Will China take over the world with the Digital Yuan? - page 2.

int03h

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Quote from: AndySt on May 10, 2021, 07:10:21 PM

Quote from: int03h on May 10, 2021, 02:22:44 PM

A digital renminbi is just one solution by the central bank of China to use blockchains to solve the problems of their country's monetary system. This coin will use a centralized chain to manage its system. So it will never be decentralized and open to all.
Strict KYC is also an ingredient for using China's digital currency.
I think China's digital currency is not a problem because it is only used in this country.

Specifically in this case, I agree with you, because at this point in time everything is limited to the domestic Chinese market and directly for use by individuals, but I do not think that everything will be limited to this and in the future it may come to a wider application, including international settlements. At this point in time, China has not yet shown a broad interest in using its currency for international settlements, because it is a matter of controlling emissions, but future currency and trade wars will in any case force China to change its current behavior in the external economy.

If they want to take their national cryptocurrency further they need international treaties similar to the dollar Petro or their currency pact for a region. I believe that big countries like the US, UK, Russia, Japan and the European Union cannot easily let China bring their currency to the world. Competition will inevitably happen between currencies, except for the services of big companies such as Paypal, Visa.

AndySt

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Quote from: int03h on May 10, 2021, 02:22:44 PM

A digital renminbi is just one solution by the central bank of China to use blockchains to solve the problems of their country's monetary system. This coin will use a centralized chain to manage its system. So it will never be decentralized and open to all.
Strict KYC is also an ingredient for using China's digital currency.
I think China's digital currency is not a problem because it is only used in this country.

Specifically in this case, I agree with you, because at this point in time everything is limited to the domestic Chinese market and directly for use by individuals, but I do not think that everything will be limited to this and in the future it may come to a wider application, including international settlements. At this point in time, China has not yet shown a broad interest in using its currency for international settlements, because it is a matter of controlling emissions, but future currency and trade wars will in any case force China to change its current behavior in the external economy.

doomloop

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Quote from: perfect999 on May 09, 2021, 05:19:45 PM

I do think that Chinese people will start using crypto a lot more thanks to this. How do I imagine that happening? Well simply China will have something that they can use to show people how it could work, and they will allow a gateway between crypto and regular life, so you can have bitcoin, then turn it into digital yuan, then use that digital yuan in a store to buy a milk, that's it, one step directly to regular world all backed by government as well.

Yeah, we do have some bank cards if I am not wrong, binance provides one and there are some other companies etc etc, however reality is that we are not living in a world where we can just do whatever we want with fiat and using those cards and not expect anything bad from government, we need to be careful.

This is why a digital currency would help them. Would that help them take over the world? Maybe, they are already growing scarily strong anyway.

int03h

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A digital renminbi is just one solution by the central bank of China to use blockchains to solve the problems of their country's monetary system. This coin will use a centralized chain to manage its system. So it will never be decentralized and open to all.
Strict KYC is also an ingredient for using China's digital currency.
I think China's digital currency is not a problem because it is only used in this country.

awik p

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Quote from: perfect999 on May 09, 2021, 05:19:45 PM

Quote from: doomloop on May 09, 2021, 05:11:13 PM

Quote from: Abiky on April 30, 2021, 02:05:07 PM

Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

How exactly? Will the digital Yuan be an open currency for people around the world? From what I have heard it is only going to be used in China by their citizens, unless they will have plans to make it an open currency that people in other countries can access, but I can’t really imagine that happening.

Having a digital currency doesn’t automatically make a countries economy to become the biggest economy in the world. China is not the first that has attempted to create a cryptocurrency, there are other countries with failed attempts, china is the one that seems to be successful to me (though I can’t tell you that I am 100% sure).

I do think that Chinese people will start using crypto a lot more thanks to this. How do I imagine that happening? Well simply China will have something that they can use to show people how it could work, and they will allow a gateway between crypto and regular life, so you can have bitcoin, then turn it into digital yuan, then use that digital yuan in a store to buy a milk, that's it, one step directly to regular world all backed by government as well.

if that happens, it means that bitcoin will indirectly be used as a government-supported trading tool, although it must be exchanged for digital yuan before being used to buy in stores. I hope that in this way many countries will follow so that bitcoin can be used as a transaction tool as it was originally intended

perfect999

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Quote from: doomloop on May 09, 2021, 05:11:13 PM

Quote from: Abiky on April 30, 2021, 02:05:07 PM

Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

How exactly? Will the digital Yuan be an open currency for people around the world? From what I have heard it is only going to be used in China by their citizens, unless they will have plans to make it an open currency that people in other countries can access, but I can’t really imagine that happening.

