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

[Tchulkaturin]

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

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[fabiorem]

It will come together with 5G and the orwellian social credit system. I cant see this replacing bitcoin.

[Kakmakr]

Well, for that to happen... other countries currently supporting the US Dollar would have to agree to that and pledge their support for the Chinese Yuan or the digital equivalent of it.     China being a communist country with an oppressive government will not count in their favour to get other countries to agree with that.

China are one of the biggest economies in the world currently and this fight would be very interesting to see.  Who would be able to influence other countries to accept their currency as the global reserve currency.     I think a lot of the communist countries might support China and the capitalist countries will still support the US Dollar. 

[fabiorem]

Well, for that to happen... other countries currently supporting the US Dollar would have to agree to that and pledge their support for the Chinese Yuan or the digital equivalent of it.     China being a communist country with an oppressive government will not count in their favour to get other countries to agree with that.

On top of that, many countries are also blaming China for the coronavirus. I cant see them doing a 180 degrees turn to accept China as their new financial master.
Something on Soros plan is not working. Unless, of course, the plan includes military escalation and war.

[Rengga Jati]

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

Only posting a link without any words, even only a few words? Well, OP. I think that later, you should at least give your own words when posting even it is only sharing news. So here, we can know what is going to discuss and what is your opinion about the news.

1. Your title is exactly the same with the title of the article, it is better to rewrite your own title

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

2. The title stated about the digital yuan of China that could replace Bitcoin, but in fact, in the article, I didn't find any case stated about replacing the Bitcoin by this digital Yuan.

3. The reasons why they over announce to the media is probably to give big influence to the US dollar. As we know, these two big countries are about to win and they are competing with each other. You know, media can really give big impacts.

4. The main reason for Digital Yuan China
It is stated that actually the digital Yuan is created to replace the paper money. It has been done in 4 cities in that country and it will be implemented readily in 2022.
In this case, I will really believe that it may include some politician utility. Here,

[Juggy777]

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

Well, for that to happen... other countries currently supporting the US Dollar would have to agree to that and pledge their support for the Chinese Yuan or the digital equivalent of it.    China being a communist country with an oppressive government will not count in their favour to get other countries to agree with that.

China are one of the biggest economies in the world currently and this fight would be very interesting to see.  Who would be able to influence other countries to accept their currency as the global reserve currency.    I think a lot of the communist countries might support China and the capitalist countries will still support the US Dollar.  

On top of that, many countries are also blaming China for the coronavirus. I cant see them doing a 180 degrees turn to accept China as their new financial master.
Something on Soros plan is not working. Unless, of course, the plan includes military escalation and war.

@Kakmakr no country in their right mind will pledge support for the Chinese Currency, because Yuan is not a globally accepted currency, and even if few countries try to support it their own citizens will protest against it, hence I don’t think any country will choose Yuan over the dollar.

@fabiorem you’re correct because of the corona issue many countries are cutting down trade relations with China, and hence it’s not possible for them to suddenly adopt Yuan, unless they can prove they had no other choice but to adopt it.

Sources:

https://www.cnbc.com/2020/04/21/supply-chains-will-move-away-from-china-after-coronavirus-mark-mobius.html

https://www.bbc.com/news/world-asia-india-52672510

https://www.scmp.com/economy/china-economy/article/3081415/coronavirus-china-faces-fight-hang-foreign-manufacturers-us

[Mauser]

Why would people buy the digital currency of a communist state? The hole point of Bitcoins was to be decentralized without the controlling governments affecting the money suppls.  I hardly believe that investors are buying now in a currency of a hands-on regime regime like China - maybe their own population but no one else would be so foolish.

As long as the Yuan is not freely traded - and who can guarantee that except the chinese government - but who would believe that?

I think now with the corona crisis countries are rethinking globalization and the hunt for the lowest production cost around the world. China is only powerful as long as the  world is buying there cheap products. Once the trade stops the global power of china will deminish again.

[Chrystora123]

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..

[dothebeats]

I don't think it will be that easy for China to get the grip on most countries given that they are the ones being blamed for spreading the virus around the world.

Russia, NoKor and other communist countries might just support their ally in this takeover, although given that most key countries with huge economies aren't really interested in the idea of Yuan being the main currency around the world, they stick with the USD and strengthen their trade relations to the US. While China is no doubt the biggest when it comes to raw processing output and throughput all over the world, most countries can get along with it and just find someone else to trade with. It's already happening now with US and European companies pulling out their assets on China and transporting their production line within their own countries or regions.

