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You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?

Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan (https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan)

Having 3.3 million transactions already with this Digital Yuan means it can really be a game-changer. It should be noted that the European Central Bank is also dabbling with that knowing that the digital euro is underway as well. [1] (https://coingeek.com/european-central-bank-digital-euro-report-we-should-be-prepared-to-issue/). We should all be hopeful that a significant digital currency would be issuing something accepted by everyone and is trusted. I want this to be Bitcoin, but I'm not sure how countries and governments would like that in general.

IIRC, it's Libra that they have on the other side and it's just that it was postponed due to some delays and hearings. I've seen that Digital Yuan was quick in the developments but yet to see if this is going to be one big thing for us.

For the Chinese people, it is.

But are they also going to use this worldwide just like US dollars which can be converted to several local currencies? China is doing it and they're all in for the competition.

Whoaa After didn't hear this for a while look like it's already to use, Well i hope just Libra will also launched even after last hearing on US senate i don't think it will. On the other side Digital Yuan looks successful for now, Hope other country will follow this too, Really thanks for sharing this one mate.

This is huge and since the Chinese have business across the globe they can make an impact just got this excerpt from the article, they are geared to become the first and possible the biggest, and if they can make it in the market, they can make a huge impact in the community not only  in the Chinese community but all of us here.

Digital YUAN is not the only one and you forget about CBDC which has already prepared by the central banks. So many countries have already started to do research to adopt the digitalization for its local currency.

You must also see that too if the so many banks have also adopted the ripple tech too. I expect so many digitalizations will be happened in so many countries.
This will become a very big event.

They are not innovative, they just want to keep controlling their people over the innovative ideas like decentralized payment system.Digital yuan is nothing more than the digital fiat transacted over the banking chain but they call it as innovative because they know people are stupids. :D

And there are reports that the CCP is working on a nation wide retinal identity system where all the money resides in blockchain and when you buy a product or service, you can just show them an eye and the transaction would be done. No need to carry purse, cards or mobile. No hassle of passwords and OTPs. Go anywhere and the your money would be with you until you die. Your retinal identity would be linked to the your value. All of your medical and criminal data too would be on blockchain and the prices to goods and service would depend on how good your social credit score are. Not a use of blockchain we wanted but the one we are really getting.

First of all China is not communist, there is a belief that china has been a communist regime for the past 70 years and there are people who call it that but you have to remember that it is for only the name. How are they ruled?

There is one dictator at the top, there are high level officials, there are rich business people, there are literally starbucks and mcdonalds, that is literally what Germany under hitler was like, one powerful guy, some famous powerful people around him, some rich business people and everyone was focused to get better via these people, but we called them nazis?

Well, they are the same thing. So, do not consider communism is like what china or back in the day soviets did, that is dictatorship. Digital yuan is just another way dictators men can follow what you are spending money on and nothing innovative.

The best thing is that they are very proud and open about their crypto currency and they have clearly stated that with being the first official, national and govt backed digital currency it will help China dominate the global money games and also its dominancy over global trade and business will increase.I think U.S must be watching this and they must have something planned out in the background because they do take China very seriously especially with regard to trade and business threat so they must be ready for the competition.

With the current scenario and other top countries lagging behind in this field one can asdume that all the other powerful countries have given China the go ahead with their digital currency and after its success and benefits all other countries that are skeptical about it now will also follow with their own digital currency amd i think China will be at massive advantage due to being the first mover.

China has proven itself to be the pro-tech, advanced and forward looking country by introducing their national coin and digital curreny, this will definitely increase their share in global trade and economy also their influence will grow massively.
Personally i support all these tech related initiatives and i am sure this coin will also boost the crypto market multifold.

It's pretty easy, as long there has some company that can create the token and backup the token with real money. Every country can do that's, in my country (Indonesia) we have 2 type token (Bird & IDRT) backup by Indonesia Currency.

As long there has some project/platform that want to create some token backup with real money, was pretty easy to do it.

Their government are forcing their people to adopt change and to follow all the rules that is being set by the government so no doubt, people will adopt and the volume will continue to increase over time.

China is a cashless society since then so if you’ve been into China, its hard to transact using fiat money since most of the store only accept cash less transactions. Digital yuan is a game changer and a much pressure for cryptocurrency, I hope that China will also adopt bitcoin and make it legal.

