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

[CHENIEN]

In my opinion China has already print out more fiat money for their own daily use for payment as viable option and security and besides that there is no longer reluctant to obstract because of their quaint laws, I think the global economy of China  has been criticized the impact of sound of some traders desire that through the arrival of time before and after there's nothing and a lot of problems result regarding fiat currency, so they also performing to used a different digital currency  for fast payment .

[gentlemand]

Trust in China, not that there was any in the first place, is heading lower by the day.

Anyone other than the Chinese government staking their future on Chinacoin would be a nutter. I'm sure it'll be extremely powerful but that's power that needs to be kept at arm's length for the health of your own nation.

The idea of your reserves being under their complete control at the press of a button isn't going to be an appetising idea.

And as for the idea of it 'replacing' Bitcoin, that's such a pathetic, literal and mindless idea I can't be bothered to expend the calories to type about it.

[carter34]

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

US dollar has been used globally beyond bitcoin nor any other currency including for Chinese. I don't see the possibility of such replacement. The dollar is used in international trade, yaun is not known.

[FanEagle]

Social credit system is scary, thank god I do not live in China, there is a huge difference between Chinese people and other nations in the world, it is weird to live by the rules of just one person, or basically one party, it is really difficult to realize how they are so involved in it that they do not seem to understand how horrible they are living and think that they are doing fine and "long live the party" or whatever.

Chinese digital yuan would get very high too, they will probably collect billions, even tens of billions of dollars from Chinese because that is what the "motherland" wants and people will probably not even question it as well. At the end of the day when you are a dictatorship and you want to do something, you can do it, who could ever hope to stop you at all.

[MCobian]

An easy question to answer, it is impossible for digital yuan to replace bitcoin and US Dollar. Because the Yuan is not an international currency,
in my opinion no other country is interested in digital Yuan. Although until it is successfully used for digital yuan, chances are that it uses only
Chinese residents. Even in the future all countries will have their own digital currencies, so digital yuan no different from other digital currencies.

[fiulpro]

See there is a big reason why the people won't be that kind with China's digital currency.
*The Chinese government always keeps track of the users and their activities , therefore privacy will be compromised for sure*
I do not believe that it does have the support to replace Bitcoins and dollars .
See the good thing about Bitcoins is , it's independent and does not depend on any governmental body , so the government can control it externally but internal control will always be with the users and therefore I do believe that any digital currency which is supported by the government will kill the whole purpose of having one.
Independence and Privacy.

[aioc]

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. 

Their neighboring countries will not agree for them to accept Yuan, just check the region where China is bullying its neighbor for territory expansion in the Philippines sea, the US dollar is still irreplaceable and there's no way Yuan can beat Bitcoin, because Bitcoin has a lot of fo supporters than the Dollar and Yuan combine.

[tvplus006]

An easy question to answer, it is impossible for digital yuan to replace bitcoin and US Dollar. Because the Yuan is not an international currency,
in my opinion no other country is interested in digital Yuan. Although until it is successfully used for digital yuan, chances are that it uses only
Chinese residents. Even in the future all countries will have their own digital currencies, so digital yuan no different from other digital currencies.

You're wrong. The Chinese yuan is held by many countries of the world as a reserve. So the Central Bank of Russia in 2018 held as a reserve: yuan-14.4%, dollar-22.6%. But this choice in favor of the yuan only led to losses, because the Chinese government has devalued the yuan several times over the past time. The digital yuan will also be devalued in the same way.

[raidarksword]

No one knows if china's digital coin will replace bitcoin and i think i could go other way around because china is very controversial nowadays due to the allegations to them that they are the roots of this pandemic. I have seen numbers of coins that were stated that "could" replace bitcoin but all of those really cannot backed it up to take the thrown out of the KING. China's digital coin could be successful in the market but cannot replace bitcoin as top currency in the world.

