Susano (OP)
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January 24, 2023, 09:06:53 AM |
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China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar. Is this a good thing or will China become even more economically powerful and therefore a threat? https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout And We already know that China is aiming for global domination specially in terms of economy, and I am sure they are seeing this digital yuan as a possible many tools they can use to entice more countries to go away from the domination of the US Dollar in international commerce. However, many countries right now are also starting to get wary of the intention of China, at least in part this is exposed with the pandemic. Many countries are now starting to resist the influence of China. Many are now seeing that China can be a trap. Personally, I don't see China to be the one to dominate of the vacuum that will be left by USA in the global commerce, that position is reserved for another (still emerging) entity.
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Upgrade00
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January 24, 2023, 12:42:39 PM |
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We don't get to decide which country dominates the financial scene and as for other countries being wary of the intention of China, it's not any different from that of other countries which want more power. Reaching a moral stand on which is a better option is not an easy decision to make.
Personally I don't see how a CBDC would help accelerate China's bid for more dominance, they would get early bird privileges but other nations would be able to successfully replicate it in their own States and create a more decentralized network.
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EarnOnVictor
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January 24, 2023, 03:19:16 PM |
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China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar.
That will happen in your dreams, China can never be independent of the USD, they can only try more. This digital currency of a thing is not as important as many of you are viewing it, it will benefit more Chinese and will add only a few extra to Chain. The country cannot function in isolation, and there is no way Yuan can be trusted like the USD, at least not for decades when it comes to stability and reality. There must be a currency that fits a lot of characters that are dependable and peggable for the global economy. That is what the USD is doing right now, and it's doing it well, only that the Chinese are only looking for ways to defeat it, but such would not happen in just a day. And as long as Chinese people are also moving around the world and transact globally, the USD will always be needed since it penetrates deeper.
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Argoo
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January 24, 2023, 07:09:44 PM |
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In China, it has been exactly a year since they officially launched their digital yuan into circulation. Is it still being tested there? China may get some benefits in connection with the launch of its digital yuan, but this is only an improved form of government cashless payments. These advantages must be consolidated in practice. But so far, we do not see feedback from the Chinese or from other countries about the circulation of the digital yuan. So far, this is unlikely to have any noticeable impact on the dollar. In addition, the US is also going to issue its own digital dollar. On the other hand, China is largely dependent on the technologies of the United States and the West. Therefore, it is hardly possible to talk about some kind of his dominance over the dollar.
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SquallLeonhart
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January 24, 2023, 09:15:03 PM |
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many countries right now are also starting to get wary of the intention of China, at least in part this is exposed with the pandemic. Many countries are now starting to resist the influence of China. Many are now seeing that China can be a trap. Personally, I don't see China to be the one to dominate of the vacuum that will be left by USA in the global commerce, that position is reserved for another (still emerging) entity.
China is already "less dependent on us dollar" if they want to, they just do not want to because it is smart to own that much dollar both in cash and in debt. It allows them to leverage their future expenses, for every dollar they are owed, they could spend many times of that today, saying they will pay later when the debt they are owed to is paid. This is why I do not believe the whole discussion about them not wanting to use dollars anymore, they are very much in love with it because the whole world uses it, and they could own literally nation sized lands in all of Africa by using dollars, they are literally growing their landsize by just purchasing using dollars.
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Leviathan.007
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January 27, 2023, 05:02:09 PM |
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China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar. Is this a good thing or will China become even more economically powerful and therefore a threat? https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout And We already know that China is aiming for global domination specially in terms of economy, and I am sure they are seeing this digital yuan as a possible many tools they can use to entice more countries to go away from the domination of the US Dollar in international commerce. However, many countries right now are also starting to get wary of the intention of China, at least in part this is exposed with the pandemic. Many countries are now starting to resist the influence of China. Many are now seeing that China can be a trap. Personally, I don't see China to be the one to dominate of the vacuum that will be left by USA in the global commerce, that position is reserved for another (still emerging) entity. Both are fiat and both are centralized and both can be easily manipulated by their government also both of the currencies are under the control of the central bank. But regarding the US dollar, we have an open economic system where they allow people to use and invest in any asset they want including cryptocurrencies on the other hand in China Yuan they have a communist country and they won't allow any other asset like bitcoin to take the place of their fiat which can have a bad effect in long term and that's why between these two I would go for US dollar.
