto will be bitten by yuan digital.
I think Both will go on their own platform.
Crypto is will always be digital currency.
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I don't think about digital yuan will against crypto currency.
I think Digital yuan will usable for Chinese government, but as crypto trader or investors we didn't need this.
China has digital yuan, Euro and US have CBDC,
I think It's just way to against crypto. Because crypto currency progress is amazing.
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I don't think about digital yuan will against crypto currency.
I think Digital yuan will usable for Chinese government, but as crypto trader or investors we didn't need this.
China has digital yuan, Euro and US have CBDC,
I think It's just way to against crypto. Because crypto currency progress is amazing.
Not only China government, I think almost all of the government feel crypto is a threat.
But they should know, crypto is digital currency.
The government should learn about crypto and their technology.
They can adopt or create own currency.
China has digital yuan.
And we also see CBDC in EU.
I think everything will be crypto at the coming future.
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I don't think about digital yuan will against crypto currency.
I think Digital yuan will usable for Chinese government, but as crypto trader or investors we didn't need this.
China has digital yuan, Euro and US have CBDC,
I think It's just way to against crypto. Because crypto currency progress is amazing.
Not only China government, I think almost all of the government feel crypto is a threat.
But they should know, crypto is digital currency.
The government should learn about crypto and their technology.
They can adopt or create own currency.
China has digital yuan.
And we also see CBDC in EU.
I think everything will be crypto at the coming future.
CBDCs will soon be mass-produced by governments of different countries and they will certainly be widely used by the population of this country, as they will become faster and cheaper in transactions. However, it should be borne in mind that the digitized currency of states (CBDC) has practically nothing to do with cryptocurrency. In general, they will even compete with cryptocurrencies from states. But to better understand CBDCs, we need to wait for their mass release.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
Keep calm bro, I think digital yuan is not a threaten for crypto.
Crypto currency will always exist for along years again.
Crypto has own community.
I think crypto is more profitable to invest than digital yuan.
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China already has a predominant position in the classical economy produces a lot of goods even if often poor at little price, the digital yuan will only strengthen its position on the markets but i personally would not trust to invest in a centralized crypto under the control of Chinese banks i don't think it represent a danger for other cryptocurrencies anyway
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Traditional cryptocurrencies and central bank cryptocurrencies essentially have little in common in terms of application. CBDC is just a new form
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How people will trust CBDC when they do not trust the current banking system. If you are a small capital owner then the bank will not do any problem for you but if you are a large capital owner then you will have to face a lot of questions about your funds. That is what most people do not like. CBDC could be a huge failure against cryptocurrency.
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China is a country that has great influence on the world, and that influence is in any field. If China creates their digital Yuan, then China will be even stronger.
And this will make China increasingly unwilling to accept Bitcoin, where we know that China has often been against Bitcoin.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
DCEP or digital yuan is just alternate crypto from the government, but I don't think it's a threaten for crypto world, I agree with this opinions above. Both are different thing will works at their way.
So, wait and see their progress.
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How people will trust CBDC when they do not trust the current banking system. If you are a small capital owner then the bank will not do any problem for you but if you are a large capital owner then you will have to face a lot of questions about your funds. That is what most people do not like. CBDC could be a huge failure against cryptocurrency.
I don't think your point of view is correct. It is generally accepted that CBDCs created by governments will significantly increase the efficiency of their cashless payments, they will become much faster and cheaper. At the same time, governments are simultaneously solving other incidental problems of their bank currency. Because of this, CBDCs should enjoy better success than conventional cash currencies. This also applies to the digitized Chinese yuan.
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China already powerful As the biggest economic at the world.
I think digital yuan just the way to adopt crypto technology.
I don't think digital yuan will be a threaten for crypto currency.
Let's see
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The digital yuan is likely to be a closed currency, just like China itself...and all operations will be carried out either on the domestic market or in the interbank system...therefore, I will not see a threat to the cryptocurrency
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In the conditions of a centralized banking system, as well as sanctions, the digital coins of the countries will be relevant, plus it is very convenient and also quite cheap.China seems to me to be the first country to date that has gone so far with the development of a state-owned digital currency.
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CBDC has really become a trend in 2022 as many countries officially research and test it. If CBDCs were run on blockchain, this would be a good thing for the economy, but e-CNY doesn't use blockchain technology, it's just a version of fiat put on the internet and still regulated by Chinese government. I don't appreciate e-CNY.
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Maybe. Maybe not. But there is something about using digital money. It critically and literally reduces the cost of minting money, which runs into billions of dollars yearly. So you now have saved funds which can be channeled somewhere else
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Maybe. Maybe not. But there is something about using digital money. It critically and literally reduces the cost of minting money, which runs into billions of dollars yearly. So you now have saved funds which can be channeled somewhere else
I think it maybe not, I don't think Digital yuan will make China more powerful.
Because crypto currencies are more profitable for investment than digital yuan.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
No, I don't think digita yuan won't make China more powerful.
Because crypto is decentrazed, no one can control crypto move.
The government will have centralized coin, but won't be a threat for crypto currency.
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We know China is one of the biggest economic be at the world.
maybe at the past time we heard baout several times China blocked bitcoin and crypto.
But For now, they have digital yuan.
I think they thinked about a threat from crypto currency.
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while other topics are important on the agenda, cryptocurrencies will drift. If they need to resort to a ban again or say that bitcoin mining is harmful to the environment, they will do it.
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The digital currency is much more efficient than the usual non-cash payments of states. Therefore, CBDC makes the economy of any state stronger. If it is China, then China will become stronger. Moreover, the digitized yuan in China has become one of the first CBDCs among world states. Of course, this gives China undeniable advantages. True, the Chinese digitized yuan is not based on blockchain technology, and therefore, in order to say unequivocally in this regard, we need the results of the practical circulation of this stablecoin of China.
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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 (https://www.worldcoinindex.com/nl/news/china-soon-to-legalize-digital-yuan-and-ban-other-stablecoins-dcep-to-work-with-wechat-and-alipay)
China already powerful mate, one of the biggest economic at the world..I agree with this.
Digital yuan is just digital currency that being created by China to compete crypto currency
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We know China is one of the biggest economic be at the world.
maybe at the past time we heard baout several times China blocked bitcoin and crypto.
But For now, they have digital yuan.
I think they thinked about a threat from crypto currency.
This is not a threat to other Crypto if there is a digital Yuan, because I believe the value of the digital yuan will be a stable coin. Because if it doesn't become a stable coin, many people will be afraid to own it because the value of Cryptocurrency has high fluctuations. Because even if this is a coin from China, it will still be less popular than Bitcoin.
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This is not a threat to other Crypto if there is a digital Yuan, because I believe the value of the digital yuan will be a stable coin. Because if it doesn't become a stable coin, many people will be afraid to own it because the value of Cryptocurrency has high fluctuations. Because even if this is a coin from China, it will still be less popular than Bitcoin.
The digital Yuan will have the same value as the physical Yuan that we already know, at the moment only about 261,000,000 Chinese citizens are testing it. The Chinese government has been testing for several years and still wants to improve the security of the wallet s-CNY. There is still no date for the use of the digital Yuan to be massive or public, but according to the latest news it could be sometime in 2024, although it is very possible that the launch of the wallet will suffer delays.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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
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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
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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 (https://www.worldcoinindex.com/nl/news/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.