China's digital yuan is 'nothing like bitcoin': PIIE

Martin Chorzempa of the Peterson Institute for International Economics says price fluctuations of the digital Chinese yuan are unlikely to be a concern.

[ethanf.]

Digital Yuan is issued by People's Bank of China for domestic use in various pilot programs conducted in Chinese cities, not by third party merchants for international trading purposes. Any activities related to the latter is banned by the Chinese govt and therefore illegitimate. The main purpose of DECP is to facilitate payment processes and not replace the forex trading mechanism that governs fiat currencies. Due to its centralized management and unlimited supplies, digital currencies issued by govts. will correlate to their respective fiat currencies by design. Any comparison with BTC and altcoins for speculative purposes is simply absurd.

[investorsray]

THE RICH STAY RICH BY SPENDING LIKE THE POOR AND INVESTING WITHOUT STOPPING THEN THE POOR STAY POOR BY SPENDING LIKE THE RICH YET NOT INVESTING LIKE THE RICH.

[neutralino]

I certainly take it more seriously than bitcoin.

[aportfolio]

This isn't a cryptocurrency though. Inherently, cryptocurrencies utilize blockchain technology and are decentralized. This essentially just gives the CCP the easiest way possible adjust the price of their currency. (Which is something that they have done for the last decades)

[antarcfroze]

Wtf man, isn't digital yuan just a digital wallet for renmenbi?

[陳陳]

Mrs Sonia James is legit and her method works like magic I keep on earning every single week with her new strategy

[mattgillum]

Will the digital yuan work on ethereum smart contracts?

[dpatterson]

Anyone who thinks central banks around the world are just going to have to allow themselves to be undermined by "the people's currency" is deluded.

[godzillamothra]

It is money in digital form instead of paper, backed by Chinese central bank and state. Comparing it with bitcoin is like comparing banks and casino. To make it simple, one digital yuan is always equal to one paper yuan. The benefit of it is that it is more efficient than paper money, and people might not need banks' services anymore, you can literally keep all your wealth in one smartphone, or card, or your pc, etc; and you can transfer your digital yuan to others bypassing the banking system too, which mean bye bye SWIFT and US dominance in world banking system.
The real threat is to the banking system. The only way for banks to attract saver is by offering them interest. But there will be a lot of consolidation in Chinese banks, you might not need that many banks anymore. In fact, if the Chinese central bank want, it can now directly serve the Chinese consumers with little cost.

[yauaiden]

why the Indian lady intentionally speek so fast ?

[swfsql]

he's right, it's just a stable (shit) coin

[joaodavidtavarescardoso]

Once it is opem to all marlets this can explode tbh

[utkarshanand]

The risk in E-CNY comes from the fact that it gives a central authority much more control than what was possible with paper currencies. If you happen to be on the 'naughty list' of the controlling central authority, then your wealth can be confiscated. Moreover, the usage data collected is certainly going to be used by the central bank to target certain industries with their policies and choose winners and losers, through balance sheet expansions. If you happen to be on the 'naughty list', then you're certainly going to end up on the wrong side of the equation. So, you need to have a certain culture at your company, that falls in line with the CCP, for this currency to be safe for you. This isn't sound money and is an enabler for regimes. People need to have control over the wealth that they earn through fair market transaction. Not having that control is akin to slavery.