China's digital yuan vs US dollar

[irixo10]

China is speeding it testing on the digital yuan. It will not take to long before the digital Yuan can be implemented and it believe China will become less independent on the US Dollar.

Is this a good thing or will China become even more economically powerful?  https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout

It is really great to see that China is ready to develop their own digital currency. Also, I think their dependence on US dollars can reduce or stop if their government will fully back the digital yuan if not, it will still be like other cryptocurrencies. Also, knowing that the government of any country likes control, it also means that, there might be every tendency they will fully control the digital yuan, and in as much as they have succeeded or will succeed in creating their own crypto there might still be no difference between the digital yuan and their fiat.
Nevertheless, it is a good news for the crypto space and if fully actualized, might cause other countries to wake up to the call of adopting crypto.

[gunungkembar]

China is speeding it testing on the digital yuan. It will not take to long before the digital Yuan can be implemented and it believe China will become less independent on the US Dollar.

Is this a good thing or will China become even more economically powerful?  https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout

Making the Yuan digital is not going to change anything, the reserve currency will still be USD and there maybe some countries accepting as Yuan itself but it is not going to affect the price of US dollar globally. But USD has reasons as well to fall since more money printed in short time made the value to be inflated in the next few months...

although many countries prefer to use USD for transactions around the world, China is trying to beat USD by making Yuan, but unfortunately there are still many countries that have not accepted Yuan as an international currency.

[uray]

China is speeding it testing on the digital yuan. It will not take to long before the digital Yuan can be implemented and it believe China will become less independent on the US Dollar.

These are hypothetical situation thinking that everyone will start accepting their digital Yuan. You cannot blame them for having high hopes but only time will tell what would be the real situation. If you are importing products from the US then the merchants would certainly ask for dollars in exchange than start accepting digital Yuan .

[ksbalekodi]

LOL,  Crypto totally dominated by Chinese people, directly or indirectly !   

[Zeehaxan]

China is speeding it testing on the digital yuan. It will not take to long before the digital Yuan can be implemented and it believe China will become less independent on the US Dollar.

Is this a good thing or will China become even more economically powerful?  https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout

China will definitely strengthen their dominancy on global business and trade sector atleast, but i am quite sure that after the success of digital yuan many countries will also follow and they will also launch their digital currencies.

[articlecity]

China is speeding it testing on the digital yuan. It will not take to long before the digital Yuan can be implemented and it believe China will become less independent on the US Dollar.

Is this a good thing or will China become even more economically powerful?  https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout

China deserves this power and dominancy because with this initiative they have become world innovation leader and others will learn and follow them in years to come. So China will be seeing better position both socially and financially due to this forward leap.

[SaShiRaJaVu]

China deserves this power and dominancy because with this initiative they have become world innovation leader and others will learn and follow them in years to come. So China will be seeing better position both socially and financially due to this forward leap.

Who really cares about a centralized digital currency, the valuation depends upon how much the investors are interested in the concept and i doubt whether it will go further than what is anticipated by the Chinese government. They are creating this to overcome the financial restrictions imposed upon them and whether it will be a successful move is to be seen as i do not bode with it.

[abdulodoi]

Why should it be a competition when each has it's user base. Though they will always compete each other, let's see how well they maintain it's value and how strict it will be regulated

[Danslip]

Looks like, China will lead if the EU can't apply the same blockchain model for the digital Euro. Maybe having such a model can decrease inflation but Russia has some incomplete projects based on low inflation which can change the tale of the digital Ruble. Let's see how it will go in the next decade for the digital world. Digital Yuan is the still on the paperwork and there is no big hope for the next decade which country will be the first one in digitalization. In the few years, these themes will reborn from the ashes due to the new ERA of digital world. The governments will hire the blockchain experts to apply in the governmental organizations, who knows?

[Renampun]

LOL,  Crypto totally dominated by Chinese people, directly or indirectly !   

It seems that it is not dominated by China, but those who are the first to dare to announce that they will adopt cryptocurrency...
China has publicly announced that it will circulate digital yuan to the lucky citizens, although it is still on trial it looks like this will be a heated battle between America and China, it is likely that the US will not want to be left behind and create their own cryptocurrency.'

[JeffBrad12]

LOL,  Crypto totally dominated by Chinese people, directly or indirectly !   

Just because it was announcing a digitalization for yuan and it doesn't mean of china will do domination in the crypto and it's about the digitalize its local currency and it has nothing to do with the crypto.
The digitalization of fiat currency might bring a good impact on crypto as there will be an easy gateway for crypto to connect with the digital fiat currency.

I think that it's so far for chinese people to dominate the crypto.  It has no probability to happen for sure.