I dont get it why you call China is a communist, I think they aren't.

IMO, this digital Yuan is something that really is a fact. But it will never eliminate the fiat and coins. This Digital Yuan has been offered to the public to avoid personal contacts and for the people to secure themselves from the viruses that are possible staying with the fiats since fiats are being held by different persons every day. In short, they are trying to have alternatives to other cashless payments to avoid physical contact which is to follow the health protocol os social distancing.

The numbers of the transaction are enough to prove that Digital is really something to consider in the future. I just hope that everyone in China is bankable people to take advantage of this.

This is really a good example that one country can go to being cashless society. I am more than positive that the number of transactions will ballooned in the next coming years as more and more people will adopt this way of living. This pandemic really taught us a lot and open doors that were not previously taken seriously.

It's very good to see the major country has already started to use the digitalization for its native currency. it looks like the dollar will also be digitalized after the final test that will have done by mastercard for CBDC.

The massive digitalization will become a major game-changer for any countries in the world. Any central bank must also follow this soon to make sure they will become the late adopters.
Im waiting for the more good news that will come from US and EU about the digitalization progress for their native currencies.

But this is still not a cryptocurrency, isnt it? There is a small difference between the usual money on your bank account. What's the difference between a digital yuan and a non-digital yuan if it's still covered by a thick and heavy tracking and centralization hood? So we can say that in 2020, the bigges share of money turnover is accounted for by "digital currencies" simply because people are not using cash as before

Granted right now yuan might be the digital currency world leader, but With digital euro and libra in the run, who knows which way the tide turns, even whether its a viable scenario, with cross-border fears of financial tracking and even the smallest personal transactions.

At the moment China, South Korea and a couple EU countries are way ahead of rest of the world in terms of crypto adoption and developing own CBDC.
That doesn't mean when US is going to put one out there themselves they'll be completely down, they're still one of the most crypto using countries

It may sound harsh but I agree with it.  ;)
There is the truth behind it and still, we look at it like its nothing.
I got friends working in China and I know the difficulty of not reaching their families in their designated area of work.
She needs to ride a train to another city just to make a social media video call. That can only be done on a day off. Saturdays or just Sundays.
Restrictions. I asked myself, why. Security or secrets?  ;D

Digital Yuan is just to speed up tracing citizens with their transaction and private stash.  ;D

There are a lot of countries that are working toward digitizing their currency mainly because it will be super cheap to produce. It's really nice to see China who was at opposing crypto now, taking a step toward digitizing era.

China is the leader in the field of implementing digital currencies, but I believe that in 5 or 10 years CBDCs will be used all over the world.
P.s I found an interesting survey showing that most of Americans aren't ready for digital currencies. Maybe it's a reason why "the West" can't succeed at digitalization.
https://cointelegraph.com/news/most-americans-are-against-a-digital-dollar-cbdc-survey-reveals

It is clear that this is a very impressive development that with the progress that in almost all sectors today China is starting to make very advanced changes to keep up with developments which it is time to adopt. if it has happened then there could be a situation that makes western countries lag behind because they have not done so. It is proper that we have to appreciate what is being done will make the market more excited because there will be competition later.

They should back up their digital Yuan currency with real fiat currency. However, we cannot deny the fact also that China is one of the powerful countries in the world to which they can get even with other powerful country like the USA.

In these development we can say that China has gone far already compared to other countries. However, I do not like their form of government which is communism where all people have in the same or common in terms of status of living. Though we are poor here in our place and our country too it is a good opportunity to get the chance of doing opportunity to get rich. Sad to say that our country has becoming a capitalist where rich people dominate in business leaving small business here in our local being bought by them planning to monopolize all the business that has been introduce locally by the local business owner.

The introduction of the digital yuan is primarily due to the total desire to control its citizens. It seems to me that the European Central Bank itself does not know what it needs Digital Euro for and is developing it only for the reason that China is testing The digital yuan.

the digital yuan is already available for me is a good news, an excellent potential investment if I find it on some decentralized exchange I will buy it in large quantities, I am waiting for the digital dollar and euro

I am sure that it will lead the other countries to have their digital crypto as China does. But I wonder if that can impact the crypto itself since many countries still do not allow crypto to be used in their country. If that happens, I think that can bring new hope for the crypto to become globally in the future. We don't know what is the China government launch its digital Yuan, but we can wait for the next thing that the China government will do.