Also, it will take a huge ass turning point for China to overtake USD or even the Euro when it comes to global reserve currency, which isn't happening any time sooner.

[hv_]

It might replace xrp, tether,...

But BitCoin is too different to be replaced

[Darker45]

Well, for that to happen... other countries currently supporting the US Dollar would have to agree to that and pledge their support for the Chinese Yuan or the digital equivalent of it.    China being a communist country with an oppressive government will not count in their favour to get other countries to agree with that.

@Kakmakr no country in their right mind will pledge support for the Chinese Currency, because Yuan is not a globally accepted currency, and even if few countries try to support it their own citizens will protest against it, hence I don’t think any country will choose Yuan over the dollar.

First, the Chinese yuan is a globally accepted currency. It is one of the global reserve currencies.

Second, it is one thing to freely say no to Yuan and it is quite another to be forced to say yes for certain reasons. For one, your country may be heavily indebted to China. And we all know how China is now offering a lot of grants to so many countries around the world, thereby trapping them in its terms.

Third, the huge majority of most countries' citizens are not even aware of what a global reserve currency is.

[chrisculanag]

Yes us dollar replaced if china want to change it. This is possible because china are good in managing of economy and good almost in businesses. But i think bitcoin is good partner for chinas digital yuan because there are many people's trust the bitcoin in online aspect.

[shoreno]

Yes us dollar replaced if china want to change it. This is possible because china are good in managing of economy and good almost in businesses.

what if the country isnt good in business or managing its economy  , does that mean its not possible for them to replace thier own currency by btc or any other crypto ? but even if they didnt transform into digital currencies thier economy can still collapse because thier bad at managing/running on it   .

But i think bitcoin is good partner for chinas digital yuan because there are many people's trust the bitcoin in online aspect.

no they arent going to partner btc with yuan but they are going to replace it by btc   . didnt you liked it ? or you only want to remain yuan but only partner it with btc ?  that still okay so that no currencies will harmed or get vanished   .

[Negotiation]

China is one of the most developed countries in the world and has a huge influence on all aspects of trade and commerce In that case China can replace the digital yuan bitcoin even if it wants to China is far ahead in terms of crypto. The demand for crypto is higher in China than in other countries If China replaces it there could be a lot of improvement for the crypto market They are trying to create something new to update. However in most countries where the US dollar is prevalent many countries may not support the yuan.

[verita1]

Simply the Chinese economy needs to experience its digital currency and so we can know what is the future of this new asset digital. As it is an asset of the Chinese government, it is legal tender that will give it an advantage to grow its popularity among holders. In relation to Bitcoin I see that currency can enter the stablecoins category. I also do not see direct competition to Bitcoin and less that it replaces it.

[lobat999]

I don't think China will totally abandon their fiat money in lieu of its proposed digital yuan for the simple reason that they will lose their ability to print money out of thin air to float their economy.

With digital money, people can easily track it if ever they  try to mint fresh digital assets into circulation so that I don't think China will ever like it, allowing prying eyes on what they are doing behind the curtain. Imho.

[DoubleEdgeEX]

Well, if it does, the Dollar won´t go down without a fight using all dirty tricks in the process.

[hatshepsut93]

Why do people act like digital currencies are something new? We had them for decades ever since banks started getting connected to the Internet, and later when non-bank payment companies begun to emerge. Just because they don't have blockchain doesn't mean they are any less digital and just because a coin has blockchain doesn't mean it's decentralized or is going to be successful. There's nothing special or revolutionary about digital fiat currencies, and all this talk about digital currency replacing US dollar is just wishful thinking and propaganda. No wonder this shitpost comes from Russia Today.

[mu_enrico]

Did the world trust CCP more than the US? Nope, and never, as long as CCP still rules China.
Can FIAT replace cryptocurrency? Nope, it's different.

[slapper]

Already read the news in the morning. Hard to know what will happen in the future. However, if China decides to publish the digital Yuan, it will be a great decision for its people. As you can see, China's population is 1,4 billion, and the government does know how to maintain their country. If this currency has many features and advance techs which help people in their life and work, it will easily be adopted and used widely not just in the China but also in other countries.
Yet, we still do not have any information about this digital money. Therefore, just wait and see how China does and acts