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Author Topic: China is looking to get rid of the US dollar  (Read 861 times)
Darker45
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October 16, 2020, 01:00:42 AM
 #21

If venezuela issued a new cryptocurrency tomorrow, would anyone trust it?

China could have similar issues to venezuela. In terms of lack of trust. The CCP not being considered the most reliable or stable thing in the world.

In past years china announced they would back their native yuan currency with gold to implement a gold standard. Many news stories from china are later found to be false and do not pan out. Remember when china claimed they would "ban crypto currencies, exchanges" or "ban crypto mining". These news stories sent the price of bitcoin tumbling. Some of these news stories were later found to be false. Which did little or nothing to mitigate the damage inflicted.

Stability, trust and reliability are 3 main things people look for with currencies and assets. All of which could be areas where china is in short supply.

In terms of social issues, China has so much abundance of it. As a matter of fact, it's overflowing with social issues other countries would consider unacceptable. Freedom of speech, press freedom, human rights, religious freedom, and so on and so forth are alien things in the country.

However, if you look at how China is doing in the global scheme of things, it certainly is perfectly fine. The Yuan is now gaining a stronger foothold in the world, its clout significantly increasing. So many countries, whether they like it or not, trust it or not, are compelled to fully embrace the Yuan because they are now full of contracts with China. Not to mention that they are now drowned with Chinese debt. Their markets full of Chinese products. Their trades done primarily with China.

China has played well its cards. 5 years ago, the IMF has named the Yuan as a global reserve currency. Central banks are now beginning to stock themselves with the red currency. And yet, the country is full of skeletons in its backyard.





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October 16, 2020, 02:19:45 AM
 #22

If you look at the movement of the Chinese state in recent years, trying to control the world economy. No wonder one of his goals is
to get rid of the US dollar, although it is not easy to achieve this. Moreover, most countries in the world still use US dollars for international
transactions. And also the popularity of the US dollar is still proven high compared to the Chinese currency. So go ahead if China wants to
try to get rid of the US dollar, certainly requires a lot of effort and also takes a long time to be successful. One of China's efforts to get rid of
the US dollar by creating cryptocurrency, which will be planned as a global means of payment. It is very interesting to continue to see its
developments, which is certain that the US government will not remain silent knowing this.

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October 16, 2020, 03:32:56 AM
 #23

It seems that China really wants to shift the position of the US slowly, we are not even aware that China's growth is very fast right now.
In the past, China was known as a trash country that could only imitate international products, even a few years ago the campaign to imitate goods was legal in China. But now China has succeeded in making its own products, and is more focused on building its own brands.
The label "Made in China" becomes an inscription that we usually find on our products.
If China issues cryptocurrency with the aim of regulating the world to replace the US Dollar, there will be a major war between the US and China which could be the trigger for the rise of the WW 3

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October 16, 2020, 04:28:11 AM
 #24

If you look at the movement of the Chinese state in recent years, trying to control the world economy. No wonder one of his goals is to get rid of the US dollar, although it is not easy to achieve this. Moreover, most countries in the world still use US dollars for international transactions.
They can be successful in all of Asia if they continue their Belt and Road Initiative. If they want to make it happen a little bit faster though, they must lax their conditions to the countries that they are helping as to not make the populace in the disagreement with the agreement. US dollar is a reserve by most countries and China also has their reserve, I do not think they will get rid of it.

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October 16, 2020, 07:05:48 AM
 #25

China is looking to get rid of the US dollar

Having all your eggs in the same basket is bad. China is diversifying. Not just now, they are doing this for more than a decade. They mainly buy God and other currencies. Eventually will switch also to Bitcoin, but that will probably be closer to end of this decade. 
China has been opposed to bitcoin. They are open to cryptocurrency though because they have their own crypto ranking. It is suggestive that they are hoping to create a cryptocurrency that will match up with Bitcoin.




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October 16, 2020, 10:33:06 AM
 #26

China was looking for it all the time during the last years. America and China are two top economic powers of the world and they always competing together economically. After the phase of the breakout of covid-19 on all the world. China is better stronger because they have much better situation. During all these years, America was much stronger and they could make USD the most famous and and must used currency in all over the world, but after the  huge covid-19 breakout in USA China is going to have a much better situation. But, considering the popularity of USD, getting rid of it is not that much easy and will take many years.

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October 16, 2020, 10:46:18 AM
 #27

 almost all national currencies must be converted to US dollars to purchase products from within the country.
u.s dollar can be a national measurement for other countrys currency . people do this if they arent familiar with the currency or to the value of a currency but it does not mean that we all need to convert any currency the u.s dollar before buying , for buying on the u.s country maybe .