Having a digital currency doesn’t automatically make a countries economy to become the biggest economy in the world. China is not the first that has attempted to create a cryptocurrency, there are other countries with failed attempts, china is the one that seems to be successful to me (though I can’t tell you that I am 100% sure).

I do think that Chinese people will start using crypto a lot more thanks to this. How do I imagine that happening? Well simply China will have something that they can use to show people how it could work, and they will allow a gateway between crypto and regular life, so you can have bitcoin, then turn it into digital yuan, then use that digital yuan in a store to buy a milk, that's it, one step directly to regular world all backed by government as well.

doomloop

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Quote from: Abiky on April 30, 2021, 02:05:07 PM

Will China take over the world with the Digital Yuan? Or will everything else remain the same? Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat?

How exactly? Will the digital Yuan be an open currency for people around the world? From what I have heard it is only going to be used in China by their citizens, unless they will have plans to make it an open currency that people in other countries can access, but I can’t really imagine that happening.

Having a digital currency doesn’t automatically make a countries economy to become the biggest economy in the world. China is not the first that has attempted to create a cryptocurrency, there are other countries with failed attempts, china is the one that seems to be successful to me (though I can’t tell you that I am 100% sure).

kamadazje

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Quote from: conected on May 09, 2021, 12:54:15 PM

Quote from: Ludmilla_rose1995 on May 09, 2021, 04:01:03 AM

In my opinion, if China's digital yuan is successful, then China will become the undisputed number one global superpower. the reason is when we combine the launch of digital yuan with China's "One Belt One Road" strategy. where China builds major infrastructure such as ports, bridges, roads, etc. in Central Asia, West Asia, Middle East, Africa, and European Countries which ultimately aims to secure global supply chains to and from China.

Having the technology behind this digital yuan will strengthen China's global position and allow it to increase the use of the global yuan that is widespread China's "One Belt One Road" has put it in a strong position, and when combined with the digital yuan. China is moving into the most strategic global position.

- Although China's commodity flow and global supply capacity is relatively large, but recently, this scope is shrinking due to the pandemic they created, almost a lot of countries took the opposite side and demanded compensation for the damage caused by the pandemic, global supply chains and their products are facing problems when ports from other countries do not want to take over. The digital yuan is probably not making a strong and new mark on them either, they need a deal and compensation before they want to continue to grow.

That is indeed true. The pandemic really changed how things were functioning before it spread globally. And needless to say, even if China was able to establish its own strong digital currency, I do not think that other countries especially USA would just let it reign. I believe that many will think of ways to outshine and be better than China then.

conected

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Quote from: Ludmilla_rose1995 on May 09, 2021, 04:01:03 AM

In my opinion, if China's digital yuan is successful, then China will become the undisputed number one global superpower. the reason is when we combine the launch of digital yuan with China's "One Belt One Road" strategy. where China builds major infrastructure such as ports, bridges, roads, etc. in Central Asia, West Asia, Middle East, Africa, and European Countries which ultimately aims to secure global supply chains to and from China.

Having the technology behind this digital yuan will strengthen China's global position and allow it to increase the use of the global yuan that is widespread China's "One Belt One Road" has put it in a strong position, and when combined with the digital yuan. China is moving into the most strategic global position.

- Although China's commodity flow and global supply capacity is relatively large, but recently, this scope is shrinking due to the pandemic they created, almost a lot of countries took the opposite side and demanded compensation for the damage caused by the pandemic, global supply chains and their products are facing problems when ports from other countries do not want to take over. The digital yuan is probably not making a strong and new mark on them either, they need a deal and compensation before they want to continue to grow.

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Quote from: jaysabi on May 09, 2021, 01:15:23 AM

Firstly, ever nation that wants to get out from under the thumb of the US-denominated financial system has an incentive to adopt the digital Yuan. This includes countries that want to evade US sanctions, as well as those that want to weaken US hegemony. At a minimum, this means Iran, North Korea and perhaps Russia to an extent, although the Russians are more likely to attempt a Russian digital currency than to become subservient to China. But as a strategic geo-rival, the Russians are very much interested in weakening the US globally.

