Chinese central bank to airdrop 10 million digital yuan

cabron

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Quote from: Ozero on October 15, 2020, 02:35:51 PM

Quote from: bigcash2011 on October 11, 2020, 03:20:29 PM

Quote from: tsaroz on October 11, 2020, 12:09:24 PM

It's not for everybody though. The Chinese city Shenzhen, often referred as Silicon Valley of China, would distribute 10 million yuan ($2 million) worth of new Chinese digital currency to 50,000 of it's lucky residents. The people would be put into a lottery to bring out the winners.
It is done to test the new system and boost the adoption and use of Chinese Digital Yuan currency. The Chinese digital Yuan is already accepted in a number of retails.

Sources:
https://www.abc.net.au/news/2020-10-10/china-to-issue-10-million-digital-yuan-in-first-public-test/12750320
https://news.bitcoin.com/digital-yuan-giveaway-10-million-central-bank-digital-currency/
https://cointelegraph.com/news/shenzhen-to-hand-out-10-million-digital-yuan-in-currency-giveaway

With this localized airdrop one can conclude that they will allow the use of this digital yuan inside China only but personally i would have loved it if they have made it global and airdrop should have also been global.

No, the distribution of the digital yuan within China does not mean anything yet. The government is primarily interested in how the digital yuan will work within the country and to support the citizens of their country as a gift. Of course, the lottery about this will cause a lot of talk and people will quickly learn about the introduction of the digital yuan. A very logical step by the government.
Although the digital yuan has little in common with cryptocurrency, its introduction into circulation will still contribute to the further development of cryptocurrency.

Its introduction will greatly affect every other currency in the world as predicted that there will be the decline use of USD. This is just introduced right now in their country but the one belt road will redistribute it everywherein the part of the world.

And one day everyone will use China's digital currency and its possible that we may be using the digital yuan to hedge like how we use the USDT today.

Ozero

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Quote from: bigcash2011 on October 11, 2020, 03:20:29 PM

Quote from: tsaroz on October 11, 2020, 12:09:24 PM

It's not for everybody though. The Chinese city Shenzhen, often referred as Silicon Valley of China, would distribute 10 million yuan ($2 million) worth of new Chinese digital currency to 50,000 of it's lucky residents. The people would be put into a lottery to bring out the winners.
It is done to test the new system and boost the adoption and use of Chinese Digital Yuan currency. The Chinese digital Yuan is already accepted in a number of retails.

Sources:
https://www.abc.net.au/news/2020-10-10/china-to-issue-10-million-digital-yuan-in-first-public-test/12750320
https://news.bitcoin.com/digital-yuan-giveaway-10-million-central-bank-digital-currency/
https://cointelegraph.com/news/shenzhen-to-hand-out-10-million-digital-yuan-in-currency-giveaway

With this localized airdrop one can conclude that they will allow the use of this digital yuan inside China only but personally i would have loved it if they have made it global and airdrop should have also been global.

No, the distribution of the digital yuan within China does not mean anything yet. The government is primarily interested in how the digital yuan will work within the country and to support the citizens of their country as a gift. Of course, the lottery about this will cause a lot of talk and people will quickly learn about the introduction of the digital yuan. A very logical step by the government.
Although the digital yuan has little in common with cryptocurrency, its introduction into circulation will still contribute to the further development of cryptocurrency.

ashmodeus

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Quote from: bitcoin-shark on October 14, 2020, 11:04:51 AM

is an excellent initiative of the Chinese government first to release the digital yuan and second to distribute some to Chinese residents, I believe that as soon as it becomes available on decentralized channels / exchanges I will buy some too, I think it is a good investment...

i guess u misunderstanding about it ,first , its will never avaliable for dex, since its a FIAT , no one goverment want their money being un controlabe, and second, how u think FIAT is a good investement ? even for 10 years, 1 yuan still be 1 yuan.

tvplus006

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Quote from: jacafbiz on October 12, 2020, 12:22:43 PM

It is a good trial but there digital currencies can only work in a Communist country like China where everything is centralised from top to bottom, I don't think it would gain any traction outside China. The reason why Bitcoin gave traction was because of its decentralized system and no one can control your money

National digital currencies will function in circulation in all countries. It doesn't matter what the country's political system is. It's just that some countries will introduce their national digital currency earlier, and others later. But surely over time, CBDC will be in all countries of the world.

Raist

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Such a wonderful gift from the government. Does drop members need to pass AML and KYC for this airdrop? Grin

Do they have signature bounty campaign for the laowai or it is only airdrop for Chinese? So so dishonest and ignoble Cheesy

Wenbing

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Quote from: Sirait on October 11, 2020, 12:19:25 PM

seeing this news I like seeing a bright future for crypto & blockchain technology, if this is officially launched then the US will lose one step from China.

After 70% success being a cashless country now, China is making fast strides, it seems like they already predict that cryptocurrency is the future of the world's currency.

It's data war that USA 🇺🇸 is fighting with China 🇨🇳 on currently, as time goes on the war will advance.