Of course the government is trying to experiment it in an selected few cities to see how it goes before deciding on it. But I have a feeling that soon we will see it .

Of course soon means not a year , I think it might take atleast 2025 to see real usage .

Many of us who live in Asia deal with the problems most people outside do not realize. I totally get it too as it is the same for me,,, I live hours away from my home so I "live" near my office and in fact live in the office mainly. Near good internet otherwise we are disconnected. Even if we have data plans we save money and just use it for important stuff.

Unfortunately this means all my internet is tracked and I even have to login with usernames that show me and my phone but since I do not do anything fishy,,, it is fine for me. But can understand the dangers of loss of privacy.

1.1 Billion Yuan transaction through Yuan digital is a good odds
Though I don't like the part of China to be a communist nation but I like the aspect of their government following IMF boss advise years back which make them an inspiration to country like South Korea which I read that their Central Bank is doing depth examination of blockchain with crypto with some banks and they will probably have their digital currency next year.

In fact, they have created a digital currency for their country but the problem is that they have no intention of publishing it domestically. Digital yuan is just one solution to make banking better and prevent fraud. It will be a centralized blockchain network controlled by a central bank.
I think it will threaten cryptocurrencies in another way. Cryptocurrency needs decentralization, and it is doing very well. The real threat comes when the whole world uses cryptocurrency and they direct users to use the national cryptocurrency rather than Bitcoin.
It's not that bitcoins were created to make money transfers faster. If they do something similar, then bitcoin could be abandoned.

The digital Yuan is quite a good idea, and it’s good to know that a lot of people there are adopting the new option they have been given. From what I have seen in the news the digital currency has been used for more than 1.1 billion Yuan transactions.

I don’t know fully how this digital currency works and whether they are being issued by banks or directly by the central banks, I just don’t get it yet. Maybe as time goes on and as more countries start to adopt this new method (hopefully my country too) I will get to understand how it works.

But, will there be any difference in making use of this digital currency? Will the fees we would have to pay for transactions be any less than the normal? And will it be making any sense, since it’s something that will be used only in the country, because I know for sure that it wouldn’t be like Bitcoin that you can send to anywhere around the world. If they are doing it because of the Covid-19, to avoid physical form of payment, well there is already PayPal and there is Bitcoin, and there are online banking.

What is the point of investing in a digital yuan if it is the same stablecoin, which is still the same yuan. The same applies to digital dollars and euros when they are created. From the point of view of investing, you need to consider bitcoin and altcoins TOP-10.

This is not impossible, we are now living in a modern era and not impossible that digital currency will be out in the market since as of now almost all government were advised to have a transaction via online due to the pandemic. And nothing is impossible if China are now having a digital Yuan. Well hoping that this development of china in their digital yuan may not affect bitcoin but instead this may lead for a bitcoin to be more useful in payments or any kind of financial transactions.

I have heard a lot about it, but I thought that it`s just a plan or dream, but now I see, that intentions are really serious and soon we will see first central bank digital currency. I hope that it will be first step to cryptocurrency popularization and Crypto Yuan is only start of a long road.

Without a doubt, China is in the lead of the CBDC landscape. It's already developing the "Digital Yuan" for widespread use among the region. Instead of being skeptical about crypto/Blockchain tech, China has embraced digital currencies for its own benefit. On the other hand, western countries like the US and Canada are still stuck with the legacy system (physical cash). The US has been quite skeptical of launching a "Digital Dollar", with no indication of its development so far. If China launches the "Digital Yuan" first, it could possibly replace the US Dollar as the world's next reserve currency. It's all a matter of adopting the latest technologies in order to stay ahead in the game.

With everything that has happened during the course of COVID-19's lifetime, the need for government-issued digital currencies (CBDCs) becomes evident. Physical cash will soon become history as other countries mimic China by developing their own national digital currencies. I hope the US doesn't get left behind, by adopting a "Digital Dollar" as soon as possible. Otherwise, it'll be the end of the US Dollar's hegemony. We're going to have to wait and see what happens with the global economy after the launch of a CBDC. Just my opinion :)