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Is The Digital Yuan Really A Threat? by taskmaster4450

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hive-167922 · @taskmaster4450 · (edited)
$56.56
Is The Digital Yuan Really A Threat?
<center>

[![](https://ipfs-3speak.b-cdn.net/ipfs/bafkreias3xoarejdomnf6q7dweic7rmygczqszqubpr7o7em5k2lymrbjy/)](https://3speak.tv/watch?v=taskmaster4450/eydvbxky)

▶️ [Watch on 3Speak](https://3speak.tv/watch?v=taskmaster4450/eydvbxky)

</center>

---

Manu have pointed to the Chinese embracing the digitization of the Yuan, a CBDC.  This sent shockwaves throughout the West who are leery this could end up taking over as the reserve status.

In this video I discuss how this is unlikely.  The world of international finance boils down to confidence and the Chinese have a trust problem.  This is especially true with its currency which they openly manipulated over the last few decades.

---

▶️ [3Speak](https://3speak.tv/watch?v=taskmaster4450/eydvbxky)
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vote details (542)
@ai-summaries · 
**Summary:**
In this video, Task discusses the potential impact of the digital yuan on the global economy, particularly in relation to the US dollar. He suggests that while China may push for the digital yuan within its borders, it might not gain significant traction internationally due to lack of transparency and trustworthiness. Task emphasizes the importance of trust in international transactions and questions whether the rest of the world would embrace the digital yuan as a mode of payment. He also touches on the potential challenges China may face in becoming a global superpower with its current approach.

**Detailed Article:**
Task starts by referencing a previous post about the US Federal Reserve's report on a Central Bank Digital Currency (CBDC) and transitions into discussing the digital yuan, highlighting China's economic status and its perceived threat to the US dollar. He brings attention to the lack of trust in Chinese economic practices, mentioning issues with transparency and accountability, such as the CCP's control over the yuan and arbitrary currency manipulation.

Task addresses the potential success of the digital yuan within China but expresses skepticism about its acceptance outside the country, especially in global trade. He contrasts the trustworthiness of Western government reports with China's opaque practices, citing instances like the delayed census report and alleged fabrication of demographic data. This lack of transparency contributes to a general distrust in China's economic dealings.

The discussion delves into the implications of the digital yuan on the international stage, with Task questioning its effectiveness as a global currency. He draws parallels between China's approach and the Soviet Union's secretive policies, highlighting how opacity can hinder business interactions and international trust. Task argues that due to these factors, the digital yuan might not pose a significant threat to stablecoins or the US dollar in the global market.

Task concludes by expressing doubt about the digital yuan's adoption by foreign companies and predicts limited international acceptance, pointing out that many businesses are already pulling out of China. He dismisses the digital yuan as a major concern for the cryptocurrency sector, suggesting that it would be more relevant for those within China rather than a significant player in the global cryptocurrency landscape.

In closing, Task reassures viewers that the digital yuan from China might not be a primary focus compared to potential European CBDCs or initiatives from the US Federal Reserve. He emphasizes that the lack of transparency and trust in China's economic practices could hinder the digital yuan's global acceptance, making it a non-issue for the broader cryptocurrency market.
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@ganjafarmer ·
$0.08
Personally I don't believe that China is going to have much of a future after they have completely crashed their economy and are barely surviving. 

Pretty wild events in this world. There might not be a Communist party after all the poor people starve in China. 

This is definitely going to set back plans for war.... 

And then on top of it we've also got a lot of worldwide criticism. I can definitely see the digital world attacking these assets. 

But then again more countries are coming out about the genocide that's happening in China with the ethnic minorities in detention camps as well as the forced organ harvesting.
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vote details (1)
@taskmaster4450le · 
>But then again more countries are coming out about the genocide that's happening in China with the ethnic minorities in detention camps as well as the forced organ harvesting.

Western countries are rapidly moving in this direction, perhaps without the organ harvesting.

