Is Chinese Digital currency a real cryptocurrency? Can it replace Bitcoin or the US dollar? Watch me on Fox Business Crypto Craze ★ Register Your Seat (Free Training Today):
This is not a cryptocurrency in my opinion. This is a “social credit system” developed by the Chinese Communist Party (powered by AI) that is expected to be dumped on all 1.4 billion of its people sometime in the near future.
1- It’s not a cryptocurrency
2- is a “social credit system” developed by the Chinese Communist Party, powered by AI
3- Unliked bitcoin, it is not decentralized
4- collects all forms of data in order to calculate the “social trustworthiness”, then rewards or punishes by allowing or restricting opportunities & entitlements.
5- It could actually rival the USD and aims to take power away from the US government
I wouldn’t invest it in. Would you?
The reason why people love bitcoin is that it’s decentralized. This is the opposite
The system collects all forms of data in order to calculate the “social trustworthiness”, then rewards or punishes by allowing or restricting opportunities & entitlements.
While a Chinese cryptocurrency could get investors excited, I hope people won’t start dumping their bitcoin to buy the Chinese “crypto” which is everything that Bitcoin isn’t.
The system’s formal declaration is literally “allow the trustworthy to roam everywhere while making it hard for the discredited to take a single step.” Insert 1984 references.
This (and many efforts there) are technological feats. While the cryptocurrency revolution is intently focused on moving many away from centralization, this is the opposite, despite the words ‘digital currency’. Regardless of home or abroad, there should be no moral equivalence or whataboutism when it comes to repressive behavior.
China is certainly competing with the US on every aspect. Like with tech, they’re now developing their own microchips, CPUs, and GPUs to compete with the ever-growing demand for graphics cards around the world.
Digitization wouldn’t by itself make the yuan a rival for the dollar in bank-to-bank wire transfers, but it could gain traction on the margins of the international financial system.
It would provide options for people in poor countries to transfer money internationally. Even limited international usage could soften the bite of U.S. sanctions, which increasingly are used against Chinese companies or individuals.
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