Digital Yuan in Test Phase

[nykas 2812]

These news are very good for all cryptocurrency community. China has one of the biggest and fast growing economy in the world, so I think, that applying crypto yuan will change all world attitude to cryptocurrency 

[BTC Future 3946]

On 6/30/2020 at 8:33 PM, nykas said:

These news are very good for all cryptocurrency community. China has one of the biggest and fast growing economy in the world, so I think, that applying crypto yuan will change all world attitude to cryptocurrency 

Perhaps this might happen. China though is not allowing any other digital currency. I hope this won't be the standard in the rest countries when they create their own versions of digital fiat.

[BTC Future 3946]

On 7/26/2020 at 7:24 AM, ndadukun12 said:

but since it will be based on the blockchain then I think it will be a big deal. This is one step forward for cryptocurrencies.

I'm not sure if the digital yuan is based on blockchain. I remember Chinese officials claiming it wasn't. According to this news from Chinabankingnews (link) it seems it will be based on the AliPay network instead of a blockchain.

[rvherrera 137]

Very important, to the extent that this is consolidated and that crypto is adopted and used by a country as large as China, it will make crypto to consolidate and increase their prices. Thank you for your contribution it is very valuable, good luck, success and profit !!!

[BTC Future 3946]

China has recently expanded the test phase of their digital national currency DCEP adding major cities as Beijing and Hong Kong and working with Chinese firms as Tencent. Source.

 

It is probable that the digital yuan will be released by 2021 and it will just take a few years for China to become a completely cashless society.

 

 

[CryptoDemon 370]

On 6/15/2020 at 5:13 PM, BTC Future said:

Chinese President Xi Jinping made a statement last year that blockchain systems would be integrated in financial and industrial sectors of the Chinese economy and that they will play a big part in every national economy of the world. This remark alone made Bitcoin's price rise by $3000 in just a day.

 

Central Bank of China is preparing a digital coin in the form of CBDC (Central Bank Digital Currency). The name of the Chinese digital version of the yuan is DCEP (abbreviation for Digital Currency Electronic Payments). It is a Central Bank Digital Currency, the first of it's kind to be publicly released and actively been tested in many Chinese Cities.

 

The video below explains what are the Chinese government expectations from this.

 

 

 

For the most part, it will have to do with tracing transactions.  The Chinese government will be able to know how the money was spent, where they began, and where they ended.

 

The digital yuan will be issued on mobile wallets and they can be loaded from the bank and users will be able to transact with their mobile wallet. Bank of China has explained that the DCEP digital yuan coin won't operate on P2P model. Transactions won't be anonymous and they would require authorization from the centralized banking system of the country. All transactions will be traceable and their authorization along with the state of the wallets will be under total government control.

For sure we can say that paper-cash will be over soon and this is the beginning of a transition to a completely digital era of finances. Many opportunities will arise and many new businesses will appear. The use of blockchains creates transparency but the centralization of finances to any government will be an issue that only decentralized cryptocurrencies as Bitcoin might be able to counter.

 

China is still not yet legalizing crypto currency on their country and that is one of the reason why we are having a hard time to occur the mass adoption. Even if they are not yet legalizing crypto currency, there are some news that China is working their own crypto currency now.

[BTC Future 3946]

On 8/22/2020 at 9:49 AM, CryptoDemon said:

China is still not yet legalizing crypto currency on their country and that is one of the reason why we are having a hard time to occur the mass adoption. Even if they are not yet legalizing crypto currency, there are some news that China is working their own crypto currency now.

They won't ever legalize cryptocurrencies. Currently they want to press adoption of their digital yuan CBDC which will eventually replace all paper-cash. I think that China will make paper-cash unusable and not accepted anywhere on their soil.

[1qDan 478]

He considered that this is a strategic move to advance in terms of innovation against the United States and its conservationism.

 

The problem its based in the Chinese economic system, that staunch control over finances may not let the virtual yuan shine in all its splendor.

 

However, he considered that the experience when paying or collecting should be faster than normal, otherwise it will be just another virtual bank account in the pile.

[Jromz 2158]

Despite the clear centralization issues, I believe that this can be an important step towards the global adoption of blockchain technology incorporated into financial and industrial settings. If Digital Yuan gets finally launched, it would be a really important innovation worldwide and certainly an example for other countries to push forward to digitalize their own currencies.

[playman64 11]

This is one step forward for cryptocurrencies.

[Captain Karim 0]

Although I see that entering China in the field of blockchain and issuing its own national currency is a good thing, but I do not see that this currency is like any other cryptocurrency, I see it as another form of central currency.

[kryptonick 2659]

It can come a day when we will all have a digital yuan wallet in our mobiles. This much plans have the chinese for this coin. To be used worldwide but mostly for trade and not as a national currency. They can't do that with the banking system because of the paper cash, the checks and all the M0 and M1 that exists. With a digital centralized cryptocurrency they can do anything.