[davis196]

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

The digital yuan might replace Bitcoin and the US dollar,but only inside the territory under the jurisdiction of the Chinese government.It's pretty obvious that the Chinese government will force the people and businesses in China to use this digital currency and dump other currencies.I simply can't see this currency getting outside the borders of China and becoming a global currency.
Meanwhile,the authorities in China might gather control over the Bitcoin mining facilities and try to manipulate Bitcoin.Many people say that this is impossible,but the risk remains.

[Zackgeno96]

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.

Also China is always against privacy so their new coin won't have any privacy features and will also be watching your every move as they love to track their own people, so except Chinese people using the Digital Yuan no one else be using it in any other country. I don't understand how can Bitcoin be a partner to the Digital Yuan as Bitcoin can't be controlled by any government, it is decentralized which is much better than the former, also after the Covid blunder who can trust China now, not with their money at least.

[deisik]

So the Central Bank of Russia in 2018 held as a reserve: yuan-14.4%, dollar-22.6%. But this choice in favor of the yuan only led to losses, because the Chinese government has devalued the yuan several times over the past time. The digital yuan will also be devalued in the same way

That's what happens when your government pursues political goals before economic ones

The Chinese have been devaluing their national currency countless number of times in the past, and you didn't exactly need an MBA's degree to foresee such developments and expect more devaluations in the future. Moscow thinks it bought the Chinese support in the international scene but China knows better than that. And who is going to pay? Common folks will be paying, as always

[abhiseshakana]

The fact is, China wants to lead the world. Some of you guys might not understand what China is doing right now, saying that there's no way it would replace USD or BTC ( I believe so, but it's not impossible.)

China does have the ambition to become the ruler of the world. But China is sane enough that its opponent's strength is too integrated and the opponent's flight hours are higher. The fact is that the torch strategy is a printed counterpart so that the dollar enters China and foreign exchange reserves in the form of dollars increase. The Have group is a person who controls the world even more wealth than the FED has, this group is small in number around 3-5% but they control almost 95-97% of world wealth and they use America as a proxy to make their wealth Eternal. Yuan might be able to shift the USD if China defeated America in a military war.

Is the timing is perfectly placed? Just yesterday I read an article regarding China on using Digital currency for international transactions. With this they can forcefully make a country digital just because they say so, for example this product "X" will only be available for digital currency transaction that means ones country must have deal with it. And in that way they will simply win the cryptocurrency race among several countries, not only that, they also easily sell it to you with their products. This is what I think would happen.

Digital Yuan is only a symbol that China is advancing on the financial side of technology and as a grand plan of accelerating the change in the global pendulum from crude oil to batteries, digital Yuan publishing is not intended to shift the USD or Bitcoin. China still needs USD now, without reserves in the form of USD, China's economic stability is also not maintained. China also needs and prefers a stronger USD even willing to weaken the Yuan exchange rate with the aim of competitive commodity prices and can be absorbed by the international market.

China can print Yuan but cannot print dollars. Therefore, the OBOR program was made to print Yuan but generate dollars. Meanwhile, to reverse the situation so that the Yuan is more ferocious in the future, China will sell its products to Africa and import high-end goods from developed countries. The buyer is king, when demand declines China will be present as a shiny buyer and that's when the Yuanization negotiations can begin.

[tvplus006]

So the Central Bank of Russia in 2018 held as a reserve: yuan-14.4%, dollar-22.6%. But this choice in favor of the yuan only led to losses, because the Chinese government has devalued the yuan several times over the past time. The digital yuan will also be devalued in the same way

That's what happens when your government pursues political goals before economic ones

The Chinese have been devaluing their national currency countless number of times in the past, and you didn't exactly need an MBA's degree to foresee such developments and expect more devaluations in the future. Moscow thinks it bought the Chinese support in the international scene but China knows better than that. And who is going to pay? Common folks will be paying, as always

If I mention Russia in my answer, it does not mean that I am a citizen of Russia. Therefore, do not transfer your negativity to me. I believe this is a very good example of the digital yuan not being able to claim something big because the government is devaluing the yuan.

