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[AudraMiller]

When it comes to China, they have taken a very firm stance against the use of crypto and this is expected based on what their view on it is, however what is also teh case is that they have created or are rather in the process of creating a digital version of their fiat currency, the Yuan. This is rather counter intuitive in my opinion. Anyway, they are saying that this currency is aiming to combat and the platforms that are existing in the country for payment platforms, such as Alipay which is widely used on their major ecommerce site which is AliExpress.

 

[Brain]

I doubt they will br able to compete favourably not with the confusion that the Chinese are in now. They are not sure if they should ban crypto or not and their own digital asset is yet to be strong or out there. Let just keep watching

 

[AudraMiller]

I doubt they will br able to compete favourably not with the confusion that the Chinese are in now. They are not sure if they should ban crypto or not and their own digital asset is yet to be strong or out there. Let just keep watching

This is true. There has been a trial and test stage that has started with their digital currency in Beijing, however with their stance on crypto it is still unsure how well this will be received.

 

[Wisdom01]

But not many users might be making use of Alipay because its centered on the platform on purchasing goods and others ,and they want to make their digital currency compulsory for many payment activities

 

[Brain]

This is true. There has been a trial and test stage that has started with their digital currency in Beijing, however with their stance on crypto it is still unsure how well this will be received.

Yeah their stance on crypto will highly affect whatever they have to offer. They need to focus first on their digital asset and make it works before trying to compete with existing ones

 

[AudraMiller]

Yeah their stance on crypto will highly affect whatever they have to offer. They need to focus first on their digital asset and make it works before trying to compete with existing ones

I think that it is a matter of time before their digital currency is actually in the market and available for their citizens to use for purchases. Personally I think if they had to release it as a stable coin that can be listed on cryptocurrency exchanges then it might actually be a good thing for the country's economy has many people will tend to buy and invest in that coin.

 

[AudraMiller]

But not many users might be making use of Alipay because its centered on the platform on purchasing goods and others ,and they want to make their digital currency compulsory for many payment activities

Making it compulsory is their end goal, however i think that if it is made compulsory then it will be no different than the use of a debit or credit card in payment and therefore people may not see the benefit of it.

 

[Niftyicon]

The digital version of the yuan is a stable coin right? So, how is it expected to compare with others Cryptocurrencies whose volatility makes them profitable tools of investments.

 

[ElPaule]

in China, urban population mostly pay cashless. One of the biggest players is WeChat but then yes Alipay. But rather to compete, I assume the payment provider will adapt the new digital currency. Chinas national bank stated that the digital renminbi will be uses along with the named payment provider. The big game changer will be value transfer without bank accounts which leads to higher competition and weakens the stance of national banks against new start ups. But THE reason for the digital renminbi will be a real time, complete supervision of the monetary market.

Another point besides national controll is the international agenda of China. Users in Taiwan, Hing Kong and many small countries have already adapted digital payment systems as WeChat and Alipay. If the underlyning currency becomes the digital renminbi and they can attract more users and use cases, China can directly attack smaller foreign currencies. Guess in the case of Taiwan this is something that for sure is on the agenda of the Chinese communist party leaders.

 

[AudraMiller]

The digital version of the yuan is a stable coin right? So, how is it expected to compare with others Cryptocurrencies whose volatility makes them profitable tools of investments.

I am not entirely sure of this. there has been no official statement that i have seen that confirms it as a stable coin, however i would expect it to operate in that way. If that is the case its value won't change and won't have any investment value.

 

[Wisdom01]

Yeah their stance on crypto will highly affect whatever they have to offer. They need to focus first on their digital asset and make it works before trying to compete with existing ones

I think they feel that the digital asset would only be made popular and get more attention if bitcoin is banned ,that is why they are doing their best to ban it

 

[AudraMiller]

I think they feel that the digital asset would only be made popular and get more attention if bitcoin is banned ,that is why they are doing their best to ban it

That is an interesting stance. They are likely thinking along the lines that people will be much more prone to looking at their digital currency if others are not available for them. However this alienates a large population and global interest as well.

 

[Wisdom01]

I think they feel that the digital asset would only be made popular and get more attention if bitcoin is banned ,that is why they are doing their best to ban it

Their plan might work but what if it doesn't fetch them more revenue like crypto currency , they might have to reconsider and it might be too late

 

[Razor1911]

When it comes to China, they have taken a very firm stance against the use of crypto and this is expected based on what their view on it is, however what is also teh case is that they have created or are rather in the process of creating a digital version of their fiat currency, the Yuan. This is rather counter intuitive in my opinion. Anyway, they are saying that this currency is aiming to combat and the platforms that are existing in the country for payment platforms, such as Alipay which is widely used on their major ecommerce site which is AliExpress.

That's what I was saying from last few days, whatever they will launch you can ca it digital currency or something. That will only compete with paypal and alipay. It is not a crypto currency, because no govt can launch it since it needs to be regulated then.

 

[Wisdom01]

That's what I was saying from last few days, whatever they will launch you can ca it digital currency or something. That will only compete with paypal and alipay. It is not a crypto currency, because no govt can launch it since it needs to be regulated then.

It needs to be regulated they might be able launch the use of it ,but it won't still add any benefit because it might not be welcomed or used by people especially crypto trader that was making profit through crypto

 

[Razor1911]

It needs to be regulated they might be able launch the use of it ,but it won't still add any benefit because it might not be welcomed or used by people especially crypto trader that was making profit through crypto

It just that they won't launch fully regulated crypto. Actually no govt can launch their own crypto. Even if govt launches it, it will be no purpose for them if they won't be able to regulate it's price.

 

[Wisdom01]

It just that they won't launch fully regulated crypto. Actually no govt can launch their own crypto. Even if govt launches it, it will be no purpose for them if they won't be able to regulate it's price.

And i noticed it that even if they launch their crypto it would be a stable coin and not fluctuating crypto because people would not trust the government because they could do price manipulation

 

[Razor1911]

And i noticed it that even if they launch their crypto it would be a stable coin and not fluctuating crypto because people would not trust the government because they could do price manipulation

Yes. Most probably it will be a stable coin. The underlying asset will be the local currency of that country, and the price mostly will resemble fluctuations imitating the underlying value.

 

[microunit]

I think a digital currency should be a stable coin in my opinion, if they do launch a volatile digital currency it would greatly affect their economy which is really bad

 

[Wisdom01]

Yes. Most probably it will be a stable coin. The underlying asset will be the local currency of that country, and the price mostly will resemble fluctuations imitating the underlying value.

Yeah that's it they would peg it to their currency so that when people use the coin they will gain more revenue from people making use of it for exchange