Will China take over the world with the Digital Yuan? - page 3.

goaldigger

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Quote from: macson on May 07, 2021, 03:11:13 PM

Quote from: quocsi on May 05, 2021, 05:32:24 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.

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

DrBeer

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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.

Abiky

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Quote from: sana54210 on May 06, 2021, 03:54:03 PM

Long story short if Chinese digital yuan becomes a huge thing, USA could start their own and can compete; do you really think it would take decades for them to get that ready? It would take them maybe a year at worst, they can pay any developer they want, a team, a whole company even billions of dollars and get that ready very quickly, this is why nobody is worried about digital yuan since it could be completed by others very quickly.

That's certainly true, mate. The US has all the resources required to make the launch of a "Digital Dollar" faster than you could've ever imagined. If I'm not mistaken, the United States is much richer than China so it has greater influence in the mainstream world. It doesn't matter which currency becomes "digitized" first, but rather which is the most adopted by countries worldwide. The US Dollar might retain its position as the world's reserve currency even after the "Digital Yuan" becomes a reality in the not-so-distant future. What kills China's ability to make the Yuan the reserve currency of the world is its policies. I don't think the situation will improve after the digitalization of the Chinese Yuan.

Nonetheless, the future is widely unpredictable. Many things can happen depending on the negative impact of COVID-19 towards the mainstream economy. While most countries' economies went downhill since the start of the pandemic, China's economy behaved differently. Who knows if the Yuan becomes stronger after the end of the pandemic? Time will tell us whenever the US will retain its position as the world's reserve currency, or go all the way down the drain as rival currencies gain traction in the mainstream world. Just my thoughts Grin

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Quote from: AicecreaME on May 06, 2021, 01:37:14 AM

It's too early to say that China will take over the world and US dollar won't be the reserved currency anymore just because China launched their digital currency. It doesn't necessarily mean that the first one will be widely acceptable to the neighboring countries and to the other parts of the world. China's digital Yuan will just be used and acceptable to their country. The other countries will just find it useless and impossible to transact with since outside its originated place, technically, it still has no value.

That is the correct approach to these things. Let’s wait and see. Why do you think that huge tech companies are as big as they are? Because when something threatens their existence they either buy it as a whole or they just make a copy of it, look at facebook not as many people use it nowadays as they did back in the day but they bought whatsapp and instagram which made it a great investment for them, they are everywhere and that is a good thing.

Long story short if Chinese digital yuan becomes a huge thing, USA could start their own and can compete; do you really think it would take decades for them to get that ready? It would take them maybe a year at worst, they can pay any developer they want, a team, a whole company even billions of dollars and get that ready very quickly, this is why nobody is worried about digital yuan since it could be completed by others very quickly.

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Quote from: Arkann on May 06, 2021, 11:57:09 AM

the main strength of cryptocurrencies is their decentralization. No digital asset that is controlled by the authorities can be called a cryptocurrency. Based on this, there is no difference between a digital yuan built on a blockchain and a simple fiat yuan. based on this, the Chinese digital yuan will not make a small revolution in the cryptocurrency market and in the world in general, as many expect.

No one from this industry will embraced the idea of making a centralized governance towards cryptocurrency, like what you have mentioned there's no differences between fiat Yuan and the digital base Yuan,

same aspects that they are both controlled by china's governance, this adoptions will remove the intentions of having free of interferance from any government form system.

We should continue to stay with decentralizations as it was the very reason of this system.

Alert31

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Do you think other country like US will allow China to take over the world with their digital money? I think there will be a digital competition for every country if ever. Also, their digital currency is centralized and people want is decentralize currency. Let's wait and see what will happen next.

Arkann

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the main strength of cryptocurrencies is their decentralization. No digital asset that is controlled by the authorities can be called a cryptocurrency. Based on this, there is no difference between a digital yuan built on a blockchain and a simple fiat yuan. based on this, the Chinese digital yuan will not make a small revolution in the cryptocurrency market and in the world in general, as many expect.

