Chinese central bank to airdrop 10 million digital yuan - page 3.

TimeTeller

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Quote from: BayAngelo on October 11, 2020, 03:37:46 PM

Unfortunately, this is not for all but for chinese citizens. The digital currencies is gradually gaining attraction and china has been a known supporter from day one. we will get to see more of these happening and why cryptocurrency will go mainstream. hopefully, other nations might adpot this same process but will there be a stimulus packages Just like china.?

I understand that they are prioritizing their residents first because it is their own digital currency.
So their move is to actually gain adoption among its citizens. And that is expected on their part.
Being a centralized coin, if they will open to global users, are those users willing to submit their KYC docs just to own this digital yuan?
I guess not many users will be happy to send their docs to the Chinese authority. So don't fret that they are not opening this opportunity to nonresidents.

BayAngelo

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Unfortunately, this is not for all but for chinese citizens. The digital currencies is gradually gaining attraction and china has been a known supporter from day one. we will get to see more of these happening and why cryptocurrency will go mainstream. hopefully, other nations might adpot this same process but will there be a stimulus packages Just like china.?

bigcash2011

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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

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.

Coyster

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Playbet.io - Crypto Casino and Sportsbook

Quote from: kingzpro on October 11, 2020, 01:15:34 PM

I would like to see this digital yuan coin on mainstream crypto exchanges too. If that happens mainstream crypto market and crypto coins will really boom because it will become very easy to buy, sell or exchange crypto for atleast the Chinese people right now.

The digital Yuan or any other CBDC is not a decentralized cryptocurrency, it's centralized and not the same as Bitcoin or other dex coins, imo, cbdc's are not of any benefit to Crypto adoption, and it won't be used on crypto exchanges or like dex crypto's.

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

if this is officially launched then the US will lose one step from China.

That's why I've said many times before that launching CBDC's looks too much of a move in flaunting political powers by different countries, the U.S. will look to make new progress with this news about the digital Yuan, that's why I'm not interested in CBDC's since they aren't decentralized and are only digital versions of the countries fiat currency.

benthach

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Quote from: CucakRowo on October 11, 2020, 01:39:30 PM

Quote from: benthach on October 11, 2020, 01:25:44 PM

-sip-

No worries. Me (as President Trump) and our college in EU will create more powerful stablecoin in earth rather than that weak digital yuan.
1. https://cointelegraph.com/news/good-stablecoin-rules-in-the-eu-pave-the-way-for-cbdcs-and-a-digital-euro
2. https://coincentral.com/donald-trumps-senior-economic-advisor-is-working-on-a-stablecoin/

To create that powerful stablecoin, we will design it more carefully and meticulously using our latest technology. No RUSH needed.
Grin

sound like kid playing around, it don't sound serious, especially the u.s one.
we will always find mixed messages with the u.s and europe on the crypto. they don't have straight message from the government.
i always see and have the feeling the u.s government always have this grudge, jealousy or envy of crypto.

CucakRowo

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aka JAGEND.

Quote from: benthach on October 11, 2020, 01:25:44 PM

-sip-

No worries. Me (as President Trump) and our college in EU will create more powerful stablecoin in earth rather than that weak digital yuan.
1. https://cointelegraph.com/news/good-stablecoin-rules-in-the-eu-pave-the-way-for-cbdcs-and-a-digital-euro
2. https://coincentral.com/donald-trumps-senior-economic-advisor-is-working-on-a-stablecoin/

To create that powerful stablecoin, we will design it more carefully and meticulously using our latest technology. No RUSH needed.
Grin

ashmodeus

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Quote from: kingzpro on October 11, 2020, 01:15:34 PM

I would like to see this digital yuan coin on mainstream crypto exchanges too. If that happens mainstream crypto market and crypto coins will really boom because it will become very easy to buy, sell or exchange crypto for atleast the Chinese people right now. I am quite sure many more countries are working on their digital coins so im very bullish about all these developments as crypto volumes and trust will grow massively with national, legal coins.

since chinese goverment has banned all activities about cryptocurrency,well, its just a dream i guess, futhermore probably another reason for creating digital yuan is for tracking where the money going, since its centralized.

benthach

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Quote from: VolkoB on October 11, 2020, 12:25:12 PM

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

US will lose one step from China.

The US at this time launched a printing press at 146% of power.
I really want to see such drops in my country)

the u.s government is way behind in this crypto game, then they will find someone or something to blame. just like the trump administration always find someone to blame.

kingzpro

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DIFX - Digital Finacial Exchange

I would like to see this digital yuan coin on mainstream crypto exchanges too. If that happens mainstream crypto market and crypto coins will really boom because it will become very easy to buy, sell or exchange crypto for atleast the Chinese people right now. I am quite sure many more countries are working on their digital coins so im very bullish about all these developments as crypto volumes and trust will grow massively with national, legal coins.

ashmodeus

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yep, i've see that news a day ago, its kind of a test,i mean public test before going fully launch at 2022,what i think about the time has come, which mean probably paper money will replaced sooner,even for traditional markets.
https://decrypt.co/44410/1-5-million-of-chinas-cbdc-will-be-distributed-in-shenzhen

CucakRowo

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aka JAGEND.

Small corrections. Chinese is related with language, culture or people (as mentioned in google translate). When you talk about central bank, means china central bank.

China is always way step a head when to applied every national program that they were made. It is no wonder why since last week chinese flood US stocks market as mentioned in here : https://www.scmp.com/news/china/article/3104603/chinese-firms-flood-us-markets-capital-ahead-moves-tighten-regulations

I think that "floods" is one of their strategies to make their new digital yuan that they launched recently more easily accepted by their citizens. Some people said that this strategy is one of method to "short" $.
My question is, can this new digital yuan coin soar in price? or is it the same as USDT/DAI where 1 USDT/DAI = 1$

Can't wait what kind of "war" that could be happens when these 2 nations heard about this new digital yuan has been launched :
1. https://cointelegraph.com/news/good-stablecoin-rules-in-the-eu-pave-the-way-for-cbdcs-and-a-digital-euro
2. https://coincentral.com/donald-trumps-senior-economic-advisor-is-working-on-a-stablecoin/

VolkoB

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Be happy =)

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

US will lose one step from China.

The US at this time launched a printing press at 146% of power.
I really want to see such drops in my country)

Sirait

full member

Activity: 1890

Merit: 101

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.

tsaroz

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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

Topic: Chinese central bank to airdrop 10 million digital yuan - page 3. (Read 626 times)