China is creating a cryptocurrency to eliminate the mediation of US dollars.
this is true and im aware with this , theres a news that says china create a crypto but i never heard that the purpose of them creating a crypto is because they are allergic to u.d dollars   . its like where are saying that other countries that also create thier own crypto do also hate u.s dollars  ? but i believe no, they arent like that . they dont have a hidden anger from the u.s

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October 16, 2020, 03:53:29 PM
 #28

They are looking to eliminate US dollar not because of their rivalry with USA but because they want to create Yuan as the biggest and global currency and there is no problem in moving forward and trying to do something which others don't even think about. I really like their thought process and the belief of doing so but all said and done it won't be easy because USD has always been the dominant currency.

I am not entirely sure if they are actually launching a virtual coin because all the articles I could find had mentioned that they are pushing Yuan and not sure if they will launch a digital Yuan currency or not. I feel like no matter how much we hate China and their leader but really they have the right vision and better than others in many ways.

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October 16, 2020, 04:04:04 PM
Last edit: October 16, 2020, 05:25:29 PM by dothebeats
 #29

For years they are wanting to ditch the USD on the pedestal as the world's reserve currency due to obvious economic and sociopolitical reasons. They are slowly doing this by passive-aggressively colonizing other micronations through debt traps and bilateral trade agreements wherein China will always get the longer end of the stick. They may not dethrone the dollar by advertising their own currency but they are doing it silently by bullying other nations. Just wait until China gets all the aces and bam, you have tens of countries using CNY or Digital Yuan sooner.

The only edge of the USD at this point in time is the world's trust on the said currency and country to do wonders. They are, for the last decades (or even century) the mightiest superpower in the world. Of course, if this holds true even up to this day, countries' trust on the US would still remain as is when it comes to utilizing the dollar, and there's no stopping that even if China or the EU introduce a 'better' alternative than what the world is already accustomed to.

I am not entirely sure if they are actually launching a virtual coin because all the articles I could find had mentioned that they are pushing Yuan and not sure if they will launch a digital Yuan currency or not. I feel like no matter how much we hate China and their leader but really they have the right vision and better than others in many ways.

On some ways, yes, but an authoritarian control isn't always gonna work in the long run. With the way the Chinese treats other countries that are indebted to them, and they way how they are forcefully trying to retake HK and Taiwan, I don't think the public opinion about them will change sooner.

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October 16, 2020, 04:17:17 PM
 #30

Well, it is not a secret affair that China and USA has a very bad relationship, specially under Donald Trump it became more obvious that both nations hate each other, hell half of USA hates Trump and even with that whenever he attacks China nobody says a thing (well I personally hate China as well, so I get it) or in China they accept tens of billions of dollars, even hundreds of billions of dollars from American companies to build their products and make them rich, build it for 10 and let them sell it for 100 to make American companies profit, just so they could have some money, yet if you ask their opinions almost all hate USA as well (well I dislike USA too so I get it).

It means they need each other but hate each other at the same time, which is why I believe it is not going to be a done deal anytime soon.

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October 16, 2020, 04:40:36 PM
 #31


China somehow has some control over some media today that is why they are becoming confident about them being labeled. Over the years they have changed to Capitalist and keeping their labor attractive to companies moving to China. As they become powerful, I don;t see them interfere with other countries' politics though. I don't think they have used their power to influence the politics of ther countries. But supporting and providing assistance as far as I know.

One thing that makes China bad is that their government take control of their citizen tightly which is reported badly by the media.

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October 16, 2020, 04:50:32 PM
 #32

Firstly, your username is hilarious op. Gutsy and straightforward. Coming to the topic, China is a very ambitious country with lofty goals which everyone are aware of and they have demonstrated this time and time again.

They can try to get rid of the dollar, but they will fail most likely and get mocked into oblivion if they do so which is why this isn't feasible for them and they are aware of this.

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October 16, 2020, 07:14:51 PM
 #33

...China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
...

China is not the first country that wants to untie its economy from the dollar. But I don't see that any country has succeeded. And I don't understand how this digital yuan will differ from the Fiat one, because it will also have all the disadvantages of the yuan. And first of all, the dependence of the yuan exchange rate on government decisions.





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October 16, 2020, 07:40:13 PM
 #34

If they can demolish the traditional thinking then it might just work.
Focused mostly in third world countries.
When Americans go there, they are like walking dollar signs. $

But now it might be different with digital currencies. They can start with the payment systems in different applications.
Most of them are always looking for USD first instead of your own country's currency which sucks. Even though, the IP is being tracked to a different country.  Grin

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October 17, 2020, 01:49:01 PM
 #35

China is one of the major USD holders in the world.

If they hate it so much, why don't they dump it?

