Bitcoin Forum

https://www.theregister.com/2021/11/05/digital_yuan_140m_wallets/

You lot won't like this, but here is a digital currency that is actually used to buy things. Something that bitcoin has failed to do in 10 years.

The writing is on the wall.

This was obvious, wasn't it? A country with the largest population in the world has introduced CBDC version of its paper currency, it's obvious that they would have the highest number of users of digital currency, also in a country like China where financial inclusivity is quite high, but obviously, you can't compare Bitcoin and Digital version of Yuan in any way, in fact there is a good chance that people using Digital YUAN would still find it difficult to operate private key bitcoin wallets. But I disagree with your statement that Bitcoin has failed to do so, the best thing about bitcoin is that it didn't imposed it's usage, you are free to choose whether you want to use it or not while the same isn't the case with Yuan which was imposed in the country.

There's is big difference between Government owned Crypto to truly decentralized token like Bitcoin. People are looking for ways to take their money off government stranglehold. E-CYN or whatever it is called is just like another government issued security bill. No privacy, no true ownership, and too many regulations. It's not a credible opinion to Bitcoin.

Crypto adoption is slowly picking up and may probably become the world's major currency in the next 10 years. Every Government issued Crypto is bound to fail because at the end of the day, they're just another fiat in disguise.

You mean to buy things only on certain place such china, only in china.

Lots of difference between CBDC and crypto people who are using and shouldn't be compared of. It's obvious chinese people will use it as it somewhat required/forced to them by their government.

I don't think bitcoin failed to work like that, even bitcoin doesn't have enough value as $5, it was used already to buy things, food and etc. few years after its release.

Do Chinese people have any other choice here? Lol. That's why their government build their own CBCD, so don't be surprised that maybe by the end of next year, billions of Chinese have one time or another uses their CBCD to do online transactions specially if they are going to interact with their government.

Just to be fair, bitcoin can be used to purchase things as well. And they are not even comparable to CBCD of any nations, or like in this example the Digital Yuan.

My country try and failed to hold crypto-currency and control nigerians in crypto-currency as that didn't, they brought about E-naira and as the government forces a brick down the throat of it citizens and place restrictions on crypto-currency, this would make E-naira more adopted than Bitcoin, but it's to me E-naira and like what China is doing is a digital asset but a I don't think as a crypto-currency enthusiast I would buy the coin except under Force and duress.

Yeah, it's crypto but it's not the type of crypto most of us are backing. Of course a centraliset government created crypto will acomplish something BTC was unable because it works under diferent principles. This type of crypto is just not where it's at.

this is the difference from other countries, chinese most of the time have no choice but to follow their government's mandate. even their social media presence and other net activities are heavily censored. remember, even a very well known actress or athlete can be deleted in their history if they want to. i guess, i dont want to live in that kind of environment. but it has proven that even if China halted all their crypto-related activities esp btc, they won't cause any failure in this market. i think, it is better that they are out of this market.

It was an inevitable that they were setting up for this since the beginning, i am actually surprised that they didn't do this a long time ago, since they are well known for using all localized version of thing including the internet and payment systems, and since bitcoin is not centralized and the government does not have any control over its transactions, the ban was excepted and in fact i feel like everyone knew it was gonna happen that the mining ban didn't have any significant impact on the price at the time, and i bet that the digital currency that is being used and mentioned in the article is just another way for the Chinese government to monitor their citizens.

their goal is clear by banning crypto is to make the cbdc they propose no rival isn't it.
So, don't be surprised if Chinese citizens do this because apart from having no other choice with that, they certainly can't determine what they can do.
we know that china is a country that is still in control of all its citizens and this will definitely be used explicitly with cbdc they hope to outperform bitcoin even though in a big sense it will not be like that

Lol, this is pretty obvious,

1. one of the world biggest population
2. they have an oppressive government that all you can do is to follow otherwise you will be jailed

So just image the continue transactions that is happening inside the country using their digital Yuan. And it could be cashless too, just like those countries in the UE wherein credit card or cheques is the norm. As for bitcoin, maybe we really need to wait if it will become global, maybe 5-10 years down the road.