[leyton11]

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. 

right. Asia and Europe now seem very tense. 9 countries in Europe have just allied themselves together to restrain China's expansion. It seems like this is a big battle between the two economies. I believe this will be a very interesting war and the US will have solutions to the Chinese government's new decision. It is possible that our crypto market will also grow strongly thanks to the fighting of 2 continents.

[abhiseshakana]

right. Asia and Europe now seem very tense. 9 countries in Europe have just allied themselves together to restrain China's expansion. It seems like this is a big battle between the two economies. I believe this will be a very interesting war and the US will have solutions to the Chinese government's new decision. It is possible that our crypto market will also grow strongly thanks to the fighting of 2 continents.

I think the battle that is happening right now is more interesting not about the west and the East represented by China and America but also the fight between Globalists and Nationalists that also happened which in fact Globalists formed a coalition with China against the hegemony created by America as the winner of the War.

Globalists want to realize a system of one currency because they assume that with a system of one currency there will be no exploitation by certain parties. They do not even believe in gold, because gold is also a commodity that is traded and is still commonly exploited by many parties. They only believe in algorithm matrices that are considered zero faults.

The globalists assume that the damage that is happening now ranging from environmental damage, economic inequality, hunger is due to cross-interest between countries that ultimately bring damage to the world.

[Negotiation]

Globalists are right to say that they usually want to end the dominance of the US dollar because of their interests but this is not possible at all The US dollar will not run out no matter what currency China exchanges for. Not only China but also other countries like Europe and America feel comfortable to trade in US dollars This war will not last long Even if China replaces the yuan bitcoin it will take a long time for its demand to increase in the market.

[Lorence.xD]

The creation of digital and it replacing bitcoin and US dollar is far fetch, remember when bitcoin started? The price was so low that there are only a few that bat an eye, the social credit system is a different thing, it tracks and rewards an individual based on their actions in the Orwellian society of China, the digital yuan will be different since it will be used as a form of transaction unlike social credit system which only represents your merit. Speaking of merit, the social credit serves as a control for people to do unwanted things such as crimes, misdemeanor and general unwanted behavior, this system is pretty scary because it clearly states that the government can see your every move and that they can do anything.

[deisik]

So the Central Bank of Russia in 2018 held as a reserve: yuan-14.4%, dollar-22.6%. But this choice in favor of the yuan only led to losses, because the Chinese government has devalued the yuan several times over the past time. The digital yuan will also be devalued in the same way

That's what happens when your government pursues political goals before economic ones

The Chinese have been devaluing their national currency countless number of times in the past, and you didn't exactly need an MBA's degree to foresee such developments and expect more devaluations in the future. Moscow thinks it bought the Chinese support in the international scene but China knows better than that. And who is going to pay? Common folks will be paying, as always

If I mention Russia in my answer, it does not mean that I am a citizen of Russia. Therefore, do not transfer your negativity to me. I believe this is a very good example of the digital yuan not being able to claim something big because the government is devaluing the yuan

Obviously, I didn't mean Russian government as your government. I was just speaking generally (read, about any such government), and Moscow's "economic" policies based on purely political reasoning and reckoning just turned up as an illustrative example of what they may eventually lead to if they are not governed by economic interests of the local population. That was basically to show that governments often follow strategies destructive to their own citizens

Anyway, if it gives you peace of mind, I'm from Russia

[MrMojoRising26]

Replace Bitcoin not likely, but replace the dollar perhaps. I'm not sure what chinas balance sheet looks like but its probably better then the US right now. I was thinking about conspiracy theories and china wants to be the top currency replacing the dollar so why not let out a virus contain it in your own country quickly so it doesn't look intentional. Then let the rest of the world get infected damaging the economies of the USA and other developed countries in the hopes that the chinese dollar becomes the top currency. Far fetched maybe but it sounds plausible to me anyway that's my thoughts on the topic.