Will the Digital Yuan makes China even more powerful?

Google+

hero member

Activity: 2464

Merit: 550

Leading Crypto Sports Betting & Casino Platform

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.

kolbalish

member

Activity: 627

Merit: 14

Crypto Article Sharer!!!

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.

jaberwock

legendary

Activity: 2660

Merit: 1074

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.

$crypto$

legendary

Activity: 2394

Merit: 1049

Smart is not enough, there must be skills

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.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

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

jaysabi

legendary

Activity: 2044

Merit: 1115

★777Coin.com★ Fun BTC Casino!

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.

redsun114

hero member

Activity: 2730

Merit: 585

Leading Crypto Sports Betting & Casino Platform

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

.

oHnK

hero member

Activity: 1414

Merit: 574

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.

CyberKuro

hero member

Activity: 798

Merit: 506

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.

Sapphire915

member

Activity: 182

Merit: 11

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.

Nhebu

member

Activity: 616

Merit: 10

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.

beerlover

legendary

Activity: 3052

Merit: 1188

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

legendary

Activity: 4102

Merit: 1454

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.

MCobian

full member

Activity: 1190

Merit: 117

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.

slapper

legendary

Activity: 1946

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

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.

Sterbens

sr. member

Activity: 1848

Merit: 341

Duelbits.com

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.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

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

Cratoon

full member

Activity: 865

Merit: 104

https://paradice.in/?c=bitcointalk

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.

RealMalatesta

legendary

Activity: 2338

Merit: 1124

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.

CarnagexD

sr. member

Activity: 1498

Merit: 374

Leading Crypto Sports Betting & Casino Platform

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

AndySt

legendary

Activity: 2184

Merit: 1012

Quote from: Xinarae* on October 31, 2020, 07:54:38 AM

China may be a very powerful country during which case the digital yuan will make China stronger and therefore the transaction is predicted to be easier without the medium of banking. A weaker yuan makes Chinese exports more competitive. For this reason if you purchase those products in foreign currency the worth are going to be lower. Weak yuan will make importing goods to China costlier. this may cause inflation to rise and hurt the Chinese economy and put pressure on moneylenders to take a position in other assets.

It's not all that simple Wink

I agree that the banking system can do much more useful things than serve the monetary transactions of citizens than the digital yuan project will directly deal with. 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.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

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.

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

Quote from: Mauser on October 28, 2020, 04:39:57 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 still not a free country, the economy and the hole nation is being controlled by the communist party. The same goes for the currency, the Yuan is not freely traded. So the same will likely go for the digital Yuan. Investors in a digital currency looking for security and independence. I think this currency will likely be important within China, but not internationally.

I agree. That will be certain that there could be an improvement when it comes to the modernization in the country for adapting into digitalization of Yuan but still such happening will not guarantee that China will gain more power just because of that. There are still lots of things to be considered to be able for such thing to make happen. Yes, we all do know that China is already a big and powerful country as for today but the existence of digital Yuan if ever will still not ensure that it will make China to gain immense power.

Switching from the traditional going to digital is such a great move for a country because they do have such capacity to adapt on doing that. Such improvement will just stay up into the country for self improvement on currency but such will not be for international perspective. To be able to make China even more powerful, digital Yuan must be known on international trading to gain more popularity and power for them.

romero121

legendary

Activity: 3234

Merit: 1214

Vave.com - Crypto Casino

Every step taken forward is supposed to make a positive cause. When it comes to China, they always tend to stay on the top of technology advancement. This is the reason why each and every forward move from China is much observed by the world. Maybe digitising looks simple, but it will be having big plans behind. One way or the other the currencies were connected with the economy, upon which we can't ignore the contribution of digital yuan.

