China digital Yuan moving higher.

[Ahmedo24]

China is one country that has caused serious dip in the cryptocurrency market as the country decided to ban all cryptocurrency transactions and mining , this affected the market drastically because of mass trade off bitcoin and other coins and also liquidation of usdt for the digital yuan. Recently about 3000 ATMs in China mostly in Beijing now allow the withdrawal of digital yuan conviniently and some companies has used the blockchain network to pay salaries to their workers in digital Yuan. There has been more of positive feedback since the launch till date. In your opinion do you think that China in any way could likely reverse the ban on cryptocurrencies?
Share your opinion if you have been following this development!!

 

[Kingsley]

I have noticed that the ban placed in crypto currencies by the Chinese government is going to end up favouring the people of China. The government actually has a better plan for her citizens, the ban was to introduce their own crypto coin which is really doing so well right at this time. I am indeed impressed with the chinese systems.

 

[Chibson]

It may be very hard for China to reverse the ban placed on cryptocurrency. The Chinese government has a already put plans in place to make it digital currency to make it popular that is the main reason why the banned cryptocurrency. I see some countries following the steps of China but the fact that it is centralised, it won't compete with cryptocurrencies.

 

[sincerem]

If they like they reverse it, if they don't like they can keep it like that. Crypto can't be stopped cos more esteemed enthusiasts is still backing up. More countries are involve to see its transition go to the fullest. I'm hopeful that crypto won't fade off, it will continue to surge higher around crypto until things get better and better irrespective of the ongoing bearish market.

 

[Bookwormlux]

It would be hard for China to reverse the ban on crypto currencies. They are a country reputed for their desire to always control everything in their country and since they have developed their own Currency, it is like a dream come through for them so they wouldn't want any competitors like Crypto Currencies would pose to their own digital currency.

 

[Ahmedo24]

I have noticed that the ban placed in crypto currencies by the Chinese government is going to end up favouring the people of China. The government actually has a better plan for her citizens, the ban was to introduce their own crypto coin which is really doing so well right at this time. I am indeed impressed with the chinese systems.

The digital yuan is not a Crypto currency but a digital version of their native yuan in which they want it to be circulated to enable them pilot the cashless economy agenda, they are seeing cryptocurrency as threat and what they may not be able to control and you the desires of the Chinese people is to have the control of everything arround them.

 

[Mika]

I know China has digital yuan, which is a cryptocurrency backed by fiat money. They have circulated as much digital yuan in the market as much fiat yuan is deposited in the Chinese central bank. Since they want digital yuan to succeed, they have blocked cryptocurrency including the mining operations.

 

[Ahmedo24]

I know China has digital yuan, which is a cryptocurrency backed by fiat money. They have circulated as much digital yuan in the market as much fiat yuan is deposited in the Chinese central bank. Since they want digital yuan to succeed, they have blocked cryptocurrency including the mining operations.

The fact is that the digital yuan will only have value on their Citizens mostly and if cryptocurrencies are fully recovered there might ba move to kill the digital yuan China can't be relied on. Crypto currencies Investors and enthusiasts need a serious role to play in this game but Investing in the market heavily, that is how China Dumped Elon Musk Electric Tesla care , probably a better alternative has been founded by her.