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Author Topic: China is looking to get rid of the US dollar  (Read 861 times)
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October 18, 2020, 08:53:30 PM
 #41

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.

Governments aren't interested in a gold standard. China certainly isn't. No reserve currency issuer wants to cede that degree of control to the free market. They have national economies and markets to prop up. This is why the gold standard began eroding in the first place, as a result of the Great Depression.

This is also essentially why the CNY or CNH can't become dominant reserve currencies, whether or not a CBDC is involved. People don't trust the Chinese government regarding monetary policy. The PBOC is infamous for devaluing its currency to facilitate favorable trade imbalances, sometimes unpredictably so. Why would you hold your value in a currency like that?

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October 18, 2020, 09:42:11 PM
 #42

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

China did nothing wrong. It was the US that fed China.

20 years ago all the Chinese were eating cat-burgers. (Apparently many of them still do)

The US opened there factories, gave them jobs. They didn't do that because they liked the Chinese people but one way or another, the Chinese managed to steal the knowledge and now they can manufacture anything they want. Anything.

Cars, warships, nukes, social media platforms, missiles... They can built them all.

If the US kept their factories inside the USA, China wouldn't become that big now.

It is over. China became a superpower and nothing but nothing can stop them. Not even the nukes.




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October 18, 2020, 09:58:21 PM
 #43

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.
Considering the population of China, I’m sure this one can be a big thing, Venezuela’s situation are far from the status of China and we know how the Chinese people follows the law on their country as if they have a choice. Though China can’t totally disregard USD, this move is still a good one to start a totally cashless society even if there’s a trust issue with China.

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October 18, 2020, 10:09:21 PM
 #44

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.
Considering the population of China, I’m sure this one can be a big thing, Venezuela’s situation are far from the status of China and we know how the Chinese people follows the law on their country as if they have a choice. Though China can’t totally disregard USD, this move is still a good one to start a totally cashless society even if there’s a trust issue with China.

i think more than 90% of china is already cashless even before this digital yuan and CBDC. this digital yuan is a way to get their way up getting away without sanction and i think most of the countries who want to live freely had this desire. this trade war between US and China had pushed them to make changes of their system and I think many countries including those in the middle east will participate with China's initiative.

US will be force to release their own digital dollar too to make it compatible to the new system. they should just use libra to dominate faster.  Grin




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October 18, 2020, 10:50:23 PM
 #45

Of all the countries that compete with America in economic terms, it seems that only China is seen as America's most serious competitor.
Even China clearly wants to get rid of the US dollar with the news that the Chinese government is starting to support blockchain technology.
And the Chinese state is trying to create their own cryptocurrency, if China manages to create their own cryptocurrency. With the rapid
development of cryptocurrencies today, could be a threat to the US dollar if China released their own crypto coins.

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October 19, 2020, 02:55:09 AM
 #46

With the issuance of electronic yuan, China's central bank has solved the problem between anonymous transactions and the need to crack down on financial crimes. The PBOC has said that user information will not be completely exposed to the bank. However, a highly likely user identity must be tied to a personal wallet, opening the door for authorities to access user transactions. This is something that the virtual currencies in the world cannot solve.
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October 19, 2020, 03:08:35 AM
 #47

So they are now proving the chinese government's worth even without the U.S government? I think yes they are indelendent and is a communist country to which ideals are different from US government and to other countries. However, I do believe that they can't completely eradicate the exchange of the US dollars even if they will.be using cryptocurrency for it as they had made an announcement regarding on this matter. Well, let see and wait what chinese government can do for the betterment of their country.
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October 19, 2020, 05:37:15 AM
 #48

With the issuance of electronic yuan, China's central bank has solved the problem between anonymous transactions and the need to crack down on financial crimes. The PBOC has said that user information will not be completely exposed to the bank. However, a highly likely user identity must be tied to a personal wallet, opening the door for authorities to access user transactions. This is something that the virtual currencies in the world cannot solve.

Authorities all around the world want to track financial transactions of their citizens. China is not an exception. In China, this is a priority topic because of the amount of capital outflow. Despite strict capital controls, China remains the top most country as far as outflow is concerned. No one wants to invest in the heavily manipulated CNY, or in extremely over-priced real-estate or local stocks. The Chinese economy looks like an inflated balloon now. It can burst at any time.