As China had taken very Futuristic step to invest in blockchain and crypto, how challenged will other nations be?

bitcoin-shark

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is an excellent initiative of the Chinese government first to release the digital yuan and second to distribute some to Chinese residents, I believe that as soon as it becomes available on decentralized channels / exchanges I will buy some too, I think it is a good investment...

budi691

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One step ahead by the Chinese state with its digital yuan, the Chinese state has thought ahead about technology and paper money will only be history, it is undeniable that digital money will replace paper money one day, and China has started it.

iTradeChips

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At this point, it is obvious that China would like to surpass the United States in terms of digital currency adoption. When many people would be using the digital currency then it's value would rise and therefore it would be good timing for the Chinese government to release the digital currency in hopes of making great developments in the country. For sure the West will observe what would happen with this great financial experiment and sure will hope that it would fail.

the_thing

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Damn!! that's huge, even though only 50,000 residents will get it out of billions. It still a huge move forward towards the global acceptance of the digital currency. Was this the news CZ was hinting about today?

khiholangkang

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This is great news, China has started to change its financial system from traditional to digital. I think this can also motivate other countries to do the same, and so mass adoption will come soon.

libert19

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If I did right calculation it translates to $40, so even for people who get left out its is no big deal Tongue

ven7net

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Quote from: tsaroz on October 11, 2020, 12:09:24 PM

It's not for everybody though. The Chinese city Shenzhen, often referred as Silicon Valley of China, would distribute 10 million yuan ($2 million) worth of new Chinese digital currency to 50,000 of it's lucky residents. The people would be put into a lottery to bring out the winners.
It is done to test the new system and boost the adoption and use of Chinese Digital Yuan currency. The Chinese digital Yuan is already accepted in a number of retails.

Sources:
https://www.abc.net.au/news/2020-10-10/china-to-issue-10-million-digital-yuan-in-first-public-test/12750320
https://news.bitcoin.com/digital-yuan-giveaway-10-million-central-bank-digital-currency/
https://cointelegraph.com/news/shenzhen-to-hand-out-10-million-digital-yuan-in-currency-giveaway

I think this is good news, primarily for the Chinese themselves. The fact is that China's digital yuan is more than a new state crypto currency. More important functions are planned for it, for example, assistance for countries on which the United States has imposed sanctions. The fact that China will distribute part of the digital Yuan to its chosen residents suggests that China's plans to develop digitalization are very serious.

aemma

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Woow, this is getting serious and amazing, where most countries are still thinking of what crypto holds or if they will adopt it and so forth, China is already at the forefront with gradual adoption of their own. This also goes to prove the fact that China is ready to try all technological innovations to make sure they remain one of the best countries in all rounds.
I believe their digital yuan will give crypto more exposure and since their own is already being used in retail store, it will make most potential developers to develop or build projects which will be useful.

kindbtc

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Quote from: tsaroz on October 11, 2020, 12:09:24 PM

It's not for everybody though. The Chinese city Shenzhen, often referred as Silicon Valley of China, would distribute 10 million yuan ($2 million) worth of new Chinese digital currency to 50,000 of it's lucky residents. The people would be put into a lottery to bring out the winners.
It is done to test the new system and boost the adoption and use of Chinese Digital Yuan currency. The Chinese digital Yuan is already accepted in a number of retails.

Sources:
https://www.abc.net.au/news/2020-10-10/china-to-issue-10-million-digital-yuan-in-first-public-test/12750320
https://news.bitcoin.com/digital-yuan-giveaway-10-million-central-bank-digital-currency/
https://cointelegraph.com/news/shenzhen-to-hand-out-10-million-digital-yuan-in-currency-giveaway

That would be awesome, I am happy for Shenzen city residents who will receive these airdrop coins but what if someone want to buy this digital Yuan outside China? Because being a decentralized digital coin anyone should be able to buy, hold or trade it irrespective of the country where he lives in.

Akiko

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Quote from: bittraffic on October 12, 2020, 01:48:53 PM

This is only for Shenzhen city but there was a video I was watching last month saying that their digital yuan was actually tested in several cities already in China. This airdrop is likely to stimulate the economy of the digital fiat, there could be less activity in digital yuan. Most likely the Chinese users are hoarding because they still can use the wechat and the alipay.

Hoarding it is not a good option using it in daily is what they are planning to do hoarding it is useless unless it can help the price increase when no one is using it . Alipay and wechat is just another option of payment but they want digital yuan as main currency that will be circulated in that country and use it daily . That's the reasons why they are given it free for some people so they can try and see if its really convenient to use compare to other payment option that they have.

justdimin

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At least they are starting, that is a big step in the right direction, even though I hate that it comes from China and I wish it was more developed nation that did this, it is at least still a good step for us. I do not know how much the government is involved in this, but considering Chinese government is involved with basically every single thing in their nation, I am sure they are at the very least aware of the situation and allowed it at bare minimum, probably they are involved so much that they made this happen with a request.

If we could have this in multiple nations, we could basically all own other nations money without dealing with banks, right now it is not that easy but with stable coins we could have a portfolio of other fiat whenever we want to very easily.

bittraffic

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This is only for Shenzhen city but there was a video I was watching last month saying that their digital yuan was actually tested in several cities already in China. This airdrop is likely to stimulate the economy of the digital fiat, there could be less activity in digital yuan. Most likely the Chinese users are hoarding because they still can use the wechat and the alipay.

jacafbiz

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It is a good trial but there digital currencies can only work in a Communist country like China where everything is centralised from top to bottom, I don't think it would gain any traction outside China. The reason why Bitcoin gave traction was because of its decentralized system and no one can control your money

unusualfacts30

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If this had been for whole world it could really make big different in yuan, unfortunately, that's not the case as its only for chinese citizens but it may pave the road for US and other countries to follow.

Topic: Chinese central bank to airdrop 10 million digital yuan (Read 618 times)