Bitcoin Forum

Or China wants its CBDC called digital Yuan to expand? I am not asking.

You can read the news from here: https://www.reuters.com/markets/currencies/chinas-central-bank-says-promote-digital-yuan-multi-polar-currency-system-2025-06-18/

China will prefer to against all the Western currencies not to dominate and the country will only be the one to rip the fruit most because they are planing for what can make Yuan dominant but with what I am seeing, they are only deceiving themselves but I do not know what will happen in the future.


To me that is what China is planing and not multi-polar global currency system

Some of my thoughts on this are that what happened to BRICS? China a member country is pushing for a unified currency. China is doing this because the want to compete with the dollar so as not to be have their economy easily affected by global policies on when using the dollar. People will need more incentives if they have to use the digital yuan over the digital dollar.

Yuan stablecoin is the way if they want to truly expand, it's the most accessible by people across the world.

Whatever they offered beside stablecoin will be vastly inferior and just gonna fail. Their decision to ban crypto will come up as a bad decision.

I have noticed that CBDCs are not achieving much success which will make you correct but about the Yuan stable coin, I have noticed that United State dollar stable coins have been the dominant while other stable coins have been unable to be like the dollar stable coins. I even think if there is yaun stable coin, people from different countries in the world will still prefer the United States dollar stable coins and it will be the dominant.

Already some success apparently with Russia (paying in yuan for imports) as I'm hearing, with EU actively hunting down russian alternative routes bypassing sanctions. And throughout that entire corridor to Russia in central Asia if you download their apps (ride hailing for example) you can start seeing CNY payment options in some areas.

It's all routing still but I think it will become more apparent and attractive. At first for the ones blocked out by the West (Russia, Iran) but later on the ones -- as I mentioned recently in another thread -- looking to repay development back to China in future (Africa, Southeast Asia, South Asia).

They've been saying it for more than a decade.

"China will surpass the united states to become the world's number #1 economy."
"China's yuan will dethrone the US dollar for global reserve currency status."
"De dollarization, de dollarization."

I have always thought that BRICS was not really unified. What did you expect? Those are countries with their own intentions. They only became part of the union to put down USD but once they do that, all is to fight for themselves.
I do not think this is that difficult to achieve. The amount of products and businesses done in China makes digital yuan very attractive currency to use.

Yes the gist of it is de dollarization, China wants to reduce dependence on the dollar and push for a more balanced global currency system, China has really gone far as one of the largest economies. I forgot where I read it but it says that several major banks have joined China efforts to internationalize its digital yuan. I think their journey will be very long and tiring because of course the US will not stay silent.

It seems there is a deliberate plan by the elites to launch their stablecoin, perhaps to ripe off people or maintain their dominance. Many big cooperation including some governments are already contemplating this and I wonder why they are doing this instead of simply buying and holding Bitcoin that is decentralized. If their intentions are genuine, Bitcoin would have been their preferred option because this approach of launching their stablecoin is appearing like going against Bitcoin.

They are not deceiving themselves. Currently the world is too dependent on the US dollar and Euro, and because of that they abuse their powers. To create a world in which more major currencies compete against each other will lead to an improvement in this situation. Imagine this scenario, there are 10 currencies that each have 9% and the rest of the market share is shared by all other currencies. When there is so much competition it is a huge risk to abuse your power as you will erode your market share quickly because everyone has many better alternatives to choose from. A digital Yuan will help them move towards this goal, and they have to do it in any case or they will be left behind.

That said, people have a generally world view of CBDCs. They do not compete with Bitcoin, they compete between the existing fiat currencies. So the Yuan CBDC would compete with other CDBD like the Euro one. Alternatively said this just increases the competition against fiat currencies, that is it.

We have known for a long time now what China's aim is, which is for their currency to become a major player in the world economy, all wrapped in the de-dollarization campaign, whilst they have recorded a very small success, particularly due to sanctions on the other cooperating nations and right now high tariff's from Trump, their major goal is far from being achieved.

That said, i am not sure if a multi-polar global currency system will happen and could it be that China prolly now understand that they cannot topple the U.S. dollar and that a multi-polar system could be more feasible.

