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Author Topic: China is looking to get rid of the US dollar  (Read 861 times)
coinfinger
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October 21, 2020, 05:56:22 PM
 #61

The Chinese have created cryptocurrency, but it’s not a cryptocurrency that works worldwide, it’s  only going to be used for transactions in the country and nothing more than that.

Ever since you heard that they have released their own cryptocurrency, how many people have you seen that are not from China that are able to make use of it? I live in a different country and I can’t have access to it.

So, it’s similar to the conventional currency (fiat), you can’t your country’s fiat in another country, that’s what this CBDC’s are going to be.
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October 22, 2020, 02:04:35 PM
 #62

The Chinese have created cryptocurrency, but it’s not a cryptocurrency that works worldwide, it’s  only going to be used for transactions in the country and nothing more than that.

Ever since you heard that they have released their own cryptocurrency, how many people have you seen that are not from China that are able to make use of it? I live in a different country and I can’t have access to it.

So, it’s similar to the conventional currency (fiat), you can’t your country’s fiat in another country, that’s what this CBDC’s are going to be.
With Chinese digital currency, it is like FIAT as it is backed by the Chinese Yuan.
Bahamas created its own CBDC currency. They require individuals using it to use KYC. I think China will also implement AML / KYC policies like the Bahamas so that it can own and exchange this currency.
China only tested its CBDC currency in one city. They haven't made them public yet, but I think they'll have to take into account the policies that people all over the world can own and exchange their currency for.

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October 24, 2020, 04:23:19 PM
 #63

From the start, the competition between China and the United States will have many impacts, apart from the seizure of superpowers, competition between regions, corporate tug-of-war, and especially in the economic sector. China remains China with its geo-strategy and ideology, namely communism, and the USA with its democracy. its impact extends to the financial sector.

However, this depends on the agreement of each country regarding which side of economic progress they will take.

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October 24, 2020, 04:40:25 PM
 #64

I don't think the US dollar will survive in the very next few decades. Lots of things are going to happen, and one of them is world being more global. With it, most companies might be from US, but the concept of nation as a whole will continue to fade away and with time we will see how the dollar loses its value as a currency from particular country. We might see a common currency being accepted throughout the world!

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October 24, 2020, 06:57:18 PM
 #65

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?
No, the deteriorating of the relationship between the US and China has been there for a long time before Trump even got into the office, now it is true that he has expanded the conflict to unprecedented levels, but regardless of who got elected they would have taken some action against China as the Chinese government has been stealing technology from the US for a long time and that gives the Chinese companies and unfair advantage as they do not have to spend a dime on R&D which is very costly as we all know.



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October 24, 2020, 08:30:56 PM
 #66

I don't think the US dollar will survive in the very next few decades.
Despite the decline in the price of dollar, I still can't see any currency that has the best shot in replacing it, even Yuan currency. Or maybe I am wrong, still the universal currency is dollar, everything has its counter currency in dollar which you can already conclude that the dollar may loses its value but not its stand as a currency.
Lots of things are going to happen, and one of them is world being more global.
I just can't understand or interpret this "World being more Global" , can you elaborate this ?

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October 24, 2020, 09:46:32 PM
 #67

It was always inevitable that China would want to break any ties with the US dollar, especially because they accepted a lot of debt in US dollars and this allows the American government to devalue that debt whenever they choose. The world always needs a reserve currency however and the dollar has been the "flight to safety" for such a long time that it's not going to change quickly. Nobody really trusts the Chinese government right now and the Chinese government doesn't even want their own currency to freely float - so they don't really have many options at the moment. They'll just diversify a bit more into Euros and other currencies I suppose.

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October 25, 2020, 01:19:50 PM
 #68

This is not necessarily a bad news for the United States Dollar. There is still a lot of demand for United States Treasury Bonds and the annual rate is like 1.5% per year for the 10-year old bond. Also, foreign governments such as Japan continue to accumulate American bonds. Also, we need to understand that even the Chinese don't think that the value of the bonds are going down. They are dumping them, because they are wary of potential sanctions and embargoes. 

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October 25, 2020, 02:48:08 PM
Last edit: October 25, 2020, 03:27:01 PM by asriloni
 #69

I don't think the US dollar will survive in the very next few decades. Lots of things are going to happen, and one of them is world being more global. With it, most companies might be from US, but the concept of nation as a whole will continue to fade away and with time we will see how the dollar loses its value as a currency from particular country. We might see a common currency being accepted throughout the world!

you could not expect the dollar to be disappeared when it was still getting backed by the economic of country to keep the value of dollar as a fiat currency.

What do you mean about the common currency? the dollar has become a common currency that globally accepted by the various countries and this fiat currency has already used to be used for the trade for import or export.

It's even impossible to make it disappears from the world.

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October 25, 2020, 05:47:58 PM
 #70

You can say whatever you want about the US Dollar. But the truth is that it is the strongest fiat currency out there. It is the reserve currency of the world and the main currency for international trade. You can argue that Swiss Franc or the Japanese Yen have lower inflation compared to the USD, but even then none of these currencies can replace the USD. And talking about Chinese, their currency (CNY) is a joke. It is the most manipulated currency in the world.



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October 25, 2020, 05:55:26 PM
 #71

I don't think the US dollar will survive in the very next few decades. Lots of things are going to happen, and one of them is world being more global. With it, most companies might be from US, but the concept of nation as a whole will continue to fade away and with time we will see how the dollar loses its value as a currency from particular country. We might see a common currency being accepted throughout the world!
US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.