Smartvirus

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China has been the center for upcoming technology as they look to develop and make improvements on every technological break through. The idea of the digital Yuan came up as to the Chinese government inability to accurately or completely tackle the activity of bitcoin and other cryptocurrencies amongst its citizens and its used in the Chinese territory. Hence, the digital Yuan was invented as a direct combative force for cryptos but it comes with a limitation and for this, I feel it won't completely serve as a cryptocurrency. This is because, it is nation bound. Its somehow tagged to China and as such, the universality of the currency is questionable. It might boom within China but, around the world, not so much.

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interestingly enough the USD reserve of countries is decreasing and the new reports indicate a new drop in the percentage of it. more interesting than that is the increase in the percentage of the Yuan they are holding instead of USD.
you ask if China is going to take over the world in the future, i say they have already done it while we were are sound asleep.

Anonylz

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For them to be able to take over the world with their digital Yaun, it means they are able to impose the currency on the rest countries in the world, willingly or unwillingly, of course if it was up to them they won't mind imposing it on especially the weaker countries, but this is not possible since every country has their governing laws (constitutional laws) and rules,
May be this can improve on their economic and make them more economically powerful and that is as far as it will go, they will not be taking over the world with that, i hope not.

mu_enrico

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China won't take over the world with a currency! I won't touch Yuan, I'd rather use my sweet dirt cheap Rupiah! Grin

China will take over the world with Marxism. They will indoctrinate your kids in the school, via Marxist teachers, and Marxism-leaning curriculum.

Sincerely, a former Marxist guy because 20+ years of Marxism-tainted education.

Koro-Sensei

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Quote from: Abiky on April 30, 2021, 01:05:07 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, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? 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? Your input will be greatly appreciated. Thanks in advance.

It depends. I believe more sanctions are coming into their way and it will very much affect the success of their future. With all those bullying happening in Taiwan, Philippines, Indonesia and etc by China, more and more economic powers are trying to get rid of China's ambition to become the worlds largest economic country. Sanctions are being applied and even if their Central Bank Digital Currency is baseless and it will not gain momentum as long as they follow the international laws.

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Quote from: AicecreaME on May 06, 2021, 01:37:14 AM

Quote from: Abiky on April 30, 2021, 01:05:07 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, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? 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? Your input will be greatly appreciated. Thanks in advance.

It's too early to say that China will take over the world and US dollar won't be the reserved currency anymore just because China launched their digital currency. It doesn't necessarily mean that the first one will be widely acceptable to the neighboring countries and to the other parts of the world. China's digital Yuan will just be used and acceptable to their country. The other countries will just find it useless and impossible to transact with since outside its originated place, technically, it still has no value.

I think the creation of digital yuan will somehow boost other country to make their own as well, only if they deem it necessary especially now that we're in the middle of a pandemic crisis. Although the transition is already happening right now, because this pandemic has pushed us to use the alterative mode of transaction which is shopping and paying online for safety purposes.

I think most countries can gradually transition with digital money, but we can't just ditched the physical money at all. Even when the time comes that the world has widely accepted the digital payment methods, physical money will still be retained and used. I think they will coexist which is much better because we'll have an alternative option.

With them ahead of 5G, it's almost impossible to beat China with that. It's like they own our asses already. The battle isn't just about the Economy and USD debasing because it's all in different aspects like the DATA market which they could weaponize using the 5G.

To make it easier for us to understand is that 5G is like a platform like ETH. and the ERC20 tokens are the internet websites and companies and all the data passing thru that 5G and the Chinese own it. What do you think they would to that these data?

AicecreaME

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Quote from: Abiky on April 30, 2021, 01:05:07 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, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? 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? Your input will be greatly appreciated. Thanks in advance.

It's too early to say that China will take over the world and US dollar won't be the reserved currency anymore just because China launched their digital currency. It doesn't necessarily mean that the first one will be widely acceptable to the neighboring countries and to the other parts of the world. China's digital Yuan will just be used and acceptable to their country. The other countries will just find it useless and impossible to transact with since outside its originated place, technically, it still has no value.

I think the creation of digital yuan will somehow boost other country to make their own as well, only if they deem it necessary especially now that we're in the middle of a pandemic crisis. Although the transition is already happening right now, because this pandemic has pushed us to use the alterative mode of transaction which is shopping and paying online for safety purposes.

