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Today I saw a video clip from twitter telling that china is ahead of US now in terms of digital currencies, I made a few google searches and found out it's legit, Soon china will tokenize their currency and base on the blog I have read below it is almost ready to launch.  I know I'm a little too late about this but I just want to hear your thoughts.




Sources:

Twitter Video Clip: https://twitter.com/SquawkCNBC/status/1177543601242484743
Full Video: https://www.cnbc.com/video/2019/09/27/people-will-choose-a-currency-that-the-government-cant-control-bitcoin-pro.html

Central bank digital currency (CBDC)
http://www.chinadaily.com.cn/a/201908/20/WS5d5b5d1ca310cf3e35566c01.html

Update:
China are claiming to have 220,000 (TPS) transaction-per-second.

Sources:
https://beincrypto.com/chinas-digital-currency-claims-to-have-220000-transactions-per-second/
http://www.globaltimes.cn/content/1172326.shtml

Illegally : Yes
Legally : US is far far ahead than China.

It has been quite a few month when US and China went to trade war. The China has pitched his 5G technology to India but India is reluctant to invest yet considering the harmful effects that it will bring.

Trump has already motivated the Companies in Silicon valley to start working on G few months back, i see by 2020 , US will be standing with his own 5G technology.

If you will believe the hype surrounding this tokenization of the Chinese Yuan, you will also believe that their launch is already coming very soon. But if you are going to be objective about it, that launching is much more uncertain than the launching of Libra. And China itself is in no hurry about it.

Take time to read these:
https://thenextweb.com/hardfork/2019/09/25/china-no-idea-when-launch-digital-currency-cryptocurrency/
https://www.scmp.com/economy/global-economy/article/3030120/china-has-no-timetable-launch-its-digital-currency-says
https://technode.com/2019/09/25/no-timetable-for-the-launch-of-chinas-digital-currency-pboc-governor/
https://cointelegraph.com/news/chinas-central-bank-digital-currency-has-no-timetable-for-launch

And the only reason why China seems to be ahead of the US in terms of digital currencies is this vague idea of tokenization of their national currency which, according to crypto experts, is beyond the capability of the Chinese government as of this time. Other than that, there is nothing that says China is really ahead of the US in terms of digital currencies.

turning the local currency (fiat) into a token is not really a great achievement by a country to be excited about or call it "being ahead". cryptocurrency is not going to work well when you combine it with centralization, that is why the centralized altcoins always suck so hard. when you add the government factor into that equation then things become even worse.
they probably do something like Venezuela, first create their own coin and then after it fails they start adopting bitcoin as Venezuelans are doing right now. :P

What do you mean illegally? is not they are tokenizing their own currency? from what I heard, it is legal and approved by the government.
for them it is legal but for other countries, it might be not because every country has a different set of law. And the trade war has happened for a year not just for a few months.

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In term of digital currency adoption, China is ahead of the US.
But I am still a little bit skeptical about this because it brings more harm than good. This is also the reason why the US and many countries do not create anything or even ban cryptocurrency. Because it can affect their economy in some way.
for me

China: Optimism
Else: Skepticism

Please add more details about why illegal?

Thanks for your input I will be reading these articles.  ;) Yes, it is a vague idea we will see how it goes. Do you think US will tokenize their national currency too?

I don't think so. The US is still one of the most advance if not countries in the world. Paypal and other forms of digital transactions work well in the US better than China. When it comes to crypto currencies both countries are hesitant on it but the US is considering it with strict rules thru SEC. China only accepts crypto currencies if their government think it can control it which is too difficult due to decentralization. China can create their own token but blurry and suspicious as being decentralized.   

I am not surprised if China will become ahead to US in terms of digital adoption because all we how Chinese patronized their own product and now their own crypto. And I considered it as a advantage because all we know that they already banned other crypto and only their own crypto can be used in their country so I did not wonder why they are ahead on US.

no it's still uncertain. the battle for 5G is still ongoing. and I think China will be the first country. looking at US maneuvers a few months ago, I realized like the country was starting to fear the development of China. all policies always burden China. I therefore believe that US is actually far behind in digital adoption.

