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  1. #26
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    China about to unveil its digital yuan next year.

    Thatll b the gamechanger

  2. #27
    6X ST MVP Spurtacular's Avatar
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    China about to unveil its digital yuan next year.

    Thatll b the gamechanger
    Sure. It'll be much easier to subject their people.

    TheGreatYacht

  3. #28
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    Sure. It'll be much easier to subject their people.

    TheGreatYacht
    Thats the least of the issues.

    Means entire countries will be able to dodge US sanctions altogether. Thats the gamechanger.

    Theyll be seamlessly able to trade using digital yuan and US wont be able to do a damn thing about it. Also by being controlled by chinese gov, US wont even know its happening.

  4. #29
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Thats the least of the issues.

    Means entire countries will be able to dodge US sanctions altogether. Thats the gamechanger.
    Not so sure about that, tbh... they can already do that operating with yuans directly, but because of currency manipulation nobody does. Question is if the digital currency suffers from the same problem.

  5. #30
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  6. #31
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    Not so sure about that, tbh... they can already do that operating with yuans directly, but because of currency manipulation nobody does. Question is if the digital currency suffers from the same problem.
    No

    Chinese banks can easily get sanctioned if they trade in yuan against US sanctions.

    Thats because US controls global trade due to dollar.

    On the other hand trading in digital yuan controlled by chinese gov. Thats impossible for US to sanction. They would have to sanction entire chinese gov and good luck w that.

  7. #32
    TheDrewShow is salty lefty's Avatar
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    lol they re just giving Matt Stone and Trey Parker more material

    Too easy

  8. #33
    dangerous floater Winehole23's Avatar
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    the insurrection whisperer

  9. #34
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    the insurrection whisperer
    You're on the side that does riots. You don't have this card, .

  10. #35
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    No

    Chinese banks can easily get sanctioned if they trade in yuan against US sanctions.

    Thats because US controls global trade due to dollar.

    On the other hand trading in digital yuan controlled by chinese gov. Thats impossible for US to sanction. They would have to sanction entire chinese gov and good luck w that.
    Trade is made in dollars if parties agree to do them in US dollars. It normally is, because the US dollar is a stable currency.

    If you do the trade in another currency, then it really doesn't matter if it's digital or non-digital, as the US doesn't have direct control of it no matter what.

    Then if the US doesn't like you trading in other currencies, they can certainly apply sanctions, tariffs or retaliate as they see fit.

    There's nothing magical about digital currencies, tbh, it's just a separate ledger.

    Don't forget the Petro in Venezuela. It never took off because there's simply lack of trust in the currency (in that case digital).

  11. #36
    dangerous floater Winehole23's Avatar
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  12. #37
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    , I am damn near 4 star general in Modern Warfare. I took 287 bots in one match. I don't around.
    When you shoot down a helicopter, do you say, "Kobe!"?

  13. #38
    dangerous floater Winehole23's Avatar
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    Republicans are terrified of Republican voters


  14. #39
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    Trade is made in dollars if parties agree to do them in US dollars. It normally is, because the US dollar is a stable currency.

    If you do the trade in another currency, then it really doesn't matter if it's digital or non-digital, as the US doesn't have direct control of it no matter what.

    Then if the US doesn't like you trading in other currencies, they can certainly apply sanctions, tariffs or retaliate as they see fit.

    There's nothing magical about digital currencies, tbh, it's just a separate ledger.

    Don't forget the Petro in Venezuela. It never took off because there's simply lack of trust in the currency (in that case digital).
    You are not getting it.

    A chinese bank that enables the yuan transaction is still vulnerable to US sanctions because Dollar is the global currency.

    Therefore you cannot compare a regular yuan transactions effectiveness vs a digital one against sanctions.

    Iran will be able to sell its oil to china in exchange for digital yuans. With nonproblem..

    It cannot do the same with regular yuans as chinese banks have to be involved and they cant due to US sanctions.

  15. #40
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    Oh and you cannot seriously compare venezulan cryptocurrency to chinese one.

  16. #41
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    Even facebook ceos agree w me tbqh

    https://www.coindesk.com/facebooks-m...-s-nixes-libra

    David Marcus, Facebook’s top executive on the Libra project, said China will create a digital currency system that could be entirely out of reach for U.S. authorities.

    Marcus warned that Washington risks “having a whole part of the world completely blocked from U.S. sanctions and protected from U.S. sanctions and having a new digital reserve currency,” according to an interview with Bloomberg News.

