The digital Yuan is almost a fact

[Reid]

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.

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?  

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

[rz20]

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.

[rollingdice]

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

[yohananaomi]

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.

[jademaxsuy]

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.

[tvplus006]

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.

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.

[bitcoin-shark]

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

[michellee]

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.

[Francis Freeman]

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 .

[leea-1334]

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?  

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

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.

[posi]

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.

[todiefor17]

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.

[RealMalatesta]

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.

[tvplus006]

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

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.

[ice098]

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.

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.

[nykka]

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.

[Abiky]

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

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