Say Goodbye to Banking as We Know It - page 8.

Soots

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Quote from: Karmakid on January 03, 2020, 06:40:24 AM

We are slowly going into the cashless society. Some of the big countries like China is now doing their best to make their own cryptocurrency or a digital currency. This type of movement is the proof that there is something with cryptocurrencies and to those people who are skeptical and continuously denying will jump into the bandwagon train anytime soon.

It made me think worthwhile about the recent developments of online platforms, which usually using digital cashless form of transactions. One particular example was the online loan application, and requires digital wallet that can be withdrawn though different money transfer services.
On this process, the technology has started to evolve at advanced level nowadays and cashless will soon dominates the adoption numbers.

dimonstration

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Quote from: Karmakid on January 03, 2020, 06:40:24 AM

We are slowly going into the cashless society. Some of the big countries like China is now doing their best to make their own cryptocurrency or a digital currency. This type of movement is the proof that there is something with cryptocurrencies and to those people who are skeptical and continuously denying will jump into the bandwagon train anytime soon.

I'm trying not to use bank in transactions as much as possible but when in terms of cashing out into fiat, there is only few option and cashing out in banks is what I do. If only all my payment bills and stores that I'm buying accepts crypto there will be no problem. If China do it and shows successful rate many will sure to follow them in time.

Wintersoldier

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Quote from: moviebuff777 on January 02, 2020, 11:48:38 AM

This will most likely be the trend for most countries as they transition to the digital economy. But these government cryptocurrencies or digital currencies will still be centralized so they will not take the place of decentralized currency.

This does mean that the main currency that could possibly embraced by the government and the entire country will not be bitcoin or Ethereum and basically most of the decentralized cryptocurrency as their purpose for accepting this new technology will not be effective. For them to solve this problem, they might hire people to learn how to develop a new cryptocurrency mainly created to transition each respective fiats to their own cryptocurrency that they want.

Karmakid

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We are slowly going into the cashless society. Some of the big countries like China is now doing their best to make their own cryptocurrency or a digital currency. This type of movement is the proof that there is something with cryptocurrencies and to those people who are skeptical and continuously denying will jump into the bandwagon train anytime soon.

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Quote from: hatshepsut93 on January 02, 2020, 10:47:01 PM

If westerm governments are so opposed to a coin managed by private company, imagine how would they react to digital yuan coin - I'm 100% sure it would be banned there, exchanges wouldn't be allowed to list it, businesses won't be allowed to use it, funds won't be allowed to invest in it (or it will be very limited).

I think there is a difference though, China is a country that is becoming the world's leading economic power, while Facebook is still just one private company with an idea it wants to monetize. I'm pretty sure China could convince some other countries, first of all, I think of Russia and some other traditional allies to accept their digital currency.

It should be remembered that China is a market of 1.4 billion people and that the influence of the USA is increasingly weakened by a very aggressive free trade policy between countries. If the US dollar loses its world domination, things are likely to turn around in favor of China, and I believe that most Asian countries and Europe will still choose prosperity and free trade rather than weakening their economies by participating in trade wars.

pushups44

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Well, if China issues a digital currency soon, it validates that the 2020s will be the decade of blockchain. Bitcoin may be a beneficiary of the growth of interest in blockchain, as people will recognize the benefits of decentralization.

However, a lot of this is speculation. The governments may push back hard against decentralized networks to maintain their power.

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Quote from: iram3130 on January 03, 2020, 01:32:03 AM

They will track the flow of money and it will be oppressive than ever to use yuan.

All the government around the globe wants to have a track of everything and so is the reason they are collecting all the information they can get and finance is a sector that can have more control over everyone because if they identify individuals according to where they use they will have more power over them and that is what they are looking for and if it from a dictatorship rule then you are doomed.

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Is there really anything that changed? I mean, the banks are still controlled by the government, coins are released by they themselves, and heck, its actually much advanced now with them knowing every single possible movement of the coins in each and every household there is. It'd be much more easy now for them to track any illegal movement of cash/coins in their country, and anything not from them would literally become "unregistered" or "unauthorized" coins. Fraud money would be much harder to produce (or maybe even impossible to) and well, Banks literally just became more advanced with that kind of system.

Might just be me running my mouth though since a lot of information is still unknown with regards to the Digital currency of China.

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Banking system is changing quite a long time. It's becoming more digitized and online based, with more and more new financial products and services for clients each day.
Also, many banks are already testing blockchain technology and that will change banking even more because it will be implemented soon.
I don't think that banks are not interested in cryptocurrencies, they are just trying to find the way how to implement them and wait for them to be regulated. But don't be surprised if banks offer to their clients crypto related services.

merchantofzeny

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I see China's push for a national cryptocurrency more as a need to fully control its people's finances and to have tighter hold on its own economy. It might change banking there but I don't see it going farther than its shores.

What it can trigger though are other countries coming up with their own crypto to try to bypass the need for dollars, etc. Though I don't see bank disappearing soon, it will be possible for the government to directly loan to people, for good or for worse.

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Quote from: gweedo on January 03, 2020, 12:23:28 AM

Quote from: Duzter on January 03, 2020, 12:00:59 AM

More countries are into blockchain adoption. This is a forward move, but countries are specific in their stand of supporting blockchain technology and standing against cryptocurrency usage particularly bitcoin. China once a big supporter of Bitcoin is now supporting blockchain and in the plan of having their own cryptocurrency. Maybe this can take place with more countries, but there needs to be some common asset that unifies everything. This role probably taken by bitcoin.

