China's digital push could help internationalise the yuan | Crypto Craft

  • China's digital push could help internationalise the yuan

    From asiatimesfinancial.com

    China is set to gain first mover advantage with the launch of a digital currency in the post-virus era as social distancing, remote working and online commerce become part of everyday life. While its ambition of dethroning the US dollar is a long-term goal, China will certainly push forward internationalisation of the yuan currency via increased cross-border usage. Carlo Cocuzzo, an economist specialising in digital finance at ING Bank, said: “The coronavirus pandemic could encourage central bank digital currency (CBDC) adoption throughout the world because of rising contactless payments and a bigger role for ... (full story)

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TudorIoan
May 28, 2020 6:45am
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Quoting mrlfx
{quote} Not for small persons but its likely for big businesses and those needing international exposure and trades or trading with China.
It's not about size. Why would the big money want to go through the Chinese monitorized ledger ? Why not playing in the regular foreign exchange ? To flatter The Dragon's ego for an eventual edge in the parley ?
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TudorIoan
May 27, 2020 11:37pm
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Internationalise my ass !
Who wants his money activity monitored by the most rabid communists of the planet ?!?
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mrlfx
May 28, 2020 5:23am
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Quoting TudorIoan
Internationalise my ass ! Who wants his money activity monitored by the most rabid communists of the planet ?!?
Not for small persons but its likely for big businesses and those needing international exposure and trades or trading with China.
Reply
mrlfx
May 28, 2020 8:57am
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Quoting TudorIoan
{quote} It's not about size. Why would the big money want to go through the Chinese monitorized ledger ? Why not playing in the regular foreign exchange ? To flatter The Dragon's ego for an eventual edge in the parley ?
Already oil, gold, and other commodities are traded in renminbi. China has traded some $5 trillions annually with other countries. All these could be settled in digital yuan bypassing SWIFT and dollar. This probably also is the plan to begin with before widespread adoption.
Also I read that the digital yuan could be backed by gold unlike US dollar fiat as a better international reserve which is backed by nothing and being printed by FED in trillions and trillions out of thin air without thinking for consequences.
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