The digital yuan will also be subject to the same disadvantages as the regular yuan when the government devalues its value to increase the competition of goods produced for export. The digital yuan is created primarily to replace the cash yuan and cannot make any meaningful competition for the dollar.

Ludmilla_rose1995

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In my opinion, if China's digital yuan is successful, then China will become the undisputed number one global superpower. the reason is when we combine the launch of digital yuan with China's "One Belt One Road" strategy. where China builds major infrastructure such as ports, bridges, roads, etc. in Central Asia, West Asia, Middle East, Africa, and European Countries which ultimately aims to secure global supply chains to and from China.

Having the technology behind this digital yuan will strengthen China's global position and allow it to increase the use of the global yuan that is widespread China's "One Belt One Road" has put it in a strong position, and when combined with the digital yuan. China is moving into the most strategic global position.

Ridwan Fauzi

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Indeed, the first reason why China create a digital yuan as we call as Reminbi is to make China dominate the world economy. Like in my country now, there is some online shop platforms which can be use several stuffs but it is just using digital uan. So as we have to change our money fiat to digital yuan in order to buy some stuff in the platform. Sooner or later this practice will only make yuan currency become strong because many people who will use it comparing to our money fiat. It is just a small sample that has happened in my country, there will be another example that has happened on other country.

magneto

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Definitely in terms of global reserve currency status.

It's no secret that the Chinese Yuan has been increasingly integrated into global commerce and has become a very real threat as a reserve asset to the USD. Heck, even Ray Dalio has said in Bridgewater announcements that one must hedge against the imminent surge in the dominance of CNY.

China's CBDC is simply going to accelerate this existing process - although I don't necessarily think that it'll become the dominant crypto per se given the first mover advantage and adoption that BTC has already.

larus

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Digital Yuan actually give +/- nothing for the country in the world scale. I dont think that this will change anything. China is powerful enough without it

jaysabi

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Quote from: DrBeer on May 04, 2021, 08:14:33 AM

For the digital yuan to replace the US dollar, the global economy must have a need or interest. At the same time, there should still be understandable risks of using the new world currency. The question is - how do you think - is the current situation in the world economy in order to create a need to change the international currency of mutual settlements? Is there an assessment of the risks of working with a digital currency that is completely controlled, let's say honestly, by the ruling elite of the country, where there are a lot of nuances, underconfusions, information hiding, and hidden goals? For example, the United States cannot immediately stop or somewhere ban the circulation of the dollar. In a digital exchange protocol, this can be done quite easily, but I am sure that many of the technologies underlying the digital yuan will be classified and remain proprietary.

Firstly, ever nation that wants to get out from under the thumb of the US-denominated financial system has an incentive to adopt the digital Yuan. This includes countries that want to evade US sanctions, as well as those that want to weaken US hegemony. At a minimum, this means Iran, North Korea and perhaps Russia to an extent, although the Russians are more likely to attempt a Russian digital currency than to become subservient to China. But as a strategic geo-rival, the Russians are very much interested in weakening the US globally.

shoreno

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Quote from: Abiky on April 30, 2021, 02:05:07 PM

It looks like China wants to stay ahead of the game by launching its own digital currency before the rest of the world does. If it becomes the pioneer of "Central Bank Digital Currencies", it might become the largest economy in the mainstream world. This means the US Dollar will no longer be the world's reserve currency,

what is the status . is china the first to create a digital version of fiat ? becuase i think it was the u.s and the dollar takes the lead but if ever china has a chance , it will be hard to accept and adjust because of how familiar we are in the u.s currency .

Quote from: Abiky on April 30, 2021, 02:05:07 PM

Do you think China's Digital Currency will force other countries to launch digital currencies of their own? How long do you think the transition will happen from paper money to digital Fiat? Your input will be greatly appreciated. Thanks in advance.

yes all countries will follow because we are talking about currencies . some people are comfortable using the digital version of thier own currency but for the transition time i think it will take lots of years because lots of people cant get over using the physical version of money .

doomistake

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It's too early to assume that. They may be the first country that has launched a digital currency of their own, but that doesn't automatically mean that they will and can take over the world just by doing that. US is still ahead of China according to statistics. Although I commend them for handling the pandemic better than other countries. Still, we can't just declare that they can overthrow the leading country and reserved currency in an instant.

electronicash

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Quote from: kpierce77 on May 07, 2021, 07:12:44 PM

Quote from: goaldigger on May 07, 2021, 05:06:41 PM

Quote from: macson on May 07, 2021, 04:11:13 PM

Quote from: quocsi on May 05, 2021, 06:32:24 PM

China is a thriving country in the world. It is the 2nd largest economy country in the world after the United States. Digital currency is thriving in this country. I think that in the near future China's digital currency will dominate the world market. We should prepare for that to happen and receive it.

