China’s digital yuan could replace bitcoin & end US dollar hegemony

[wxa7115]

A digital currency created by the government of a country that likes to monitor and control everything, including their people? Lol, you’re not serious . I’m sorry man, but that crypto Yuan or whatever it’s being called is going nowhere. It’s just going to be in China, and that’s where it will remain, and I am not interested in making use of it. And do you even think that their citizens likes the way the government is controlling them? Most of them might even stay clear from it and prefer to make use of bitcoin alone due to decentralization kind of reasons.

I am not interested in any government's cryptocurrency as it will kill all the purposes of why I am adopting cryptocurrencies. Instead of doing that, I may to a forest to lead a life like tribes as it seems that must be a better life considering what we are experiencing in lands and with economy of nation and individual wise.

Most of the time those that propose that a cryptocurrency that is issued by a government is going to replace bitcoin do not really know what they're talking about, I have no doubts that there are people out there that will use those cryptocurrencies and that they are going to accept whatever monitor and control measures that comes with those coins, but people like us are never going to touch those coins and as long as we do that then bitcoin is going to remain valuable and it is never going to be replaced.

Also I think that people are realizing the amount of control they are giving to governments and to private companies over their lives and some may decide to join us instead of giving up completely and giving governments complete control over their money and what they can do with it.

[1714843750]

1714843750

[1714843750]

1714843750

[1714843750]

1714843750

[TastyChillySauce00]

I don't see how feasible this would ever be you know. How can a centralized digital coin replace bitcoin? China's digital currency is likely going to be used mostly in its country and other countries close to it hence i don't see the  connection and how it can even go to the extent of dominating over the American dollar.

he doesn't understand what CBDC is. There's no reason for CBDC like digital yuan to replace the bitcoin and all of centralized coin. digital yuan will be the same thing as stable coin but when the crypto users can see another opportunity and it may add the more option for bitcoin to use it as a way to get the new money.
CBDC being used as an alternative way for the fiat payment. It will never replace bitcoin.

[Salauddin1994]

I agree CBDC is being used as an alternative way of fiat payment central banks around the world are considering launching some form of digital currency uruguay's central bank has already launched a digital currency under a pilot project called CBDC. The study is aimed at examining the impact of such initiatives on economic stability, banking transactions and business in the non banking financial sector attempts are also being made to gauge how helpful the digital monetary system will be in economic policy making.

[bryant.coleman]

he doesn't understand what CBDC is. There's no reason for CBDC like digital yuan to replace the bitcoin and all of centralized coin. digital yuan will be the same thing as stable coin but when the crypto users can see another opportunity and it may add the more option for bitcoin to use it as a way to get the new money.
CBDC being used as an alternative way for the fiat payment. It will never replace bitcoin.

CBDC will be used as an alternative for fiat currency. It will never replace any of the cryptocurrencies (including the stablecoins such as USDT or PAXUSD). And taking in to account the fact that CNY is one of the manipulated fiat currencies, I am skeptical that it will ever get good acceptance. It may be used for international trade involving China, but I don't think that it will be accepted elsewhere.

[bits4books]

"A toilet in the form of a hole in the ground in the middle of the city center can replace your personal home toilet and put an end to the hegemony of personal hygiene" - it sounds like this, and the feeling that it is written just from the first place.
If you understand the General concept of cryptocurrencies at least a little, then you should still understand that any state-owned cryptocurrency is the only an interpretation of Fiat money based on crypto technologies. Do you think there will be the anonymity that you love so much? Or other things?
Well, this is ridiculous, honestly. Who wrote this article? 10iq-author?

[Kyraishi]

There exists no digital central bank cryptocurrency that has the capacity to replace BTC. The reasoning is very simple - because bitcoin is fundamentally decentralized and central bank issued cryptos are by definition, centralized. So these two classes of cryptos are simply not substitutable.

In terms of the being USD being the only reserve currency, it is entirely possible and probable.

And this sort of transition is already underway regardless of whether or not a dedicated cryptocurrency is created - CNY is already trending toward reserve currency status by the day. Even Ray Dalio has spoken about this at length.

[oHnK]

There exists no digital central bank cryptocurrency that has the capacity to replace BTC. The reasoning is very simple - because bitcoin is a fundamentally decentralized and central bank issued cryptos are by definition, centralized. So these two classes of cryptos are simply not substitutable.

yes, the difference is very real. No matter how hard China wants digital yuan to replace BTC, it seems like something very far from the reality can happen. BTC fans want BTC because it is basically decentralized. How can digital yuan be able to compete with BTC and even replace BTC if it has been managed by the country's central bank? Even those who don't go to school know that the government is just like collecting taxes from its people and making every line of people's needs tucked into fees that must be paid to the government.

[GrinZ]

I don't think cryptocurrencies issued by governments can never replace Bitcoin, and those who think otherwise should understand that there is a bit of a lack of information. They made evaluations on a different possibility in the content of the subject, but there will be no such situation, it is necessary to think universally.

[electronicash]

I don't think cryptocurrencies issued by governments can never replace Bitcoin, and those who think otherwise should understand that there is a bit of a lack of information. They made evaluations on a different possibility in the content of the subject, but there will be no such situation, it is necessary to think universally.

the article didn't really say they are trying to replace bitcoin but it's speculated to replace paper money and their digital renminbi will likely be used to dominate the economy in global finance. its gonna be hard to achieve this but if Iran and the rest of the countries that are part of China's Silkroad, it may just be easy for the Chinese to take over.  US is seeing the initiative to be a threat actually this is why the trade war started.