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October 19, 2020, 10:07:47 AM
 #49

With the issuance of electronic yuan, China's central bank has solved the problem between anonymous transactions and the need to crack down on financial crimes. The PBOC has said that user information will not be completely exposed to the bank. However, a highly likely user identity must be tied to a personal wallet, opening the door for authorities to access user transactions. This is something that the virtual currencies in the world cannot solve.

Authorities all around the world want to track financial transactions of their citizens. China is not an exception. In China, this is a priority topic because of the amount of capital outflow. Despite strict capital controls, China remains the top most country as far as outflow is concerned. No one wants to invest in the heavily manipulated CNY, or in extremely over-priced real-estate or local stocks. The Chinese economy looks like an inflated balloon now. It can burst at any time.

That is exactly the point. As long as China is manipulating it's currency no one is willing to use it as a refence currency. As long as the communist party stands behind the yuan the international community will not fall for switch from the USD. At the moment most financial derivatives and commodity contracts are either based on USD oder EUR. If you have cash in USD you can use it almost everywhere around the world. Not so with yuan. It's obvious China wants to become a super power and as such see their currency being used all around the world. This seems very unlikely at the moment.

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October 19, 2020, 01:06:13 PM
 #50

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.



China is creating an economy with internal strength. They have created their own high-tech supply chains in their own country. Look at how Huawei makes mobile device products and develops technologies such as 5G, electric cars. They are great.
China will thrive in the coming years. They are a powerhouse and it is justified to create value for their money.

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October 19, 2020, 01:52:28 PM
 #51

So they are now proving the chinese government's worth even without the U.S government? I think yes they are indelendent and is a communist country to which ideals are different from US government and to other countries. However, I do believe that they can't completely eradicate the exchange of the US dollars even if they will.be using cryptocurrency for it as they had made an announcement regarding on this matter. Well, let see and wait what chinese government can do for the betterment of their country.
You may not have heard of Shenzhen, which is a technologically strongly developed SEZ. They can be called the Silicon of China. China's rapid pace of development is clear. If you want to know what they have, find out about them. They have created their own domestic value supply chains and reduced their dependence on foreign countries. All of their stats are good.
They have many financial and technology corporations such as Alibaba, Tencent, Huawei, Xiaomi ... These corporations are emerging quickly and steadily reaching the world.
With the rapid appreciation of the RMB in recent times. It can be said that they have increased their per capita income.

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October 19, 2020, 03:20:30 PM
 #52

Of all the countries that compete with America in economic terms, it seems that only China is seen as America's most serious competitor.
Even China clearly wants to get rid of the US dollar with the news that the Chinese government is starting to support blockchain technology.
And the Chinese state is trying to create their own cryptocurrency, if China manages to create their own cryptocurrency. With the rapid
development of cryptocurrencies today, could be a threat to the US dollar if China released their own crypto coins.
It benefits China and is not as troublesome as how fiat money moves through banks. With China-created PBOC, they can capture user information around the world and record them on their Blockchain. Certainly, their cryptocurrencies are built on centralized chains and are fully regulated by the Chinese government.
The most important point that this cryptocurrency brings about is the user's data. The Chinese government will control the entire world if they send their money to the world.
Currently, the EU is pursuing a stable digital currency for Europe. I think America will act soon.

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October 19, 2020, 07:13:56 PM
 #53

The most important point that this cryptocurrency brings about is the user's data. The Chinese government will control the entire world if they send their money to the world.

This has been always the darkest conspiracy about China, stealing user's information. They probably has already done that through their worldwide popular mobile app. Some country has started to ban TikTok because of the same allegation and many other apps as well including WePay and such . They dont need to wait until they launch a cryptocurrency to start this

So far there isnt any definite proof about this allegation

Currently, the EU is pursuing a stable digital currency for Europe. I think America will act soon.

America will always want to be the first in every aspect

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October 19, 2020, 10:29:46 PM
 #54

The most important point that this cryptocurrency brings about is the user's data. The Chinese government will control the entire world if they send their money to the world.

This has been always the darkest conspiracy about China, stealing user's information. They probably has already done that through their worldwide popular mobile app. Some country has started to ban TikTok because of the same allegation and many other apps as well including WePay and such . They dont need to wait until they launch a cryptocurrency to start this

So far there isnt any definite proof about this allegation

Currently, the EU is pursuing a stable digital currency for Europe. I think America will act soon.