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October 25, 2020, 07:40:34 PM
 #72

I don't think this is possible especially with the relations other country has against towards China. It will be the same case as Facebook's Libra where a lot of countries already have expressed their intent on banning the cryptocurrency only this time it will be much worst. If China created such cryptocurrency I would see barely to no acceptance outside China basically because no country where they have arguments with will accept it. Japan already pulled out their factories from China and I have been seeing news that other countries are exploring other options to find cheap work force and have their factories set up there, this are just a sign that they don't want any of relation with China.
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October 25, 2020, 10:02:26 PM
 #73

I don't think the US dollar will survive in the very next few decades. Lots of things are going to happen, and one of them is world being more global. With it, most companies might be from US, but the concept of nation as a whole will continue to fade away and with time we will see how the dollar loses its value as a currency from particular country. We might see a common currency being accepted throughout the world!
I don't think that other nation will suddenly shift and get rid of their dollars, it is still the best currency in the world as far as global trading it, regardless of stocks, oil, gold and other valuable commodities. So it will remain dominant eventhough it will be challenge by China and others. And even if Biden wins or Trump gets reelected, it will continue it's position. So it will be a ha long and hard battle for China, if that is their goal because they also need to show other powerful economic countries that they can sustain it otherwise, they won't switch that easy.

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October 26, 2020, 01:59:16 AM
 #74


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.


I believe that John Biden will have different policies and tougher steps to address this problem, while strengthening the dollar's position on the world stage. But the European Union today, fearing an even more global crisis, due to China's plans for the dollar and the digital yuan, is already testing the digital euro.

biden will sell the US out. Rip crypto if he gets elected..... shit RIP capitalism if he gets elected...... i dont really want to be a poor communist slave.
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October 26, 2020, 04:48:35 AM
 #75

US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.

In the distant future, we may witness another fiat currency replacing the USD as the world's reserve and trade currency. But I am sure that it is not going to be Bitcoin. I don't think that any of the countries would back a decentralized cryptocurrency to replace the USD. All the major powers want their own central bank currencies to overtake the USD, not some cryptocurrency.



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October 26, 2020, 05:28:40 AM
 #76

It was predictable because of the US and China trade war. Now China is ambitious to end the US dominance (=the dollar primacy since Bretton Woods).

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October 26, 2020, 12:42:06 PM
 #77

With Russia and China getting more bolder and bolder and doing more and more dictatorial stuff, it looks like world war 3 will not be that long away. Obviously it won't happen right away and right now, and obviously China and Russia will not care about how many people they will lose, hell Russia famously won a ww2 fight with 2x or even more losses all because they didn't cared about how many death they have, as long as they defended.

Germany didn't found any opposition when they started to get Jewish people in camps, world didn't cared enough, but when they attacked other nations world got involved. China is literally collecting and murdering their own people right now and world is watching but these military stuff and economical stuff may actually get a bigger opposition from the world if they continue like this.


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October 26, 2020, 03:22:17 PM
 #78

With Russia and China getting more bolder and bolder and doing more and more dictatorial stuff, it looks like world war 3 will not be that long away. Obviously it won't happen right away and right now, and obviously China and Russia will not care about how many people they will lose, hell Russia famously won a ww2 fight with 2x or even more losses all because they didn't cared about how many death they have, as long as they defended.

Germany didn't found any opposition when they started to get Jewish people in camps, world didn't cared enough, but when they attacked other nations world got involved. China is literally collecting and murdering their own people right now and world is watching but these military stuff and economical stuff may actually get a bigger opposition from the world if they continue like this.

They are implementing dictatorships because they have only one party leading. they are trying to solve economic problems and disrupt dictatorships from America. All nations have the right to make their own decisions about economic, cultural and social matters. China, Russia and other countries in the world are trying to get rid of the dollar. They have their own currency and they can compete equally with other countries.

Regarding politics in China, we only listen to the West one way. The Chinese side has rejected related issues such as organ harvesting and the extermination of emerging religions.
Clearly, over the years countries like the West (especially the US) have taken advantage of the masses and made them protest to overthrow the government. China is trying to establish order in its own country.
Looking back at the color revolutions in Ukraine, Georgia, Kyrgyzstan, Belarus, we see how the consequences of the democratic flag from the US hurt these countries.

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October 26, 2020, 03:46:15 PM
 #79

US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.

In the distant future, we may witness another fiat currency replacing the USD as the world's reserve and trade currency. But I am sure that it is not going to be Bitcoin. I don't think that any of the countries would back a decentralized cryptocurrency to replace the USD. All the major powers want their own central bank currencies to overtake the USD, not some cryptocurrency.

did usd was replaced before ? Afaik it isn't yet because usd is still the standard unit of all currency so far that are being used the most then there's euro and the other one which I forgot ,  sorry. 

I don't know if it's possible for usd to be replace as the national currency but if ever it is , that won't be Bitcoin because Bitcoin is from the other world.  There are countries that can back a crypto but that is if they proudly made the crypto , China for example . 

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October 26, 2020, 04:09:07 PM
 #80

US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.

In the distant future, we may witness another fiat currency replacing the USD as the world's reserve and trade currency. But I am sure that it is not going to be Bitcoin. I don't think that any of the countries would back a decentralized cryptocurrency to replace the USD. All the major powers want their own central bank currencies to overtake the USD, not some cryptocurrency.
No currency can replace the dollar if it is FIAT. The US influence is so great, they will kill any country that wants to topple the dominance of the dollar.
Why don't we use Bitcoin? Bitcoin has global liquidity despite the old Bitcoin blockchain technology. We can wrap them up on other blockchains to speed up transactions and prevent congestion.

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