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

[COBRAS]

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

Don't trust russia today. If they listen something about china and digital currency, this not exact(1000%) what they writing after. Sheet Chanel number one !!!

[bearexin]

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.

[kawetsriyanto]

Why did you only post a link? Can't you give short words about it in order to utter your ideas or opinion? or ever say something about it or only say hello.
In this case, what is the digital Yuan for? It is only for the Chinese right? if it is growing bigger, I think that it will give impact on the Bitcoin and also other cryptocurrencies. however, It must have a limited impact because it is also new. we don't know if 10 years later, what will happen. however, I do believe that BTC price will not be influenced too much by this digital Yuan as long as many more people trust and use BTC for investment, trading, or even payment methods.

[Shasha80]

I do not agree that digital yuan can replace bitcoin and US Dollar, because there are no benefits that can be obtained by using digital yuan.
I am sure that only Chinese citizens will be using the digital yuan. Besides, it is not possible for many people to believe in China is a communist
and money-oriented country, after all bitcoin and US Dollar are more trusted by many people than digital yuan.

[charlesmichel1]

Digital yuan will compete the US dollar as the world reserve currency, it's evident. But how could centralized digital currency replace the first crypto by the market cap? I don't think it's ever possible.

[deisik]

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

Well, there are various opinions

Aside from that, China’s digital yuan is not their only initiative. They are now planning on starting a regional currency. As per this Cointelegraph article, Chinese powers that be want to challenge the hegemony of the American dollar on the global scale by developing a regional currency. What makes it particularly intriguing is that it is reported to be based on the Chinese yuan, Japanese yen, South Korean won, and Hong Kong dollar, so you can rest assured it will be used for regional payments at the very least if it kicks off for real

[tvplus006]

I do not agree that digital yuan can replace bitcoin and US Dollar, because there are no benefits that can be obtained by using digital yuan.
I am sure that only Chinese citizens will be using the digital yuan. Besides, it is not possible for many people to believe in China is a communist
and money-oriented country, after all bitcoin and US Dollar are more trusted by many people than digital yuan.

In addition to Chinese citizens, the digital yuan, as before the Fiat yuan, will be used as the reserve currency of other countries. Although the government's decision to devalue the yuan has repeatedly led to such States losing money. This is what will not put the digital yuan on a par with the dollar.

[deisik]

I do not agree that digital yuan can replace bitcoin and US Dollar, because there are no benefits that can be obtained by using digital yuan.
I am sure that only Chinese citizens will be using the digital yuan. Besides, it is not possible for many people to believe in China is a communist
and money-oriented country, after all bitcoin and US Dollar are more trusted by many people than digital yuan.

In addition to Chinese citizens, the digital yuan, as before the Fiat yuan, will be used as the reserve currency of other countries. Although the government's decision to devalue the yuan has repeatedly led to such States losing money. This is what will not put the digital yuan on a par with the dollar

We don't know how it is going to function in practice

If it will be hard-capped in the way Bitcoin is or its supply will depend on factors which lie beyond the reach of the Chinese monetary authorities (unlikely but still), such a currency could get traction after all. Otherwise, it will be no more than yet another payment system with a fiat currency as a basis, in this case the Chinese yuan (read, the American dollar hegemony won't be hurt, let alone displaced)

[Arkann]

Today, the United States and China are fighting a real economic war, while their governments have completely different approaches to developing their economies and solving financial problems within the country. if the yuan replaces the dollar, it will be a fairly strong replacement. But no country would agree to recognize the yuan as an international currency, since China’s policy does not give peace and the possibility of a serene universal coexistence. Based on this, there should be a real alternative that will be both independent and fully supported by other countries, which means that nothing can resist bitcoin.

