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

[LbtalkL]

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

Update:
China are claiming to have 220,000 (TPS) transaction-per-second.

Sources:
https://beincrypto.com/chinas-digital-currency-claims-to-have-220000-transactions-per-second/
http://www.globaltimes.cn/content/1172326.shtml

[snakey]

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.

[NathanJB]

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

If you will believe the hype surrounding this tokenization of the Chinese Yuan, you will also believe that their launch is already coming very soon. But if you are going to be objective about it, that launching is much more uncertain than the launching of Libra. And China itself is in no hurry about it.

Take time to read these:
https://thenextweb.com/hardfork/2019/09/25/china-no-idea-when-launch-digital-currency-cryptocurrency/
https://www.scmp.com/economy/global-economy/article/3030120/china-has-no-timetable-launch-its-digital-currency-says
https://technode.com/2019/09/25/no-timetable-for-the-launch-of-chinas-digital-currency-pboc-governor/
https://cointelegraph.com/news/chinas-central-bank-digital-currency-has-no-timetable-for-launch

And the only reason why China seems to be ahead of the US in terms of digital currencies is this vague idea of tokenization of their national currency which, according to crypto experts, is beyond the capability of the Chinese government as of this time. Other than that, there is nothing that says China is really ahead of the US in terms of digital currencies.

[Herbert2020]

turning the local currency (fiat) into a token is not really a great achievement by a country to be excited about or call it "being ahead". cryptocurrency is not going to work well when you combine it with centralization, that is why the centralized altcoins always suck so hard. when you add the government factor into that equation then things become even worse.
they probably do something like Venezuela, first create their own coin and then after it fails they start adopting bitcoin as Venezuelans are doing right now.

[DaMut]

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.

What do you mean illegally? is not they are tokenizing their own currency? from what I heard, it is legal and approved by the government.
for them it is legal but for other countries, it might be not because every country has a different set of law. And the trade war has happened for a year not just for a few months.


In term of digital currency adoption, China is ahead of the US.
But I am still a little bit skeptical about this because it brings more harm than good. This is also the reason why the US and many countries do not create anything or even ban cryptocurrency. Because it can affect their economy in some way.
for me

China: Optimism
Else: Skepticism

[LbtalkL]

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.

Please add more details about why illegal?

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

If you will believe the hype surrounding this tokenization of the Chinese Yuan, you will also believe that their launch is already coming very soon. But if you are going to be objective about it, that launching is much more uncertain than the launching of Libra. And China itself is in no hurry about it.

Take time to read these:
https://thenextweb.com/hardfork/2019/09/25/china-no-idea-when-launch-digital-currency-cryptocurrency/
https://www.scmp.com/economy/global-economy/article/3030120/china-has-no-timetable-launch-its-digital-currency-says
https://technode.com/2019/09/25/no-timetable-for-the-launch-of-chinas-digital-currency-pboc-governor/
https://cointelegraph.com/news/chinas-central-bank-digital-currency-has-no-timetable-for-launch

And the only reason why China seems to be ahead of the US in terms of digital currencies is this vague idea of tokenization of their national currency which, according to crypto experts, is beyond the capability of the Chinese government as of this time. Other than that, there is nothing that says China is really ahead of the US in terms of digital currencies.

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?

[MMysterious]

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.   

[jazmuzika217]

I am not surprised if China will become ahead to US in terms of digital adoption because all we how Chinese patronized their own product and now their own crypto. And I considered it as a advantage because all we know that they already banned other crypto and only their own crypto can be used in their country so I did not wonder why they are ahead on US.

[Nivia1st]

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.

no it's still uncertain. the battle for 5G is still ongoing. and I think China will be the first country. looking at US maneuvers a few months ago, I realized like the country was starting to fear the development of China. all policies always burden China. I therefore believe that US is actually far behind in digital adoption.

[NathanJB]

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.