Just because China has the second strongest economy after the United States, you say China has great potential to dominate the world? Overall China is still the 3rd strongest country in the world after the United States and Russia, so Digital Yuan dominating the world is still only a fantasy.

Code:

https://www.businessinsider.com/worlds-most-powerful-countries-2020-ranked-us-news-2020-1?r=US&IR=T#1-united-states-25

Digital Dollar will come in the market as well, that’s why its not easy for China to take over and I don’t think this is the best way for China to take over maybe there’s another way but not through their Digital yuan where only Chinese people will benefit on that. USD is still the worlds most acceptable fiat money, it wont replace by any fiat money.

Besides that, China also has negative views from several countries, imo. which made it quite difficult for them to implement their digital yuan. I still believe that replacing USD is almost impossible, and for sure they will focus on their domestic market first. With the many problems they may face, I think digital yuan is far from ready, at least for now

if countries like IRAN sanctioned on SWIFT platform which now any Iranians can't hold USD, why would they be using USD when they can use other currency? USD is the dominant currency and it's the easiest currency to use to make transactions to anyone.

China is a threat to USD because every time a country likes to import products from them, the importer will have to use Yuan to buy these products from China.

kpierce77

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Quote from: goaldigger on May 07, 2021, 05:06:41 PM

Quote from: macson on May 07, 2021, 04:11:13 PM

Quote from: quocsi on May 05, 2021, 06:32:24 PM

China is a thriving country in the world. It is the 2nd largest economy country in the world after the United States. Digital currency is thriving in this country. I think that in the near future China's digital currency will dominate the world market. We should prepare for that to happen and receive it.

Just because China has the second strongest economy after the United States, you say China has great potential to dominate the world? Overall China is still the 3rd strongest country in the world after the United States and Russia, so Digital Yuan dominating the world is still only a fantasy.

Code:

https://www.businessinsider.com/worlds-most-powerful-countries-2020-ranked-us-news-2020-1?r=US&IR=T#1-united-states-25

Digital Dollar will come in the market as well, that’s why its not easy for China to take over and I don’t think this is the best way for China to take over maybe there’s another way but not through their Digital yuan where only Chinese people will benefit on that. USD is still the worlds most acceptable fiat money, it wont replace by any fiat money.

Besides that, China also has negative views from several countries, imo. which made it quite difficult for them to implement their digital yuan. I still believe that replacing USD is almost impossible, and for sure they will focus on their domestic market first. With the many problems they may face, I think digital yuan is far from ready, at least for now

AndySt

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Quote from: DrBeer on May 07, 2021, 02:16:50 PM

There are several more problems that will prevent the digital yuan from becoming a replacement for the dollar in the global economic arena. The first is SUPPORT. The dollar is supported by the most powerful economy, the army, the power of influence of the United States. China will never reach this level. The reason? An export-oriented economy, dependence on the foreign exchange flow, a specific regime, a lack of trust in the world community. No offense. This is reality. Second - if China can be interested - then only weaker partners who depend on China and will accept the conditions in order to maintain "good relations". These are Russia, North Korea, most likely Mongolia, and possibly "fighters against world capitalism," such as Venezuela. and nobody else! Now look at the total share of these "partners" in the world economy (excluding China)? At most, in total, about 3% of the world economy. Those. the rest will "work" with the dollar, and the same China.

Never say never Wink

I would be wary of saying that this state of affairs in the global economy will last forever and China, with its 1.4 billion people, will not be able to make the most powerful economy in the world, simply because of its size. As for the dominance of the dollar, there is a strong feeling that China itself is not yet ready, that the yuan, even if ordinary, even digital, will become the world currency to replace the dollar, and all the confrontational policy is mostly on the part of the United States and forces China to pay more attention to the development of the domestic market and less export-oriented. On the other hand, all this policy with uncontrolled stimulation of the economy in the form of printing a huge amount of money can lead to disastrous consequences and no one can say with certainty which country will take the first roles in this case.

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