Will China take over the world with the Digital Yuan?

[Abiky]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

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[jackg]

Have you looked up a chinese currency on forex markets?

They don't want anyone trading it. They randomly hyperinflate their own currency to encourage people to invest their funds or to spend (I don't know if they give warning on that or if it's random).

Also, countries generally don't want to trust other governments (the European commision combined with the common wealth was very good at bringing a lot of economies into one umbrella and removing the "xenophobia" against governments). The two, now split, will likely be able to do that but as a single cooperation scheme it was quite big.

[Refrumatrix]

The digital yuan won't double their money, it doesn't make sense for China citizen to put their money on digital yuan, do you heard about what's going on with chia coin in China lately? Chinese people are rushing to buy SSD and HDD to farm chia coin which is already causing scarcity on HDD and SSD in China right now, who cares about digital currencies that can double in value??

[hatshepsut93]

If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world.

Economies grow in size when people produce goods and service, not when the government prints money.

Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

Currencies don't have fees or settlement speed, payment networks do. Even if digital yuan will have these things, there are other factors that will prevent its global adoption. Citizens of many countries will be suspicious of it, governments will limit its use, people don't have as much faith in yuan as they have in USD, existing networks are quite satisfying to most users, even if they aren't as fast/cheap.

[stompix]

This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies.

Makes no sense, settlements speeds or low fees are not the pros of a reserve currency, it's not called reserve because you spend it daily 
The digital yuan will present as much interest as a reserve as the yuan itself,  on pair with the Canadian dollar and 3 times lower than the yen, not even close to what the dollar and euro are sought for. Those numbers might be even less since this digital version would come with the perk of allowing the other nation to be in complete control of your reserves...which is against the very principle of it.

If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

People overestimate the role of digital currencies and their impact.
If people would have that much trust in the yuan they would be dealing with Chinese banks and their payments gateways already, but they don't no matter the advantages, a currency that is not going to be accepted by other nations is a useless one and I don't see how the US or the EU will allow it. Look how Iran is trying to avoid sanctions with crypto, why it doesn't work? Because crypto, gold, dollars, or oil people don't trade with them, what western bank do you think will push for a digital yuan adoption?

Or will everything else remain the same?

Exactly the same, all of it.

[totaleclipseofthebank]

Well, China can be the pioneer with digital yuan but developed countries (especially the Western) will not accept it. ETF maybe follow their lead. This will make the currency usable only within China. The government can encourage their allies to use the Digital Yuan but I doubt that the facilities of those countries are strong enough to maintain it.

So the answer: China cant take over the world with The digital Yuan

[Fortify]

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

I cannot see China taking on the role of the reserve currency of the world for a very long time, if ever. The Yuan, digital or not, is still not a freely floated currency in the world and is heavily controlled for the interests of the Chinese government. This is natural (if not widely used by other countries), they obviously want to get the most benefit from their currency possible, but it comes at the expense of their trading partners. However there is an inherent lack of trust that comes from an undemocratic country that has broken treaties relatively recently (see: Hong Kong) and is very belligerent with many of their neighbors. Only a few years ago it seemed that they were content with treading a slow and peaceful path to world domination, but since Xi Jinping took over it has taken an increasingly violent turn for the worst. America has many problems, but it is still one of the most innovative and reasonably stable free countries in the world, China might be a manufacturing powerhouse but their system of governance seems to be suffocating to creative thinking. Those who trade security for freedom, deserve neither.

[Coyster]

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same?

CBDC's are still more or less a trial/experiment/tentative idea, there's no way any country is taking over the world by launching them, since their success isn't even determined not certain yet, it could still very well be a failed experiment. The thing is everything will more likely stay the same way, in the sense that even if the CBDC's are a success, it'll be no better than the nation's Fiat currency, just a digital version.

Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

Most countries have in one way or another mentioned that they are working on their CBDC, thus it'll be a regular thing in the coming years. I don't think there'll be any 'transition' from paper currency to CBDC's, they'll both be used, and it's the "digital Fiat" that will be used less.

[just_Alice]

Everything will remain the same because all this digital money thing was just a way to drive attention from crypto so that the government doesn't lose control over their population IMO. What's the point in all this? Everyone is already using digital for payments, people use cards and phones, mobile apps, I barely see anyone with cash nowadays.
Yes, they might remove cash and coins from circulation, but why would that make them superior? Maybe other countries will follow the lead and do the same, though I don't see much point in it. But instead of using Yuan, they'll definitely make a digital currency of their own.

[Lorence.xD]

Let's just see what it can do and I am sure that it will be difficult because I believe that Digital Yuan is going to be an exclusive thing in China not to mention that they plan to dissolve it when you don't use it for a long time so as to keep a certain limit circulating the economy, not a good thing hodl.

[cabron]

It would depend on countries partnering with China. If they see USD  not worth anymore because its value is decreasing and the amount of percentage that China is buying from other countries like Oil, the Arab countries may change their view and want the Yuan as the base currency. In short if Yuan is used more than USD because of their one belt road then the possibility is higher.

US can not enforce other countries to use their USD if its value is decreasing at an alarming rate.

[Darker45]

China is indeed conquering the world little by little. As a matter of fact, the world in general is dependent on China to certain extent. When China, for example, was locked down because of COVID-19, the world was severely affected. And when the virus started to spread all over the globe, countries from Asia to Europe to the Americas are all flocking toward China for health equipment, from masks to testers to respirators and so on.

China's digital yuan will prove to be easily adopted by so many countries that are already being held by the scruff of their neck by China. They don't have a choice but to make the digital yuan a global currency.

[dothebeats]

It's hard to dethrone USD and EUR in their status as global reserve currencies. It's just that the world has put too much trust into these currencies that any new ones attempting to take over will not matter. With the way how China runs its economy and its domestic policies, the rest of the world would not like that to happen to the rest of them. Also, who really wants to risk a whole lot of money in hoarding a digital currency that is not really proven in the financial world anyway?

[Kittygalore]

It's hard to dethrone USD and EUR in their status as global reserve currencies. It's just that the world has put too much trust into these currencies that any new ones attempting to take over will not matter. With the way how China runs its economy and its domestic policies, the rest of the world would not like that to happen to the rest of them. Also, who really wants to risk a whole lot of money in hoarding a digital currency that is not really proven in the financial world anyway?

From a video that I have watched, the Digi Yuan will disappear if you don't spend it so it is a worthless currency to hodl and they also can track your every move so no thank you, I don't think that Digi Yuan is going to get big. And as @dothebeats says, it is difficult to dethrone USD which is the reserve currency for most countries in the world.

[goldade]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

I am of the opinion that it is totally impossible for China, with the digital yuan, to take over the world. The Digital yuan, I believe, still has the same characteristics of the fiat yuan which makes it just like any other fiat currency in the world. What advantages does it have over the fiat currencies, being digital? You'd realise it has none.
Someone mentioned that it is worthless to join and it can also be tracked. That means the freedom we enjoy with bitcoin and other cryptocurrencies cannot be enjoyed with the digital yuan.

[Coyster]

That means the freedom we enjoy with bitcoin and other cryptocurrencies cannot be enjoyed with the digital yuan.

Basically, Freedom and 'control' of funds is only with Bitcoin and other decentralized cryptocurrencies, just as Fiat is manipulated and controlled by the government, it's the same way CBDC's are going to operate, the government will continually call the shots, just as they have always done with currencies they create and print as much as they want, when they want.

From a video that I have watched, the Digi Yuan will disappear if you don't spend it so it is a worthless currency to hodl...

Digital yuan and all other CBDC's that will prolly be in use in time to come is not expected to be held as people do with Bitcoin and other dex coins, it (cbdc's) doesn't have value as an investment, I think cbdc's will no doubt be a popular phenomenon in years to come, but it won't be another sort of Bitcoin in terms of usage and in every other aspect just as the govt prolly wants.