The reason is, there simply isn't anything better than the USD for that job.

RankCountryForeign Currency Reserves (in billions of U.S. dollars)
1China$3,399.9
2Japan$1,387.4
3Switzerland$850.8
4Russia$562.3
5Saudi Arabia$501.8

source: https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-reserves.asp
US foreign currency reserves are a way for China to export goods to the US more often. China could put pressure on the dollar and get some trade incentives.
After the US government announced to impose tariffs on Chinese goods they sold an amount of US dollars to devalue the dollar. It is the soft power they get when they own dollars.
Reserving US dollars is different from helping with liquidity for the dollar.
The Chinese economy is the second-largest in the world and they will find ways to strengthen their currency over time. Creating a national cryptocurrency is a start for them to implement their plan to enhance the value of their economy.

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October 17, 2020, 02:37:12 PM
Last edit: October 18, 2020, 06:10:54 AM by (o)(o)ilikeboobs(o)(o)
 #36

China is creating a cryptocurrency to eliminate the mediation of US dollars.

China will continue to bet on the US dollar. For a very simple reason: Besides Japan, China owns most of the US government bonds and thus indirectly also USD. If China were to break away from the US dollar, they would sell the government bonds first, which according to current official figures they are not doing. For commercial transactions, it may make sense not to rely on a foreign fiat currency as an intermediate currency and to build an own electronic system. The only question is whether this can prevail. Because then all other countries that trade with China must also use the cryptocurrency and no longer the USD.
Owning US government bonds or reserves of US dollars has nothing to do with finding a way out of US dollar mediation. Imagine that bonds and foreign currencies are like their holdings, they don't circulate. Eliminating the intermediary role of the US dollar means reducing US dollar liquidity.
Combining a large amount of US-related assets and low dollar liquidity, China could threaten to devalue the dollar.
The plot is very clear.
Chinese cryptocurrencies are not yet launched but I believe China will have a way for other countries to use them.

Firstly, your username is hilarious op. Gutsy and straightforward. Coming to the topic, China is a very ambitious country with lofty goals which everyone are aware of and they have demonstrated this time and time again.

They can try to get rid of the dollar, but they will fail most likely and get mocked into oblivion if they do so which is why this isn't feasible for them and they are aware of this.
China paves the way and other countries will embrace the creation of cryptocurrencies. By companies that are abroad, they will be bringing their digital currency to the world.
I have seen them develop cashless payments with apps like Wechat, Alipay before. Countries in the region have been asking to follow in China's footsteps in monetary reform. Alipay has a presence in the US, not only replacing payment methods but also receiving a large amount of user data.

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October 18, 2020, 07:37:34 PM
 #37


China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.


And how can we prove that the same cryptocurrency won't be converted just like bitcoin or etheruem to the US dollar before buying any other fiat like in exchanges such as binance. China is making themself a big rival to US especially during the Trump regime. The Republicans have there way of trying to make larger political movement and statement, this might be the course of some of the business struggles within those two countries.

This is a one good point. If ever that China is really planning to get rid or eliminate the usage of US dollars, then how they can that very sure that the existence of such cryptocurrency will not push people to convert it into US dollars to be able to make use of it since US dollar is a widely acceptable currency when it comes to transactions for it is very well known globally. It would be really a hard challenge and task to be done by China if such concern have brought up due to the issue building up between the leaders of this two big countries. It seems like the two countries are already taking it too personal to the extent that the things they are do on the past few months are against one another.





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smartcontracts100
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October 18, 2020, 07:52:25 PM
 #38

China should be nuked in my opinion ...just for the Covid crises ... there will be a war with China,it's just a matter of time.


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October 18, 2020, 08:11:03 PM
 #39

China should be nuked in my opinion ...just for the Covid crises ... there will be a war with China,it's just a matter of time.



If you think they can't nuke you back then you are mistaken.

Nukes are only a good choice when your opponent doesn't have them.

If it was that easy to end these conflicts, USA wouldn't let Russia or Iran get that big but here they are... getting bigger every day.




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October 18, 2020, 08:40:14 PM
 #40

China should be nuked in my opinion ...just for the Covid crises ... there will be a war with China,it's just a matter of time.



If you think they can't nuke you back then you are mistaken.

Nukes are only a good choice when your opponent doesn't have them.

If it was that easy to end these conflicts, USA wouldn't let Russia or Iran get that big but here they are... getting bigger every day.

If they nuke back ,China will no longer exist ...

Here in my country if i hit someone with my car in a accident ...that other guy can take me to court and ask for compensations/damages for hospital bill etc...

China should pay the world for the damages it did ,else we should at least isolate them like North Korea ...China must pay .

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