Already WeChat and Alipay is dominant in the Chinese market, now Chinese digital Yuan getting added to it will give path for the usage. When it begins to circulate automatically there'll be progress atleast in the long term. Furthermore only when used beyond borders we can calibrate the real usecase.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: coolcoinz on October 31, 2020, 09:15:11 AM

First of all, we should ash ourselves if the digital money make a country better or more powerful in any way. I din't believe that the switch from traditional to digital fiat banking made countries so much better. It's something we could call natural progress and it doesn't really make or unmake a powerful economy

There are effects of the second order as well, which we shouldn't discard

And their effect (pardon the pun) can be more powerful than that of the first order, in this case, the direct impact of the digital yuan on the Chinese economy. It can become stronger if its new currency will be able to edge out the American dollar a little from the global trade. This we should pay close attention to

So, while it is certainly true that the new currency is unlikely to effect a massive change as long as it stays within the Great Wall, this is not the whole picture. Moreover, this need not necessarily be how the Chinese commies themselves view their digital currency and its mission, whatever they might say aloud to the contrary if they say anything at all

coolcoinz

legendary

Activity: 2814

Merit: 1192

First of all, we should ask ourselves if the digital money make a country better or more powerful in any way. I din't believe that the switch from traditional to digital fiat banking made countries so much better. It's something we could call natural progress and it doesn't really make or unmake a powerful economy.

Xinarae*

sr. member

Activity: 1414

Merit: 326

China may be a very powerful country during which case the digital yuan will make China stronger and therefore the transaction is predicted to be easier without the medium of banking. A weaker yuan makes Chinese exports more competitive. For this reason if you purchase those products in foreign currency the worth are going to be lower. Weak yuan will make importing goods to China costlier. this may cause inflation to rise and hurt the Chinese economy and put pressure on moneylenders to take a position in other assets.

xSkylarx

hero member

Activity: 2366

Merit: 594

Seeing China that imposes strict law to their citizens, I think this will make them more powerful if they make each of their people to use it as an alternative to fiat. We know that we are slowly approaching the digital age so it will be not surprising if they replace it on their local money Yuan.

sensimilia

sr. member

Activity: 702

Merit: 251

Digital Yuan itself is not enough to make China more powerful. However, it could be another brick that makes China powerful

Rengga Jati

hero member

Activity: 2072

Merit: 656

royalstarscasino.com

Wow, honestly, in my opinion, China is really good at this, great. We can see how the country really concerns about this thing, they created their own CBDC and will develop it working with big partners. We all know that WeChat and also Alipay are also very big companies that most people in the world know. The effort of the country to emerge very trusted CBD and also its utility maybe not easy, but they will be able to do it.

The next question, will they destroy BTC?
if there is no prohibition to the society to concern with BTC, I think that they will not mean it, and many people will of course still concern about BTC. But if there is a new rule about it in the country and it is a must, I doubt that crypto will be still accepted there.

AndySt

legendary

Activity: 2184

Merit: 1012

Quote from: STT on October 30, 2020, 03:10:20 PM

Quote

However China only gets dollars, they have so much dollars in many forms cash,bonds,treasury,stocks and many many other forms that I think it would be understandable if we would say they want to get rid of it. How could they? They could spend their dollars to buy bitcoin

China doesnt need to do that, one of the most important factors with dollar is in many parts of the world it means oil because oil is traded, sold and exchanged via the dollar system. Even in Russia even in countries which oppose USA policy in every way they still are using dollar to be part of the oil trade. This is especially key to China who do not have many oil resources, they are greatly lacking in energy overall only coal do they have.
So when you ask what does China do with excess Dollars, they could spend almost all of it on oil and other commodities and buying resources production and contracts extending twenty years into the future to secure Chinas growth. To some extent they are doing this and reducing Dollar use, I dont see crypto is required to continue in this strategy.

I agree with your opinion. China did not intend and is not going to recognize bitcoin at the state level at this point in time, so they will spend their accumulated dollar reserves on completely different purposes. If the leading countries start making their government savings in bitcoin, then China may change its position and follow their example. But so far this should not be expected from the Chinese government.