[Mauser]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

At the moment I don't see any way how China can over take the world with their Digital Yuan. The problem other countries with China have is that their monetary and fiscal policies are closely controlled by the communist party. There is free market movement in place which makes it hard for investors to fully trust into the currency. The Chinese government is not interested in letting freely float their currency. As soon as something is not going according to their plan they will just start influencing the currency markets.

[ilovealtcoins]

The digital yuan is just one central bank's solution to the application of blockchain in the banking system. They will offload more steps in money management, economic management. For the Digital Yuan to reach the world, there need to be treaties between China and other countries and organizations in the world. This takes a lot of time and effort from the Chinese side.

[ninkdwi]

by all means China will continue to advance and exploit all means in order to remain in the forefront. nothing can stop it, apart from Dollar making peace with digital finance. America's conventional nature must be addressed and following the digital movement in the future that will become a leader. but if China really does become one of the mainstream with its Yuan, will the system of order and other rules change as well?
that is what we are concerned about

[Ebede]

The digital yuan won't double their money, it doesn't make sense for China citizen to put their money on digital yuan, do you heard about what's going on with chia coin in China lately? Chinese people are rushing to buy SSD and HDD to farm chia coin which is already causing scarcity on HDD and SSD in China right now, who cares about digital currencies that can double in value??

So really, don't overlook or degrade anything, they have started it, but with a gradual process they will dominate, using bitcoin as illustration today because nobody believes that bitcoin will go a long way but finally bitcoin is now taking all over the world.

[Dilerium90]

I think, that many countries will follow with curiosity the Chinese experiment with digital currency, and if this is successful, they will immediately follow the example of China. I think in 50 years almost every country will have its own digital currency.

[yhiaali3]

I have previously talked about this elsewhere, there is a cold economic war between China and the United States, and of course the digital field is a very important element in this cold war, there is a hidden race between the United States and China to acquire digital currencies, I think that Libra was part of a project The United States to defeat China, but Libra failed.
Now China has succeeded in issuing its digital currency (the digital yuan) while the United States has not yet done so, so I think that the next step will be either the United States seeks to issue its own digital currency or obstruct the Chinese project to control digital currencies.

[Hydrogen]

The problem with initial proposals for china's yuan CBDC I've seen is it fails to offer advantages to cash or other forms of digital payment. While penalizing end users with significant disadvantages such as expiration dates forcing users to spend digital yuan within a certain timeframe to avoid having the money expire.

It took sailors 10 years to accept the explanation of fruits and vegetables curing scurvy. Many years before people were willing to trade horses for horseless carriages. There is usually a transition period associated with the adoption of new technology and inventions. They can choose to speed the adoption process by offering attractive terms to consumers. Or perhaps slow the adoption process with the opposite. At the moment, the latter appears more likely. But perhaps we'll see a shift in policy.

[lalabotax]

I am not sure enough about the future prediction.
However, if China really can develop the digital Yuan, make it globally, and also focused on using and increasing the utility, it may have chances. However, now, USD is still the king that most currencies now depend on that currency

[jaysabi]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

I don't think China's move will force other countries to launch a digital currency of their own as many other countries will not have the technological proficiency to do so. What it will do is create a global currency to challenge the USD and provide a way for rogue nations to avoid US sanctions, which will tie those nations economically and militarily closer to China, which is will be a major foreign policy challenge for the United States.

[conected]

I am not sure enough about the future prediction.
However, if China really can develop the digital Yuan, make it globally, and also focused on using and increasing the utility, it may have chances. However, now, USD is still the king that most currencies now depend on that currency

- I am quite wondering why they don't use traditional currencies but develop digital yuan, the nature of both currencies does not seem to make much of a difference, conversion is sometimes not problematic even at a far range. There is a speculation that China wants to develop networks in crypto but it is quite difficult to conquer when the recent pandemic has caused China to almost ostracize its neighbors, the United States in particular is a country that has declared that it does not want to continue cooperating with China

[7788bitcoin]

The problem with initial proposals for china's yuan CBDC I've seen is it fails to offer advantages to cash or other forms of digital payment. While penalizing end users with significant disadvantages such as expiration dates forcing users to spend digital yuan within a certain timeframe to avoid having the money expire.

Do they really have a time frame before the Yuan CBDC will expire, if that is the situation then it will fail to win investors as no one wants to be bound to a certain timeline and no one will be willing to spend money with a timeline in place and hence we can say that it is bound to die off in a few years.
Some countries will try this route as well and why would anyone invest in anything that does not provide any advantages over regular monetary system.

[Abiky]

Everything will remain the same because all this digital money thing was just a way to drive attention from crypto so that the government doesn't lose control over their population IMO. What's the point in all this? Everyone is already using digital for payments, people use cards and phones, mobile apps, I barely see anyone with cash nowadays.
Yes, they might remove cash and coins from circulation, but why would that make them superior? Maybe other countries will follow the lead and do the same, though I don't see much point in it. But instead of using Yuan, they'll definitely make a digital currency of their own.

That's certainly true, mate. People are already accustomed to digital payments, so a new CBDC wouldn't make any difference other than eliminating paper money for good. China is still struggling to become the world's largest economy, probably because of its policies. The United States is much more flexible in this regard, which is why many countries trust the US Dollar. It doesn't matter which digital currency comes first, but rather which one remains the leading currency for global commerce. Rest assured that if China launches the "Digital Yuan" first, other countries will quickly follow. I believe the United States won't take long enough to launch the "Digital Dollar" in order to stay ahead of the game. Like it or not, paper money will soon fade into oblivion. This will become a reality faster than we've previously imagined, as COVID-19 forces people to rely on digital payment methods to avoid any physical contact.

Nonetheless, no one knows what will happen in the future. China's economy is growing at a fast pace, so anything can be expected with the launch of the "Digital Yuan". While China taking over the world is not feasible at the moment, it could be if it continues to expand its influence worldwide. The US should do everything at its disposal in order to prevent losing its supremacy in the future. At least, we don't have to worry about the USD losing its status as the reserve currency of the world for a long, long time. Just my thoughts

[Kamarah]

China is being said to be the world leader in digital money development. Currently China is issuing digital yuan to replace circulating cash. This is a booming progress that promotes digital development. It also positive impact on Bitcoin electronic money. Chinese relatives can use electronic money in circulation.

[DrBeer]

For the digital yuan to replace the US dollar, the global economy must have a need or interest. At the same time, there should still be understandable risks of using the new world currency. The question is - how do you think - is the current situation in the world economy in order to create a need to change the international currency of mutual settlements? Is there an assessment of the risks of working with a digital currency that is completely controlled, let's say honestly, by the ruling elite of the country, where there are a lot of nuances, underconfusions, information hiding, and hidden goals? For example, the United States cannot immediately stop or somewhere ban the circulation of the dollar. In a digital exchange protocol, this can be done quite easily, but I am sure that many of the technologies underlying the digital yuan will be classified and remain proprietary.

[zanezane]

Bitcoin can't even do it in ten years, how do you expect China to do a different thing with their subpar CBDC, plus China has a very exclusive economy so I don't think that it is going to get out of their market or economy.

[(o)(o)ilikeboobs(o)(o)]

China is just pioneering in technology and creating a national digital currency. They cannot make the yuan the number one currency in the world because countries like the US, the European Union, the UK are fighting against China.
To turn the digital yuan into an influential currency in China requires many economic agreements, with financial networks in all regions around the world.
The 1973 Petro Dollar Treaty is making the dollar more liquid than any other currency. The digital yuan is just one solution in China and it doesn't mean much compared to the world monetary system.

[ashmodeus]

on my perspective , the reason china created digital yuan is just for centralizing their money perfectly , they just want control their citizen money out, i even don't understand to a video on youtube explain chinese digital yuan will kill bitcoin, its totally no sense.

[DrBeer]

China is just pioneering in technology and creating a national digital currency. They cannot make the yuan the number one currency in the world because countries like the US, the European Union, the UK are fighting against China.
To turn the digital yuan into an influential currency in China requires many economic agreements, with financial networks in all regions around the world.
The 1973 Petro Dollar Treaty is making the dollar more liquid than any other currency. The digital yuan is just one solution in China and it doesn't mean much compared to the world monetary system.