America will always want to be the first in every aspect

not actually the darkest, so far the baby soup was the one that i laugh so much. China has been painted that way since, they hate this race for too long that generations of generations are hating them to the bones and this is only because the movies in the west shows China man as antagonist like trafficking sex workers, gambling king and so on when all they do actually is just cooking siopao.

wish all countries will act to develop digital currency too. no one should be left behind and i think china's initiative to influence other countries will help the poor countries as well. there is no need for any war.




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October 20, 2020, 01:15:57 PM
 #55


This has been always the darkest conspiracy about China, stealing user's information. They probably has already done that through their worldwide popular mobile app. Some country has started to ban TikTok because of the same allegation and many other apps as well including WePay and such . They dont need to wait until they launch a cryptocurrency to start this

So far there isnt any definite proof about this allegation
The official report is not clear, but by the way, China expands its market worldwide, we can predict how they did it. They have Tiktok, QQ, Wechat, Alipay, Weibo ... these products are popular all over the world along with Chinese-made mobile devices.

America will always want to be the first in every aspect
Sure, Apple, Microsoft, IBM ... and others, they have hundreds of blockchain-related patents. Creating a digital currency for them is easy, their problem is the permission of the US government.

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October 20, 2020, 08:40:18 PM
 #56

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
Not really, I think a hot war is simply not in the cards as countries know that doing so will be pointless taking into account nuclear and biological weapons will destroy most of the world and its population, however what we are already seeing is a cold war between the US and China and they will face in every single front they can just as it happened with the USSR, and the major front of their confrontation at the moment is the economy since they know that whoever has the strongest economy is bound to eventually beat the other if given enough time.



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October 20, 2020, 09:45:21 PM
 #57


This has been always the darkest conspiracy about China, stealing user's information. They probably has already done that through their worldwide popular mobile app. Some country has started to ban TikTok because of the same allegation and many other apps as well including WePay and such . They dont need to wait until they launch a cryptocurrency to start this

So far there isnt any definite proof about this allegation
The official report is not clear, but by the way, China expands its market worldwide, we can predict how they did it. They have Tiktok, QQ, Wechat, Alipay, Weibo ... these products are popular all over the world along with Chinese-made mobile devices.

Exactly and has all these allegations actually proven? In fact none, it was nothing more than a widespread baseless allegations about China. Some country decided to ban some if not all of these apps based on this allegations with no proven fact about it.

Back to my point, if this is their intention then there is no point to create any cryptocurrency or such because they can just use those existing apps but if they are actually only looking for an alternative to get rid of USD without all that crazy conspiracy about taking your data and such than that would be what all those chinese guy are doing right now


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October 20, 2020, 11:33:45 PM
 #58

The deterioration of relations between the two countries began when US President Donald Trump felt dissatisfied when trading with China.
Finally, starting in mid-2018, President Trump waged a trade war by increasing import duties on Chinese products, which China responded to. The governments of both countries adopted various policies to show "who is stronger". However, the dollar still controls> 60% of the world's money circulation. if China applies crypto currency to compete with the dollar, will their currency have any value?

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October 21, 2020, 02:43:13 AM
 #59

For those stating China creating a cryptocurrency - are you talking about a decentralized currency? Because that goes in the face of everything that is the CCP. I can see China converting all its citizens to use digital Yuan. Even the beggers in outlaying areas of Shanghai collect payments on a smartphone (I was there last year before Covid was "announced"). A true cryptocurrency with decentralization would prevent the government from seizing assets of the citizens. My family's first hand experience of the communists taking over and kicking out Chiang Kai Shek says hell is likely to freeze over before this happens  Grin

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October 21, 2020, 03:44:03 AM
 #60

For those stating China creating a cryptocurrency - are you talking about a decentralized currency?

I'm not saying it's a decentralized currency, it's a Chinese central bank-created digital currency based on blockchain technology, and it should be a Chinese controlled centralized chain.

I am talking about the flow of money through this coin, which is transaction volume (liquidity). Citizens or businesses will likely fall in love with this currency as it uses blockchain and bypasses complicated banking confirmation steps. For a business transferring tens or hundreds of millions of dollars, the cost of transferring money and confirmation times will be much faster.
How people store money depends on their needs, and I don't foresee their needs.
However, the dollar still controls> 60% of the world's money circulation. if China applies crypto currency to compete with the dollar, will their currency have any value?


It was definitely worth it because it was guaranteed by the yuan. The use of this currency by businesses inside and outside of China will reduce the presence of the US dollar. It also means increasing the role of the yuan in the economic system.
Obviously, it is a policy to remove the dollar's influence.

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