Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on March 15, 2021, 03:30:48 PM
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Unlike cryptocurrencies like bitcoin, the digital yuan will not use blockchain, distributed ledger technology which allows transactions to be validated without the need for banks.
Widespread use of the digital yuan would give Chinese policy makers greater visibility into how money flows around China’s economy.
This would help them track any illicit flows of funds, such as money laundering or terrorist financing, and it would also allow them to experiment by targeting monetary policy interventions on specific economic classes, regions or other groups.
In extreme economic circumstances, it would also allow them to have negative interest rates for cash.
China has a long-standing aim of internationalising its currency, and in time, the digital yuan may help with this initiative, making it easier to encourage users in other countries to use the yuan.
Article: Explainer: How does China's digital yuan work? (https://www.reuters.com/article/us-china-currency-digital-explainer-idUSKBN27411T)
Perhaps many people have heard or heard of China's e-CNY as it is expected to be the world's first recognized and adopted CBDC. A number of other CBDCs were used before, but China was the first country to have CBDCs become a national strategy with full roadmap from trial, expansion, verification and full integration into the national payment system.
However for now, as far as I can see, it has subordinated the expectations of all crypto community.
We used to expect that CBDC would exist as stable coins USDT, USDC, PAX ... and help connect the traditional economy with the crypto economy like USDT did. But e-CNY doesn't even work on blockchain, without a decentralized ledger, it's adopted as a regular digital in AliPay, ApplePay, and SamsungPay payment apps. It only becomes a tool for the Chinese government to increase the degree of economy control and manipulation. It goes against the goal of Bitcoin & crypto. It is just a way for the Chinese government to defuse people's demands on crypto. They create something akin to crypto, they swap concepts, and at the same time increase the degree of economymanipulation .
In the future, will other countries study China to launch digital money similar to China's e-CNY? The CBDC wave is expected to explode in 2021 but we haven't seen any signs of it right now, and I don't expect it to either. We need the true cryptocurrencies instead of an imposter & spy.
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I am surprised that the Chinese digital yuan, it turns out, will not use blockchain technology. It will not be the kind of stablecoin that could be used when trading on cryptocurrency exchanges. I am completely disappointed with such events.
The digital yuan aims to replace the circulation of some cash with complete control of financial flows. I just do not understand how they intend to ensure the security of the digital yuan if they do not use blockchain technology.
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In my opinion, CBDC is just digitalized fiat money with greater power vested on the part of the issuing party which is the government. We should not expect that it be decentralized...in fact I am really seeing this as an extension of many government's existing tendency to instill more control on the populace. We can see this when China will finally unveil their CBDC on the market. Anyway, this is actually good news to cryptocurrency because by then people will see and witness how governments are using their controlling power over money, banking and finance, and they can see that people are once again robbed of the power and control which should belong to them in the first place.
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I am surprised that the Chinese digital yuan, it turns out, will not use blockchain technology. It will not be the kind of stablecoin that could be used when trading on cryptocurrency exchanges. I am completely disappointed with such events.
The digital yuan aims to replace the circulation of some cash with complete control of financial flows. I just do not understand how they intend to ensure the security of the digital yuan if they do not use blockchain technology.
We in Vietnam are all too familiar with the tricks of China in manipulating the economy and deceiving users. If they were to actually use blockchain for e-CNY, they would have used the NEO blockchain, but they were not moving. They are just trying to be the first country to apply CBDC extensively in order to have an advantage in economic competition. However, as we have seen, e-CNY does not create any strength for the Chinese economy.
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I thought they will use Blockchain technology to power their currency but from reading your article it doesn't seems like they will use blockchain. That is really very disappointing that they are not actually using Blockchain technology which they should use. e-CNY is not what we want.
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I am surprised that the Chinese digital yuan, it turns out, will not use blockchain technology. It will not be the kind of stablecoin that could be used when trading on cryptocurrency exchanges. I am completely disappointed with such events.
The digital yuan aims to replace the circulation of some cash with complete control of financial flows. I just do not understand how they intend to ensure the security of the digital yuan if they do not use blockchain technology.
We in Vietnam are all too familiar with the tricks of China in manipulating the economy and deceiving users. If they were to actually use blockchain for e-CNY, they would have used the NEO blockchain, but they were not moving. They are just trying to be the first country to apply CBDC extensively in order to have an advantage in economic competition. However, as we have seen, e-CNY does not create any strength for the Chinese economy.
I am glad that many Vietnamese are already waking up to the manipulative government of China. I love Chinese people, but its government can really be tricky and should not be trusted to be a good friend. What is happening with the Australia right now as their economy is being ravaged by China can be a great warning to anyone working with this country. Soon, China is going to dominate almost everything including CBDC and they are seeing everything that they can grab to be theirs. We are forewarned.
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I am glad that many Vietnamese are already waking up to the manipulative government of China. I love Chinese people, but its government can really be tricky and should not be trusted to be a good friend. What is happening with the Australia right now as their economy is being ravaged by China can be a great warning to anyone working with this country. Soon, China is going to dominate almost everything including CBDC and they are seeing everything that they can grab to be theirs. We are forewarned.
It will not be easy for the Chinese government to give up its power over the economy, similar to the way they blanket the internet, they just roll out e-CNY to deceive their people. I'm not ready for that dangerous money!
And I believe we will soon have a true CBDC, probably in Japan or the EU.
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For a long time I expected to see how a stablecoin of such a strong state like China would work in practice, but I could not even imagine that the digitized yuan would not work on blockchain technology. It turns out that the digitized yuan will have nothing to do with cryptocurrency at all. Even a common technology that would allow it to somehow interact with cryptocurrency. Sorry. The Chinese government decides to follow its own separate path here. We are not at all interested in such a digitized yuan.