The biggest problem for the Digital Yuan is China's opacity as a partner. They can declare one thing and do another, they can hide or distort some data. This makes this asset, managed by the Chinese government, high-risk, low-predictable, which does not allow it to be used as a stable, secure solution.

[electronicash]

we dont know yet the real deal with digital yuan  but we already know they are becoming richer than ever and the US economy is shrinking. China is expandi and thsy even want to unify Taiwan. they are making friends to countries to be ally with.

the CBDC Yuan will be released to everyone who will be there in China in the coming Olympics too. i guess thats the time we will know exatly how their CBDC wallet works.

[sapnu]

Regardless of how powerful the digital yuan being proposed by China is becoming, there are still a lot of flaws that may hinder it from becoming exclusive and attractive digital currency in the making. Most of the countries in the world would not want to get involved in a currency being runned down by the government for it would mostly benefit the other side than to them. Maybe inside their country, things may work out but for sure, not everyone will support and tolerate the use of it, most will still stick on other cryptocurrencies where they can find freedom and gain much more benefit compared to the digital currency being promoted by their country.

[Cling18]

Well, China can be the pioneer with digital yuan but developed countries (especially the Western) will not accept it. ETF maybe follow their lead. This will make the currency usable only within China. The government can encourage their allies to use the Digital Yuan but I doubt that the facilities of those countries are strong enough to maintain it.

So the answer: China cant take over the world with The digital Yuan

It will even be hard for them to replace dollar. As for me, it will be hard for some countries to trust Yuan because of the issues that China has been facing due to territorial issues and recklessness that spread the pandemic. They can control their people with their currency but it won't take over the world.

[BrewMaster]

Makes no sense, settlements speeds or low fees are not the pros of a reserve currency, it's not called reserve because you spend it daily 

it is not about the price or low fees or speed or anything else apart from who controls that currency. USD is not used globally because it is a good currency, etc. it is only used because of the big bad bully that controls it called United States of America!
now China has been replacing US for some time now and they have been trying to become the new world power. one front to replace US is replacing US dollar. Yuan and digital Yuan is a step in that direction.

[(o)(o)ilikeboobs(o)(o)]

China is just pioneering in technology and creating a national digital currency. They cannot make the yuan the number one currency in the world because countries like the US, the European Union, the UK are fighting against China.
To turn the digital yuan into an influential currency in China requires many economic agreements, with financial networks in all regions around the world.
The 1973 Petro Dollar Treaty is making the dollar more liquid than any other currency. The digital yuan is just one solution in China and it doesn't mean much compared to the world monetary system.

The biggest problem for the Digital Yuan is China's opacity as a partner. They can declare one thing and do another, they can hide or distort some data. This makes this asset, managed by the Chinese government, high-risk, low-predictable, which does not allow it to be used as a stable, secure solution.

China is known for its sly contracts that benefit them. they are no different from the capitalist governments I know of. Their influence comes from expansion. I am seeing China invest in Africa, they come to take the resources of the countries and bring little value. The most recent is the belt and road projects. These countries are indebted to China. The consequence of the default is the price that must be paid to national territorial sovereignty.
I believe that one-day African countries will use their digital yuan for transactions instead of their country's fiat currency.

[Nanda Dewi277]

China probably is one of the big countries with many influences to the world. But, taking over the world with their digital currency. I don't think it can be. For, this is the world and many people are here involved. Moreover, the US will not probably allow it and there will be economic or financial wars between the two and also other developed countries around the world. And we as common person just watch and see what will happen.

[milewilda]

China probably is one of the big countries with many influences to the world. But, taking over the world with their digital currency. I don't think it can be. For, this is the world and many people are here involved. Moreover, the US will not probably allow it and there will be economic or financial wars between the two and also other developed countries around the world. And we as common person just watch and see what will happen.

Can we really think that other big and powerful countries would let themselves be controlled by China? No, it wont happen even on my dreams.They can create on what they want but it wont really be enough on control the world and we have seen on how other countries do react into certain things and in spite of involving into other works they would rather create on their own and tending not to be controlled by
any countries outthere.So the obvious answer for this question is definitely No. Digital fiat couldnt control everything, they can create but it would really be just
good locally.

[bitgolden]

Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

China seems to be taking over even without digital yuan as well. I mean they are ruthless in business they are doing and they are incredibly rich as well. Every nation in the world owes them big amounts of money and they are cashing that in with lands all around the world as well. You may not be able to attack and take a piece of land from USA for example, they have huge military, but you can always pay them and buy a land from there, no fighting no nothing they are simply just getting paid to give up their nation while having the biggest military in the world.

This applies to every other nation, they owe big money to them and China just takes over some lands, obviously as a business, land technically still is in that nations soil and controlled by that, but profit wise we are talking about China simply modernized the colonial approach and that’s it.

[wiss19]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

So what are you expecting he US government to do? start hurrying up to develop a digital currency just because china is doing it? If any country wants to develop a cryptocurrency, it’s not something that they will have to rush into, they need to take their time and work towards that. That’s the same thing that China did, they never rushed it, rather they took their time to be working on it, because I can remember when they started talking about this.

By the way, being the first to create a cryptocurrency doesn’t mean that they are going to be the number in economy. And moreover, the Yuan will only be used in China, for now. Maybe when other countries create their own digital currencies, they will be able to exchange it.

[quocsi]

China is a thriving country in the world. It is the 2nd largest economy country in the world after the United States. Digital currency is thriving in this country. I think that in the near future China's digital currency will dominate the world market. We should prepare for that to happen and receive it.

[Scripture]

China is a thriving country in the world. It is the 2nd largest economy country in the world after the United States. Digital currency is thriving in this country. I think that in the near future China's digital currency will dominate the world market. We should prepare for that to happen and receive it.

The world can’t accept that China will take over as the world leader, many countries will not allow that especially the US. Many countries are now working to have their own digital currency as well, especially the Dollar so I don’t think the competition will stop them and I don’t think China will take over the world just because of digital yuan.

[AndySt]

So what are you expecting he US government to do? start hurrying up to develop a digital currency just because china is doing it? If any country wants to develop a cryptocurrency, it’s not something that they will have to rush into, they need to take their time and work towards that. That’s the same thing that China did, they never rushed it, rather they took their time to be working on it, because I can remember when they started talking about this.
By the way, being the first to create a cryptocurrency doesn’t mean that they are going to be the number in economy. And moreover, the Yuan will only be used in China, for now. Maybe when other countries create their own digital currencies, they will be able to exchange it.

I will even say that many countries are deliberately taking their time to develop a digital version of their currency, to see how China implements all this and what problems it will face when it starts large-scale implementation of the digital yuan throughout the country, and not in individual cities as at the present time. As far as we can judge from the statements of representatives of China, there are no thoughts about global expansion yet and all plans are limited only to the territory of China, which of course does not prevent then scaling it to the whole world, but watching with what caution China approaches the issue of using the yuan as a world reserve currency, I think that China will also not rush with the digital yuan.

[cabron]

So what are you expecting he US government to do? start hurrying up to develop a digital currency just because china is doing it? If any country wants to develop a cryptocurrency, it’s not something that they will have to rush into, they need to take their time and work towards that. That’s the same thing that China did, they never rushed it, rather they took their time to be working on it, because I can remember when they started talking about this.
By the way, being the first to create a cryptocurrency doesn’t mean that they are going to be the number in economy. And moreover, the Yuan will only be used in China, for now. Maybe when other countries create their own digital currencies, they will be able to exchange it.

I will even say that many countries are deliberately taking their time to develop a digital version of their currency, to see how China implements all this and what problems it will face when it starts large-scale implementation of the digital yuan throughout the country, and not in individual cities as at the present time. As far as we can judge from the statements of representatives of China, there are no thoughts about global expansion yet and all plans are limited only to the territory of China, which of course does not prevent then scaling it to the whole world, but watching with what caution China approaches the issue of using the yuan as a world reserve currency, I think that China will also not rush with the digital yuan.

