Do you see Chinese Digital Yuan as BTC killer??

[sincerem]

China's Digital Yuan is gaining the popularity since its recent announcement, which led to the sanctioning of BTC mining activities and other Cryptocurrencies in general. They believe Cryptocurrency is damaging to their Fiat currency, being the 'Yuan. Cos of its anonymity, that isn't secured and regulated by the government.

That has led them to creating the Central Bank Digital Currency (CBDC), in form of the Yuan in the digital ecosystem, in a centralized way. Since they believed using crypto constantly will damage the value of their Fiat currency, cos their citizens prefer exchanging the Fiat currency for BTC and other volatile coins, to operate anonymously. The fact that, they can't control the decentralized coins makes them think its vulnerable indeed.

They've started promoting 'Digital Yuan massively, even sending out gifts to new users to download CBDC wallet, and start accumulating more of the digital coin. They just want the coin to go round the country, then spread their arms all over the world.

Do you see Chinese Digital Yuan as BTC killer in the future? by seeing other countries following the steps taken by China.

 

[Yugocean]

For Titile - NO
For theory -

China's Digital Yuan is gaining the popularity since its recent announcement, which led to the sanctioning of BTC mining activities and other Cryptocurrencies in general.

This is incorrect information, actually China led crackdown against other crypto mining and using for anything.

The fact that, they can't control the decentralized coins makes them think its vulnerable indeed.

This is the truth, they cannot stop people 100% either, so they brought Country's own digital currency; but they forget that, this way their own digital currency will be used online without worrying China's authority.

Do you see Chinese Digital Yuan as BTC killer in the future? by seeing other countries following the steps taken by China.

The steps taken by China is good for their coin, but it is not going to kill Bitcoin. Chinese digital currency will just remain as an altcoin unless they bring more gifts to users which will become burden on them.

 

[Josemendez]

The question here is what feature does the digital Yuan have that can be enticing to investors outside China ? , NOTHING .
Ever since the emergency of cryptocurrency , precisely Bitcoin , people have always wanted to have a digital currency that is VOLATILE. It is the volatility that attracts investors.
Yuan is stable and thus won't lead to any return on investment unlike bitcoin that can give up to x1000 return on investment

 

[sincerem]

This is the truth, they cannot stop people 100% either, so they brought Country's own digital currency; but they forget that, this way their own digital currency will be used online without worrying China's authority.

I know the Chinese government just want to have full country over those decentralized coins, that's why it became worrying to them when they failed to accomplish their wish. Cos the coin anonymity is beyond them, it is owned by the unknown till today.

The steps taken by China is good for their coin, but it is not going to kill Bitcoin. Chinese digital currency will just remain as an altcoin unless they bring more gifts to users which will become burden on them.

I understand that, it is good for them cos they want to control the coin in a decentralized way, monitor the activities going around it, to sanction money laundering. Just as you said, I don't see it too as BTC killer. BTC have been around for years, and it has received viral acceptance. They can't continue to be spreading the gift to circulate the digital Yuan, cos it will be enough expenses to them.

 

[btaliat]

That's the plan of all these governments. They want to discredit bitcoins and the crypto at large in order to introduce their own coins. Though, I don't trust government involvement in cryptocurrency but I can still trust Chinese government. Their communist policy is driven towards good economy which means they can still manage the digital currency well.

 

[sincerem]

That's the plan of all these governments. They want to discredit bitcoins and the crypto at large in order to introduce their own coins. Though, I don't trust government involvement in cryptocurrency but I can still trust Chinese government. Their communist policy is driven towards good economy which means they can still manage the digital currency well.

They've always tried their best to control Cryptocurrency and reduced the fraudulent activities going through it in their own poet, but they where unable to achieve such dream. That's why they got frustrated, and doubted the future of the volatile coin, which led to its ban in their country to establishing their own centralized digital currency.