Is China ahead of US now in terms of digital adaptation?

[SolarWindMiningCompany]

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

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

[BitcoinPanther]

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.

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.

[blueteam09]

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.

[bigcash2011]

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.

[LbtalkL]

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?

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.

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.

[mickey_miner]

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.

[BitcoinPanther]

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.

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. 

Actually base in what China doing then they really take risk here in crypto like they do invest or business here but this are worldwide so it so hard to monitor who really use this the most then different country are here using cryptocurrency so adaption is non-stop like all really will know or use this in the future like they will accept this even there's a negative things about this

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.

[cahbagus555]

Actually base in what China doing then they really take risk here in crypto like they do invest or business here but this are worldwide so it so hard to monitor who really use this the most then different country are here using cryptocurrency so adaption is non-stop like all really will know or use this in the future like they will accept this even there's a negative things about this

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

[alphaboon]

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.

[magneto]

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.

[befriendmywater]

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

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 ?

[Bitcoin Seller]

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.   

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.

[NathanJB]

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.   

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.

[Lizzie_Girl]

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.

[LbtalkL]

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.

[target]

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.

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.

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.

[Mike Mayor]

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.

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.

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.

[letyouearn]

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.

[Arsenyo]

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.

[joseyphil82]

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