Will the Digital Yuan makes China even more powerful?

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Quote from: kolbalish on November 08, 2020, 09:58:13 AM

Quote from: KenCryptos on October 28, 2020, 04:08:30 AM

China has been testing the Digital Yuan and soon the Digital Yuan (DCEP) will be implemented soon. Will this move make China even more independent and more powerful? And what are the consequences for the world trade?

Read the article: China Soon to Legalize Digital Yuan and Ban Other Stablecoins, DCEP to Work With WeChat and AliPay

I don't think so. China is a big country and there has many states. Only one state itself can't make huge contribution and will show more power. But if the roadmap gets successful then it can contribute huge to the world trade otherwise I can't predict much right now.

well the problem is that in all the projects nothing can guarantee the ongoing or offered projects because so far there is something good at the beginning, but a few days after the completion of marketing, it will be seen that some teams have started to respond and proceed to the problem other, so be careful and the risk will always be there because no one can guarantee.

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Quote from: KenCryptos on October 28, 2020, 04:08:30 AM

China has been testing the Digital Yuan and soon the Digital Yuan (DCEP) will be implemented soon. Will this move make China even more independent and more powerful? And what are the consequences for the world trade?

Read the article: China Soon to Legalize Digital Yuan and Ban Other Stablecoins, DCEP to Work With WeChat and AliPay

I don't think so. China is a big country and there has many states. Only one state itself can't make huge contribution and will show more power. But if the roadmap gets successful then it can contribute huge to the world trade otherwise I can't predict much right now.

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As long as you live in a nation where the dictator and people around him can eat whatever they want and live however they want while there are people who are starving on the streets, you are never going to be a powerful nation and you will never be respected. Sure all of the world uses China for manufacturing and all of the world have huge investments in China but you see this as a way China grabbing power while I see this as a way other nations using China for their advantage and not needing them but employing them.

If China suddenly says they want better life standards and more money, everyone could move to places like India or Pakistan or wherever and continue without interruption while China suddenly restarts their famous famine back in the day. So China is not "powerful" it is just cheap.

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Quote from: bitbunnny on November 01, 2020, 05:03:07 PM

I don't think that the power of China depends on digital Yuan. Yes, it might help but it's definitely not crucial. Further power and wealth of China depends on on its trade and investment in Europe as well as relations with US which we will know more about after the election.
There are many factors and digital Yuan has a very small and unimportant role, that is my opinion.

Maybe because this important role is only a little power for digital Yuan and whoever uses it is certain that other people's own country cannot do anything with Digital Yuan.
Well, we know that we China is very dependent on the world economy and how it relates to the US but I see the Chinese president welcomes Joe Biden as the current elected president, so the possibility of power is very strong if they work together and Yuan will continue to stand, greatly affecting his country.

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Quote from: STT on November 04, 2020, 06:06:38 PM

China has no real respect for any kind of freedom or rights of ownership, it would be unlikely they would launch a proper blockchain system; ie. digital but never a real crypto Yuan

It is strange that many folks sill share this misconception

As it has been explained a countless number of times (I even wrote an article on this topic), CBDCs have nothing to do with either blockchain in particular or decentralized technologies in general. But this misunderstanding still persists, and people continue to assume that such currencies will be built similar to Bitcoin or other cryptocurrencies

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Quote from: KenCryptos on October 28, 2020, 04:08:30 AM

China has been testing the Digital Yuan and soon the Digital Yuan (DCEP) will be implemented soon. Will this move make China even more independent and more powerful? And what are the consequences for the world trade?

Read the article: China Soon to Legalize Digital Yuan and Ban Other Stablecoins, DCEP to Work With WeChat and AliPay

No, with strict controls over the economy and the fact that the Yuan is not allowed to price naturally against other currencies, the western world is not going to take it seriously. Nothing is less trustworthy than the Chinese government, and that will hold the currency back no matter what format it comes in.

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If having a digital currency is what’s going to make a country to become powerful, then I believe that the US would have had their eyes on it for years now that it was being discussed. And having a digital currency won’t even make any much changes apart in the areas of transactions; digital currency will make their transactions easy and possibly cheap, but they won’t be able to send that digital Yuan to other country people because the digital Yuan is still the same Yuan that they have been using but now in a digital form.

If you take bitcoin as an example, it must be a revolutionary thing for people hence people who have adopted it, are finding big changes in their day to day life. Similarly if digital Yuvan will not be bringing bu only a digital format then we cannot assume it will make China more powerful Sad

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Quote from: CyberKuro on November 07, 2020, 10:23:43 AM

Chinese people have been using wechat payment or Alipay for a long time, and most people pay on those platforms using barcodes just like people using apple pay, it's easy as using only a smartphone or credit card.
if digital yuan completely works and easily used as mentioned above and could displace paper money, in case of economic control and efficiency it will make Cina even more powerful because they can control the flow and distribution of money within their country, no one can lie about their finances or evade the tax.

Perhaps more precisely, full of strength in the area of a transparent financial system. Because the impact of digitizing the yuan will not have a full impact on the economy, what determines the country's economic strength is its foreign exchange reserves. The bigger the country's foreign exchange reserves, the stronger the country. The digitization of the yuan only seems to give the government the power to control black money and taxes from its people. Another benefit will make transactions easier due to their speed, security and convenience.