[concept2]

Dollar appear all around the world. No matter how strong digital yuan can be, it does not have enough reputation to make dollar disappear. Who will use digital Yuan? Only Chinese use this currency and they are forced to do it. Dollar, on the other hand, is a symbol of power and stability while bitcoin is a symbol of freedom and decentralization

[BTCappu]

There is no power that could overthrow US dollar hegemony, not China not digital yuan, and not bitcoin. The power of dollar doesn't come from the value of it itself, it comes from the value of USA has all over the world. They are a very rich country and they are so powerful that, last time they were going into a recession they literally declared war on a nation filled with oil and dollars and just took everything from them.

So, even though you may dislike USA with all the rights if you want to, there is no way that you could ever hope that they will be irrelevant, they will always be this huge world power that nobody can take down and that will always give dollar power, even with printing 4 trillion dollars which is insane to think about really, they are still powerful without a doubt.

[electronicash]

There is no power that could overthrow US dollar hegemony, not China not digital yuan, and not bitcoin. The power of dollar doesn't come from the value of it itself, it comes from the value of USA has all over the world. They are a very rich country and they are so powerful that, last time they were going into a recession they literally declared war on a nation filled with oil and dollars and just took everything from them.

So, even though you may dislike USA with all the rights if you want to, there is no way that you could ever hope that they will be irrelevant, they will always be this huge world power that nobody can take down and that will always give dollar power, even with printing 4 trillion dollars which is insane to think about really, they are still powerful without a doubt.

that is also true. of course they are powerful. it may really be hard to see them fail when we all have American dream. but things are very different this time. the changes in behaviour and social media information. there is never been a crucial time for US to struggle for power but this time. it's the fact we all need to face.

there is no need for war now. we are all civilized already due to social media. its where the fight is.

[poodle63]

Nah I don't think so. There's reason why US dollars used literally in every corner of the world you know. I know china is releasing Digital yuan or whatever it is but don't you realize that we already have stablecoins which backed up by USDT? Although it's not from the US directly but it's like USD is already have its own digital form so why bother with other currency? though I hope this gonna bring up some competition which will be beneficial for us as users.

[Kocret02]

You are fantasizing mate ..  how can digital yuan replace Bitcoin and USD while the demand is most likely only Chinese citizens, replacing the USD is impossible, Is president Xin Jinping able to make every oil trade transaction worldwide with Yuan and no longer with the USD??.  if China is able to do that (divert oil transactions around the world with Yuan and no more with USD) then Yuan can replace USD..

yes that seems to be an issue, because to be able to replace bitcoin and end the dollar seems to take time and is very complicated. it is unlikely that the USD will allow the yuan to dominate them either. so it's a high-scale complexity

[Paycoinzzz]

https://www.rt.com/business/490489-digital-yuan-challenges-dollar-bitcon/

How bro? This will lead to the collapse of the Chinese economy soon!
Look in countries around the world, are there any countries that accept Bitcoin as the primary payment currency? The answer is: NOPE!
If China uses Bitcoin, it means that they will not be able to trade with the surrounding countries because the surrounding countries do not accept Bitcoin.
This will inevitably make China's economy go down and even suffer an economic crisis.

[Firefox07]

Even though China is one of the most powerful country in the world. They can  make digital Yuan replace Bitcoin and US dollar. Because Yuan is not as popular as Bitcoin. And I think only Chinese will use digital Yuan.

[AndySt]

How bro? This will lead to the collapse of the Chinese economy soon!
Look in countries around the world, are there any countries that accept Bitcoin as the primary payment currency? The answer is: NOPE!
If China uses Bitcoin, it means that they will not be able to trade with the surrounding countries because the surrounding countries do not accept Bitcoin.
This will inevitably make China's economy go down and even suffer an economic crisis.

Where did you find in the article that China uses bitcoin as the primary payment currency?! On the contrary, the Chinese political and financial authorities consistently and methodically oppose this, and the introduction of the digital yuan fits into this strategy. And in General, it is hard to believe that any economically significant country has introduced bitcoin or some alternative coins as the primary payment currency, because this means the capitulation of the state in the field of credit and monetary policy.

[Sithara007]

Chinese economy is like an inflated balloon. Citizens are being forced to invest in over-priced assets, as they have no other option available. Also, this is one of the reasons why China is having the highest amount of capital outflow in the world. Look at the stocks that are listed in the Shanghai Stock Exchange. The P/E ratio is much higher than what we have in other exchanges. The same is the case with the Chinese real estate market.

[Tahsin Kabir Kollol]

In fact, it is not possible that China’s digital yuan could replace bitcoin & end US dollar hegemony. Because even though China has emerged as a world power and is economically strong, China still has full hostile relations with many countries in the world. Moreover, the global recognition of Bitcoin as a unique decentralized currency is not possible in the case of China's digital currency, so people around the world cannot trust it. So I don't think so China’s digital yuan could replace bitcoin & end US dollar hegemony.

[darewaller]

China will never really be a world power. They will continue to be richer and richer, they will continue to make so much money that they will be richer than anyone else, hell they could get rich just like bitcoin versus other cryptos, china could be richer than all other nations in the world combined. Yet no matter how rich they get, because of their political situation nobody will care about their power, what are they going to do? Do sanctions? Stop trading with a nation? That will destroy all of their money and income, hence they need other nations. And try to threaten a big nation?

China will face trade wars with bunch of huge and a ton of smaller nations because of it. China has zero power unless they fix their political situation, no matter how rich they get.