Topic: China conducts one of the biggest public CBDC tests! - page 2. (Read 244 times)
May be they chop off the branch they sit on, because after control will be more difficult
It seem that China is doing a great job in developing their digital currency. This will strongly affect their economic system which are currently based on tradtional bank and fiat.
Yet, implementing CBDC to a whole country is at a different level. It will take time and process to introduce and get use to new technology. Being able to control a country with more than 1.5 billion citizen is an astonishing job. Ironically , if they succeed in this action, many citizens in their country maybe totally under the control of their government. They can no longer act in a arbitrary way. Transfering money, especially money that are not legally earned, can be traced and tracked down by the police
CBDC is somehow good for the China becasue it makes thing easier to maintain a huge country like that. Nevertheless, bitcoin will remain as strong as it is right now. Nobody wants to sell their indentity with a cheap price. Utilizing cryptos makes government less powerful and you are independent from the local economy. Therefore, no matter how hard they try to develop CBDC, it is always as centralization as fiat is. Bitcoin and other anonymous coins still have their own place on the digital world and on the Internet
Best regard
Yet, implementing CBDC to a whole country is at a different level. It will take time and process to introduce and get use to new technology. Being able to control a country with more than 1.5 billion citizen is an astonishing job. Ironically , if they succeed in this action, many citizens in their country maybe totally under the control of their government. They can no longer act in a arbitrary way. Transfering money, especially money that are not legally earned, can be traced and tracked down by the police
CBDC is somehow good for the China becasue it makes thing easier to maintain a huge country like that. Nevertheless, bitcoin will remain as strong as it is right now. Nobody wants to sell their indentity with a cheap price. Utilizing cryptos makes government less powerful and you are independent from the local economy. Therefore, no matter how hard they try to develop CBDC, it is always as centralization as fiat is. Bitcoin and other anonymous coins still have their own place on the digital world and on the Internet
Best regard
It will possitively affect thier economy when other countries will apply also their own digital currency that will be compatible with China's digital yuan. Most probably the countries that are partners to thier one belt road initiative that will be part of hte trade routes from Asia to Europe. But this is also bypassing the USD regulation which is likely not going to make Bob happy.
~ What exactly will the CBDC mean for China, how much and how will it affect their economy,
I don't think the introduction of a digital fiat currency into their system will change their economy that much. I mean they've been moving towards a cashless society for some time now thru their local apps and QR codes. I don't know how much they'll save from printing paper fiat though. Maybe a lot or maybe insignificant. will it be accepted by some other countries close to China,
Are you referring to Taiwan and Hongkong? I doubt it. I'm certain India would reject it too. I find it complicated for other countries to accept it. How will they convert it back to their local currency if they do? It will probably happen once these other countries have their own digital currency.
and whether it will weaken interest in Bitcoin, which has been banned from trading for years.
Not yet I guess but if all countries issues their digital currencies, they can easily ban all forms of cryptocurrency trading. 
Despite the criticisms we hear about China (mostly from the USA), there is no denying that in some respects they have moved far away from most of the more advanced countries in the world. A few days ago, a crypto lottery ended in which 10 million yuan (CBDC) was distributed, which is approximately the value of $1.5 million. 2 million people applied, and 50 000 were given the opportunity to get CBDC that they will be able to spend on 3000 merchants located in Shenzhen province.
It should be emphasized that this is only one of the steps preceded by several tests, but that this is the largest test so far and perhaps even the one after which the digital yuan will begin to be used across the country.
What exactly will the CBDC mean for China, how much and how will it affect their economy, will it be accepted by some other countries close to China, and whether it will weaken interest in Bitcoin, which has been banned from trading for years.
https://www.digitalmarketnews.com/china-conducts-one-of-the-biggest-public-cbdc-tests/
Please use the quote option in an adequate way and make everyone's reading more enjoyable.
[TIPS] to avoid pyramid quotes
It should be emphasized that this is only one of the steps preceded by several tests, but that this is the largest test so far and perhaps even the one after which the digital yuan will begin to be used across the country.
What exactly will the CBDC mean for China, how much and how will it affect their economy, will it be accepted by some other countries close to China, and whether it will weaken interest in Bitcoin, which has been banned from trading for years.
https://www.digitalmarketnews.com/china-conducts-one-of-the-biggest-public-cbdc-tests/
Please use the quote option in an adequate way and make everyone's reading more enjoyable.
[TIPS] to avoid pyramid quotes
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