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dothebeats
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January 27, 2023, 05:26:04 PM |
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Unless the majority of the world abandons the US Dollar, China will still be dependent in using it for foreign trades. Only a few select countries are willing to trade goods in exchange for CNY, and the rest of the world still deals with USD a lot. Even if they were the first one to introduce the digitization of their currency, most of the success of their CBDC will still be dependent on the amount of people willing to use and receive it. They can force their people to use it as long as they like, but outside of China, it'll be a hard task to do that since there really isn't any incentive to use digital Yuan just yet.
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Tytanowy Janusz
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January 27, 2023, 05:51:34 PM |
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China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar.
So you think that China is dependant on US dollar because it does not have digital Yuan? It is dependent on US dollar because every other country that china wants to deal with does not accept a currency that is not widely accepted, does not have huge liquidity, assets are not evaluated in it and is from a country that does not respect private property and freedom. Digital Yuan does not address any of this issues.
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electronicash
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January 27, 2023, 06:16:43 PM |
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Unless the majority of the world abandons the US Dollar, China will still be dependent in using it for foreign trades. Only a few select countries are willing to trade goods in exchange for CNY, and the rest of the world still deals with USD a lot. Even if they were the first one to introduce the digitization of their currency, most of the success of their CBDC will still be dependent on the amount of people willing to use and receive it. They can force their people to use it as long as they like, but outside of China, it'll be a hard task to do that since there really isn't any incentive to use digital Yuan just yet.
both countries need the market with each other, and they both dependent on each other despite the rivalry. even when countries are already dedollarizing, they will still need to trade with the US since most of the product buyers are Americans. and also the CBDC of China seems to be flipping, many Chinese are not using it but thier alternatives like the alipay and wechat.
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Gyfts
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January 27, 2023, 07:37:47 PM |
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Unless the majority of the world abandons the US Dollar, China will still be dependent in using it for foreign trades. Only a few select countries are willing to trade goods in exchange for CNY, and the rest of the world still deals with USD a lot. Even if they were the first one to introduce the digitization of their currency, most of the success of their CBDC will still be dependent on the amount of people willing to use and receive it. They can force their people to use it as long as they like, but outside of China, it'll be a hard task to do that since there really isn't any incentive to use digital Yuan just yet.
Doesn't seem to me there'd be any benefit of holding digitalized Yuan ever unless China compelled bilateral transactions be conducted in their own currencies (at which point countries would just conduct commerce elsewhere). This just seems like a move to introduce more fiscal control over Chinese citizens. I wouldn't expect the global commerce sector to pick up worthless digital tokens that are controlled on a whim by the communist Chinese party. It's taking a large gamble.
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BIT-BENDER
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January 27, 2023, 07:44:58 PM |
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Slowly China Are fast becoming independent on the US dollars. And this progress from them would always continue. And not only China many countries Are valuing their currency locally and in local trades than any other countries currency.
But the hard truth is that US dollars still comes ahead of any other currency on the list of ratings and rankings that’s for sure.
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Hydrogen
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January 27, 2023, 10:34:32 PM |
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I like past proposals invoking the yuan. Gold backed yuan. Then they touted petrol gold backed yuan. Game Changer: China to Buy Oil With Gold-Backed YuanSEP 5, 2017 The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports. https://goldbroker.com/news/game-changer-china-to-buy-oil-with-gold-backed-yuan-1183 That was back in 2015 and 2017 respectively. There has never been a shortage of good ideas for the evolution of the yuan. For whatever reason, they simply never pulled the trigger. I think digital yuan and CBDCs would become natural competitors to paypal, mastercard, visa card and 3rd party payment processors like apple pay. That is the segment of the market they would be targeting. CBDCs would bash heads with credit cards and paypal much more than they would conflict with BTC.
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hugeblack
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January 28, 2023, 07:31:00 AM |
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What do you mean by less reliable? The volume of China's debt to the United States is more than a trillion dollars, and the trade exchange between the two countries is very large, so all that is happening is attempts to make the dollar weaker, but without a world war, the dominance of the dollar will not end.
The economic war during the Trump era was the beginning for China to diversify its investments away from the US dollar.
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DrBeer
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January 28, 2023, 01:30:40 PM |
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There are a couple of nuances: 1. The Chinese economy cannot exist without .. dollars ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) As well as without US technology 2. The digital yuan is more needed for total control of financial flows within the country and control of the population. The economic situation and internal tensions, as well as the growing dissatisfaction with the "CCP party's course" are the reasons why China is preparing in advance the means for total control. 3. Replacing the fiat yuan with a digital yuan is just a paradigm shift of money, plus a little more control, but no impact on the dollar, the western economy or anything else, it will not affect
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pooya87
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January 28, 2023, 04:06:29 PM |
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China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar.