[enhu]

Today, the United States and China are fighting a real economic war, while their governments have completely different approaches to developing their economies and solving financial problems within the country. if the yuan replaces the dollar, it will be a fairly strong replacement. But no country would agree to recognize the yuan as an international currency, since China’s policy does not give peace and the possibility of a serene universal coexistence. Based on this, there should be a real alternative that will be both independent and fully supported by other countries, which means that nothing can resist bitcoin.

Why is it China's policy is the issue its just the currency that has to come up. Other countries will likely agree that Digital Yuan will be a strong reserve after all they are one of the countries with stable economy.  Its just the currency that is to be accepted here not the countries policy to their citizens.  BTC still is not independent because for all we know mining farms are in China and exchanges today are mostly owned by Chinese.

[Emitdama]

There is no way it could even slow down USDT and you know why? Because USA still is the biggest country in the world when we are talking about power and economy. Definitely china could have manufacturing places but I can guarantee you, if they create any problems for anyone, people could move to other cheaper nations, they could literally change the whole Africa to be an awesome continent as a whole with amount of money China makes from import export business and it would be even cheaper.

So right now, China is not powerful for right reasons, they do not have money for right reasons. "We are superb cheap and we do not care about human life" is not the same power as "we have big guns and quite stressed, do not test us!" type of power. So, USDT will never be tested by any official Chinese digital yuan let alone an official USD stable coin by the government which would be insanely bigger.

[deisik]

So right now, China is not powerful for right reasons, they do not have money for right reasons. "We are superb cheap and we do not care about human life" is not the same power as "we have big guns and quite stressed, do not test us!" type of power. So, USDT will never be tested by any official Chinese digital yuan let alone an official USD stable coin by the government which would be insanely bigger

All in all, I agree with everything you have said

However, the wily Chinese are known for being extremely cunning and conning. Obviously, they are not going to confront Uncle Sam face to face in the open as that would be a recipe for disaster, at least for the time being. They are more likely to follow the route that the US had been following in the first half of the 20th century, which was to sit on the fence and wait till the dust settled. And then pick up the power from the weak hands of the European superpowers of the time. So, they are going to take small but perfectly calculated steps, probably using other nations as their proxies whenever available and possible until they are ready to deliver a crushing blow to the dominion of the US over the world. The times may have changed, but the power struggles and approaches remain the same

[Lesages]

Since I was born, I have heard that technology will replace the dollar, but all of it did not work. Replacing the dollar means defeating the United States and losing it to war, which can only happen after a clash with the United States or a third world war.
Commercial battles or new discoveries will not change the balance of power.
Dollar will be dollar and bitcoin will be bitcoin.

[Sirait]

Since I was born, I have heard that technology will replace the dollar, but all of it did not work. Replacing the dollar means defeating the United States and losing it to war, which can only happen after a clash with the United States or a third world war.
Commercial battles or new discoveries will not change the balance of power.
Dollar will be dollar and bitcoin will be bitcoin.

The US has become a strong country and it is proven that although the Dollar is not the highest value currency, the Dollar is used as a benchmark for world money exchange

I am not a fortune-teller who can read the future, but the potential of the yuan to replace the dollar's dominance as well as replacing Bitcoin is zero percent

[lumeire]

I do not agree that digital yuan can replace bitcoin and US Dollar, because there are no benefits that can be obtained by using digital yuan.
I am sure that only Chinese citizens will be using the digital yuan. Besides, it is not possible for many people to believe in China is a communist
and money-oriented country, after all bitcoin and US Dollar are more trusted by many people than digital yuan.

In addition to Chinese citizens, the digital yuan, as before the Fiat yuan, will be used as the reserve currency of other countries. Although the government's decision to devalue the yuan has repeatedly led to such States losing money. This is what will not put the digital yuan on a par with the dollar.

Also there are always trust issues with the Chinese government, now US is against China and is also directing other countries against China. So there will be an acceptibility issue of digital Yuan outside of China but in their own country this will surely replace paper money as already Chinese people are using digital payment methods than any other country in the world and that too just with their own domestic payment processors. I also agree with you that it will not replace US dollar not even in the long run.