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Chinese people have been using wechat payment or Alipay for a long time, and most people pay on those platforms using barcodes just like people using apple pay, it's easy as using only a smartphone or credit card.
if digital yuan completely works and easily used as mentioned above and could displace paper money, in case of economic control and efficiency it will make Cina even more powerful because they can control the flow and distribution of money within their country, no one can lie about their finances or evade the tax.

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Good for China to come up with this Digital Yuan as part of the modernization trend. Chinese people are known to be brilliant in creating almost everything that they wanted to. But, pertaining to the latest innovation with their local currency, I don't think that Digital Yuan will make their economy more stronger and excel above all countries around the world. It could probably gives more convenience to their citizens and will be supported by many for their own good, and that's all. For me, having their Digital Yuan is not the only basis to be a Powerful Country...China has still a lot of things to show and prove in all aspects to the world before they will become Powerful.

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Digital Yuan becomes more powerful if it will push by whole Chinese community. We all know that when it comes to millionaires, Chinese people are really rich. They can pursue it because China is a 1st world country. However, I don't believe that the whole world will adapt it because many knows how China thinks about money. We don't want anymore to be manipulated by Chinese.

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Honestly digital yuan probably will be controlled by the government anyway and that is why I do not believe it could ever be decentralized and that will make it not really loved outside of China at all. Sure maybe at first days people may want some of it, but considering it is a stable coin that means it will not profit you for trading or investing neither, it is after all just a money and that's about it.

However it could potentially be something to make it easier for people to move money around in china, crypto exchanges and miners and many people in china who are involved in crypto would have something that could help them move their yuan around between these companies and that could change some things for them, not like it will be USDT because that is much bigger but it could be just a Chinese thing for them to use.

STT

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Digital currency did nothing for Venezuela when it tried to launch something so biased and centralised that it was debateable in having any real market value, which is ironic as their main FIAT currency was already excluded from free trade but they went ahead and tried the same thing but themselves in control. China has no real respect for any kind of freedom or rights of ownership, it would be unlikely they would launch a proper blockchain system; ie. digital but never a real crypto Yuan. The dollar is digital and many other FIAT, hopefully the OP answer becomes obvious when realising this.

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I doubt Digital Yuan can make China even more powerful, because the ones who will use Digital Yuan are definitely Chinese citizens themselves.
So Digital Yuan only provides options to residents of China as a payment option, except that finally the use of Digital Yuan can be used for
international transactions. But the dominance of the US Dollar is so strong, so for Digital Yuan to be able to compete with the US Dollar it takes
a very long time, because China must be able to convince the world to use Digital Yuan.

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Quote from: bitbunnny on November 01, 2020, 05:03:07 PM

I don't think that the power of China depends on digital Yuan. Yes, it might help but it's definitely not crucial. Further power and wealth of China depends on on its trade and investment in Europe as well as relations with US which we will know more about after the election.
There are many factors and digital Yuan has a very small and unimportant role, that is my opinion.

Indeed. China has done many businesses to climb up to the top of the world. It becomes wealthy from a variety of sources. Technologies, AI, agriculture, etc.

However, I don't think that the digital Yuan does not has an important role. It will definitely change the whole country in a short amount of time. Every transaction will be centralized and calculated without having many errors. In a long time process, I believe it will have an impact on our world. China is the number 2 country which always tries to replace the US and with this kind of technology, they can transform the country's face and maintain 2 billion humans territory.

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yes it seems strong if only for the scope of China and its surroundings. depending on the extent to which the Chinese government itself supports and obliges every citizen to conduct digital trade using DCEF.
Let's just wait whether this contribution extends to various countries other than China, for example countries that are pro to advanced digital.

With such a background, maybe there will always be a country that blocks it, especially the rival country of China.

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Quote from: AndySt on November 01, 2020, 05:27:07 PM

But the exclusion of the banking system from this process can have a detrimental effect on the banking system itself, depriving the state of a part of the taxes paid for this. This structural reform will be beneficial in the future, but may have some negative impact now

It may have negative effect on some part of the system, in this case, banks

However, if the changes make the financial system better off overall, it would be stupid to go for the well-being of a part of something instead of going for the betterment of the entirety of it. It is the positive net effect that counts here and which the Chinese authorities are certainly aware of and target for

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In a long term it can be strengthen the China economy even further, by increasing the money circulation in the Chinese economy.
In short term we won't notice any changes, as there are a lot of other stuff going in.

What I like about digital yuan is that it builds trust to cryptocurrencies for those who are still skeptical about cryptocurrencies security as payment method.

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It would make Chinese crypto people more powerful but that's about it, people are overreacting to it and I think this is not going to change a lot. For example, there are tons of miners in china and they will continue to mine bitcoin and other coins which is definitely a great business if you can pull it off, but right now they have to deal with mining bitcoin, going to an exchange and exchange it locally into fiat to withdraw to bank which all becomes a bit of a deal.

Here it would be easier with digital yuan where they could just switch bitcoin to digital yuan anywhere online, even binance will probably have it eventually when its official, so it would be easy to handle changes when it is not just local exchange but more like a whole new currency that will be global.

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Quote from: gentlemand on October 28, 2020, 04:54:35 AM

It'll increase their control over their own citizens and economy so I guess in theory they'll be making more money. Internationally I can't see many nations or investors wanting to adopt something that remains under full Chinese control at all times. A flick of a switch and off your money goes.

True. The power they will gain from integrating this cryptocurrency is bound only tp their citizens. No way they can penetrate the international market especially when we consider the fact that these are regulated and otherwise centralized cryotocurrencies which is much worse than bitcoin in it of itself. So no, this may make them more powerful internally but not internationally

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