I think most countries can gradually transition with digital money, but we can't just ditched the physical money at all. Even when the time comes that the world has widely accepted the digital payment methods, physical money will still be retained and used. I think they will coexist which is much better because we'll have an alternative option.

cabron

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Quote from: AndySt on May 05, 2021, 06:28:19 PM

Quote from: wiss19 on May 05, 2021, 03:27:11 PM

So what are you expecting he US government to do? start hurrying up to develop a digital currency just because china is doing it? If any country wants to develop a cryptocurrency, it’s not something that they will have to rush into, they need to take their time and work towards that. That’s the same thing that China did, they never rushed it, rather they took their time to be working on it, because I can remember when they started talking about this.
By the way, being the first to create a cryptocurrency doesn’t mean that they are going to be the number in economy. And moreover, the Yuan will only be used in China, for now. Maybe when other countries create their own digital currencies, they will be able to exchange it.

I will even say that many countries are deliberately taking their time to develop a digital version of their currency, to see how China implements all this and what problems it will face when it starts large-scale implementation of the digital yuan throughout the country, and not in individual cities as at the present time. As far as we can judge from the statements of representatives of China, there are no thoughts about global expansion yet and all plans are limited only to the territory of China, which of course does not prevent then scaling it to the whole world, but watching with what caution China approaches the issue of using the yuan as a world reserve currency, I think that China will also not rush with the digital yuan.

Almost all countries are relying on Chinese products already so if they will ask anyone to just use Digital yuan when buying from them because that's how things work in importation and exportation, importers will use Digital Yuan. They are not trying to rule the world, it's just how things work.

Africa knows because they already felt how much impact China had provided by building infrastructures from railroads to buildings which US and EU had not done to improve their lives.

AndySt

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Quote from: wiss19 on May 05, 2021, 03:27:11 PM

So what are you expecting he US government to do? start hurrying up to develop a digital currency just because china is doing it? If any country wants to develop a cryptocurrency, it’s not something that they will have to rush into, they need to take their time and work towards that. That’s the same thing that China did, they never rushed it, rather they took their time to be working on it, because I can remember when they started talking about this.
By the way, being the first to create a cryptocurrency doesn’t mean that they are going to be the number in economy. And moreover, the Yuan will only be used in China, for now. Maybe when other countries create their own digital currencies, they will be able to exchange it.

I will even say that many countries are deliberately taking their time to develop a digital version of their currency, to see how China implements all this and what problems it will face when it starts large-scale implementation of the digital yuan throughout the country, and not in individual cities as at the present time. As far as we can judge from the statements of representatives of China, there are no thoughts about global expansion yet and all plans are limited only to the territory of China, which of course does not prevent then scaling it to the whole world, but watching with what caution China approaches the issue of using the yuan as a world reserve currency, I think that China will also not rush with the digital yuan.

Scripture

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Quote from: quocsi on May 05, 2021, 05:32:24 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.

The world can’t accept that China will take over as the world leader, many countries will not allow that especially the US. Many countries are now working to have their own digital currency as well, especially the Dollar so I don’t think the competition will stop them and I don’t think China will take over the world just because of digital yuan.

quocsi

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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.

wiss19

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Quote from: Abiky on April 30, 2021, 01:05:07 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, as China gains strength with the Digital Yuan. Low fees and blazing-fast settlement speeds will make China's digital currency much more attractive than existing currencies. If the US fails to launch the "Digital Dollar" before China, it could lose its supremacy over the mainstream economy.

What are your thoughts? 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? Your input will be greatly appreciated. Thanks in advance.

So what are you expecting he US government to do? start hurrying up to develop a digital currency just because china is doing it? If any country wants to develop a cryptocurrency, it’s not something that they will have to rush into, they need to take their time and work towards that. That’s the same thing that China did, they never rushed it, rather they took their time to be working on it, because I can remember when they started talking about this.

By the way, being the first to create a cryptocurrency doesn’t mean that they are going to be the number in economy. And moreover, the Yuan will only be used in China, for now. Maybe when other countries create their own digital currencies, they will be able to exchange it.

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