[Murat]

It's not fair, the USA is still on the fire all the aspect of the dominance, not only the finance but also every aspect. in terms of regulation and credibility, The USA is far advance than China for sure. If you want to make a comparison on the aspect of restriction or regulation then China is more flexible to the USA, The only sides that China is providing this facility to their native if only the government allows purchasing a cryptocurrency within a regulation. but the decentralization system shouldn't be controlled. so in my opinion, the USA is still taking the lead in this cryptocurrency platform like other fields. Chinese governments putting too much restriction on people otherwise Chinese could win in terms of digital adaption.

[coaprotet]

China is definitely ahead, because with Trump as president, the chances of crypto getting mass adopted in USA are really low. Trump is against everything that has something familiar with digitalisation and China is launching its own stable coin.

[lobat999]

If indeed the Chinese Government were developing their own native cryptocurrency, then I can say that China is really ahead in terms of crypto adoption!  Though Il think its still experimental, I guess there is a brighter side to it, because once it will be made ready and publicly utilized and has been proven to have intangible benefits to a nations economy, then I could not see any reason why the U.S. and other countries will not follow suit!

In a sense, China's enormous growth over these last two decades were the result of its own Government and people embracing technological innovations that they think will help them achieve greater prosperity and its not surprising that they have joined the crypto / blockchain technology bandwagon! I guess this is just a way from them to  preserve their economy and loosen the grip and influence of the mighty U.S. Dollar. Imho.

[FaucetKING]

China is strict, that's one of the characters of this country that makes it powerful. I remember reading somewhere around btt that the FBI are holding an amount of +100K BTC, the FBI belongs to the USA for sure and even if these coins are illegal, why the fuck does the usa government hold or even have access? shall they destroy it? i think yes.(referring to the misuse of coins/technologie).
That's not our subject but the thing is that USA is an opportunist country.. the only good thing is that the adoption in the USA took place first, that's why we keep seeing USA vs China fight right now. There's nothing like "ahead in terms of digital adaptation" but there's only "Freedom". The China is somehow strict when it comes to "Freedom" that's why they are in lead, the American Dream is a bullshit right now. I'm afraid that china might really take the lead, the final say goes to Mr Trump. Either he helps his country, otherwise it's going to die, just like the shitcoins here and there, lmao.

[disconnectme]

US is still far ahead of China though recent China seems waking up and want to be up there with the top technological countries. What is helping China is that when the country is in support of any technology the company get the backing of the Communist party and have all the state resources Huawei is a good example now, but in US regulation is there to stiff the go to market strategy of their companies, just look at Libra for example the scrutiny it is going through now

[ganeshramk]

They are always ahead of US with regards to crypto. They are saying no to outside cryptos and trying to develop their own crypto coins. This is not at all bad as compared to US where they dont want any crypto development.

[Oilacris]

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.

Just let them be and its no surprise that this advanced nations would really be ahead of the game as always.We are on a high-tech world and development and innovations would takes place and no surprise that currencies weve known would really goes digital ahead on the years would come.If China do able to comes first then its good but this thing doesn't affect about crypto market in overall aspect.Just let things happened yet each country do have its own ways on improving their own.

[Samayuki]

Either legally or illegally i think china is far ahead of usa in digital adaptation, even korea and some other part of asia countries are better when it comes to digital currencies adaptations, its just that usa wants to take the legal part only so there will always be some restrictions

[batang_bitcoin]

So it all connects? I still remember that few years ago they've banned ICOs and AFAIK even bitcoin too.
But after seeing videos from China that there are still people who are seeing and introducing bitcoin, I stopped believing that 'cryptocurrency' was banned there.
They can make their own cryptocurrency but this doesn't mean that they can take over the whole cryptocurrency scene. Well, I think Alipay should be worried about this if ever the local gov't will push it to their citizens to use.

[Mysteryla]

US is the one slowing things down. They ought to have done this before China, but it seems that China, although does not accept the conventional cryotocurrency, but more homely to digital technology, including currency.
I still do not know what will trigger US to do it's own.