What do you mean by "executed"? e-CNY is already released and is being used. They passed some crazy number of transactions a while ago too. Is this a good thing or will China become even more economically powerful and therefore a threat?
China is already a massive economy, and it didn't become this big by creating centralized shitcoins. They became big by having an economy that is based on production not fake one based on credit and debt. As long as China keeps flooding other countries with their various products at much cheaper prices, they will continue growing economically. Which again has nothing to do with their CBDC or Dollar. Many countries are now starting to resist the influence of China.
Do you have anything I can read on this?
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davis196
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January 29, 2023, 11:40:59 AM |
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The digital yuan is something that will have more internal impact over China, rather than external impact over the global economy. I don't think that China is being really "dependent" on the US dollar. USA is dependent of the countries, that are buying US dollars and US government bonds. I know that the Chinese want to receive payments in yuan instead of USD for the goods they are exporting. Also China wants to buy oil and gas from Saudi Arabia by paying with yuan rather than USD. The Chinese don't necessarily need a digital yuan, in order to achieve such "independence" from the US dollar. The competition for global dominance will continue, but I don't think that China is in a good shape, both financially and demographically.
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Lucius
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January 29, 2023, 12:12:23 PM |
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@pooya87, you are asking questions in vain, because the OP got a permanent ban for plagiarism, and even if he hadn't, I sincerely doubt that he would be able to answer your questions.
China is one of the biggest players globally, and whether someone likes it or not, the world needs their cheap labor and logistics. It is true that some countries have been wary of technology coming from China for a long time, because it is nothing new that they install spy equipment in some products - and some even say that in this way they are literally spying on the world on a level that is hard to describe.
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mindrust
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January 29, 2023, 12:16:55 PM |
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China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar. Is this a good thing or will China become even more economically powerful and therefore a threat? https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout And We already know that China is aiming for global domination specially in terms of economy, and I am sure they are seeing this digital yuan as a possible many tools they can use to entice more countries to go away from the domination of the US Dollar in international commerce. However, many countries right now are also starting to get wary of the intention of China, at least in part this is exposed with the pandemic. Many countries are now starting to resist the influence of China. Many are now seeing that China can be a trap. Personally, I don't see China to be the one to dominate of the vacuum that will be left by USA in the global commerce, that position is reserved for another (still emerging) entity. FIAT is already 90% digital. Making it 100% digital won't really change anything. The Chinese YUAN is already a powerful currency because it is backed by the Chinese manufacturing while the US dollar is backed by the US military. For now USD is slightly more powerful but this might change very quickly. I would say CNY deserves to be the world reserve currency more than the USD now because it is China that makes most stuff for us, not any other country. A currency is and should be only as powerful as the manufacturing power it is backed by and CNY just delivers that unlike the USD.
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Spaceman1000$
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January 29, 2023, 01:03:29 PM |
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Well in terms of currency dominance, the Chinese yuan cannot challenge the USD on the international market, however the idea of introducing a digital yuan is a welcome development, because it will help in improving China's economy. But the notion of a certain currency wanting to fill in the vacuum of the USD shouldn't be encouraged for now, because nations are still trying to stabilize their economy.
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d3nz
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January 29, 2023, 02:04:58 PM |
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China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar. Is this a good thing or will China become even more economically powerful and therefore a threat? https://www.worldcoinindex.com/nl/news/chinese-central-bank-deputy-governor-wants-china-to-accelerate-pboc-rollout And We already know that China is aiming for global domination specially in terms of economy, and I am sure they are seeing this digital yuan as a possible many tools they can use to entice more countries to go away from the domination of the US Dollar in international commerce. However, many countries right now are also starting to get wary of the intention of China, at least in part this is exposed with the pandemic. Many countries are now starting to resist the influence of China. Many are now seeing that China can be a trap. Personally, I don't see China to be the one to dominate of the vacuum that will be left by USA in the global commerce, that position is reserved for another (still emerging) entity. FIAT is already 90% digital. Making it 100% digital won't really change anything. The Chinese YUAN is already a powerful currency because it is backed by the Chinese manufacturing while the US dollar is backed by the US military. For now USD is slightly more powerful but this might change very quickly. I would say CNY deserves to be the world reserve currency more than the USD now because it is China that makes most stuff for us, not any other country. A currency is and should be only as powerful as the manufacturing power it is backed by and CNY just delivers that unlike the USD. There is speculation that the Chinese digital yuan is seen as a potential rival to the US dollar as a global reserve currency. It is expected that the digital yuan will be used more widely in international trade and could potentially reduce the US dollar's dominance in the global financial system. And another reason is to increase efficiency and reduce the cost of international trade which could be a threat to the US.
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