China is not looking for multi-polar system. If they say they are looking for something like multi-polar system, it is just a lie. What they are looking for is to take over from United States and they are walking in the way that will make it possible for them, making those that against United States their allies. But just that people in the world are too dependent on the United States dollars which makes it impossible for China to achieve.

Banning Bitcoin and other crypto activities in your country is Already a red flag, now who do the Chinese government expect to make use of their CDBC across the world, so on one hand you've banned crypto activities and on the other hand your bringing up a stablecoin for crypto enthusiast to supposedly invest in, lol 😂 you cannot appropriate and reprobate at the same thing. Whatever they aim to achieve with this move would probably be within the shores of their country, as am not seeing the global penetration.

The thing is - China's system of government is simply not trust worthy and nobody really wants the Yuan. For a long time and even now, China has no interest in floating the Yuan because they get a lot of benefit out of keeping the price suppressed. This is just a side project and distraction, but is not going to get much transaction - for all it's current faults, America is still way ahead of China in terms of financial trust. There is still the facade of an independent court system in the USA, which creates trust that China can not rival with it's current form of government. The fact that a foreigner cannot own more than 49% of a business in China is yet another example of how unfriendly they are to business. Not to mention the random crackdowns that occur in different sectors  without warning - they hammered the leader of Ali Express in the last couple years, who was a shining example of success for their country.

If China wants to achieve a stronger financial position in the globe, they will have to push their digital currencies to be used for international trade. Considering how Chinese government wants to operate in an absolute monopoly, don't be shocked if they mandate there own digital currency to be used for every single export they make.

Because it is now obvious that one dominant power is too risky for the world. So if China wants to make their currency useful in various parts of the world, they will quickly gather multiple supporters. I am sure China will push for this to happen.

Floating a single currency among the BRICS nations has not been possible because of disunity among member States. Some of these nations are major trading partners with the US, which will make de-dollarization difficult.

The global economy will be competitive if another currency gains global acceptance like the dollar. The US could easily weaponise the dollars to undermine the economy of some countries. A multi-polar currency system will increase competition and reduce the dominance of a single currency. It's good news coming from China.  

What the world needs, especially people in developing nations, is an alternative to the dollar. Some of these nations have to struggle to gain access to the dollars to facilitate international trade. We say how the US tariffs affected the global economy, let's have more than one dominant currency.

It is clear that China is using the digital yuan not only as an internal innovation but also as a geopolitical tool, part of a larger move to challenge the dollar's ​​dominance, thereby challenging its dominance without confronting the dollar. While the multi polar monetary system seems inclusive, many suspect that it is more about tilting global finance in China's favor.

yeah, sanction, tariff, & lack of global trust are slowing that momentum. Perhaps China is realizing that coexistence is more effective than direct replacement for dollar.

Compared to Yuan, I think pushing BRICS currency is more reasonable and more accepted by more people. The reason is because BRICS currency also has the same goal of de-dollarization, backed by more countries, and, the framework is clearer. When China wants to push Yuan to be the same currency as USD or Euro, they need more than just economic stability, but also trust and transparency, which is still a challenge since Yuan is fully controlled by China Central Bank, and maybe only a few countries are interested in it and its usage is still limited. But maybe China with its overprotective policy towards its economy also does not want BRICS currency to be bigger than their own currency - it can be said that they are still hesitant in this matter and prefer to push their own currency.

They can implement this easy through BRICS and the other and new countries that have become a part of it. They have to make this globally used for them to beat the West not just in military powers but mostly in economic status.

CBDC I think is already happening in China and I've seen a thread about it and articles done there.

While this pushes for more centralization on their end, they already got a lot of centralization happening in their country through finance and transactions with their partner companies like Alibaba.