Shasha80

sr. member

Activity: 1876

Merit: 318

I doubt Digital Yuan can make China even powerful, because no one will use it other than the Chinese themselves.
So as long as it hasn't been used globally, Digital Yuan will not be able to make China powerful, after all, the popularity of
USDT is hard to beat. So the Digital Yuan was created only to be used to control China's own population.

mindrust

legendary

Activity: 3276

Merit: 2442

China don't need a stronger or a different form of currency as most world currencies are already digital because most of them only exist in bank accounts, not physically. The power of the Chinese national currency come from their manufacturing power and that's what makes a country and its currency powerful.

CNY could gain so much value if the Chinese stopped devaluing it but then they would lose their manufacturing power and it would collapse the whole thing. Running CNY on a centralized blockchain (i know it sounds retarded) isn't the answer to this problem.

STT

legendary

Activity: 4102

Merit: 1454

Quote

However China only gets dollars, they have so much dollars in many forms cash,bonds,treasury,stocks and many many other forms that I think it would be understandable if we would say they want to get rid of it. How could they? They could spend their dollars to buy bitcoin

China doesnt need to do that, one of the most important factors with dollar is in many parts of the world it means oil because oil is traded, sold and exchanged via the dollar system. Even in Russia even in countries which oppose USA policy in every way they still are using dollar to be part of the oil trade. This is especially key to China who do not have many oil resources, they are greatly lacking in energy overall only coal do they have.
So when you ask what does China do with excess Dollars, they could spend almost all of it on oil and other commodities and buying resources production and contracts extending twenty years into the future to secure Chinas growth. To some extent they are doing this and reducing Dollar use, I dont see crypto is required to continue in this strategy.

Oceat

sr. member

Activity: 2506

Merit: 368

Quote from: BuNga_cute on October 29, 2020, 03:54:27 PM

As long as the digital Yuan is only used by Chinese citizens, it will not make the Chinese state stronger. China must make a strategy
so that the digital Yuan can be used by other countries. I am sure that many people prefer USDT backed by US Dollar rather than
having to use digital Yuan. But China's move to create a digital Yuan is a good first step, at least it can be an alternative payment in China.
And make the Chinese government increasingly powerful over its own citizens.

No matter what they make if they were the ones having a control over it then the tendency that most users wouldn't want to use it except for Chinese people will less likely gonna have a big impact on the world economy. It will only lead to more control over their own citizens so I doubt any non-chinese would like to invest in it, in fact we have USDT already that most people would like to use since it is backed by the US Dollar.

Indymoney

full member

Activity: 896

Merit: 236

Quote from: FACE 2 FACE on October 30, 2020, 04:29:27 AM

There is no doubt that the introduction of the digital yuan will raise China to another higher level compared to the level that it occupied earlier. Its own official digital currency is a guarantee of complete independence from the US dollar hegemony in the future.

There is nothing special happen to world with this because no other country going to invest or doing any trade with this all just one thing happen like they will have more control on their own peoples and their indpedence and they will more rich with this all as they will able to check all things inside country and can manage for their own sake and better profit.

FanEagle

legendary

Activity: 2884

Merit: 1117

Quote from: DoublerHunter on October 29, 2020, 06:33:00 PM

it will only be one way for their government to have control on their citizen's money for it will still be centralized and digital which their central bank will still have full access to it to know the status of exchanges and tradings within the country. Sadly if they will just accept digital yuan in exchanges then local traders of china will definitely have a difficult time in the global market for it could also change the perception of the globe towards the digital yuan of china as well.

What the real goal here could be to be able to exchange their dollar profits into Chinese yuan back again this way in order to make their own currency more scarce and valuable whereas dollar a lot less valuable. Let's be honest China takes trillions from american companies and those American companies sell it back to whole world for 2x and that is a good deal for USA because they double their profit and good for china because they get trillions and not so bad for the world because they get products.

However China only gets dollars, they have so much dollars in many forms cash,bonds,treasury,stocks and many many other forms that I think it would be understandable if we would say they want to get rid of it. How could they? They could spend their dollars to buy bitcoin, and exchange that bitcoin and use Chinese yuan to sell it to other nations instead of accepting dollars they could use digital currencies and trade it.