Yeah, right. But what about the borderless payment system? The irreversible transaction? and the censorship-resistant currency? I'm sure the CBDC you mentioned would not solve it. Yet on the other hand, since the beginning of time, Bitcoin solves those features, and it is incomparable to any centralized currency that the government or any authority issued.

Why wouldn't we not-like this? Each time you use your credit card, debit card, bank transfer, PayPal, VISA,... you are using a digital currency and you've been doing it for many years even before bitcoin was created.
A new centralized IOU token was added to the list of centralized government control payment systems. That doesn't change anything for the only decentralized currency in the world called bitcoin.

The fact that you are blind and don't want to see the adoption that bitcoin had is your problem. :)

It is very likely that sometimes China is playing its own game. Moreover, it is important for the world to pay attention to this.

They don't adapt and make use of cryptocurrency as they also have the plan to make their own digital currency in which they could take control of it unlike where they use crypto. Things like this haven't been new to us, we know China of being secretive in nature and very influential, yet they fail to control crypto. That is why the government leaders hate Bitcoin and they become more aggressive to stop all crypto activities in their place just for the sake of promoting their own centralized currency.

Digital (Yuan), which they can control with complete control, not with Bitcoin, not Bitcoin failing, China failing to control Bitcoin, that's all you need to know.

China wants Bitcoin to be controlled by them and made into a digital currency in China, to make buy/sell transactions, but they fail to do that, they are out of their minds to shake Bitcoin, to no avail.

The final decision is the best alternative digital currency (Yuan), China has stopped messing around with Bitcoin, it's useless, this is the end of the story behind what China has done.

Well, we cannot blame them because the people of China do not have a choice --their government hardly implements this currency to regulate their people but the fact that there is a feature of bitcoin that their digital currency cannot do. There are a lot of advantages that bitcoin can do compared to their digital currency, I would rather choose decentralized currency than the centralized one. Do you think their people don't have bitcoin? I don't think so perhaps they are the largest community that holds bitcoin.

I don't think it's fair to compare a government-enforced currency with a decentralized cryptocurrency. e-CNY is a digitalized version of their fiat currency, and its value is thoroughly regulated, matching that of yuan. Moreover, I couldn't even find definitive information on whether it's a blockchain-based currency. If it's not, it's even farther from cryptos. China is an authoritarian state, as others mentioned, so it can impose what it wants on the population and businesses. Of course, people there adopt what the government wants them to adopt, but the huge difference with Bitcoin is that it's not regulated, controlled or enforced by a government, and people largely use it willingly. I think CBDCs are way closer to fiat than to cryptos.

I will rather have Bitcoin for the following reasons :

1. Bitcoin are not controlled by a dictatorship.
2. Bitcoin give people the control over their own wealth. (The Chinese government can freeze accounts/addresses or block transactions)
3. Bitcoin are used globally..... not just in China. (Borderless)
4. Bitcoin have a fixed coin cap ....consensus will never be reached to increase it.

Those are some of the reasons..... and there are loads more... but the biggest reason will always be  ..financial freedom!!!  ;)
 

If you read the news posted by OP it's, "40 million Chinese punters adopt Digital Yuan and spend up big". Its just like comparing apple with oranges. Governments are encouraging and enforcing use of digital version of fiat over cash for better visibility of financial activities and increasing tax net.
The list of sucess btc achieved in a decade time is far more then what fiat achieved in centuries. Btc has brought complete democracy in financial system which was greatly abused by centralised financial institutions.

It would be nice if they'll change their minds and unban bitcoin.

They have the market, so we will see a good adoption if they would allow bitcoin in the circulation, the government probably fears the effect of decentralization that's why they can't allow people to adopt with bitcoin and cryptocurrency, actually if they'll allow they can regulate and control it, but no, they are not taking chances and ban was their final verdict for now.

