Bitcoin Forum

 Historic moment.Yuan has been added to SDR

China’s yuan will be added to an elite basket of global currencies used by the International Monetary Fund, in a boost to Beijing’s global economic ambition (http://China’s yuan will be added to an elite basket of global currencies used by the International Monetary Fund, in a boost to Beijing’s global economic ambition)

Whatever we  think it will have huge impact on global economy and Chinise very much

In article below you can read what is that mean.Dont ask about btc price,btcprice mayrisea little,becouse yuan will propably lost to us dollar at the begining

http://www.theguardian.com/business/2015/nov/30/qa-chinese-yuan-set-to-join-imf-currency-basket (http://www.theguardian.com/business/2015/nov/30/qa-chinese-yuan-set-to-join-imf-currency-basket)

Still , it means the Yuan probably will devaluate more, and this time the government will have less ability to intervene the way they have before.

I bet that in 5 years from now (even faster) Bitcoin or other cryptocurrency will join too.

That is highly unlikely.

First, Bitcoin would need to become a reserve for a country.

Its very possible that a government will create their own crypto currency. But you're right, for Bitcoin, I don't see that happening.

i can see this happening easily in some corrupted country, that are very poor, if bitcoin will have big adoption in 5 years

does countries like liberland count for this? i doubt but maybe  :D

Bitcoin or other cryptocurrency will join too, but it will take decades. It took 35 years for Chinese Yuan to join the club.

Bitcoin is attracting users from across the globe, to be used as a internet currency. You can't say the same about any other fiat.

exaclty
We have to reimagine our vision about money. First time in history we have something that scale trust and we can send it across the internet. Its much more than money

I bet in 5 years will be not SDR,or will be but only like a relict
For sure will be no Euro,faster than 5 years

Liberland is a freaking joke! A tent, a flag, this guy that has proclaimed it a country and million of mosquitoes! Trust me, I know quite well this part of the world!

If we will rely on Liberland, we won't get much further! :)

Doesnt that mean that international trade with yuan will become much easier?
Wont that be bad for bitcoin in the long run (or atleast less demand from chinese)?

The fact written at the main post have nothing to do with your guesses. International trade will not depend from yuan. Will have the same structure except the countries which have privileged collaboration and commercial activity with China. Maybe this action will affect in some way their national monetary policies.

Then, the action written at main post have nothing to do (at all) with bitcoin. Bitcoin has its followers which will not abandon it because yuan was entered at the basket of money that will be considered by IMF in their world monetary policies or in their other financial products. IMF and yuan have nothing to do (at least for the moment) with the market of bitcoin and with everything has to do with it. Bitcoin is yet nothing as an actor compared to this kind of actions which have to do with world monetary policies and not with very small legal markets as it is in this time the market of bitcoin. As for the simple Chinese nothing will change with this action. Have not to do at all with their everyday life. And even less with their actions regarding bitcoin. So who mine bitcoin will continue to do this, who buy bitcoin will continue to do this, who change bitcoin will continue to do this and who use bitcoin to buy several things at the market will continue to do this. Naturally if they will continue to have desire to do such actions. And will be not the fact written at the main post which will affect in some way such their actions.

Been saying this for the last 2-years, the Yuan IS going to become the world's reserve currency. Better trade those greenbacks into something worth something very soon.

Someone's backyard is hardly a country.
Bitcoin could join in one day; if we get our goal of proportional growth as block reward goes almost to zero.

In fact, the scale of USD in SDR did not change, it is the other currencies were pressed down, means that IMF is still controlled by US bankers

I doubt bitcoin will actually join it.

Highly unlikely. I am not even sure whether Bitcoin will survive for another 5 years. Countries such as Russia and the United States are looking forward to put more and more restrictions on the usage of Bitcoin and the other crypto-currencies. And the BTC adoption has stagnated for the last two years or so, with trade volumes declining year after year.

what?
the biggest btc demand comes from china how does cny have nothing to do with btc?

also i said int. trade with yuan will get easier because there wont be need of an intermediary to settle stuff.

china is one of the biggest export nations you thing everyday chinese wont notice if their currency will devalued?

i kinda think you have no clue what you are talking about

*edit

@sig-campaign: please stop farming your sig campaigns with useless bs ._.

I wonder if this means that that the Chinese State will have less control over the Yuan but it means on a good note that it is a trusted and respectable player among world currencies..At least the Yuan is a much more solid fiat currency to invest in I think for the time being..

Don't go running to invest in it just yet!