StyleForceOne

full member

Activity: 304

Merit: 100

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've seen huawei will make an inbuild wallet in its new phone with access to digital yuan.
China really gets a lot of power simply because it probably will become first cbdc holder out there.

7788bitcoin

legendary

Activity: 2282

Merit: 1023

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?

It all depends upon the trade relations they make globally, they have some great relationship from certain countries and they are investing heavily in certain European countries as well as in Africa and going by that you can already call them one of the most powerful country in the world but coming up with a digital Yuan will not make any changes drastically until there is a huge market for it which are ready to accept it right away.

FACE 2 FACE

full member

Activity: 756

Merit: 103

There is no doubt that the introduction of the digital yuan will raise China to another higher level compared to the level that it occupied earlier. Its own official digital currency is a guarantee of complete independence from the US dollar hegemony in the future.

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: DoublerHunter on October 29, 2020, 06:33:00 PM

Quote from: naikturun on October 29, 2020, 03:18:28 PM

Chinese currency has been around for a long time in trading so the arrival of digital China will only strengthen it in the digital world but USDT will still lead as the strongest stable currency. but I wonder if the dcep will grow rapidly in the long run.

^ I can say yes if they really want to be independent but becoming more powerful I doubt for there are still a lot of things to consider since china is not a free country and to think that Yuan is not being accepted globally then it will end up the same thing. However, it will only be one way for their government to have control on their citizen's money for it will still be centralized and digital which their central bank will still have full access to it to know the status of exchanges and tradings within the country. Sadly if they will just accept digital yuan in exchanges then local traders of china will definitely have a difficult time in the global market for it could also change the perception of the globe towards the digital yuan of china as well.

That is the main difference here. The recognized global currency up until now is US$ but with chinese yuan, they are not. The global market is based in US$ prices. So I don't think it will change in the near future. But within their jurisdiction, this creation of digital yuan, may have significant impact among its citizens. But I don't know if they will have valuable influence in the global market.

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: naikturun on October 29, 2020, 03:18:28 PM

Chinese currency has been around for a long time in trading so the arrival of digital China will only strengthen it in the digital world but USDT will still lead as the strongest stable currency. but I wonder if the dcep will grow rapidly in the long run.

^ I can say yes if they really want to be independent but becoming more powerful I doubt for there are still a lot of things to consider since china is not a free country and to think that Yuan is not being accepted globally then it will end up the same thing. However, it will only be one way for their government to have control on their citizen's money for it will still be centralized and digital which their central bank will still have full access to it to know the status of exchanges and tradings within the country. Sadly if they will just accept digital yuan in exchanges then local traders of china will definitely have a difficult time in the global market for it could also change the perception of the globe towards the digital yuan of china as well.

BuNga_cute

full member

Activity: 1736

Merit: 116

As long as the digital Yuan is only used by Chinese citizens, it will not make the Chinese state stronger. China must make a strategy
so that the digital Yuan can be used by other countries. I am sure that many people prefer USDT backed by US Dollar rather than
having to use digital Yuan. But China's move to create a digital Yuan is a good first step, at least it can be an alternative payment in China.
And make the Chinese government increasingly powerful over its own citizens.

naikturun

sr. member

Activity: 1190

Merit: 267

Undeads.com - P2E Runner Game

Chinese currency has been around for a long time in trading so the arrival of digital China will only strengthen it in the digital world but USDT will still lead as the strongest stable currency. but I wonder if the dcep will grow rapidly in the long run.

avikz

legendary

Activity: 3080

Merit: 1500

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 I don't think so! They will be able to reduce a huge amount of cost they were spending for printing money, but that's all! That would not make China more powerful. Digital Yuan would not make their economy grow in any way apart from the cost savings!

Also, China will be able to effectively cut down on black money from their economy as digital yuan will help the government to monitor their people's finances very closely. But that will not have a huge impact on the economy for sure!