Those articles are very short and they are basically saying the same thing. That the Chinese government is not at all in a hurry to tokenize their national currency or that they do not have any timeline for it. In other words, this will come much later than what is being peddled in the news.

On your question, yes. But, again, this is going to happen at a much later time. But then we all know how the future of currency goes; it is going to be digital. So, if by tokenize means shifting into a digital currency, that will eventually happen all over the world.

It's not fair, the USA is still on the fire all the aspect of the dominance, not only the finance but also every aspect. in terms of regulation and credibility, The USA is far advance than China for sure. If you want to make a comparison on the aspect of restriction or regulation then China is more flexible to the USA, The only sides that China is providing this facility to their native if only the government allows purchasing a cryptocurrency within a regulation. but the decentralization system shouldn't be controlled. so in my opinion, the USA is still taking the lead in this cryptocurrency platform like other fields. Chinese governments putting too much restriction on people otherwise Chinese could win in terms of digital adaption.

China is definitely ahead, because with Trump as president, the chances of crypto getting mass adopted in USA are really low. Trump is against everything that has something familiar with digitalisation and China is launching its own stable coin.

If indeed the Chinese Government were developing their own native cryptocurrency, then I can say that China is really ahead in terms of crypto adoption!  Though Il think its still experimental, I guess there is a brighter side to it, because once it will be made ready and publicly utilized and has been proven to have intangible benefits to a nations economy, then I could not see any reason why the U.S. and other countries will not follow suit!

In a sense, China's enormous growth over these last two decades were the result of its own Government and people embracing technological innovations that they think will help them achieve greater prosperity and its not surprising that they have joined the crypto / blockchain technology bandwagon! I guess this is just a way from them to  preserve their economy and loosen the grip and influence of the mighty U.S. Dollar. Imho.

China is strict, that's one of the characters of this country that makes it powerful. I remember reading somewhere around btt that the FBI are holding an amount of +100K BTC, the FBI belongs to the USA for sure and even if these coins are illegal, why the fuck does the usa government hold or even have access? shall they destroy it? i think yes.(referring to the misuse of coins/technologie).
That's not our subject but the thing is that USA is an opportunist country.. the only good thing is that the adoption in the USA took place first, that's why we keep seeing USA vs China fight right now. There's nothing like "ahead in terms of digital adaptation" but there's only "Freedom". The China is somehow strict when it comes to "Freedom" that's why they are in lead, the American Dream is a bullshit right now. I'm afraid that china might really take the lead, the final say goes to Mr Trump. Either he helps his country, otherwise it's going to die, just like the shitcoins here and there, lmao.

US is still far ahead of China though recent China seems waking up and want to be up there with the top technological countries. What is helping China is that when the country is in support of any technology the company get the backing of the Communist party and have all the state resources Huawei is a good example now, but in US regulation is there to stiff the go to market strategy of their companies, just look at Libra for example the scrutiny it is going through now

They are always ahead of US with regards to crypto. They are saying no to outside cryptos and trying to develop their own crypto coins. This is not at all bad as compared to US where they dont want any crypto development.

Just let them be and its no surprise that this advanced nations would really be ahead of the game as always.We are on a high-tech world and development and innovations would takes place and no surprise that currencies weve known would really goes digital ahead on the years would come.If China do able to comes first then its good but this thing doesn't affect about crypto market in overall aspect.Just let things happened yet each country do have its own ways on improving their own.