    “The future in five years, if we don’t have a good answer, is basically China re-wiring” a large part of the world “with a digital renminbi running on their controlled blockchain,” Marcus said.

    China has been stepping up its efforts to push forward with its Digital Currency Electronic Payment (DCEP) since Facebook’s unveiling of Libra in June.

    Chinese central bank officials have emphasized that one of the goals for China’s cryptocurrency is to preempt the rise of Libra that would reinforce the dollar dominance in the international financial system.

    While Libra would be pegged to a basket of fiat currencies, excluding China’s renminbi, one of the five reserved fiat currencies accepted by the International Monetary Fund (IMF) for international transactions.

    China’s DCEP had been in the works, but the project’s development accelerated after Libra was announced.

    The People’s Bank of China appointed Mu Changchun to lead the Research Ins ute on Digital Currency in September and detailed a proposal to launch and distribute the national coin among major Chinese commercial banks.

  17. #42
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    Looks like China has solved blockchains main problem which is transaction processing speed

    Binance claims the PBOC’s system could allow fund transfers without the need for a bank account.

    “The end goal for the CBDC is to display a turnover rate as high as cash, while achieving ‘manageable anonymity,'” Binance says in the report. “In other words, in the first-layer network of the CBDC, real-name ins utions are expected to be registered while the transfer in the second-layer network would be anonymous from the perspective of users.”

    The two-tiered system could help the PBOC process as many as 300,000 transactions per second, currently not possible with blockchain technology. Binance said smart contract architecture has also been discussed.

    Under the Bank of International Settlements’ money taxonomy, the PBOC’s new digital currency could cover “general-purpose, account-based” money and central bank digital tokens (which in turn have their own general purpose and wholesale categories.

    Binance listed retail payments, interbank clearing, and cross-border payments as practical reasons for replacing the M0 with a CBDC.

  18. #43
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    You are not getting it.

    A chinese bank that enables the yuan transaction is still vulnerable to US sanctions because Dollar is the global currency.

    Therefore you cannot compare a regular yuan transactions effectiveness vs a digital one against sanctions.

    Iran will be able to sell its oil to china in exchange for digital yuans. With nonproblem..

    It cannot do the same with regular yuans as chinese banks have to be involved and they cant due to US sanctions.
    It's you that don't get it. All 4 (or 5) Chinese Banks are majority owned by the Chinese government (despite some recent IPOs). Sanctions against Chinese banks are effectively sanctions against China.

    Again, the issue here is the one you present in your example. So Iran sells oil to china and gets yuans (digital or otherwise). Then China devalues it in order to remain compe ive, like they do with the Yuan all the time. Iran just basically lost money on the deal.

    Not to mention, that because global trade is done in US dollars, Iran is now captive to spend that money only on Chinese goods, since other trading partners won't take yuans (digital or otherwise).

    Also noteworthy about this situation is that the US won't just site there and have China replace the dollas with yuans as primary reserve currency, so sanctions, in the form of tariffs or otherwise against China, would obviously be immediate.

    Now, if the Chinese operate the digital yuan as a separate currency from the mainstream yuan, then things could be more tempting for some countries, but as it stands right now, there's not much of an incentive.

    Oh and you cannot seriously compare venezulan cryptocurrency to chinese one.
    This is exactly the point. At the end of the day, you're trading in currencies, and their inherent value and backing is what matters (whether digital or not).

    The idea was that digital made it easier to launder the money in order to avoid sanctions, but in reality any serious digital currency does not promise nor provide anonymity. That's why Dark web dealers get busted all the time.

  19. #44
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    All that said, it's great if China does come out with their own digital currency, especially if it's split from the mainstream yuan.

  20. #45
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  21. #46
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    Looks like Hong Kong will be the first to use it to avoid US sanctions


  22. #47
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Interesting, that's $30 per person. I guess they just want to start simple and go from there.

  23. #48
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    Interesting, that's $30 per person. I guess they just want to start simple and go from there.
    If china is smart they would have an international lottery and airdrop 100 million

    They would need to do it quickly to avoid governments laws

  24. #49
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    If china is smart they would have an international lottery and airdrop 100 million

    They would need to do it quickly to avoid governments laws
    Here's a good read on this subject from a few days back, which goes through the end goals and challenges ahead:

    https://www.cnn.com/2020/12/04/econo...hnk/index.html

  25. #50
    MAGA MASSA's Avatar
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