China has an overwhelming problem that is also mirrored in the EU.  Demographics are against them.  That make long term sustainability near impossible even in the best of circumstances.  What few realize is that China is a rather poor country overall.  Sure it has the second largest economy yet the per capita GDP is like 70th.  Most are living a very meager existence.

I am not optimistic about China at all.  They have too many headwinds which will crush them over the next 20 years in my opinion.  The China growth story is cover.  

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@taskmaster4450le/re-ganjafarmer-4top2e)
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@ganjafarmer · 
China is controlled by the people's liberation army so every business is taxed the markets are manipulated the only way China is able to get ahead is by theft of intellectual property.

Or how about the predatory loans and lending practices?

How about Chinese espionage penetrations and as well how much they have screwed up sneaking around trying to play spy games.

How about the Chinese illegals doing cartel grows in Northern California?

How about that fentanyl wave that is killing massive amounts of people in the United States and funding the Mexican narco terrorism more? 

How about all the black market violence in Portland the triple murder rate Spike? All over drugs made from Chinese precursor chemicals?

Oh yeah how is it that this massive wave of drugs is completely fueled by Mexican cartels purchasing all of the precursor chemicals from China........


Then we still got that forced organ harvesting and all that.

How about operation skynet where over 10,000 fugitives were returned to China? How many people were kidnapped and how many American citizens were forcibly removed from America? 

How about that pesky Wuhan institute for infectious diseases? Built and funded by Anthony fauci?

Well hang on a second I think the world is starting to wise up. 

Personally I wonder how bad off the Winter Olympics are going to be.
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@india-leo ·
Indiaunited Curation 1642867215165
This post has been manually curated by @bhattg from Indiaunited community. Join us on our [Discord Server](https://discord.gg/bGmS2tE). 

Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators. 

<sub>**Please contribute to the community by upvoting this comment and posts made by @indiaunited.**</sub>
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@jfang003 ·
$0.08
With how the Chinese government is forcing companies to delist their stock, I don't really see how people are going to be confident in the yuan. After all, it doesn't bode well when the companies are forbidden to have foreign investments. So I think the digital yuan will be very successful within China because that is what they will be using daily but I doubt other governments would want to use their their currency either.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@jfang003/re-taskmaster4450-crigf)
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vote details (3)
@taskmaster4450le · 
The recent actions of the CCP certainly do not enhance what was already looking like a difficult situation.

Thus I agree, there is little reason to be highly optimistic about the prospects of what they are developing.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@taskmaster4450le/re-jfang003-6b5jd8)
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@ykretz.leo · 
I don't think any digital currency based on another Fiat currency is going to take over the world except those based on USB because that's a currency already used worldwide. 

A digital € would not be used outside of Europe. Especially not for daily payments 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@ykretz.leo/re-jfang003-2mpa4u)
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@pixresteemer · 
<center>![pixresteemer_incognito_angel_mini.png](https://files.peakd.com/file/peakd-hive/pixresteemer/8h7BBw1w-pixresteemer_incognito_angel_mini.png)</center><center>Bang, I did it again... I just rehived your post!</center><center>Week 89 of my [contest](/hive-179017/@pixresteemer/the-re-hive-contest-results-week-88-and-start-week-89) just started...you can now check the winners of the previous week!</center><center><sub>10</sub></center>
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@ssjsasha · 
@taskmaster4450 off topic, but what is the best way to convert HBD into hive? Blocktrades is WAY too expensive, got any alternatives? 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@ssjsasha/re-taskmaster4450-369tmf)
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@taskmaster4450le ·
$0.49
The internal market allows for free transactions when swapping Hive to HBD or in the reverse.

Simply go to your hive.blog wallet and you can access the exchange.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@taskmaster4450le/re-ssjsasha-2parfg)
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vote details (1)
@ssjsasha · 
@taskmaster4450le yeah you are right thanks man. I was looking at exactly that WAY too late last night and I guess my brain couldn’t see the bids and asks properly. 🍻

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@ssjsasha/re-taskmaster4450le-2bwhgv)
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vote details (1)
@youngtrader · 
ill watch it later seems really interesting!
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