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: shield132 on October 29, 2020, 11:07:01 AM

The USA has great power in this case because USD is considered as a major, global currency and is the most accepted one

And you have just explained how it can make a country more powerful without even making its economy any better. In other words, if the digital yuan turns our more convenient than the non-digital dollar, this alone will make China more powerful on the international level. It won't necessarily make the yuan stronger than the dollar on its own, but it will certainly make the dollar weaker. And from the Chinese point of view, that may be a great deal already, a big step forward

As the saying goes, well begun is half done

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

China is very smart about their money and how they spend it, they know that people may want to continue work with them no matter what they do, or they may want to leave and work with other places like India or Bangladesh or any other place for cheap labor, so they realize that having more and more manufacturing factories is not the solution to their future economical situation.

They also want to rule over the world like any other nation, given option all 200+ nations would definitely pick world domination, but only few have that possibility. So, what do they do? With the trillions of dollars they have, they spend it on investing in other nations companies, buy shares from German cars, buy shares from American tech companies, buy shares from Russian oil companies, basically go all out. This Chinese digital yuan would also be right step to get shares from all the crypto currencies in the world too.

Febo

legendary

Activity: 2730

Merit: 1288

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

Will the Digital Yuan makes China even more powerful?

China dont need anything to be more powerful. They are most powerful country of last 4000 years. They had a short decline in last few 100 years. But that will be only short lived.
Not only countries but also banks and corporations will make stable coins and pushed them to others to use them. That is the future we will see in next years.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

No, how digitalisation of currency can make the country more powerful? What makes the country powerful and independent is the strength of economics. The USA has great power in this case because USD is considered as a major, global currency and is the most accepted one. The same doesn't apply to China and digitalisation can't make this process to happen, it has nothing to do with it. Also, digitalisation can't lessen import and increase export (that also makes a country powerful).
In any way, there is a bad situation around china right now. Major countries want to move factories from China to another small countries that have less impact on anything and don't have any power in overall + have cheap workers.

royalfestus

hero member

Activity: 2464

Merit: 519

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

Has USDT, USDC, BUSD etc make US more powerful? No, but cryptocurrency benefit more from it.I believe those currencies are better backup for value in the space. They prove how stable the space can be and the space has produced more stable coin and can see it has been growing in recent months. By the end of this bull market I expect at least $300billion worth stable coin in the space.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

This currency will not go outside of China, and even if it does, most people will just go the standard traditional route of using USD for their purchases outside of their home country. Shifting to a digital currency would not stimulate their economy in any way, nor will it help in getting them close to overtaking USD as the global reserve currency. It'll just make digital transactions seamless, reduce the country's spending on minting new physical currencies and overall easier access to change the available circulating supply of the Yuan to further complement the current economic situations.

You still have to account the overall willingness of people to use it. They may be forced to do so within the coming months/years but if the general public don't see any valid reason to make the switch, they won't, especially if familiar options are still within reach.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

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

The short answer is, it depends

If this currency is used only within China, it is not going to change anything. Well, if it turns out more efficient, it may help China a little, of course, but I don't think that much. On the other hand, they are developing not only the digital variety of yuan but also a kind of regional currency. This is a different matter, and since many Asian countries such as Japan and Korea have already expressed their favorable attitude toward such a currency, it may be a game-changer for this corner of the world (read, the dollar domination may be undermined)

goldade

full member

Activity: 896

Merit: 104

The Standard Protocol - Solving Inflation

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

China is a communist country that has everything in the control of the government and their currency is traded within the country. I believe the digital yuan was created in a bid to always have relevance in the digital world.
Locally, this may do well for government since it will strengthen their control over the people but I do not see it doing well internationally. This is because I do believe anyone outside would want to use a digital money that is controlled by the government. That would defeat the very purpose of bitcoin and the Blockchain technology.

ReiMomo

sr. member

Activity: 2366

Merit: 305

Duelbits - $100k Bonus/week

Legalizing digital yuan and banning other stable coins will only enrich the country.