Almost all countries are relying on Chinese products already so if they will ask anyone to just use Digital yuan when buying from them because that's how things work in importation and exportation, importers will use Digital Yuan.  They are not trying to rule the world, it's just how things work.

Africa knows because they already felt how much impact China had provided by building infrastructures from railroads to buildings which US and EU had not done to improve their lives.

[AicecreaME]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

It's too early to say that China will take over the world and US dollar won't be the reserved currency anymore just because China launched their digital currency. It doesn't necessarily mean that the first one will be widely acceptable to the neighboring countries and to the other parts of the world. China's digital Yuan will just be used and acceptable to their country. The other countries will just find it useless and impossible to transact with since outside its originated place, technically, it still has no value.

I think the creation of digital yuan will somehow boost other country to make their own as well, only if they deem it necessary especially now that we're in the middle of a pandemic crisis. Although the transition is already happening right now, because this pandemic has pushed us to use the alterative mode of transaction which is shopping and paying online for safety purposes.

I think most countries can gradually transition with digital money, but we can't just ditched the physical money at all. Even when the time comes that the world has widely accepted the digital payment methods, physical money will still be retained and used. I think they will coexist which is much better because we'll have an alternative option.

[cabron]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

It's too early to say that China will take over the world and US dollar won't be the reserved currency anymore just because China launched their digital currency. It doesn't necessarily mean that the first one will be widely acceptable to the neighboring countries and to the other parts of the world. China's digital Yuan will just be used and acceptable to their country. The other countries will just find it useless and impossible to transact with since outside its originated place, technically, it still has no value.

I think the creation of digital yuan will somehow boost other country to make their own as well, only if they deem it necessary especially now that we're in the middle of a pandemic crisis. Although the transition is already happening right now, because this pandemic has pushed us to use the alterative mode of transaction which is shopping and paying online for safety purposes.

I think most countries can gradually transition with digital money, but we can't just ditched the physical money at all. Even when the time comes that the world has widely accepted the digital payment methods, physical money will still be retained and used. I think they will coexist which is much better because we'll have an alternative option.

With them ahead of 5G, it's almost impossible to beat China with that. It's like they own our asses already. The battle isn't just about the Economy and USD debasing because it's all in different aspects like the DATA market which they could weaponize using the 5G.

To make it easier for us to understand is that 5G is like a platform like ETH. and the ERC20 tokens are the internet websites and companies and all the data passing thru that 5G and the Chinese own it. What do you think they would to that these data?

[Koro-Sensei]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

It depends. I believe more sanctions are coming into their way and it will very much affect the success of their future. With all those bullying happening in Taiwan, Philippines, Indonesia and etc by China, more and more economic powers are trying to get rid of China's ambition to become the worlds largest economic country. Sanctions are being applied and even if their Central Bank Digital Currency is baseless and it will not gain momentum as long as they follow the international laws.

[mu_enrico]

China won't take over the world with a currency! I won't touch Yuan, I'd rather use my sweet dirt cheap Rupiah!
China will take over the world with Marxism. They will indoctrinate your kids in the school, via Marxist teachers, and Marxism-leaning curriculum.

Sincerely, a former Marxist guy because 20+ years of Marxism-tainted education.

[Anonylz]

For them to be able to take over the world with their digital Yaun, it means they are able to impose the currency on the rest countries in the world, willingly or unwillingly, of course if it was up to them they won't mind imposing it on especially the weaker countries, but this is not possible since every country has their governing laws (constitutional laws) and rules,
May be this can improve on their economic and make them more economically powerful and that is as far as it will go, they will not be taking over the world with that, i hope not.

[BrewMaster]

interestingly enough the USD reserve of countries is decreasing and the new reports indicate a new drop in the percentage of it. more interesting than that is the increase in the percentage of the Yuan they are holding instead of USD.
you ask if China is going to take over the world in the future, i say they have already done it while we were are sound asleep.

[Smartvirus]

China has been the center for upcoming technology as they look to develop and make improvements on every technological break through. The idea of the digital Yuan came up as to the Chinese government inability to accurately or completely tackle the activity of bitcoin and other cryptocurrencies amongst its citizens and its used in the Chinese territory. Hence, the digital Yuan was invented as a direct combative force for cryptos but it comes with a limitation and for this, I feel it won't completely serve as a cryptocurrency. This is because, it is nation bound. Its somehow tagged to China and as such, the universality of the currency is questionable. It might boom within China but, around the world, not so much.

[Arkann]

the main strength of cryptocurrencies is their decentralization. No digital asset that is controlled by the authorities can be called a cryptocurrency. Based on this, there is no difference between a digital yuan built on a blockchain and a simple fiat yuan. based on this, the Chinese digital yuan will not make a small revolution in the cryptocurrency market and in the world in general, as many expect.

[Alert31]

Do you think other country like US will allow China to take over the world with their digital money? I think there will be a digital competition for every country if ever. Also, their digital currency is centralized and people want is decentralize currency. Let's wait and see what will happen next.

[Fredomago]

the main strength of cryptocurrencies is their decentralization. No digital asset that is controlled by the authorities can be called a cryptocurrency. Based on this, there is no difference between a digital yuan built on a blockchain and a simple fiat yuan. based on this, the Chinese digital yuan will not make a small revolution in the cryptocurrency market and in the world in general, as many expect.

No one from this industry will embraced the idea of making a centralized governance towards cryptocurrency, like what you have mentioned there's no differences between fiat Yuan and the digital base Yuan,

same aspects that they are both controlled by china's governance, this adoptions will remove the intentions of having free of interferance from any government form system.

We should continue to stay with decentralizations as it was the very reason of this system.

[sana54210]

It's too early to say that China will take over the world and US dollar won't be the reserved currency anymore just because China launched their digital currency. It doesn't necessarily mean that the first one will be widely acceptable to the neighboring countries and to the other parts of the world. China's digital Yuan will just be used and acceptable to their country. The other countries will just find it useless and impossible to transact with since outside its originated place, technically, it still has no value.

That is the correct approach to these things. Let’s wait and see. Why do you think that huge tech companies are as big as they are? Because when something threatens their existence they either buy it as a whole or they just make a copy of it, look at facebook not as many people use it nowadays as they did back in the day but they bought whatsapp and instagram which made it a great investment for them, they are everywhere and that is a good thing.

Long story short if Chinese digital yuan becomes a huge thing, USA could start their own and can compete; do you really think it would take decades for them to get that ready? It would take them maybe a year at worst, they can pay any developer they want, a team, a whole company even billions of dollars and get that ready very quickly, this is why nobody is worried about digital yuan since it could be completed by others very quickly.

[Abiky]

Long story short if Chinese digital yuan becomes a huge thing, USA could start their own and can compete; do you really think it would take decades for them to get that ready? It would take them maybe a year at worst, they can pay any developer they want, a team, a whole company even billions of dollars and get that ready very quickly, this is why nobody is worried about digital yuan since it could be completed by others very quickly.

That's certainly true, mate. The US has all the resources required to make the launch of a "Digital Dollar" faster than you could've ever imagined. If I'm not mistaken, the United States is much richer than China so it has greater influence in the mainstream world. It doesn't matter which currency becomes "digitized" first, but rather which is the most adopted by countries worldwide. The US Dollar might retain its position as the world's reserve currency even after the "Digital Yuan" becomes a reality in the not-so-distant future. What kills China's ability to make the Yuan the reserve currency of the world is its policies. I don't think the situation will improve after the digitalization of the Chinese Yuan.