The clampdown in China comes as the country's central bank has been testing its own digital currency, the electronic Chinese yuan. A notice posted by the central bank explicitly called out Bitcoin and Ether, the two most popular cryptocurrencies, for being issued by “non-monetary authorities.”

well the sad thing is bitcoin can take over their very own digital currency reasons they kick it out asap to prevent problems. And that's why as well it's not surprising that until this day even some of the bitcoin activities isn't not existing anymore within the country they still keep posting negative feedbacks about it around the internet.. Lol for what? Of course obviously to gain attention from some investors that they ban it because of their asset wherein for them more optimistic than bitcoin..  :D

I have a feeling something like this will happen soon.
not without reason because China has done the same thing by banning bitcoin but after that they re-legalized it.
it is not impossible that something like this will happen again after bitcoins return to their original place.
and now bitcoin is even reaching its ath after a few months of trouble.
I think there will be news about China re-legalizing bitcoin in the near future.

First of all, I don't know why I feel like you're trying to promote the link you posted above because I don't see a piece of solid information that proves China was the biggest user of digital currency, and what I saw in the link is the People's Bank of China worried about the security of their digital Yuan.
Meanwhile, if China was once the country that has the highest miners that don't mean they also have the highest digital currency user, and for the record, they only like to benefit from crypto financial freedom potential.

the Chinese government uses its own currency which they call digitally is the very first majority in the economy, their money is already virtual as a credit cards and it eliminates the need for a bills or coins they call it electronically stating that  legal tender makes the computer by codes

Knowing China has a very large population, it would be great if the Chinese government didn't ban Bitcoin and support Bitcoin. But unfortunately
the Chinese government is too afraid of Bitcoin, they think Bitcoin is a threat to their national currency. Though Bitcoin was created not to replace
any fiat, but only as an alternative payment. I can imagine there will be an increase in the price of Bitcoin if it is true that the Chinese government
dares to legalize Bitcoin. Hopefully your guess is right in the near future there will be news of China legalizing Bitcoin, it doesn't matter
the Chinese government only legalizes Bitcoin as a digital asset, and has not legalized Bitcoin as a means of payment. At least if the Chinese
government allows its citizens to invest in Bitcoin, that is already good news and could make the price of Bitcoin go up.

It is unbelievable that OP is making such an absurd comparison when he knows that China's political regime is an oppressive regime, the people have no choice, they are forced to use what the Chinese government creates and decide that their people should use.

so OP is comparing something that people decide whether to use ( bitcoin ) with something that the Chinese people are obligated to use ( this digital currency of the Chinese government )

As we know, other cryptocurrencies are also falling as investors worry about tighter regulations on digital currencies around the world. come china will change another policy regarding bitcoin maybe with more efficient rules for their people

I think the points @teosanru is making are clear, and of course important to not place Bitcoin on the same balance as CBDC.
As we all know by now, adoption is all about context. China with the largest population on Earth and its non-democratic ways make it easy to look as if the people are embracing the new digital version of the Yuan, even if this may not be a citizen choice.

Bitcoin (and most crypto) on the other hand has been created to replace finances that are nothing less than centralized and pushed upon people. For sure the reference OP is making is not a fair comparison, and thus one of no meaning. Though, it opens this dialogue which in itself is a good thing as it leads to further education.

I'd never find it a reason to ban crypto for the sake of gaining attention, they are doing more than that. In fact, China is one of the powerful countries, they can do things better and might control everything but not with Bitcoin and cryptocurrency. They kick it out for the reason that they can make benefit from it, they can't oblige people to pay taxes as they surely keep being anonymous. While having Digital Yuan, everything is on their hands.
It might be sad to see their people can't enjoy crypto and this is how a democratic country runs, and they have no choice but to follow.

China is something different from the rest of the world for its management and technology associated development. Being the largest in population standing at the lead of economy and having control over world economy shows the potential it holds. China is the one to support and accept bitcoin at the very beginning, because they found something profiting. Now they find taxation to be more profiting than the revenue out of the crypto industry. This looks to be reason for China's decision on cryptocurrency ban and having its own digital Yuan.

It is true to understand that every democratic country isn't purely democratic. Whenever there happens growth it turns to be communal and dictatorship. The governments find it a way to keep common people under the control.

Yes. China is the largest country and China is so developed today because its people use digital currency. Because the Chinese government legalized all types of digital currency, today they can use all types of digital currency. Many more countries just use bitcoin. Again the government of some countries has not legalized bitcoin so in many countries bitcoin cannot be used. Today China is a big user of digital currency due to the Chinese government legalizing digital currency.

