The digital Yuan is almost a fact

[G.Belaci]

You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?

Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan

[crwth]

Having 3.3 million transactions already with this Digital Yuan means it can really be a game-changer. It should be noted that the European Central Bank is also dabbling with that knowing that the digital euro is underway as well. [1]. We should all be hopeful that a significant digital currency would be issuing something accepted by everyone and is trusted. I want this to be Bitcoin, but I'm not sure how countries and governments would like that in general.

[jossiel]

IIRC, it's Libra that they have on the other side and it's just that it was postponed due to some delays and hearings. I've seen that Digital Yuan was quick in the developments but yet to see if this is going to be one big thing for us.

For the Chinese people, it is.

But are they also going to use this worldwide just like US dollars which can be converted to several local currencies? China is doing it and they're all in for the competition.

[dhemasm]

Whoaa After didn't hear this for a while look like it's already to use, Well i hope just Libra will also launched even after last hearing on US senate i don't think it will. On the other side Digital Yuan looks successful for now, Hope other country will follow this too, Really thanks for sharing this one mate.

[coin-investor]

You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?

Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan

This is huge and since the Chinese have business across the globe they can make an impact just got this excerpt from the article, they are geared to become the first and possible the biggest, and if they can make it in the market, they can make a huge impact in the community not only  in the Chinese community but all of us here.

The governor noted that more than 113,300 personal digital wallets and 8,800 corporate wallets have been opened as part of the pilot program. The Digital Yuan is used for several different payment methods like facial recognition, bar code, as well as tap-and-go transactions.

[WalkerIVIV]

Digital YUAN is not the only one and you forget about CBDC which has already prepared by the central banks. So many countries have already started to do research to adopt the digitalization for its local currency.

You must also see that too if the so many banks have also adopted the ripple tech too. I expect so many digitalizations will be happened in so many countries.
This will become a very big event.

[semobo]

You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?

Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan

They are not innovative, they just want to keep controlling their people over the innovative ideas like decentralized payment system.Digital yuan is nothing more than the digital fiat transacted over the banking chain but they call it as innovative because they know people are stupids.

[tsaroz]

You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?

Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan

And there are reports that the CCP is working on a nation wide retinal identity system where all the money resides in blockchain and when you buy a product or service, you can just show them an eye and the transaction would be done. No need to carry purse, cards or mobile. No hassle of passwords and OTPs. Go anywhere and the your money would be with you until you die. Your retinal identity would be linked to the your value. All of your medical and criminal data too would be on blockchain and the prices to goods and service would depend on how good your social credit score are. Not a use of blockchain we wanted but the one we are really getting.

[beerlover]

First of all China is not communist, there is a belief that china has been a communist regime for the past 70 years and there are people who call it that but you have to remember that it is for only the name. How are they ruled?

There is one dictator at the top, there are high level officials, there are rich business people, there are literally starbucks and mcdonalds, that is literally what Germany under hitler was like, one powerful guy, some famous powerful people around him, some rich business people and everyone was focused to get better via these people, but we called them nazis?

Well, they are the same thing. So, do not consider communism is like what china or back in the day soviets did, that is dictatorship. Digital yuan is just another way dictators men can follow what you are spending money on and nothing innovative.

[Zeehaxan]

You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?

Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan

The best thing is that they are very proud and open about their crypto currency and they have clearly stated that with being the first official, national and govt backed digital currency it will help China dominate the global money games and also its dominancy over global trade and business will increase.I think U.S must be watching this and they must have something planned out in the background because they do take China very seriously especially with regard to trade and business threat so they must be ready for the competition.

[optimisticcm]

You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?

Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan

With the current scenario and other top countries lagging behind in this field one can asdume that all the other powerful countries have given China the go ahead with their digital currency and after its success and benefits all other countries that are skeptical about it now will also follow with their own digital currency amd i think China will be at massive advantage due to being the first mover.

[kindbtc]

China has proven itself to be the pro-tech, advanced and forward looking country by introducing their national coin and digital curreny, this will definitely increase their share in global trade and economy also their influence will grow massively.
Personally i support all these tech related initiatives and i am sure this coin will also boost the crypto market multifold.

[ryzaadit]

It's pretty easy, as long there has some company that can create the token and backup the token with real money. Every country can do that's, in my country (Indonesia) we have 2 type token (Bird & IDRT) backup by Indonesia Currency.

As long there has some project/platform that want to create some token backup with real money, was pretty easy to do it.

[Johnyz]

You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?

Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan

Their government are forcing their people to adopt change and to follow all the rules that is being set by the government so no doubt, people will adopt and the volume will continue to increase over time.

China is a cashless society since then so if you’ve been into China, its hard to transact using fiat money since most of the store only accept cash less transactions. Digital yuan is a game changer and a much pressure for cryptocurrency, I hope that China will also adopt bitcoin and make it legal.

[sheenshane]

I dont get it why you call China is a communist, I think they aren't.

IMO, this digital Yuan is something that really is a fact. But it will never eliminate the fiat and coins. This Digital Yuan has been offered to the public to avoid personal contacts and for the people to secure themselves from the viruses that are possible staying with the fiats since fiats are being held by different persons every day. In short, they are trying to have alternatives to other cashless payments to avoid physical contact which is to follow the health protocol os social distancing.

The numbers of the transaction are enough to prove that Digital is really something to consider in the future. I just hope that everyone in China is bankable people to take advantage of this.

[24Kt]

I dont get it why you call China is a communist, I think they aren't.

IMO, this digital Yuan is something that really is a fact. But it will never eliminate the fiat and coins. This Digital Yuan has been offered to the public to avoid personal contacts and for the people to secure themselves from the viruses that are possible staying with the fiats since fiats are being held by different persons every day. In short, they are trying to have alternatives to other cashless payments to avoid physical contact which is to follow the health protocol os social distancing.

The numbers of the transaction are enough to prove that Digital is really something to consider in the future. I just hope that everyone in China is bankable people to take advantage of this.

This is really a good example that one country can go to being cashless society. I am more than positive that the number of transactions will ballooned in the next coming years as more and more people will adopt this way of living. This pandemic really taught us a lot and open doors that were not previously taken seriously.

[bitkanu]

It's very good to see the major country has already started to use the digitalization for its native currency. it looks like the dollar will also be digitalized after the final test that will have done by mastercard for CBDC.

The massive digitalization will become a major game-changer for any countries in the world. Any central bank must also follow this soon to make sure they will become the late adopters.
Im waiting for the more good news that will come from US and EU about the digitalization progress for their native currencies.

[bits4books]

But this is still not a cryptocurrency, isnt it? There is a small difference between the usual money on your bank account. What's the difference between a digital yuan and a non-digital yuan if it's still covered by a thick and heavy tracking and centralization hood? So we can say that in 2020, the bigges share of money turnover is accounted for by "digital currencies" simply because people are not using cash as before

[sourish]

Granted right now yuan might be the digital currency world leader, but With digital euro and libra in the run, who knows which way the tide turns, even whether its a viable scenario, with cross-border fears of financial tracking and even the smallest personal transactions.

[StyleForceOne]

You can say what you like about Communist China but they have been more innovative than all other western countries so far. Now China is almost adopting the Digital Yuan and how far are we in the west with these developments?
Read more: https://www.worldcoinindex.com/news/china-central-bank-digital-currency-digital-yuan-already-conducted-pilot-transactions-worth-1-1-billion-yuan

At the moment China, South Korea and a couple EU countries are way ahead of rest of the world in terms of crypto adoption and developing own CBDC.
That doesn't mean when US is going to put one out there themselves they'll be completely down, they're still one of the most crypto using countries