Nonetheless, the future is widely unpredictable. Many things can happen depending on the negative impact of COVID-19 towards the mainstream economy. While most countries' economies went downhill since the start of the pandemic, China's economy behaved differently. Who knows if the Yuan becomes stronger after the end of the pandemic? Time will tell us whenever the US will retain its position as the world's reserve currency, or go all the way down the drain as rival currencies gain traction in the mainstream world. Just my thoughts

[DrBeer]

There are several more problems that will prevent the digital yuan from becoming a replacement for the dollar in the global economic arena. The first is SUPPORT. The dollar is supported by the most powerful economy, the army, the power of influence of the United States. China will never reach this level. The reason? An export-oriented economy, dependence on the foreign exchange flow, a specific regime, a lack of trust in the world community. No offense. This is reality. Second - if China can be interested - then only weaker partners who depend on China and will accept the conditions in order to maintain "good relations". These are Russia, North Korea, most likely Mongolia, and possibly "fighters against world capitalism," such as Venezuela. and nobody else! Now look at the total share of these "partners" in the world economy (excluding China)? At most, in total, about 3% of the world economy. Those. the rest will "work" with the dollar, and the same China.

[macson]

China is a thriving country in the world. It is the 2nd largest economy country in the world after the United States. Digital currency is thriving in this country. I think that in the near future China's digital currency will dominate the world market. We should prepare for that to happen and receive it.

Just because China has the second strongest economy after the United States, you say China has great potential to dominate the world?  Overall China is still the 3rd strongest country in the world after the United States and Russia, so Digital Yuan dominating the world is still only a fantasy.

Code:

https://www.businessinsider.com/worlds-most-powerful-countries-2020-ranked-us-news-2020-1?r=US&IR=T#1-united-states-25

[goaldigger]

China is a thriving country in the world. It is the 2nd largest economy country in the world after the United States. Digital currency is thriving in this country. I think that in the near future China's digital currency will dominate the world market. We should prepare for that to happen and receive it.

Just because China has the second strongest economy after the United States, you say China has great potential to dominate the world?  Overall China is still the 3rd strongest country in the world after the United States and Russia, so Digital Yuan dominating the world is still only a fantasy.

Code:

https://www.businessinsider.com/worlds-most-powerful-countries-2020-ranked-us-news-2020-1?r=US&IR=T#1-united-states-25

Digital Dollar will come in the market as well, that’s why its not easy for China to take over and I don’t think this is the best way for China to take over maybe there’s another way but not through their Digital yuan where only Chinese people will benefit on that. USD is still the worlds most acceptable fiat money, it wont replace by any fiat money.

[AndySt]

There are several more problems that will prevent the digital yuan from becoming a replacement for the dollar in the global economic arena. The first is SUPPORT. The dollar is supported by the most powerful economy, the army, the power of influence of the United States. China will never reach this level. The reason? An export-oriented economy, dependence on the foreign exchange flow, a specific regime, a lack of trust in the world community. No offense. This is reality. Second - if China can be interested - then only weaker partners who depend on China and will accept the conditions in order to maintain "good relations". These are Russia, North Korea, most likely Mongolia, and possibly "fighters against world capitalism," such as Venezuela. and nobody else! Now look at the total share of these "partners" in the world economy (excluding China)? At most, in total, about 3% of the world economy. Those. the rest will "work" with the dollar, and the same China.

Never say never I would be wary of saying that this state of affairs in the global economy will last forever and China, with its 1.4 billion people, will not be able to make the most powerful economy in the world, simply because of its size. As for the dominance of the dollar, there is a strong feeling that China itself is not yet ready, that the yuan, even if ordinary, even digital, will become the world currency to replace the dollar, and all the confrontational policy is mostly on the part of the United States and forces China to pay more attention to the development of the domestic market and less export-oriented. On the other hand, all this policy with uncontrolled stimulation of the economy in the form of printing a huge amount of money can lead to disastrous consequences and no one can say with certainty which country will take the first roles in this case.

[kpierce77]

China is a thriving country in the world. It is the 2nd largest economy country in the world after the United States. Digital currency is thriving in this country. I think that in the near future China's digital currency will dominate the world market. We should prepare for that to happen and receive it.

Just because China has the second strongest economy after the United States, you say China has great potential to dominate the world?  Overall China is still the 3rd strongest country in the world after the United States and Russia, so Digital Yuan dominating the world is still only a fantasy.

Code:

https://www.businessinsider.com/worlds-most-powerful-countries-2020-ranked-us-news-2020-1?r=US&IR=T#1-united-states-25

Digital Dollar will come in the market as well, that’s why its not easy for China to take over and I don’t think this is the best way for China to take over maybe there’s another way but not through their Digital yuan where only Chinese people will benefit on that. USD is still the worlds most acceptable fiat money, it wont replace by any fiat money.

Besides that, China also has negative views from several countries, imo. which made it quite difficult for them to implement their digital yuan. I still believe that replacing USD is almost impossible, and for sure they will focus on their domestic market first. With the many problems they may face, I think digital yuan is far from ready, at least for now

[electronicash]

China is a thriving country in the world. It is the 2nd largest economy country in the world after the United States. Digital currency is thriving in this country. I think that in the near future China's digital currency will dominate the world market. We should prepare for that to happen and receive it.

Just because China has the second strongest economy after the United States, you say China has great potential to dominate the world?  Overall China is still the 3rd strongest country in the world after the United States and Russia, so Digital Yuan dominating the world is still only a fantasy.

Code:

https://www.businessinsider.com/worlds-most-powerful-countries-2020-ranked-us-news-2020-1?r=US&IR=T#1-united-states-25

Digital Dollar will come in the market as well, that’s why its not easy for China to take over and I don’t think this is the best way for China to take over maybe there’s another way but not through their Digital yuan where only Chinese people will benefit on that. USD is still the worlds most acceptable fiat money, it wont replace by any fiat money.

Besides that, China also has negative views from several countries, imo. which made it quite difficult for them to implement their digital yuan. I still believe that replacing USD is almost impossible, and for sure they will focus on their domestic market first. With the many problems they may face, I think digital yuan is far from ready, at least for now

if countries like IRAN sanctioned on SWIFT platform which now any Iranians can't hold USD, why would they be using USD when they can use other currency?  USD is the dominant currency and it's the easiest currency to use to make transactions to anyone.

China is a threat to USD because every time a country likes to import products from them, the importer will have to use Yuan to buy these products from China.

[doomistake]

It's too early to assume that. They may be the first country that has launched a digital currency of their own, but that doesn't automatically mean that they will and can take over the world just by doing that. US is still ahead of China according to statistics. Although I commend them for handling the pandemic better than other countries. Still, we can't just declare that they can overthrow the leading country and reserved currency in an instant.

[shoreno]

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency,

what is the status . is china the first to create a digital version of fiat ? becuase i think it was the u.s and the dollar takes the lead but if ever china has a chance , it will be hard to accept and adjust because of how familiar we are in the u.s currency  .

Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

yes all countries will follow because we are talking about currencies . some people are comfortable using the digital version of thier own currency but for the transition time i think  it will take lots of years because lots of people cant get over using the physical version of money  .

[jaysabi]

For the digital yuan to replace the US dollar, the global economy must have a need or interest. At the same time, there should still be understandable risks of using the new world currency. The question is - how do you think - is the current situation in the world economy in order to create a need to change the international currency of mutual settlements? Is there an assessment of the risks of working with a digital currency that is completely controlled, let's say honestly, by the ruling elite of the country, where there are a lot of nuances, underconfusions, information hiding, and hidden goals? For example, the United States cannot immediately stop or somewhere ban the circulation of the dollar. In a digital exchange protocol, this can be done quite easily, but I am sure that many of the technologies underlying the digital yuan will be classified and remain proprietary.

Firstly, ever nation that wants to get out from under the thumb of the US-denominated financial system has an incentive to adopt the digital Yuan. This includes countries that want to evade US sanctions, as well as those that want to weaken US hegemony.  At a minimum, this means Iran, North Korea and perhaps Russia to an extent, although the Russians are more likely to attempt a Russian digital currency than to become subservient to China. But as a strategic geo-rival, the Russians are very much interested in weakening the US globally.

[larus]

Digital Yuan actually give +/- nothing for the country in the world scale. I dont think that this will change anything. China is powerful enough without it

[magneto]

Definitely in terms of global reserve currency status.

