Lol, Chinese are blessed so do everyone, it all depends on individual's work efficiency, and innovative mindset towards achieving top goals. Chinese are innovative, and they made such ideas of theirs to come into fruition by working hard and putting what's important first. They have created the digital Yuan now, hoping to regulate, and banish any form of scam.
Chinese are simply tired about what's going on around Cryptocurrency that's why they banned it, which seems harsh cos of its importance in the lives of its citizens, who transact through it legitimately and otherwise. Now they've formed their own coins which brings them security. My country is simply taking such route building their own digital currency, let's see how it goes.
The Chinese government, being a communist government (or autocratic government to be precise) can impose any law on its citizen. They banned crypto currency in order to increase the use of digital yuan, which is just a digital version of fiat currency and not a real cryptocurrency. However, governments in other countries are also exploring this option.
Yes, you're right. Digital Yuan is in no way tagged as Cryptocurrency, its not encrypted. It is same Yuan we know created in a digitalized way for online transaction through our computers. They created such, to keep an eye on every transaction that passes through their own built-in blockchain network. They crested it to reduce the risk of criminal activities around Cryptocurrency.
Its good you're already enlightened, they want to see more of the poor, that's why they're making this money very hard for us to see, especially the world leaders. Our country leaders in the other aspect aren't trying for us, since they knew they won't be providing job, they shouldn't have stopped crypto to naira exchange making things somehow difficult. The idea of criticising crypto especially those countries feeling disillusioned around it.
That's why I hate capitalism. To some extent I still prefer Chinese communist governemnt. They have never embarked on policy without considering the interest of their citizens. But in Africa and some first world like America, they hate common men or pressing, they always want to widen the gap between the rich and the poor. That's why the same people have been the richest men in some of these countries.
Government shown enough interest around crypto, they just want to regulate it, control it just the way they've been doing around fiat currency. They don't want youth, or other citizens to have access of building millionaire's status with Cryptocurrency. They knew it will make lots of people gaining financial stability, that time they won't have much people to be controlling. They can't control everything that's my own, ordinary individuals has right too.
That's what I am saying, governemnt is not sincere about the current status of crypto. They should have at least allow their citizens to decide to choose whatever they wish to do with their money. I always feel uncomfortable when government shows too much concern. It shows they have interest in that thing.
It will survive even in the next 100 years, let's just be hopeful it will, even if this countries detesting it are given unjust excuses, it won't make Cryptocurrency to be tarnished. Digital Yuan is simply like any other crypto, just that govt owns it, it just become legit and not causing environmental hazards. They are just causing confusion, not being straightforward at all.
The paper currency is the fiat currency, which is controlled by the government. The essence of the digital Yuan is to create room for regulation, and control. Since the government sees crypto beyond their control in the Chinese country, they decided to do away with it to create the CBDC. Let's see what the future holds for them around the coin.
Then as I understand even USDT or USDC are digital currency because their price is USD or closer to USD so it is true that China decisions are a little wrong but stable coins can be considered as crypto currency may you have a different point of view. Even USD is created by central bank and many platforms are supporting USDT as stable coin.
Laughs, its different from the original digital coins. The digital Yuan is a centralized coin which is regulated and controlled by the government. That's the essence of its invention, and the subsequent ban of crypto in the Chinese country. Since they can't watch how crypto its been used by criminals cos they can't control it, they decided to ban it which led to CBDC introduction.
Well , the fact is that China has always wanted to be in full control of everything. They knew that their decision to ban bitcoin Mining and enforce the use of digital Yuan was not supported by the citizens , thus they are using this strategy to enforce them towards using the Yuan