Furthermore, if this digital yuan can only be used and will only circulate within their country will it still be accepted internationally in return? Somehow it may enrich the country for all exchanges that can only be done within themselves however if digital yuan will also not be accepted globally then how can they be more powerful if this digital yuan cannot compete with the value of other foreign currency.

The real intention is not revealed yet rest assure there are, and one of these it somehow can be used by their government to monitor and have control over their citizen's assets. In fact, it can also weaken the countries economy because if they do so it will be difficult for some in using their digital yuan for trading and exchanges. So IMO they still need to review this bill of legalizing digital yuan especially its usage and

SquallLeonhart

legendary

Activity: 2464

Merit: 1102

I am not yet sure about what this digital Yuan is all about and how it's going to work, but one thing I do know for sure is that being powerful doesn't have to do with digital currency; there are more to a country being powerful than just digital currency. If they release it I am sure that it's only going to be in their country and the article says they are going to ban other stablecoins and on their digital Yuan will be traded, so what difference does it make?

It's still like when you're just holding the Yuan, except this time it's digital and makes trading cryptocurrency easy for the people in the country. If they want to be powerful, then they still have more work laying ahead of them to do. And I thought they already released the digital Yuan, because I saw an article once that said something like that.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

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.

If they ever pass the testing phase, digital yuan will be another shackle for its people. I think the only economic benefit of this digitized nation's currency is the process that the currency has to go through, meaning that they do not need to go through the bank instead it goes straight into the individual's digital wallet. I think all digital currency will be gone when everything goes south, like a total damage to electric grids around the world.

Salauddin1994

member

Activity: 868

Merit: 15

China has a strong position in the world economy while the growth of many of the world's top economies in the corona epidemic has been negative it has returned to positive growth because even if china introduces the yuan currency there will be a huge difference between crypto. The yuan will depend on the country's economy will be governed by the government but cannot control crypto even if the outbreak of the corona epidemic were introduced the wounds of the world economy would not heal easily.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Digital Yuan won't mean anything if it won't be sufficiently adopted. Stablecoins aren't well adopted in real world, and this central bank coin can fail too, even if it will get support from the government, like making it a payment method for government services. Right now there's a huge competition between payment solutions - there's giants like Visa and Mastercard, Google Pay, PayPal, Venmo, lot's of smaller payment methods, often integrated with some platforms, and of course crypto. How can government compete with all of them, because as we know, governments lose to private companies almost all the time.

STT

legendary

Activity: 4102

Merit: 1454

China stated a while back an opposition to freely traded crypto which is not much surprise and this isnt especially news. In any case China is part of the SDR scheme run by the IMF and included in digital currency standard globally, the main strategy for Chinese currency reserves seems to be to withdraw from dollar system and start to hold far more gold; they have been building this over 20 years. SDR or standard gold is a far larger operation then attempts to capture any online innovations with this latest scheme.

Hydrogen

legendary

Activity: 2562

Merit: 1441

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?

This question revolves around whether emerging crypto markets might be compared to a young silicon valley in its infancy. Whether china is well positioned to capitalize on growth potential, in order to someday become renowned worldwide as a hub of global crypto based trade and commerce.

China hasn't done much to nurture its cryptocurrency or crypto mining industries. Which could be said to depend heavily upon innovation, new ideas and small start ups. Their approach has been more top down big business. They own bitmain, and a majority of bitcoin's mining hashrate. But have not done much to empower smaller less established crypto players who could be considered the largest sector of future growth.

This could mean that in the future, other countries who do more to support small business in crypto will overtake china and pull ahead.

yhiaali3

legendary

Activity: 1848

Merit: 1982

Fully Regulated Crypto Casino

I do not think that the digital yuan will make China more powerful, as you know there is a big difference between cryptocurrencies and digital currencies, digital currencies such as the Chinese yuan are completely controlled by the central government, this will make transfers under government control more strictly, and it will not give financial freedom to merchants. Industrialists and businessmen, quite the opposite. So I think the results will be negative, not good for the Chinese economy.

cryptoboss2020

member

Activity: 322

Merit: 14

money cant be the object of the attention himself but just means of exchnge between people.
its silly to say that ending the fiat currency will make world better lol Cheesy

Haunebu

hero member

Activity: 3178

Merit: 977

www.Crypto.Games: Multiple coins, multiple games

Nonsense. What is up with all these world domination crappy threads these days? Everyone are aware of how China doesn't encourage complete freedom by banning popular apps etc restricting their citizens and digital yuan is another strategy to control their citizens.