Wouldn't it be good to invest in a bag of Yuan for long term? I would of course be looking out for the economic growth of China as well of course..That would impact my decision as well..Bur overall I see China as a more stable country than most at the moment..  :)

I dont think bitcoin will join the Elite club, maybe some country's own digital currency (if created) will join the elite currency club.
Bitcoin price will go crazy if it is added to the elite club. 

Just stumbled upon this news:

http://timesofindia.indiatimes.com/business/international-business/RBI-chief-bats-for-Yuan-as-international-currency/articleshow/49876721.cms

So the Chinese Yuan is receiving support from a large number of nations, including Russia, India, and some of the African nations. Seems like everyone is getting tired of the USD.  ;D

That is a point QI,not only you are  thinking like that,if Chinise will be  wise more investors may prefer Yuan than dollar and for  sure than dieing Euro or massive printed Yen

For me, that don't seem impossible. Let's say that in an Eastern Europe country, where corruption and devaluation are big, a libertarian could propose Bitcoin as an alternative national devise, he could win and apply his political program.

You mean except the Dollar or do I need to explain that it is the Eurodollars which refer to the fact Dollars are used around the world before the internet and on the internet after it's creation?

The SDR is irrelevant as an international reserve tool as is almost any aspect of the IMF in the global economy.  This is from the Guardian which notoriously in love with anything communist or anti-U.S.  The only statement with any ring of understanding about this or anything to do with economics is this:


Well, this is true as such that it was based on a fantasy:


This also true:

Which should also indicate that most of the article is wrong and the first quote that actually ends the article is rings true.  This is because the only people that think the SDR is relevant is the IMF, Chinese leaders and Guardians readers.  It was a political decision.  The experts are right but the Guardian goes on to explain why it is important in economics terms anyways and gets nearly everything wrong:

Central Banks will hold reserves in currencies that are the result of either capital inflows or outflows and trade in goods and services.  It mind boggling that any investor would hold a worthless pretend "reserve".  No trade is conducted or investment conducted in SDRs.  I would say more but I don't want to get bogged down is silly few sentences.

Wait I found another actual expert that rebuts the premise of the article:


Haha.

Wait another expert says it was just a political decision:


Ok, there is a few direct quotes from the IMF that are technically correct but they are irrelevent.  This one is false:


Ever see the movie Snakes on A Plane?  I didn't but I know what The Snake was and my advisor was also an economist in Treasury during the Bretton Woods collapse.  It was extremely radical idea to float the Dollar and even I forget that sometimes when talking about Nixon.  Most countries tried to avoid that fate and failed miserably.  See Paul Krugman 1st generation crisis model.  I feel dirty for advising anybody to read Paul Krugman.  I need to shower.

Well, you guys can figure out any more.

Would including the yuan in the SDR force China to lift the restrictions stopping the Chinese sending their money abroad? I thought if the yuan is a reserve currency China will have to allow it to be traded against the other reserve currencies, and let the Hong Kong yuan have the same value as the China yuan. If China lifts the restrictions stopping money leaving the country it could be bad for bitcoin, but on the other hand allowing withdrawals plus deposits to Chinese bitcoin exchanges could be good for bitcoin.

There are still many channels to sending money abroad.

The 50k limit is for spending. Businesses need to settle far more than that amount all the time.

There are data ,that Chinise has sold biggest ammount of USA treasury from 2007,and that trend continue
For that money thay are  buying gold.Belgium is also selling USA treasury.That  is in fact China sell
It is still not so much  but if it will conitnue,than some people will start to be worry

Russia and China are selling the United States treasury bonds in their possession. But the bonds are still being sold at regular prices, which means that the demand is still there. Someone is still accumulating all those bonds which are being dumped by Russia and China. Could be a bunch of private corporations. Or it could be some rich nation like Qatar.

I think it is simply wise trading.Now dollar is on high becouse of rise rates speculation,so to sell and get dollars ,exchnge for low price gold  is good move.Rates will move 0.25% propably and that is all.Dollarwill stop to rise,gold will rebound a little

With the Chinese intentionally devaluing the Yuan and a history of intentional value manipulation, the Yuan has a steep mountain to climb to become the world's reserve currency.

Not to forget the capital controls in place.
That has to go before the Yuan really goes international.

F the IMF

OP --  this should go under altcoins - scam reports

ISIS will put all their reserve in bitcoin

Well that's great. But I don't understand how this is related to Bitcoin. Are you trying to hint that Bitcoin is also going to be added to the SDR?

Yeah. I really doubt that Bitcoin will ever be added to the SDR. It has taken the Yuan this long to get added, and Bitcoin has only been around for 7 years....so yeah.