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[SCAMEXPOSER]

China is no doubt making a significant progress from their digital Yuan, based on the update from the director-general of the digital currency institute of China's central bank, Mu Changchun in collaboration with the People's Bank of China (PBOC), shared the adoption progress of the digital yuan at Hong Kong's Fintech Week conference Wednesday. He revealed that some 140 million people had downloaded the wallet for China's central bank digital currency (CBDC), the eCNY, as of October. Furthermore, the digital yuan has been used in transactions totaling about 62 billion yuan ($9.7 billion)

 

[Brain]

Well we should have anticipated huge transactions with yuan because of the ban on crypto. So they wouldn't have any other options than to still use the local currency for all transactions

 

[Mariappa45]

They alone increased the transaction rate of the digital Yuan. Because I don't see any profit it will bring to people of other country. Those who are into purchasing volatile cryptocurrency wouldn't consider investing on the coin, due to lack of volatility in the coin. I wouldn't invest too, because I love volatility.

 

[Wisdom01]

I think the people basically just have to adopt it like that ,since the government have made the use look compulsory ,since you need the digital yuan for performing transaction when you buy Petrol at the feul station and so many other basic things that would be deemed necessary for you to use the coin for the coin dosent have any volatility and holders of it can't make profit ,it benefits the government more when used for transaction

 

[Lobardi]

This is a very huge amount and shows that why China can lead the global markets once they develop their yuan they will have more control of the world markets and the price of the yuan will grow and rank more stable vs the usd so that is an active investment chance to he honest in my opinion .

 

[BullyMaguire]

They are really smart to take out any competition like crypto currency to get their own digital currency on top . It's like saying oh you people wants virtual money? I will give you virtual money. Very monopolized and smart tactics taht can't make the people say no. This is why china is leading the commerce

 

[MayorKayz]

Wow that is a while lots of transaction for a digital currency that is new. That is another thing I like about China. Any thing they do, they are very serious about it and they will make sure than it becomes a success. Unlike Nigeria's digital currency that we don't here news about the currency.

 

[Wisdom01]

This is most common thing in China, no matter what government impose people have to follow it, this a part of there system and this is how there system works. I believe in one way it is good for both the country and citizens. Digital yuan is made by China itself, if people use it more and more on the common basis, the digital currency it become successful in no time, it the currency becomes successful, it can be used for the development of country and in return it will profit the citizens.

when its been used more I think it's for the benefit of the government ,the government created the digital currency for a particular reason , they crested it to be able to gain more revenue and others ,it's all for the benefit of them ,that was why it was created

 

[Josemendez]

I believe the transaction is not done by the citizens because there was an outright rejection of digital Yuan by the Chinese citizens when the news was release. I feel this is a news to make people feel like others are already using the digital version of the fiat currency

 

[achawaskey]

I'm not surprise that China has been making progress about there digital currency, all thanks to the claim down on bitcoin and other cryptos. For fact that China is making progress on digital Yuan does really tells that its citizens like the band on cryptocurrency, and the amount recorded is far less compare what China would have make if the band on cryptocurrency were lifted.

 

[Ben Kempton]

I think the people basically just have to adopt it like that ,since the government have made the use look compulsory ,since you need the digital yuan for performing transaction when you buy Petrol at the feul station and so many other basic things that would be deemed necessary for you to use the coin for the coin dosent have any volatility and holders of it can't make profit ,it benefits the government more when used for transaction

I would not be surprised when such kind of digital currencies issued by the Central Bank will will change the form and get accepted as a mainstream way of payment. However, we must note that fiat currencies will also carry their own value due to the fact that they are still in circulation and stopping them could cause a major financial collapse in the country. This is the main reason why digital currencies will not occupy the position of fiat currencies.

 

[fiery phoenix]

Thats great progress of the digital yuan,I guess its working in China greatly maybe all thanks to their crypto ban,I wonder if these statistics were possible if they were to use crypto and their CBDC side by side.They kinda forced success of their currency by banning crypto so that people will have no choice than to shift to their digital yuan as it looked somehow similar to crypto on paper

 

[Skysaint]

China is just so focused in promoting and adding value to their digital currency and I just hope it favours them actually. What I just don't understand is why they've chosen to be enemies to the cryptocurrency market and it seems they are doing everything in their power not to let the idea penetrate even into the minds of its people.

 

[Wisdom01]

I would not be surprised when such kind of digital currencies issued by the Central Bank will will change the form and get accepted as a mainstream way of payment. However, we must note that fiat currencies will also carry their own value due to the fact that they are still in circulation and stopping them could cause a major financial collapse in the country. This is the main reason why digital currencies will not occupy the position of fiat currencies.

yeah true flat currency actually have its own value but that's the physical type but the digital type have already gotten less useage in some countries ,it's not a big development for me , because I really expect more development other this with the adoption of the digital currency

 

[oussama18]

A group of seven major central banks, including the US Federal Reserve, have set out to define what digital currencies might look like, in an effort to catch up with China's leadership role and outpace private projects such as Facebook's Libra stablecoin.
According to the local government, the digital gift campaign in Shenzhen is a normal test of the digital yuan

 

[Wisdom01]

China is just so focused in promoting and adding value to their digital currency and I just hope it favours them actually. What I just don't understand is why they've chosen to be enemies to the cryptocurrency market and it seems they are doing everything in their power not to let the idea penetrate even into the minds of its people.

I think they are probably causing enimity so that they would easily promote their coin to a larger audience ,the digital yuan is actually growing and I think that's why you see China having lmote confidence in banning ,they have created more ATM machine just for the promotion

 

[Ben Kempton]

They are really smart to take out any competition like crypto currency to get their own digital currency on top . It's like saying oh you people wants virtual money? I will give you virtual money. Very monopolized and smart tactics taht can't make the people say no. This is why china is leading the commerce

The good news is that even Russian Federal is also about to launch their own version of digital currencies known as digital Rubble. I think this will offer great investment opportunities for many investors in the Russian economy. However, it might also get affected in a really bad manner if Russia faces sanctions in the future.