In fact, no country really supports bitcoin and the current cryptocurrency, because they can't control it. China has never supported Bitcoin, it has implemented many plans to stop bitcoin since 2017 and it continues at the present time. China only accepts blockchain and is researching and developing to create a cryptocurrency for their own country, a cryptocurrency they can control it

Either they don't support or they don't care, it's either between the two. They don't know the advantages of having a cryptocurrency in a certain country because they didn't see that some countries allow it. China is a large country and their economic state is over growth, the same in their population. The digital currency they made is easy to handle since their mindset is about how money regulates in their country. By that, they know that more money can control people.

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Quote from: Hydrogen on January 02, 2020, 07:39:16 AM

Today lawmakers appear determined to ensure america does everything within its power to oppose and obstruct innovations like bitcoin/blockchain/crypto.

While china and europe does the opposite.

China is cracking down on crypto businesses left and right. They literally just shut down hundreds of exchanges and apparently miners are now being pressured by local governments to scale down their operations. China doesn't look very crypto-friendly to me at all.

I don't see their central bank digital currency as a pro-crypto thing either. More like a weapon in future currency wars, and a tool for them to spy on their citizens.

Shasha80

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Most likely the old banking system will be abandoned, now many banks in the world have made their banking system become digital.
And this is a sign that each bank will create their own cryptocurrency that is centralized so that it can be controlled. Like China which
supports blockchain technology to make their own cryptocurrency. So it's no wonder now it was not only the country that started adopting
cryptocurrency, but several companies including several banks began to intend to adopt cryptocurrency. So it can be said to say goodbye to
banking as we know it. Because if the bank doesn't want to die, inevitably it has to follow technological developments. Blockchain technology
is now the best technology for the financial sector.

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Just saw a video on this and it looks like Chinese finding a better way to track their currency. I will not find it amusing if they assign wallets to the common people. Grin

They will track the flow of money and it will be oppressive than ever to use yuan.

gweedo

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Quote from: Duzter on January 03, 2020, 12:00:59 AM

More countries are into blockchain adoption. This is a forward move, but countries are specific in their stand of supporting blockchain technology and standing against cryptocurrency usage particularly bitcoin. China once a big supporter of Bitcoin is now supporting blockchain and in the plan of having their own cryptocurrency. Maybe this can take place with more countries, but there needs to be some common asset that unifies everything. This role probably taken by bitcoin.

In fact, no country really supports bitcoin and the current cryptocurrency, because they can't control it. China has never supported Bitcoin, it has implemented many plans to stop bitcoin since 2017 and it continues at the present time. China only accepts blockchain and is researching and developing to create a cryptocurrency for their own country, a cryptocurrency they can control it

Duzter

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More countries are into blockchain adoption. This is a forward move, but countries are specific in their stand of supporting blockchain technology and standing against cryptocurrency usage particularly bitcoin. China once a big supporter of Bitcoin is now supporting blockchain and in the plan of having their own cryptocurrency. Maybe this can take place with more countries, but there needs to be some common asset that unifies everything. This role probably taken by bitcoin.

sunsilk

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While I've been reading posts that China is only interested with blockchain and not with crypto but here they go launching their own crypto backed by the government. This should be the position of US before but seem they are ignoring the power and potential of blockchain and crypto.

Now, China is taking over the spot while they can before US takes place and gets first. They've been always in the economic competition like this and I guess this time China is ahead of time.

panganib999

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I guess its time for China to be like:
Digital currency is legit money while Fiat money is Blackmarket money kinda thing? I mean, its plausible with them being the only one having digital currency at the moment. Plus, with them being alone on the scene, I doubt conversion of digital yuan to other currencies would be a hassle towards people who REALLY like taking advantage of things. Idk, was just an idea, might actually contain a lot of holes in it since I don't understand much regarding how they'd actually implement the system of Fiat >> Digital currency.

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Quote from: Lucius on January 02, 2020, 11:05:15 AM

As for Libra, haven't the US and EU strongly opposed the project? I am not sure if anything has changed in the US, but the EU still firmly stands by its position that it will not allow Libra in this form as presented.

If westerm governments are so opposed to a coin managed by private company, imagine how would they react to digital yuan coin - I'm 100% sure it would be banned there, exchanges wouldn't be allowed to list it, businesses won't be allowed to use it, funds won't be allowed to invest in it (or it will be very limited).

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Quote from: Hydrogen on January 02, 2020, 07:39:16 AM

Today lawmakers appear determined to ensure america does everything within its power to oppose and obstruct innovations like bitcoin/blockchain/crypto. While china and europe does the opposite. And so perhaps this represents a small microcosm of the paradigm shift taking place.

In my view, America has already lost that capacity to be the leader for innovations and so right now instead of embracing new and better things many politicians are using their vested power to counteract them. In other words, Americans are failing to see the future and are now self=absorbed people. The same is not true with China, the country aiming for global domination in as many fronts as possible. And certainly, it wants to win the economic war eclipsing the power and influence of USA as soon as it is possible.

I am seeing a big potential in the digital yuan not really as the competitor of Bitcoin but as means for China to further its overarching vision and goals. Soon we are waking with the China dominance all over our face. With the kind of professionalism in planning and execution plus with the backing of enough resources, I am sure that this China project is coming our way.

This is not promoting China and its myriad of interests but a wake up call to the people of USA and other big countries.

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