It's no secret that the Chinese Yuan has been increasingly integrated into global commerce and has become a very real threat as a reserve asset to the USD. Heck, even Ray Dalio has said in Bridgewater announcements that one must hedge against the imminent surge in the dominance of CNY.

China's CBDC is simply going to accelerate this existing process - although I don't necessarily think that it'll become the dominant crypto per se given the first mover advantage and adoption that BTC has already.

[Ridwan Fauzi]

Indeed, the first reason why China create a digital yuan as we call as Reminbi is to make China dominate the world economy. Like in my country now, there is some online shop platforms which can be use several stuffs but it is just using digital uan. So as we have to change our money fiat to digital yuan in order to buy some stuff in the platform. Sooner or later this practice will only make yuan currency become strong because many people who will use it comparing to our money fiat. It is just a small sample that has happened in my country, there will be another example that has happened on other country.

[Ludmilla_rose1995]

In my opinion, if China's digital yuan is successful, then China will become the undisputed number one global superpower. the reason is when we combine the launch of digital yuan with China's "One Belt One Road" strategy. where China builds major infrastructure such as ports, bridges, roads, etc. in Central Asia, West Asia, Middle East, Africa, and European Countries which ultimately aims to secure global supply chains to and from China.

Having the technology behind this digital yuan will strengthen China's global position and allow it to increase the use of the global yuan that is widespread China's "One Belt One Road" has put it in a strong position, and when combined with the digital yuan. China is moving into the most strategic global position.

[tvplus006]

Firstly, ever nation that wants to get out from under the thumb of the US-denominated financial system has an incentive to adopt the digital Yuan. This includes countries that want to evade US sanctions, as well as those that want to weaken US hegemony.  At a minimum, this means Iran, North Korea and perhaps Russia to an extent, although the Russians are more likely to attempt a Russian digital currency than to become subservient to China. But as a strategic geo-rival, the Russians are very much interested in weakening the US globally.

The digital yuan will also be subject to the same disadvantages as the regular yuan when the government devalues its value to increase the competition of goods produced for export. The digital yuan is created primarily to replace the cash yuan and cannot make any meaningful competition for the dollar.

[conected]

In my opinion, if China's digital yuan is successful, then China will become the undisputed number one global superpower. the reason is when we combine the launch of digital yuan with China's "One Belt One Road" strategy. where China builds major infrastructure such as ports, bridges, roads, etc. in Central Asia, West Asia, Middle East, Africa, and European Countries which ultimately aims to secure global supply chains to and from China.

Having the technology behind this digital yuan will strengthen China's global position and allow it to increase the use of the global yuan that is widespread China's "One Belt One Road" has put it in a strong position, and when combined with the digital yuan. China is moving into the most strategic global position.

- Although China's commodity flow and global supply capacity is relatively large, but recently, this scope is shrinking due to the pandemic they created, almost a lot of countries took the opposite side and demanded compensation for the damage caused by the pandemic, global supply chains and their products are facing problems when ports from other countries do not want to take over. The digital yuan is probably not making a strong and new mark on them either, they need a deal and compensation before they want to continue to grow.

[kamadazje]

In my opinion, if China's digital yuan is successful, then China will become the undisputed number one global superpower. the reason is when we combine the launch of digital yuan with China's "One Belt One Road" strategy. where China builds major infrastructure such as ports, bridges, roads, etc. in Central Asia, West Asia, Middle East, Africa, and European Countries which ultimately aims to secure global supply chains to and from China.

Having the technology behind this digital yuan will strengthen China's global position and allow it to increase the use of the global yuan that is widespread China's "One Belt One Road" has put it in a strong position, and when combined with the digital yuan. China is moving into the most strategic global position.

- Although China's commodity flow and global supply capacity is relatively large, but recently, this scope is shrinking due to the pandemic they created, almost a lot of countries took the opposite side and demanded compensation for the damage caused by the pandemic, global supply chains and their products are facing problems when ports from other countries do not want to take over. The digital yuan is probably not making a strong and new mark on them either, they need a deal and compensation before they want to continue to grow.

That is indeed true. The pandemic really changed how things were functioning before it spread globally. And needless to say, even if China was able to establish its own strong digital currency, I do not think that other countries especially USA would just let it reign. I believe that many will think of ways to outshine and be better than China then.

[doomloop]

Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

How exactly? Will the digital Yuan be an open currency for people around the world? From what I have heard it is only going to be used in China by their citizens, unless they will have plans to make it an open currency that people in other countries can access, but I can’t really imagine that happening.

Having a digital currency doesn’t automatically make a countries economy to become the biggest economy in the world. China is not the first that has attempted to create a cryptocurrency, there are other countries with failed attempts, china is the one that seems to be successful to me (though I can’t tell you that I am 100% sure).

[perfect999]

Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

How exactly? Will the digital Yuan be an open currency for people around the world? From what I have heard it is only going to be used in China by their citizens, unless they will have plans to make it an open currency that people in other countries can access, but I can’t really imagine that happening.

Having a digital currency doesn’t automatically make a countries economy to become the biggest economy in the world. China is not the first that has attempted to create a cryptocurrency, there are other countries with failed attempts, china is the one that seems to be successful to me (though I can’t tell you that I am 100% sure).

I do think that Chinese people will start using crypto a lot more thanks to this. How do I imagine that happening? Well simply China will have something that they can use to show people how it could work, and they will allow a gateway between crypto and regular life, so you can have bitcoin, then turn it into digital yuan, then use that digital yuan in a store to buy a milk, that's it, one step directly to regular world all backed by government as well.

[awik p]

Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

How exactly? Will the digital Yuan be an open currency for people around the world? From what I have heard it is only going to be used in China by their citizens, unless they will have plans to make it an open currency that people in other countries can access, but I can’t really imagine that happening.

Having a digital currency doesn’t automatically make a countries economy to become the biggest economy in the world. China is not the first that has attempted to create a cryptocurrency, there are other countries with failed attempts, china is the one that seems to be successful to me (though I can’t tell you that I am 100% sure).

I do think that Chinese people will start using crypto a lot more thanks to this. How do I imagine that happening? Well simply China will have something that they can use to show people how it could work, and they will allow a gateway between crypto and regular life, so you can have bitcoin, then turn it into digital yuan, then use that digital yuan in a store to buy a milk, that's it, one step directly to regular world all backed by government as well.

if that happens, it means that bitcoin will indirectly be used as a government-supported trading tool, although it must be exchanged for digital yuan before being used to buy in stores. I hope that in this way many countries will follow so that bitcoin can be used as a transaction tool as it was originally intended

[int03h]

A digital renminbi is just one solution by the central bank of China to use blockchains to solve the problems of their country's monetary system. This coin will use a centralized chain to manage its system. So it will never be decentralized and open to all.
Strict KYC is also an ingredient for using China's digital currency.
I think China's digital currency is not a problem because it is only used in this country.

[doomloop]

I do think that Chinese people will start using crypto a lot more thanks to this. How do I imagine that happening? Well simply China will have something that they can use to show people how it could work, and they will allow a gateway between crypto and regular life, so you can have bitcoin, then turn it into digital yuan, then use that digital yuan in a store to buy a milk, that's it, one step directly to regular world all backed by government as well.

Yeah, we do have some bank cards if I am not wrong, binance provides one and there are some other companies etc etc, however reality is that we are not living in a world where we can just do whatever we want with fiat and using those cards and not expect anything bad from government, we need to be careful.

This is why a digital currency would help them. Would that help them take over the world? Maybe, they are already growing scarily strong anyway.

[AndySt]

A digital renminbi is just one solution by the central bank of China to use blockchains to solve the problems of their country's monetary system. This coin will use a centralized chain to manage its system. So it will never be decentralized and open to all.
Strict KYC is also an ingredient for using China's digital currency.
I think China's digital currency is not a problem because it is only used in this country.

Specifically in this case, I agree with you, because at this point in time everything is limited to the domestic Chinese market and directly for use by individuals, but I do not think that everything will be limited to this and in the future it may come to a wider application, including international settlements. At this point in time, China has not yet shown a broad interest in using its currency for international settlements, because it is a matter of controlling emissions, but future currency and trade wars will in any case force China to change its current behavior in the external economy.

