Author Topic: What Is China’s Digital Currency and Why Are Others Racing To Do the Same? (Read 376 times)

Galaxy · « **on:** April 09, 2021, 02:59:27 PM »

Countries across the globe are busy exploring digital currencies, but China is on the cusp of releasing a CBDC to its 1.4 billion citizens.
For the past 10 years, the world of digital currencies has been defined by companies, collectives, and in the case of Bitcoin, anonymous creators, releasing projects on the internet and creating wealth seemingly from nowhere.

Some of these have been incredibly successful. Bitcoin’s market capitalization, for example, is higher than Facebook’s, Tesla’s, Samsung’s, Visa’s, JP Morgan Chase’s, and Walmart’s.
Source: https://decrypt.co/65973/what-is-chinas-digital-currency-and-why-are-others-racing-to-do-the-same

Altcoins Talks - Cryptocurrency Forum · « **on:** April 09, 2021, 02:59:27 PM »

This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here

Bidding Open

TomPluz · « **Reply #1 on:** April 10, 2021, 04:39:22 PM »

We are now in the digital age and governments are now recognizing the many benefits of making their fiat currencies digitalized. Plus in the case of China the use of CBDCs by its gargantuan population can mean an additional tool for its controlling orientation. With digital currency, the government can use the data generated for whatever purpose it may deem necessary. Of course, there is also that convenience because money can then be sent electronically fast. Eventually, people will eventually love to use digital money though I don't see the paper money getting eradicated that fast.

Fenix · « **Reply #2 on:** April 11, 2021, 09:26:36 AM »

The digitized Chinese yuan is special among other digitized currencies of the central banks of states in that it has been created since 2014 and, moreover, it is not developed on the basis of blockchain technology. We'll see what kind of stablecoin it will be. However, it seems that it will not be able to work together with cryptocurrency and participate as a pair on cryptocurrency exchanges. Although we do not know for sure yet. Everyone is eagerly awaiting its official appearance on the global financial market.

mixing · « **Reply #3 on:** April 11, 2021, 09:55:46 AM »

It doesn't surprise me to see China doing something like this. They're smart and definitely innovative. Digitized yuan will only be the beginning in my opinion. If this is successful for them, we'll see other countries start doing it as well..

Freemind · « **Reply #4 on:** April 11, 2021, 10:09:21 AM »

Most countries are in a hurry now because China has been working and testing its Digital Yuan for some time. And as the latest statistics and market studies indicate, China is the emerging market with the greatest capacity for expansion at the moment, that is why the rest of the governments want to have their digital currency as soon as possible, so as not to be the last on the list.