Either legally or illegally i think china is far ahead of usa in digital adaptation, even korea and some other part of asia countries are better when it comes to digital currencies adaptations, its just that usa wants to take the legal part only so there will always be some restrictions

So it all connects? I still remember that few years ago they've banned ICOs and AFAIK even bitcoin too.
But after seeing videos from China that there are still people who are seeing and introducing bitcoin, I stopped believing that 'cryptocurrency' was banned there.
They can make their own cryptocurrency but this doesn't mean that they can take over the whole cryptocurrency scene. Well, I think Alipay should be worried about this if ever the local gov't will push it to their citizens to use.

US is the one slowing things down. They ought to have done this before China, but it seems that China, although does not accept the conventional cryotocurrency, but more homely to digital technology, including currency.
I still do not know what will trigger US to do it's own.

Looks like a good post supporting China's claim to leading the crypto world. But I think China only lead in quantity and not quality and should do more than playing the tug game. Plus I really prefer American products to Chinese because they are more reliable and secure. I just don't think China is leading America yet legally

Digital adoption does not necessary means they have to adopt Bitcoin or any cryptocurrency.  It is the implementation of the technology behind this cryptocurrency and 5g technology has nothing to do about cryptocurrency adoption.

I think you are right to say that "China ahead of the US now in terms of digital adaptation" because China is the country with the most significant number of investors in the world. In particular, mining in a rapidly developing country, especially Bitman A giant that supplies the entire equipment to many miners all over the world. I believe that as soon as China accepts Cryptocurrency back into the market, it will pump.

I think China should encourage decentralized crypto currencies to prosper and should had supported them but now it seems like Chinese government want to control and dominate this sector too by introducing state owned coin, i personally do not like this coin race but if it will result in boosting real crypto i would not mind at all.

I guess this digital currency is not easy to implement in the entire nation, Some people have no access to the internet I think if implemented in the future it will co-exist the physical money and digital currency.

@All
So many good ideas thanks for your inputs guys I'm enjoying reading it.

I think that China has always been ahead of the United States in this direction because it is the most developed country in terms of technology.

Possibly they will not, they are paranoid of things they can't control or track.  Cryptocurrency is a good tool for tracking transactions so it favors the Chinese government because it will be easier for them to track the financial flow of their target. 


Well there is no news about phasing fiat currency out of circulation, so  I guess it won't be a problem if they use both cryptocurrency and fiat currency at the same time.

In my opinion the Chinese government does not take risks because it only changes their economic systems to become more digital. The cryptocurrency they make is still controlled by the central bank, so I think this is just another form of digital money

Very simple to check actually.  Visit China, and basically you will find that you don't even need to use fiat.  Everything is WePay, Alipay etc.  Next go to New York and see the huge contrast.

Are they ahead in terms of overall digital payments? Absolutely. With the widespread adoption of wechat and alipay, there is really no race here - cardless payments are the new norm in China, while it is still very rare in the rest of the world.

But in terms of actual decentralisation and adoption on that front, I doubt that China is that ahead.

It ultimately comes down to the policymakers. China isn't exactly known for supporting decentralised cryptocurrencies, but rather they place emphasis on native FinTech companies and creating their own tokens. Only if you classify these projects as "altcoins" can you say that China is ahead.

Even if China has excellent human resources, there is always a risk in the crypto market. As you can see, the market has continued to decline over the past few days and the more the number of participants, the greater the negative impact on the economy.
Although some experts say the Chinese are ahead, the reality is not. If you notice a bit, the strong dump is usually the most active hours of Americans. that means bitcoin is in the hands of Americans and other European countries very much and they are in full control of the market. how do you think ?

There will be always this struggle between the USA and China, and the cryptocurrency is just the small part of this "war". Now, when Libra is going to appear (of course, it will be not only FB coin but the USA coin), China is going to launch its own crypto. Anyway, it good that they are competing as they are pushing other countries to go ahead and not sit idly as they would usually do.

It is hard for me to insert libra into this war. There might be some slits but not significant enough for libra to occupy an important role in this trade war. And we can read in the news that despite this trade war that seems to be getting worse every day, libra is still trying to get the slightest of nods from the US and other government, but still to no avail until now. Libra in my view is not in any way benefiting from all this wars.