[int03h]

A digital renminbi is just one solution by the central bank of China to use blockchains to solve the problems of their country's monetary system. This coin will use a centralized chain to manage its system. So it will never be decentralized and open to all.
Strict KYC is also an ingredient for using China's digital currency.
I think China's digital currency is not a problem because it is only used in this country.

Specifically in this case, I agree with you, because at this point in time everything is limited to the domestic Chinese market and directly for use by individuals, but I do not think that everything will be limited to this and in the future it may come to a wider application, including international settlements. At this point in time, China has not yet shown a broad interest in using its currency for international settlements, because it is a matter of controlling emissions, but future currency and trade wars will in any case force China to change its current behavior in the external economy.

If they want to take their national cryptocurrency further they need international treaties similar to the dollar Petro or their currency pact for a region. I believe that big countries like the US, UK, Russia, Japan and the European Union cannot easily let China bring their currency to the world. Competition will inevitably happen between currencies, except for the services of big companies such as Paypal, Visa.

[Vishnu.Reang]

Chinese Yuan is one of the most manipulated currencies in the world and there is no reason for anyone to suspect that the Digital Yuan will be any better. Within China, there will be some acceptability for this new CBDC, but why should anyone outside China use this currency? And there is zero chance that any of the Bitcoin users in China or in other countries would shift to Digital Yuan, since Bitcoin is much superior in comparison.

[Twentyonepaylots]

Biggest selling point of bitcoin and most cryptocurrencies is the fact that they are decentralized, offering unending freedom to its users. Digital Yuan is very much in its infancy, and would have a hard time competing against the much superior and well-established cryptocurrencies in the market. I guess their biggest advantage is China's large population which, provided that a mandate is passed for everyone to own a digital yuan, could help the budding coin go on par with bitcoin.

[DrBeer]

For the digital yuan to replace the US dollar, the global economy must have a need or interest. At the same time, there should still be understandable risks of using the new world currency. The question is - how do you think - is the current situation in the world economy in order to create a need to change the international currency of mutual settlements? Is there an assessment of the risks of working with a digital currency that is completely controlled, let's say honestly, by the ruling elite of the country, where there are a lot of nuances, underconfusions, information hiding, and hidden goals? For example, the United States cannot immediately stop or somewhere ban the circulation of the dollar. In a digital exchange protocol, this can be done quite easily, but I am sure that many of the technologies underlying the digital yuan will be classified and remain proprietary.

Firstly, ever nation that wants to get out from under the thumb of the US-denominated financial system has an incentive to adopt the digital Yuan. This includes countries that want to evade US sanctions, as well as those that want to weaken US hegemony.  At a minimum, this means Iran, North Korea and perhaps Russia to an extent, although the Russians are more likely to attempt a Russian digital currency than to become subservient to China. But as a strategic geo-rival, the Russians are very much interested in weakening the US globally.

I understand your logic. But let's be realistic - those whom you indicated (the countries who want to avoid punishment / sanctions) are essentially a "by-product of civilization", and their share in the world economy is a drop in the ocean! For all the "greatness" of Russia, it is barely creating 1.5% on a global scale, and now it is in stagnation and will continue to fall. North Korea, sorry, this is nothing at all. The rest will give a total of 1-2%. All this is at the level of calculation error
And the position of China, it seems to me, is not as obvious as exactly the "world leader". I think their goal is China as a single and main center in Asia, Africa, and possibly South America. But the role of the world "leader" and the world "gendarme" is clearly not for China, for many reasons.

[Abiky]

A digital renminbi is just one solution by the central bank of China to use blockchains to solve the problems of their country's monetary system. This coin will use a centralized chain to manage its system. So it will never be decentralized and open to all.
Strict KYC is also an ingredient for using China's digital currency.
I think China's digital currency is not a problem because it is only used in this country.

If China continues with its strict policies, it's unlikely the "Digital Renminbi" will become the world's next reserve currency. Things might remain the same, except that national currencies will no longer exist in a physical form. The end of paper money will change our economy for the better. Now, which currency will dominate the world will greatly depend on a specific country's prevalence in the mainstream world. So far, the United States dominates the world with the US Dollar. The currency is stable, trusted, and backed by a large number of countries worldwide. For it to lose its reserve status, the US economy must decline massively until there's no point for recovery. I don't see this happening within decades from now.

Nonetheless, it seems to me that China will remain behind the US every step the way. The "Digital Yuan" (Renminbi) is still far from taking the US Dollar's place as the reserve currency of the world. I'm guessing the US will act quickly by launching the "Digital Dollar" to the public. Development of the new digital currency might be already taking place behind the scenes, while the launch awaits approval by Congress. Coins and paper money will be no more, as we enter a cashless society. It'll only be a matter of time which countries remain dominant forces in the mainstream economy and which go all the way down the drain. Just my thoughts

[TheGreatPython]

Biggest selling point of bitcoin and most cryptocurrencies is the fact that they are decentralized, offering unending freedom to its users. Digital Yuan is very much in its infancy, and would have a hard time competing against the much superior and well-established cryptocurrencies in the market.

Indeed and that's the reason why no government stablecoin would ever work either because a stable coin governed and taxed is nothing more than a digital wallet like Paypal.

Digital Yuan is very much in its infancy, and would have a hard time competing against the much superior and well-established cryptocurrencies in the market.

I don't think China even wants to compete and beat crypto because they are a different prospect. The main aim of China is to make its own currency Yuan the most powerful currency in the world. Right now everything is valued in standard USD (United States Dollar) and that is what China aims to occupy basically.

[BuNga_cute]

Chinese Yuan is one of the most manipulated currencies in the world and there is no reason for anyone to suspect that the Digital Yuan will be any better. Within China, there will be some acceptability for this new CBDC, but why should anyone outside China use this currency? And there is zero chance that any of the Bitcoin users in China or in other countries would shift to Digital Yuan, since Bitcoin is much superior in comparison.

It really doesn't make sense that Bitcoin users will switch to using Digital Yuan, because in fact there is no strong reason why everyone outside
China should use Digital Yuan. But if many Chinese citizens use Digital Yuan I can still understand. Even though China is a big country, I don't believe
China can make the Digital Yuan for international transactions. So it is impossible that China will rule the world with Digital Yuan.

[AndySt]

Chinese Yuan is one of the most manipulated currencies in the world and there is no reason for anyone to suspect that the Digital Yuan will be any better. Within China, there will be some acceptability for this new CBDC, but why should anyone outside China use this currency? And there is zero chance that any of the Bitcoin users in China or in other countries would shift to Digital Yuan, since Bitcoin is much superior in comparison.

It really doesn't make sense that Bitcoin users will switch to using Digital Yuan, because in fact there is no strong reason why everyone outside
China should use Digital Yuan. But if many Chinese citizens use Digital Yuan I can still understand. Even though China is a big country, I don't believe
China can make the Digital Yuan for international transactions. So it is impossible that China will rule the world with Digital Yuan.

The question is certainly debatable, but I would say a little differently about the manipulation of the yuan, namely that the Chinese authorities are more intruding into the area of exchange rate pricing of the yuan than the authorities of other countries, where the issue of other world reserve currencies comes from. I also believe that there is no reason to compare the use of the digital yuan and bitcoin, because in the first case we are talking about a centralized fiat currency of a sovereign state and there is no contact on the application, because I am not sure that the Chinese authorities will calmly look and allow the tweets of some businessman to raise the exchange price of the yuan by 1000 percent or vice versa. Therefore, it is quite strange and ridiculous to talk about the transition of bitcoin users from different countries to the digital yuan, these are completely different things.

[RealMalatesta]

Digital Yuan is very much in its infancy, and would have a hard time competing against the much superior and well-established cryptocurrencies in the market. I guess their biggest advantage is China's large population which, provided that a mandate is passed for everyone to own a digital yuan, could help the budding coin go on par with bitcoin.