Considering how things always work: whenever somebody is too comfortable in charge, new actors appear and bend the rules. China continues to speak of "a multi-polar currency system". But what is really happening? People everywhere are just looking for backup plans. No one would like to wake up someday and realize that their dollars are frozen or useless because of some dumb rules. The whole talk of new currencies is all about safety. Governments and businesses do not want to have all their eggs in one basket when the dollar can be blocked or controlled by politics

It is important to remember that trust is not created with slogans or apps. It’s built on decades of boring reliability, contracts nobody ever reads, and the unspoken belief that when things get weird, your money is still there. The digital Yuan is in the spotlight. But for the majority of people, it is just talk. Unless you are running direct business with Chinese companies, the dollar remains the currency of choice when it comes to making real deals

What if China is not even competing in the currency race? Maybe it is an attempt to make the race more messier, more fragmented, less predictable. You don't need to be faster than the dollar in a fragmented world. All you need to do is to ensure that you are never the last runner when the next financial lion shows up. Thus, each new system (e-CNY, BRICS Pay, gold-backed schemes) introduces a bit more noise, a bit more escape hatch, a few more grey markets and shadow deals. Not so much about dominating, more about “can’t catch us all at once”

In the end, it’s not about which currency is “dominant” but who can survive, adapt, and arbitrage when the rules change. The real game is played in the shadows: Dubai, Singapore, crypto rails, gold vaults, stablecoin wallets. China is playing the long con, and the future is not about one winner, but a million backup plans

I'm also thinking the same thing, their BRICS currency makes the most logical decision.

However, it shows that BRICS country aren't really solid, maybe each country just have their own interest and try to make their own currency ahead, trying another attempt of domination to compete with USD domination.

So far, nothing comes close to USD domination , even if BRICS released its currency I'm not so sure it will succeed.

The tariff war caused by Donald Trump has shown the world that its dependence on the US economy (dollar) can be weaponised. Some of the reasons why some countries suffered from these sanctions are not even trade-related (e.g, Canada and Mexico were targeted because of Fentanyl flowing through their borders into the US). It might not be visible now, but smart political leaders are making moves to reduce overreliance on the US. This process might be slow but it is happening. More countries are trading in local currencies instead of the popular dollar.

In my opinion, a multipolar currency system does not contradict the intentions for the expansion of the yuan. After all, it is clear that the yuan will never take the place of the dollar; that is, there will be no absolute dominance of one currency. Therefore, there is no threat from the yuan. In the future, international trade will be conducted in the local currencies of the trading partner countries. The dollar will be just one of these currencies, as will the yuan. But there will definitely be no global currency. Bitcoin can be somewhat similar to a global currency, but also only among a limited number of countries.

China is I think doing well in terms of economy already, so this can be just addition to make them more stronger if it became a success. For the CBDC to use globally, I think I doubt that because others have this too and then we also have stable coins and regular cryptos.

I think yeah, I too have heard of it. This came out later after the said ban of regular cryptos on their country. It is like a replacement to it but that seems better than nothing at all. CBDC is still like a crypto as they utilize the technology called the Blockchain. Centralization is only normal if we are talking about locality, though maybe your point is that China is being so influential.

My thoughts too, with they way the member countries where pushing for BRICS you'd think that something positive would have materialized by now. With what China, is pushing for now it clearly shows that they all have selfish interests and that is why BRICS is still at the level that it is now. China, is a global dominant force and they want to do everything possible to reduce the dependence on the US dollar for international trade. Let us see how far they can go but I know that US dollar remains the preferred traditional currency for trade and reserve.

Well said, China's efforts to expand the renminbi do not affect or contradict the idea of ​​a multipolar monetary system. Unlike the US, they force and try to impose the world to use USD, they do not want international trade transactions to use currencies other than USD. In contrast, although China is expanding the influence of the yuan, it does not prohibit or deny transactions in the currencies of other countries (China's trading partners). That means they are pioneering and want other countries to do what they are doing, looking to expand their currencies instead of just relying on USD or 1 single currency.

The goal of China and BRICS is to help the world reduce its dependence on the USD and create a multipolar monetary system, not to seek to replace the USD's dominant position.

Yeah, it really looks like China is pushing hard to make the digital yuan a bigger player worldwide. Calling it a “multi-polar system” might just be a way to soften the message, but at the end of the day, they probably want the yuan to have more influence — maybe even challenge the dollar’s dominance. Whether that will actually happen is another story though.