News China's Digital Yuan Soars Past $5.3 Billion in Transactions As Bitcoin Plummets

[Admin]

The People's Bank of China said the country's digital currency has passed $5.3 billion in transactions since its debut.

China's Digital Yuan Soars Past $5.3 Billion in Transactions As Bitcoin Plummets : Read more

 

[Integr8d]

"Not that it would say otherwise. " Umm because they're lying. Every Chinese national that I've interacted with has said the same thing; you do not want the CCP to control anything.

 

[spongiemaster]

Make any potential competition illegal raised the value of their digital currency? Completely surprising.

 

[dobermanmacleod]

People do not understand: CBDC is a blessing, but like many high technology gifts it comes with the price of individuality. What isn't said is that central governments using CBDC will have unprecedented information and control about it circulating. That means much more efficient managed economies, and that means gigantic pay-off when it comes to social vs anti-social energy.

BTW, China will be much more nimbly and quickly adopt the Digital Yuan than Americans would a Digital Dollar. Furthermore, once the hardware/software infrastructure is proven, China can export it so any country can have their own CBDCs, having a profound effect upon the US control of the world banking system.

 

[carljr77]

Is this a joke??
The digital yuan is down both in USD and in terms of Bitcoin.

Yuan Chain Coin price today, YCC to USD live price, marketcap and chart | CoinMarketCap

The live Yuan Chain Coin price today is $0 USD with a 24-hour trading volume of $0 USD. We update our YCC to USD price in real-time.

coinmarketcap.com

Price in Bitcoin May 13: 0.000000727 BTC/YCC

Price in Bitcoin Jul 17: 000000338 BTC/YCC

That's more than a 50% drop in terms of Bitcoin. The article should read, "China demolishes domestic CBDC in attempt to dethrone Bitcoin".

 

[coolitic]

I see Toms is shilling for the CCP now.

 

[Peter Imran]

Every Chinese? I doubt you have any Chinese friends and you say every Chinese friends you know says that the CPC can't be trusted. Go ahead and trust your government as they are keeping you poor. Seen the tents by the roadsides lately? They are increasing by the day.