First Glance of China's Digital Currency

[GreatArkansas]

I think people are very confused about CBDC and digital fiat.
This is centralized as you said, no matter what. It's Facebook money, with a central bank controlling the supply and software. No developers contributing, all hired by central bank.
And CBDC is not crypto.

Extremely true, this is just like an upgrade for traditional fiat which has some probability that will not end.
The only unique here is being offline, you can do it offline, which I am still not sure if it will work, hoping to know it soon how the offline thing works. This could something like improved Paypal or Apply Pay, etc.

[1714188619]

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[1714188619]

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[1714188619]

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[bayudndy]

https://twitter.com/molllliy/status/1250085748092485634

Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know. 

It looks very similar to the current FIAT they are using, it seems they will create stablecoins for use in their country. If they complete the testing phase and put it into operation in the near future, it will surely help the market grow strongly again.

[XCANA]

Probably not a cryptocurrency rather a plus to Fiat. Though its a positive move from the government of China to create their own digital currency which I know to be an avenue to monitor their citizens all over their transactions. This shouldn't be compare to Bitcoin in any form because they're different.

[bgaf]

So there's no upgrade at all? Anyway digital currency doesnt necessary to be cryptocurrency. But I wonder why they wanted to replace their traditional fiat into like this? Or maybe they really know that digital will be the future and they already started to implement it. If China will use this soon, do you think there are other countries will follow their path creating digital fiat? In current situation this will be useful but this one will be restricted to middle class, and not for poor people since you need to have gadget to store or use this digital fiats.

[rathaha10]

https://twitter.com/molllliy/status/1250085748092485634

Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know. 

The view is nice i must admit even though i don't know how to read Chinese. The tendency of it being a centralized exchange is high but the fact that it's a digital currency is a plus for the cryptocurrency market. With this, other government will start looking to this space amd starts developing digital currency too to make their economy better and hopefully oneday, they will trust cryptocurrency enough to encourage their citizens to use it

[UserU]

The view is nice i must admit even though i don't know how to read Chinese.

If you were to scroll down just a lil', you'll see this

[bearexin]

https://twitter.com/molllliy/status/1250085748092485634

Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know. 

Like seriously, were you expecting the cryptocurrency to be decentralized? Nah that's not going to happen, anything that is coming from the government will always be centralized, so that they will be able to have control over it.

I don't know Chinese language, so I can't read what's on that screen, but I have to commend their work in creating a wallet that has a simple and cool interface. It's also good that the coins can be sent and received by both parties when they are offline, so I'm guessing that when offline the transaction will be done through WiFi/Bluetooth connection between two phones.

[fulled]

I think China take this step to tokenize their Fiat in the future, this is good news on one side because it can bring more blockchain product in the ecosystem because the cheap cost to spend by using this platform, but on another side, this is also bad news because people will know cryptocurrency as a centralized technology, and this step can be a new standard for world financial institution

[kizumin]

Probably not a cryptocurrency rather a plus to Fiat. Though its a positive move from the government of China to create their own digital currency which I know to be an avenue to monitor their citizens all over their transactions. This shouldn't be compare to Bitcoin in any form because they're different.

So just a fiat with some whistle and bell but more monitor from great China PRC. Great, can't wait to have more shackles on my neck! Why we are exited about this, again? They already have their Yuan in the mobile wallet for more convenient and easy to use so I don't understand why they do this if there is nothing new.

[tsaroz]

China has a leadership and structure that can execute everything swiftly. They are technologically advanced and when they want something done, they get it done. They don't have to think about passing the project and amending or creating the laws, passing the bills or anything. They just can do it in a one single act. The current response is for controlling the virus. But it's still not clear if it has anything to do with blockchain.