Speaking of digital currencies such as digital yuan is really different than crypto and bitcoin. Also considering the population of China that's normal to see they are still one of the biggest users of cryptocurrencies, if you think well, you can easily understand printing that much paper money for this many people can be hard and expensive at the same time so this would be very normal to see China using any alternative for the paper fiat money such as cryptocurrencies but since the government is trying to ban cryptocurrencies every day, digital yuan will be used more often by Chinese people.

Digital Yuan works like a stable coin, price is almost stable over the year. They can use YCC like fiat money, the only benefit is it is transparent and adopted cryptography. That's why users can pay easily and instantly. It is okay and this digital coin made their life easier but there is no extra benefit or passive gain to use such kind of stable coin, You know, the purposes of holding Bitcoin are different, it works like a payment gateway as well as passive income source.

Of course, if the Chinese government continues to spread FUD, not only will Bitcoin price fall, but other cryptocurrencies will also fall. Although
the decline in Bitcoin price will not last long, except for shitcoins it may take a long time to recover. So if the Chinese government can stop
spreading FUD and try to slowly accept crypto, this will make the Chinese economy grow even more. Because we know the advantages of
crypto compared to digital Yuan, crypto is very profitable and can be a source of income. Even the Chinese government should have realized it
would be more efficient to let its citizens invest in crypto, because crypto compared to other assets is more profitable.

China is one of biggest nations in world economics and in crypto market as well. It is fact!

However, I totally disagree if you say this nation has biggest users of digital currency. You must provide data from which you make this conclusion. This nation can have biggest population and biggest crypto enthusiasts. However, it does not mean that they contribute biggest transaction or trading volume in crypto.

They're different indicators.

You can check their trading volume on two Peer-to-peer marketplaces, Local Bitcoins and Paxful [1]. Even in Asia continent, India is rising to replace China on the first position. Obviously it is data from UsefulTulips for two P2P marketplaces only and can not represent for all crypto activities.

[1] https://www.usefultulips.org/combined_Asia%20Pacific_Page.html

When this happens I think bitcoin can reach a new ath because indeed with them re-legalizing it will be very possible for bitcoin prices to increase.
but on the other hand I'm actually not too happy when they legalize bitcoin in any case because surely they have a specific purpose for this and the most likely thing is that they intentionally do this to increase the price and then drop it back like some time ago.
but indeed if they do this just to make bitcoin adoption and think they exist I think it will be quite good because surely the majority of Chinese citizens will return to the ranks of investors and trade.

The thing is, there is always these possibilities when you tend to compare things but one thing you must note is that, there is a difference between crypto currencies and digital currencies. Fine, this two exist on the web or are electronic based but there exists a fine difference between these two.

Digital currency is a form of fiat based currency that exists in a digital field. Its issued and backed up by CBDC of a nation and is pegged to the fiat currency. On like cryptos, it is legally recognised and so, a wide usage is encouraged.

Cryptocurrency on the other hand comes with a whole different story. It's basically a digitalized store of value in coins and its secured by encryptions. I don't know how best to break this down but, it narrows my point exactly. Mind you, it's not legally recognised in most nations except a few like El-Salvador amongst others so, its usage is discourage. Even still, cryptocurrency users still continue to grow and the coins flourish. That's how you tell of a good investment or project, being able to grow on its own and suckle up the negative energy towards it for its advantage.

China in doing anything there is always a certain purpose behind it, every decision that China makes is in the interest of their own country,
and often to the detriment of others. If until the Chinese government re-legalize Bitcoin I believe there is a hidden purpose, I don't care about
the reason for the Chinese government to legalize Bitcoin, but it will have a positive impact on the crypto world, at least it will trigger the price of
Bitcoin to rise very high. Maybe another positive thing if China adopts Bitcoin, we who often buy products from China, can pay with Bitcoin.
But the chances of the Chinese government legalizing Bitcoin as payment are small. Because we know the Chinese government wants their
digital Yuan to be used worldwide.