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❕NEWS China looking to expand digital currency use

AudraMiller

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One of the major countries that is in the top of our minds when it comes to cryptocurrency is China, however this is for all the wrong reasons as we have seen what a negative impact their ban has on the cryptocurrency world. However to a certain extent it can be understood that this was in order to try and promote their own digital currency over crypto. In a recent article it seems that china is planning to expand the utilization of the digital Yuan currency to the insurance companies as well. What do you think about this development, and do you think that the success of this coin in this country could prompt other countries to abandon crypto for such ventures as well?
 

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As one of the world powers, this move has negatively affected cryptocurrency. However digital yuan can never be a replacement for cryptocurrency
 

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Since they banned cryptocurrency they have been truly looking for every possible ways to expand the useage of digital currency , so they could benefit more thorough revenue
 

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No matter how they want to expand their digital currency, being the digital Yuan. It can only be a popular choice coin in their own country and not rest of the world.
 

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The Chinese digital Yuan can actually do well, but that doesn't mean it can totally replace cryptocurrency. The digital currency will be highly centralised which makes it incomparable to cryptocurrencies.
 

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No matter how they want to expand their digital currency, being the digital Yuan. It can only be a popular choice coin in their own country and not rest of the world.
Yeah even if they want to take the coin international , some countries might not allow the other country to have dominance over their country it won't work
 

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No matter how they want to expand their digital currency, being the digital Yuan. It can only be a popular choice coin in their own country and not rest of the world.
Yeah there is no doubt that it will be popular in our country and it is just equivalent of their normal Fiat currency in digital form. It can't even replace cryptocurrency in their country.
 

Mariappa45

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Yeah even if they want to take the coin international , some countries might not allow the other country to have dominance over their country it won't work
Yes, they'll only dominate their own country and not being dominant in another man's country that also has its own coin that wants it to dominate more in the country.
 

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I think the digital currency will only be used in the country because no other country will accept it. The Chinese are simply looking for a way to dominate the world.
Yes, they'll only dominate their own country and not being dominant in another man's country that also has its own coin that wants it to dominate more in the country.
 

Wisdom01

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Yes, they'll only dominate their own country and not being dominant in another man's country that also has its own coin that wants it to dominate more in the country.
Yeah that's their plan too but it's like they want more and want it to be used for international games and trades , but it seems some countries did not agree
 

Mariappa45

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I think the digital currency will only be used in the country because no other country will accept it. The Chinese are simply looking for a way to dominate the world.
The Chinese can't dominate the world because they aren't the world powers. Had it been they are US they could've relegated cryptocurrency and legalizing their own digital Yuan.
 

Mariappa45

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Yeah that's their plan too but it's like they want more and want it to be used for international games and trades , but it seems some countries did not agree
Many countries aren't in acceptance with the Chinese adopting their own digital Yuan and banning popular coins in the country. That has created mixed feelings around traders in the world even making them to detest Chinese digital Yuan.
 

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The Chinese can't dominate the world because they aren't the world powers. Had it been they are US they could've relegated cryptocurrency and legalizing their own digital Yuan.
I know, the USA has whole lot of billionaires that are actually cryptocurrency lovers. So, banning will definitely affect cryptocurrency.
China on the other hand, also have impact because of their economic strength.
 

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Many countries aren't in acceptance with the Chinese adopting their own digital Yuan and banning popular coins in the country. That has created mixed feelings around traders in the world even making them to detest Chinese digital Yuan.
Yeah, you're right on this. There is a lot mixed feelings around the world concerning the Chinese trying to replace cryptocurrency with their Yuan, which is quite impossible.
 

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China has actually been collectively worried about cryptocurrency for a decade. In 2013, the government ruled that its banks could not use bitcoin. It banned ICOs and domestic exchanges in 2017

So i think it's a good step. And i think they will unban it in future
 

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One of the major countries that is in the top of our minds when it comes to cryptocurrency is China, however this is for all the wrong reasons as we have seen what a negative impact their ban has on the cryptocurrency world. However to a certain extent it can be understood that this was in order to try and promote their own digital currency over crypto. In a recent article it seems that china is planning to expand the utilization of the digital Yuan currency to the insurance companies as well. What do you think about this development, and do you think that the success of this coin in this country could prompt other countries to abandon crypto for such ventures as well?
It is normal for them to work towards achieving this because they have stopped Cryptocurrency usage and as such it is right to expand the digital yuan
 

Wisdom01

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Many countries aren't in acceptance with the Chinese adopting their own digital Yuan and banning popular coins in the country. That has created mixed feelings around traders in the world even making them to detest Chinese digital Yuan.
China want to run an isolated economy , but they don't know that such move comes with disadvantage too as they won't enjoy the benefit of what the other countries are enjoying
 

Mariappa45

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China want to run an isolated economy , but they don't know that such move comes with disadvantage too as they won't enjoy the benefit of what the other countries are enjoying
Let's see how the future holds for this isolated decision they have taken to delist cryptocurrency and owning their own digital Yuan.
 

Mariappa45

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I know, the USA has whole lot of billionaires that are actually cryptocurrency lovers. So, banning will definitely affect cryptocurrency.
China on the other hand, also have impact because of their economic strength.
USA is the chief advocate when it comes to pushing cryptocurrency far to living up to this moment. Had it been USA took the step China adopted to ban cryptocurrency, by now we wouldn't have been trading it.
 

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