Digitization of any currency will work in favor of promoting bitcoin in the end. I agree governments will find hard time to make it widely used one but people will choose what mostly fits for their all needs which includes privacy/investment opportunity/problem-free. So, I welcome any government that will work on their own CBDC.

China's population doesn't matter I think because the more the population lesser is the education and living standard in a country. What actually makes them strong is the amount of export they do to other countries for electronics and other goods.

[ene1980]

Digitization of any currency will work in favor of promoting bitcoin in the end. I agree governments will find hard time to make it widely used one but people will choose what mostly fits for their all needs which includes privacy/investment opportunity/problem-free. So, I welcome any government that will work on their own CBDC.

The problem with these CBDC is that the government have complete control over them, if you are using it to purchase any investment the government does not approve they can very well block the payment or render them useless. So it is better to avoid them and if no one is really using them it will exit the market eventually.

China's population doesn't matter I think because the more the population lesser is the education and living standard in a country. What actually makes them strong is the amount of export they do to other countries for electronics and other goods.

May be population is a problem when it comes to living standards but the main thing that is helping them in massive production and export is their very same population, so it is a two way process. Their strength is the massive population and they are making use of that to their advantage even though some of the items are cheap quality.

[dimox]

actually, China, slowly but sure, try to send their intangible form to their relative. and without people awareness, they start to uphold what its come. but, its far enough for digital yuan can beat other popular crypto. crypto user know how great the greater and how to deal with

[cabron]

Digitization of any currency will work in favor of promoting bitcoin in the end. I agree governments will find hard time to make it widely used one but people will choose what mostly fits for their all needs which includes privacy/investment opportunity/problem-free. So, I welcome any government that will work on their own CBDC.

The problem with these CBDC is that the government have complete control over them, if you are using it to purchase any investment the government does not approve they can very well block the payment or render them useless. So it is better to avoid them and if no one is really using them it will exit the market eventually.

That's likely what would happen since they want to surveillance to everyone. It's difficult to hide what you have and what you do with your money when you only use CBDC wallet. If you picture it on your mind, we are all going to be watched what we are receiving and sending and they can easily seize it. But I would really think they will allow cryptocurrency for China already said BTC is an investment.

[lixer]

What are your thoughts? Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

If they are going to come anything close to that, digital is the least thing that they even need to achieve that. In fact that’s not what they need if they want to be on top of economy. This digital Yuan first of all is not being used by everyone around the world, if it was like that then we would have said that people around the world will start investing in it, rather it is still the same citizens of their country that are making use of it and it’s of no difference with the main yuan currency, they are just the same thing, just that this one is the digital.

If they have the plans to reach the top economy then there are other things they have to do and having a digital currency is not even on the list of what they should be doing to be able to achieve all that. They should work more on more exports and reduce imports. Apart from that there are still lots of things they can do.

[Abiky]

Digitization of any currency will work in favor of promoting bitcoin in the end. I agree governments will find hard time to make it widely used one but people will choose what mostly fits for their all needs which includes privacy/investment opportunity/problem-free. So, I welcome any government that will work on their own CBDC.

China's population doesn't matter I think because the more the population lesser is the education and living standard in a country. What actually makes them strong is the amount of export they do to other countries for electronics and other goods.

Exactly. Any CBDC will benefit Bitcoin in the long run. Once China releases the "Digital Yuan" (or "Digital Renminbi") to the public, other countries will follow suit in launching their own CBDCs. What matters is the economic model of the currency in question. Digitalization is only meant to "phase" paper money for good. My guess is that everything will remain the same with China's CBDC in play. It will be up to other countries to adapt themselves to the latest trends in the Fintech space.

Nonetheless, we cannot deny China's ambitions in becoming the most powerful nation in the world. It's now the second-largest economy in the world, rivaling the United States in every way. The US Dollar is still the world's reserve currency, but we all know that nothing lasts forever. Some say that China will be able to "bypass" US sanctions with a digital currency of its own. Imagine what will happen in the future if the US becomes reluctant in launching its own "digital dollar" to the public. It'll become a laughing stock as other countries gain all of the advantage. Only then, China will rule the world becoming the biggest economic superpower with the "Digital Yuan". Just my thoughts

[Fredomago]

Now the Chinese government has banned all transactions using cryptocurrency, meaning that the Chinese government does not support the development of cryptocurrencies that have been developing so far, and at this time when looking at the conditions of the cryptocurrency market are very apprehensive.

They did that before and change their position after, so we just have to wait again for them to reconsider this decision and wait if they'll
change it up again and start accepting crypto transaction back.

China is known to this kind of action, they don't want their people to gain more from something that the government is not profiting.

Control over all the power and wealth, that's how they wanted to see everything from their end.

[AndySt]

Now the Chinese government has banned all transactions using cryptocurrency, meaning that the Chinese government does not support the development of cryptocurrencies that have been developing so far, and at this time when looking at the conditions of the cryptocurrency market are very apprehensive.

As far as I remember, such restrictions on transactions for financial organizations and banking structures on the part of the Chinese regulator have already acted before and now, it seems, on behalf of other structures, they just reminded me about it, so I personally do not see anything new in this and it is not clear about what development of the Chinese cryptocurrency market was discussed. As far as I understand, we are still not talking about a ban on the ownership of cryptocurrencies to individuals. Another question is that this appeal was made at the most inopportune moment, when the market is already hysterically reacting to any bad news after the body movements with tweets from Elon Musk and all this led to an even greater collapse of the exchange rate.

[Obito]

It will take over the world if they as a country took over the world, AFAIK China's Digital Yuan is only a digitized fiat currency which is just another means for the government to control their citizens, I have seen someone said it in this forum, it is the antithesis of bitcoin and I do agree because they took out the good parts of bitcoin and added surveillance as an added feature which is really invasive in my opinion.

[mu_enrico]

Nonetheless, we cannot deny China's ambitions in becoming the most powerful nation in the world. It's now the second-largest economy in the world, rivaling the United States in every way. The US Dollar is still the world's reserve currency, but we all know that nothing lasts forever. Some say that China will be able to "bypass" US sanctions with a digital currency of its own. Imagine what will happen in the future if the US becomes reluctant in launching its own "digital dollar" to the public. It'll become a laughing stock as other countries gain all of the advantage. Only then, China will rule the world becoming the biggest economic superpower with the "Digital Yuan". Just my thoughts

You watch too many CCP propaganda mate. China (country) is not as strong as you think. That's because communism always ends up hurting itself. Do you think overfishing, polluting the environment, sweatshop, etc. are a sustainable model? Nope, it will collapse. CCP's economy will collapse.

And CCP is not only rude to the US, but also the rest of the world. No way people will touch the Digital Yuan.

[Midy]

apparently not, because seeing the condition of the Chinese government which strictly prohibits transactions using cryptocurrency at this time, in this case the government does not want to support the development of cryptocurrency both now and in the future.

[Kasabus]

y
Now the Chinese government has banned all transactions using cryptocurrency, meaning that the Chinese government does not support the development of cryptocurrencies that have been developing so far, and at this time when looking at the conditions of the cryptocurrency market are very apprehensive.

Chinese government has banned the use of cryptos particularly bitcoin. But with the launching of their own digital Yuan, they make it a point that it would create fast global adoption and expect that all people paricularly in China will patronize the use of their own digital currency.

But things seem not to work out because most of the people are still attached to bitcoin and still making transactions online. People are looking for freedom so they will stick for sure to bitcoin rather than being controlled by the government.

[geegaw]

apparently not, because seeing the condition of the Chinese government which strictly prohibits transactions using cryptocurrency at this time, in this case the government does not want to support the development of cryptocurrency both now and in the future.

News is also just data texts that can be edited to fit the trends of each year and each era of society, maybe the Chinese government is really limiting its exposure to crypto and its underlying values but they are always people who know how to look at the strengths and know what to do to develop in the economic market, as long as crypto is developed enough, they will once again confirm this market in their legitimacy. The digital yuan is perhaps a preparatory and backup step for crypto developments