And FYI, there is no FB coin and USA coin. That is very misleading to your readers.

Chine is a confusing country with all their laws and weirdness. They were not against cryptocurrency at all. They were just against theor people using a currency that is not their own. They are communist so it does make a lot of sense. I guess if this all comes through then they are way way ahead of the USA. The USA still is messing around with silly laws on regulations(restrictions) instead of focusing on what good crypto can bring.
It is almost like the USA is fighting against itself.

Yeah the US is really strict on regulations(restrictions), I guess they don't like the nature of cryptocurrency being decentralized and of course, the government wants to control everything If they create a cryptocurrency and it is centralized people will not use it I think that's what holds them.

Of course China is far ahead, even in the current fiat economy today base on the country's wealth and how much it had grown over the years.


That's also true after all government has to collect money from its people. Releasing their own digital currency makes it possible for them unlike taxing BTC which leaves a lot of holes to circumvent government. Chinese may not have the all the freedom in terms of this but the adoption in their country for digital currencies will advance.

This is what I keep saying. You cannot tax something that is not yours. Bitcoin is not owned by anyone but by everyone. The federal reserve is printed out at will without anything happening besides a printing press. With bitcoin, the currency is released at timed intervals so you can't just print out bitcoin like you can with fiat. Bitcoin is not government-issued. If they want to tax then they must tax on a government-issued cryptocurrency.

China is the new future, not only when we are speaking about digital currencies... I don't think US will give up and surrender without fighting, but Asian power will prevail soon.

I always believed that China is far ahead of USA in digital adoption, without any doubts. But Chinese government is not in a hurry to tokenize their national currency or that they do not have any timeline for it. It seems like just a hype. Will see.

China and few other asian countries are marginally ahead of US when it comes to digital currency adoption and technology embracement, i heard about alipay and wepay popularity from Russell krus of ez365 exchange who talks alot about how the future of crypto will be after 2020

Chinese people are so great in innovating and I really believed that the China is way ahead of US in terms of digital adaptation because they are almost cashless society and plus they are also investing in automation because most of the human jobs there are replaced by the robotics and it is really amazing how they are really pushing their limit to be advanced in technology.

There are many countries that are ahead of China and the United States in accepting cryptocurrencies. But if you compare China with the US, I think China is one step ahead when it makes more positive moves.

It's would be true if the WeChat were made their platform and token on blockchain it were brought mass adoption to the millions of users

The Wechat platform used to be advanced, but now it is no longer, and when it comes to digital adaptation between the US and China, China is clearly ahead of the US, because in China it legalizes about digital currency, while in the US it is not so, so the US is lagging behind from China in terms of digital adaptation at the moment.

Yes, China is seizing the opportunity and being ahead USA. In 2020 I think China will have a cryptocurrency of their own

yes maybe now the US is still anti crypto, but in the future they will legalize it. China might be ahead, but in terms of quality the US still leads. so I'm not sure the US is far behind in digital adoption.

It seems to me that China is a synonym for everything innovative and experimental.  And i don't doubt they'll be the first to adopt crypto fully

I think china isn't fully developed regarding crypto advancements, so partly that's right they're not totally focused on how crypto will become valuable in the future. US for my understanding, has been fully developed with this cryptocurrency thing, hence they're within control with regulation, and safety aspects of bitcoin, in order that it won't be abused by cyber criminals or terrorism.

China could be ahead of US in digital currency adoption but in terms of regulation I doubt that they can outranked the US. But in the race of adoption China is in the game I think the Chinese people are more focused on developing new projects compare to past years which their government hinders its growth. As China tries to the stock market no wonder Blockchain space could be the next on their list.

In the broad events happening right now i might say that china is ahead to adopt the digital stablecoin currency system. Since the US was not started it even on planning stage as said by a Federal Reserve Executive unlike china its already done and ready for implementation as we know it more and more countries starting to adopt digital currency for real time payment and other use.