This won't make the citizens more powerful. Instead, it will strengthen the power of the government.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

i think this is yet another big step in China's master plan for world domination. they want to have more power economically and be far ahead of all other countries. so far you can see their foothold in all parts of the world which happens to be strong too.
while people are focusing to much on domestic use of Digital Yuan i don't think it is going to have that much usage domestically. the main work will be global and between countries.
more important of all is that they are going to be the first country who did this. even if other countries started today they will be playing catch up with a 2 year headstart of China.

Fortify

legendary

Activity: 2688

Merit: 1192

In order for any currency to be popular and used around the world people need to have some trust in the government. It has become more apparent over time that the political elites in China have little respect for other countries around the world and are all too quick to bully other countries into submission. The default stance of "you have offended the Chinese people" every time something does not go your way has gotten rather boring now and it's these sort of actions that means any currency under the control of China will not receive much respect.

mersal

member

Activity: 1204

Merit: 38

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

Digital currencies are not going to increase the economy more powerful in anyway, it is helpful to avoid the banking sectors which itself has its pros and cons.Aoart from this China still have to use the USD based values for anything importing or exporting so these digital currencies are just to stop the decentralized economy.

Blackrain13

jr. member

Activity: 328

Merit: 2

Quote from: Mauser on October 28, 2020, 04:39:57 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 still not a free country, the economy and the hole nation is being controlled by the communist party. The same goes for the currency, the Yuan is not freely traded. So the same will likely go for the digital Yuan. Investors in a digital currency looking for security and independence. I think this currency will likely be important within China, but not internationally.

Yes ,I agree that the digital Yuan will become important only in China and Chinese people. I think it will become valuable also on their country if ever because for sure many Chinese people will support it.

Eureka_07

sr. member

Activity: 1764

Merit: 260

Binance #SWGT and CERTIK Audited

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

Will this move make China even more independent and more powerful? And what are the consequences for the world trade?

I don't know much about their plan, but can you tell me if they are planning to also launched it to the market worldwide?
If not, and they will just keep it exclusive for their country, it won't affect the trades worldwide.
There might be slight effects due to some reason of market relations and connections.
It's possible that it can get more power/value to the market if investors see some good opportunity on this one.
It will surely be powerful enough since they can track how their citizens spends their money (information is power).

ampu

full member

Activity: 504

Merit: 102

CLEARSIGHT- THE #1 BLOCKCHAIN JOB PLATFORM

The digital yuan could be even stronger if countries around the world agree to use them in transactions. This depends on how China attracts the world. I think they'll probably do it because they're good at business. Seeing China's presence in the world and creating their businesses we can see how influential they are to countries.

ChiBitCTy

legendary

Activity: 2282

Merit: 3014

I have a Chinese buddy I've been talking to about this. I think this makes China more powerful as a country/dictator overseeing their own citizens, but I don't think that it necessarily makes them a more powerful nation overall , to the outside world, that is. It certainly creates an even more oppressive regime since now they'll be able to monitor every single spending habit of their own people. As for global dominance what difference does it make to the rest of the world? None that I can think of off the top of my head.

FanEagle

legendary

Activity: 2884

Merit: 1117

China doesn't need money to be powerful, they already have everything they could potentially need for world power, that is not what they are looking into in order to become the top dog in political stance.

