Digital Yuan Imperils Bitcoin’s Biggest Markets

[Pokerface]

Just came across the following article. Would be interested in hearing everyone's opinion.

https://www.bnnbloomberg.ca/china-s-...kets-1.1573104

(Bloomberg) -- Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes ahead with a world-leading effort to create a digital version of its currency.

That’s because the eventual rollout of the virtual yuan could roil cryptocurrency markets if Chinese officials tighten regulations at the same time, according to Phillip Gillespie, chief executive of crypto market maker and liquidity provider B2C2 Japan, which mainly works with institutional investors.
“Once a digital yuan is introduced, that’s going to be one of the biggest risks in crypto,” Gillespie, who previously worked in currency markets for Goldman Sachs Group Inc., said in an interview. “Panic selling” is possible if the new rules end up sucking liquidity from trading platforms for digital coins, he said.

[gamblersconnect]

Definitely, Digital Yuan has even the potential to fully overtake crypto USD in the future and become one of the leading cryptocurrencies globally

[universal4]

as the nation pushes ahead with a world-leading effort to create a digital version of its currency.

I think that is part of the key, that it will still be it's currency.

The way I have understood what I have read about the way they want to structure it is that it will not be centralized, and that the Chinese government will have complete control over it, and that every single yuan will be traceable. (at least I think that is what they would like to assume will happen)

In the short term bitcoin could easily dip during any major rollout, (panic selling as mentioned) but it could also have the opposite effect in that the Chinese people might turn against a monetary system that exerts even more control and they could possibly turn toward bitcoin even more.

This is actually something that is not new and China had discussed this a number of times previously.

While I do think that eventually the central banks of many countries will move toward some forms of digital currency, only time will tell how bitcoin will be affected in both the short term as well as long term

Here is a look at it by cnbc
https://www.cnbc.com/2021/04/06/chin...es-slowly.html

Rick
Universal4

[Cash Bonus]

Who knows how it will all really transpire. I've not heard of this currency before today. But, after doing some more research on Google aside from reading the above article, it does appear that this digital Yuan currency has the prospect, and it is also a direct competitor with Bitcoin, including other digital currencies. I hope this new upcoming currency doesn't displace Bitcoin.

[Sherlock]

While I do think that eventually the central banks of many countries will move toward some forms of digital currency, only time will tell how bitcoin will be affected in both the short term as well as long term

Central banks moved to digital currencies few decades ago.

This is actually something that is not new and China had discussed this a number of times previously.

Exactly. I have no idea why I must read some random screams about cbdc all over again. Bitcoin will be affected by many things. In the first place by money priniting of central banks. But it does not matter on which material (toilet paper, database or blockchain) they print the money on.

CBDC is maybe 1001st factor that will somehow affect bitcoin. In the first place by the fact that it will never exist, because - see above - digital money already exist and central bank does not provide them directly to people and companies for a reason that I wrote just to this forum many times.

I strongly recommend reading some basic economic textbook. And at the same time I strongly recommend working with crypto.

Friendly hint: journalists have no clue (that is not so big surprise). Politicians have no clue (also no surprise). What is a surprise here for me is that even central bankers have no clue and they are informed as average reader of GPWA about this issue. They have no idea what cryptocurrencies are and where the value is coming from. That is alarming. Society run by retards who do not understand even their own niche.

This thread and many others of the same topic look like meeting of 90+ yrs old geezers who are brainstorming what is the internet.

[Sherlock]

Who knows how it will all really transpire. I've not heard of this currency before today. But, after doing some more research on Google aside from reading the above article, it does appear that this digital Yuan currency has the prospect, and it is also a direct competitor with Bitcoin, including other digital currencies. I hope this new upcoming currency doesn't displace Bitcoin.

You must have been in koma last 2 years. CBDCs are a topic of retarded journalists aka copywriters, who need to write their daily article. It is exactly the tabloid theme like: 3 top fast recipes or 7 sexual positions that will make you extatic.

No, do not look at Google, because you will just find there the same nonsense. Study basic economy and start using cryptos. The train in fact already departed for everyone who is not deep in. De-fi exploded during last months. Binance has ambitions to be the biggest world bank in a generation. Right now is maybe peaking (maybe not yet) the regular 4-year posthalving rally. At the same time CBDCs are completely irrelevant.

[Cash Bonus]

You make some very good points, Sherlock. I don't believe for certain that this Yuan currency will overtake Bitcoin, I was just thinking of it being a possibility in my previous post. I honestly can't see any other cryptocurrency beating Bitcoin. Bitcoin is for sure number 1 at the moment and will most likely stay that way. No one knows what the future holds or what tomorrow will bring, and the times are always changing for the world. Thank you for clearing that up for me. It makes more sense now after what you said.