[CoinFoxs]

China had great share in bitcoin market and when ICOs were banned in China the Chinese people sold all their altcoins and converted their money into fiat. At that crypto market face a big decrease in the volume. We all know that China is country with big economy. So we can say that it could happen because nothing is possible but it will take a long time, bitcoin is decentralised so people from the world has More trust on bitcoin than other currencies. It can compete with dollar easily!

[joinfree]

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.

[abhiseshakana]

However, the wily Chinese are known for being extremely cunning and conning. Obviously, they are not going to confront Uncle Sam face to face in the open as that would be a recipe for disaster, at least for the time being. They are more likely to follow the route that the US had been following in the first half of the 20th century, which was to sit on the fence and wait till the dust settled. And then pick up the power from the weak hands of the European superpowers of the time. So, they are going to take small but perfectly calculated steps, probably using other nations as their proxies whenever available and possible until they are ready to deliver a crushing blow to the dominion of the US over the world. The times may have changed, but the power struggles and approaches remain the same

In many ways, China is cheating on the US strategy, especially dynamic infrastructure development first before building static infrastructure. The US strategy has also been imitated by China to extract natural and human resources in Africa. The only difference is that China is binding on long-term infrastructure projects so that a country cannot escape debt bondage to China.

China strictly follows the grand plan and creates a system so that China can shape and destroy according to the strategy used. Starting from the OBOR program, development programs in Africa, the diaspora to plans for energy self-sufficiency by dominating batteries. In addition, China's military step in the southern sea is to increase its bargaining power by controlling the rare earth metals needed in modern weapons technology.

At present China is not considered an imitation country anymore, they are better known as modifiers and countries full of innovation. China has begun to dominate trade and finance shifts the US. will China be free from energy dependence after this? As for the dominance of currency and military power, I think the gap is still very large with the US.

[Ozero]

I do not agree that digital yuan can replace bitcoin and US Dollar, because there are no benefits that can be obtained by using digital yuan.
I am sure that only Chinese citizens will be using the digital yuan. Besides, it is not possible for many people to believe in China is a communist
and money-oriented country, after all bitcoin and US Dollar are more trusted by many people than digital yuan.

The digital yuan is primarily beneficial for the economy of China itself.  It will partially displace the cash yuan and this will reduce the cost of their issuance and maintenance.  It will also dramatically increase the efficiency of non-cash payment methods.  Most likely, it will be primarily used on the territory of China itself and to pay for trade deals with partners.  The digital yuan will increase its influence in the Asia-Pacific region, but it cannot replace the dollar, nor can it have a significant impact on bitcoin.  It will be an ordinary stablecoin of a large state.

[Mauser]

I do not agree that digital yuan can replace bitcoin and US Dollar, because there are no benefits that can be obtained by using digital yuan.
I am sure that only Chinese citizens will be using the digital yuan. Besides, it is not possible for many people to believe in China is a communist
and money-oriented country, after all bitcoin and US Dollar are more trusted by many people than digital yuan.

The digital yuan is primarily beneficial for the economy of China itself.  It will partially displace the cash yuan and this will reduce the cost of their issuance and maintenance.  It will also dramatically increase the efficiency of non-cash payment methods.  Most likely, it will be primarily used on the territory of China itself and to pay for trade deals with partners.  The digital yuan will increase its influence in the Asia-Pacific region, but it cannot replace the dollar, nor can it have a significant impact on bitcoin.  It will be an ordinary stablecoin of a large state.

I agree with you, for bitcoins to be replaced by the digital yuan it would take a lot of effort from many countries around the world. China alone can't end the USD hegemony or the spread of bitcoins. In my opinion the reservation towards Chinese monetary policies are still very high in western countries. As long as the Yuan is not a freely traded currency, most investors from Europe or North America would not invest in the digital Yuan.