[Shaza Ahmad 1682]

China is working on issuing the digital yuan as a national currency by making use of blockchain technology. I think that this will expand the uses of blockchain technology globally after China undertakes this step, but I do not think that cryptocurrencies in general will benefit because the digital yuan will be linked with the central currency of China.

[bogdanoff 3173]

China is pushing a lot the digital fiat they created. I read that the results were disappointing as chinese didn't want to change the ways of buying with Alipay and wechat and they thought the new payment is not different and not needed. I don't know if this was successful testing but the conclussions were that they are probably creating something not required.

[Sykkuno 2887]

This Dcep payment mechanism that has some similarities to cryptocurrencies is centralized and run by the chinese government. It has nothing to do with Bitcoin and I don't think there was a reason for this kind of coin right now. Maybe the chinese are having something in mind like using this coin for trade in their newly created silk road economic zone.

[percare 3192]

The use of paper cash should be banned instead of cryptocurrencies. I know it is not related exactly to this article but the reason china is creating this type of money is because there is a lot of corruption happening with paper cash money. In india it was the same problem and they banned the large bills they had. Digital government currency can help but why they are trying so much since there is already ready technology for them.

[yonkii 3205]

I hope paper cash dissappears as I'm tired of watching for not losing the paper cash from my pockets, or always looking where I have my change. I don't like the beggars asking for change all time either and what will they do in the future? Ask for pocket digital credits? It will be very stupid.

[Fixfin 2569]

China has some plans and these require them to create a digital currency similar to Bitcoin, only it will be under surveilance of the central government. China has done wonders with their economy but I don't know how they will do with this one, so we all wait for the results.

[annayks 2314]

Last I've heard from digital yuan is that the chinese do not want to change from the ways they pay until now usind wechat and alibaba systems that even have facial recognition and don't even need a digital wallet. They pay just by looking at a screen so this digital version of their yuan maybe will not be very interesting to them.

[Cryptomint 433]

On 6/15/2020 at 2:36 PM, bitcoin-shark said:

I am happy that China has made this decision to make the virtual Yuan and I hope there will soon be a real date for its release from the rest America does not want to fall behind and I am sure that they too will put the virtual dollar on the market as soon as possible. to see this competition can only do well to end users

This is really good thing and we all know that it is really a good news. And you are right the American does not make resistance in this.

[Mella 3680]

It is looks that China is making a cryptocurrency and other countries are scared with this and try to create their own. Lately we read the same news for a national crypto come from Russia, Europe, Tunysia, Turkey and even more. It is become that in the future we will all use these cryptocurrency too.

[abohasnn9 2401]

My friend is a very special thing, the second largest global economy, the People's Republic of China launches its own digital currency. This is very special and I think that its currency is also distinctive. Personally, I will search for the currency and start trading it. The large economy is dragging its currency upwards so the currency will be very good thank you

[abdullah553 1981]

On 6/15/2020 at 11:13 AM, BTC Future said:

Chinese President Xi Jinping made a statement last year that blockchain systems would be integrated in financial and industrial sectors of the Chinese economy and that they will play a big part in every national economy of the world. This remark alone made Bitcoin's price rise by $3000 in just a day.

 

Central Bank of China is preparing a digital coin in the form of CBDC (Central Bank Digital Currency). The name of the Chinese digital version of the yuan is DCEP (abbreviation for Digital Currency Electronic Payments). It is a Central Bank Digital Currency, the first of it's kind to be publicly released and actively been tested in many Chinese Cities.

 

The video below explains what are the Chinese government expectations from this.

 

 

 

For the most part, it will have to do with tracing transactions.  The Chinese government will be able to know how the money was spent, where they began, and where they ended.

 

The digital yuan will be issued on mobile wallets and they can be loaded from the bank and users will be able to transact with their mobile wallet. Bank of China has explained that the DCEP digital yuan coin won't operate on P2P model. Transactions won't be anonymous and they would require authorization from the centralized banking system of the country. All transactions will be traceable and their authorization along with the state of the wallets will be under total government control.

For sure we can say that paper-cash will be over soon and this is the beginning of a transition to a completely digital era of finances. Many opportunities will arise and many new businesses will appear. The use of blockchains creates transparency but the centralization of finances to any government will be an issue that only decentralized cryptocurrencies as Bitcoin might be able to counter.

 

This is really good. This will help China in the economic crisis. No one can help other countries. Everyone has an economic failure, but today digital currencies will help a lot out of the financial crisis.

[zhoutong 2188]

China is important for everything lately. This currency they are creating they don't only plan to use it inside China but there are reports of plans for the digital yuan to become massively used outside of the country, especially in the neighbouring countries of south east asia and the new silk road. It also plans for adoption for payments in all the countries that China has been running infrastructure and has large ground of operations.

[abo alhda 157]

I think its a good job what heppend in China because by this way they allow to people to use cryptos in all the life so they can make all the ministry also use cryptos so all lives will be easier and easier.