The problem they have right now is they want to do stuff other nations wouldn't, like kill their own people, slave their workers, make the ccp or whatever the hell government is called richer and more powerful and be the best dictatorship in the world even more than Russia, which means they need other nations to shut up about it, that is all they need, if other nations accept china this way, they could do all those bad things and never face any problems, but other nations are not fine with it, so having a digital yuan wouldn't suddenly change that at all.

Kupid002

sr. member

Activity: 1036

Merit: 329

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

Much moere advance compare to other country thats what I think will happen once they officially launch it and use by the people. It is a big help to their country in terms of technology and easy way to use money. it may help to boost thier economy if they can use that money in a right way. and make it accessible not only in their country but in other part of the world that many Chinese business man is working and finding a way to make thier life easy with the help of technology.

Darker45

legendary

Activity: 2576

Merit: 1860

Contrary to what others have said, I guess a digital yuan significantly contributes to the rising power of China whether domestically or globally. The digital yuan will internationalize the red currency way faster than before.

It is not a question domestically because it could easily be made mandatory to each and every citizen, but somehow debatable in the international scene. However, with China's global clout significantly increasing by the day, it could use a lot of leverage for the digital yuan to easily proliferate across the globe.

For example, China prefers that come 2022 Beijing Winter Olympics the digital yuan should be the one in use. Aside from that, it could also require its trade partners to shift to the use of digital yuan in all their transactions. Moreover, China could make the digital yuan the main currency in its Belt and Road Initiative (BRI). That covers 65 countries and 30% of the world's GDP. It could also ask all global contracts in line with Chinese grants to use the digital yuan. All this would sufficiently kickoff the use of this currency worldwide.

And most of all, the digital yuan would give China an all new level of domestic and global surveillance and monitoring.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

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?

Yuan can only achieve such if it is able to push the us dollar out from global trading and exchange. Yuan is yet used to determine global price, in fact it is still far below euro, pounds, chef etc, so I don't think so. Until a time they can be used for trade in European zone and Africa especially. I also see that US government will work towards frustrating such move from China.

slapper

legendary

Activity: 1946

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

This only increases the power of the Chinese government over its citizens. When the Digital Yuan releases, there will be no doubt they will totally centralize the people and the economy. It is hard to anticipate what will happen then. We have never witnessed anything like this before. But I can sure that other countries will not easily accept DIgital Yuan as a payment method. Besides, those support China does not have enough facilities so as to run well this new form of money

This can be seen as a revolution of mankind. But trust me, the US will not let China do what they want. There will be restrictions over the economy and this new type of currency.

Chrystora123

full member

Activity: 1414

Merit: 228

Omicron is another FUD

Digital Yuan makes China even more powerful!! I think it wouldn't. Currently, the use of the Digital Yuan is still in the testing phase in China and if it is successful I am sure other countries will definitely follow in China's steps to make their own cryptocurrency. China is only converting their fiat currency to cryptocurrency so it won't have a big impact on their influence on the outside..

asriloni

legendary

Activity: 3038

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

It will not make china more powerful. have you seen there's a lot of changes in china especially on its economic? If you have not yet seen any impact caused by the introduction of digital yuan and this is not giving any impact to the china itself. The creation of digital yuan to give the more alternatives payment for its citizens.

It's different with a stable coin that exists in the crypto market. The world will be changed its trade system by implementing the digital transaction by using digital currency.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

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.

Taskford

hero member

Activity: 2520

Merit: 783

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, do you think the economy of China will rotate only to that? For sure there are other more important things China will focus into and those creation of digital yuan is to make them not outdated on the current trend in terms of new technology. Provably this one will rotate only in their country and for sure many people will be skeptical to use that due to some reasons.

Mauser

hero member

Activity: 1974

Merit: 534

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 still not a free country, the economy and the hole nation is being controlled by the communist party. The same goes for the currency, the Yuan is not freely traded. So the same will likely go for the digital Yuan. Investors in a digital currency looking for security and independence. I think this currency will likely be important within China, but not internationally.

KenCryptos

newbie

Activity: 24

Merit: 0

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

Topic: Will the Digital Yuan makes China even more powerful? (Read 684 times)