Despite the legal obstacles that cryptocurrencies have had in China, there are many investors and the point to highlight is that it is planned to launch a cryptocurrency of national use, which would be an impressive advance, because although other countries have tried, it is not It has had the expected success, however, China has the technological infrastructure to do so.

China is the country with the most people investing in cryptocurrency in the world. And there are many good projects coming from China so I think China is a lot ahead of USA

US is always keeping an eye with every opportunities, we don't know what they are cooking behind so even we are seeing that china is far ahead from US in terms of crypto adoptions, there's a chance that in silent side of this industry, US are already working and making it's own way of making the best use of crypto for their own benefits. Let's not remove the fact that US also seeking for good opportunities in any sides of new system that being offered.

The economies of the USA and China are very different. So we can't compare them. China is now a leader in the introduction of cryptocurrencies and blockchain and I think it will remain so. The main reason for the inefficiency of regulators is that the USA does not want to be visible in this industry. Therefore, the USA is trying to restrain this trend by all means.

I think that's great. China has always influenced the crypto community and very much, and the news about the creation of a crypto currency there can give a good impetus to the growth of the entire market. But I also know that this decision is dictated by the trade war between China and the United States. Which I think has a negative factor.

I've watch the video, actually another topic will arise from it. It states that "Bitcoin Futures Expires", based from my inference about it, tokenization of US and CHINA will be a great help for bitcoin, then why? it will be easier for people from US and CHINA to convert their money, allot of people will be exposed to investment to bitcoin. As well as if other country will follow. I definitely disagree with the title but I am pro to tokenization.

It seems some US legislators are alarmed about the news on China creating its own digital currency.  See this article how some legislators inquires about the possibility of US to create its own Digital Currency:

https://www.cryptopolitan.com/considering-us-dollar-digital-currency/

By these thing, it seems China is actually ahead of US in terms of Digital adoption in terms of creating its own Digital currency.

Yes. They are. I chat with a developer working in China and they were closely working with some government agencies about what they are doing related to cryptocurrency they were developing. China, though backing away form the real action in crypto trading, they do have their own world out there on their own developing in close doors.  US should really be worried about this for in time comes monetary war is launched, they are there to have a chance.

Thus, if China and US started the revolution of cryptocurrency as main currency, then other country will follow, innovation to our new era has already started, but as long as China's plan hasn't been executed, I don't think that US will just do nothing about it, cryptocurrency is one of the leading technology nowadays, and I do believe that US will not disregard it. Soon, both strong countries will engage and so other countries will follow.

Well i don't think that US is leaving behind china when it come digital adaptation remember these two superpowers are always head to head to each other, but i think that china has stepping up the notch when it comes to research and i think that the first quantum computer has been produced in china anyway, US needs to step up if they want to keep up with china.

Update:

It would appear that China is doing it with its present progress they are claiming to have 220,000 (TPS) transaction-per-second. The fastest until this point on the off chance that it is truly valid and they are intending to Onboard Two Billion People Reducing Gaps Between the Dollar and the Yuan.

Sources:

https://beincrypto.com/chinas-digital-currency-claims-to-have-220000-transactions-per-second/
http://www.globaltimes.cn/content/1172326.shtml

They won't adopt cryptocurrency that is decentralised. China's big weakness is that it still has capital controls. And it has capital controls because chinese people don't trust their own government and try to move money out the first chance they get.

Unless they lift capital controls, they won't adopt cryptocurrency, and the yuan won't become a global currency either.

The current politic situation will not allow any decentralized and free form of money. That´s why they are creating their own, "better" cryptocurrencies to "protect" their citizens.  :D

China will do everything to be ahead of US in all ways possible and I think they have decided to use their money to invest in Digital Adaptation. And it is obvious now especially when they have invested in Cryptocurrency more than US. We'll, if China is right about Crypto and their invested coins then it is a good decision and an advantage for them.