China Creates Its Own Digital Currency, a First for Major Economy
April 6, 2021 at 2:59 PM - Views: 71 #415338RCW2020Participant
- Total Posts: 522
A cyber yuan stands to give Beijing power to track spending in real time, plus money that isn’t linked to the dollar-dominated global financial system
By James T. Areddy
April 5, 2021 10:48 am ET
A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power.
It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China is turning legal tender itself into computer code.
Cryptocurrencies such as bitcoin have foreshadowed a potential digital future for money, though they exist outside the traditional global financial system and aren’t legal tender like cash issued by governments.
China’s version of a digital currency is controlled by its central bank, which will issue the new electronic money. It is expected to give China’s government vast new tools to monitor both its economy and its people. By design, the digital yuan will negate one of bitcoin’s major draws: anonymity for the user.
April 6, 2021 at 3:13 PM #415345
I was actually considering getting some.
Not that much, just to dip my toes in you know? I just see this as another way to get out of the dollar in a way. It is why so many other governments invested heavily in virtual currencies since they are not confiscatable.
April 6, 2021 at 3:22 PM #415347Ohio BarbarianModerator
- Total Posts: 20,590
I have a feeling they know exactly what they are doing. Well, if it undermines the American Empire, all well and good. The Empire doesn’t do jack shit for me and mine, anyway.
It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs
You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton
April 6, 2021 at 4:18 PM #415359Mr. Mickeys MomModerator
- Total Posts: 5,742
and am going through the learning curve on how best to protect that. I’m looking at this in an entirely different way after looking at the value of US dollars with an eventual demise of that fiat currency failing model.
Printing press go B-r-r-r-r-r!
Hell, no... I'm not giving up...
April 6, 2021 at 7:13 PM #415403lownslowParticipant
- Total Posts: 646
How does one go about buying some cryptoi?
April 6, 2021 at 7:28 PM #415407
It depends what you want, how much control you want on it, etc.
My brother wants control of his own wallet, while I’m more than happy just to use Coinbase since it is easy to use, and I don’t have to pay as much attention.
If you want some of the Virtual Yuan, I don’t think it is available in the US at this time.
The reason you’d want control of your own digital wallet, is because you would want it as something non-confiscatable. While when you use apps like Coinbase, Robinhood, etc., more often than not, you buy from them, they hold on to the virtual currencies and they manage it for you.
However, since I think that Virtual Currencies are getting more and more popular support, I am more than happy to use apps that would provide me with earning potential.
Again, I don’t know as much as others, so I went for the path of least resistance.
April 6, 2021 at 8:30 PM #415425closeupreadyParticipant
- Total Posts: 2,318
Coinbase is like most crypto dealers in that you can move your crypto to an offsite wallet of your choice.
The opinions and personal views expressed herein are solely those of the author, and should never be taken seriously.
April 8, 2021 at 2:53 PM #415712
I agree. Robinhood sucks. They just manage it. Also, if you buy from them, the only way you can move it off from their site is to pay them $75 to transfer, but that is only on stocks. I don’t know about their crypto.
Coinbase, you have a lot more options which is why I have been enjoying their service. Especially since they have some that pay APR.
April 6, 2021 at 7:29 PM #415408GryneosParticipant
- Total Posts: 1,511
Max Keiser on his show, he suggested this service: https://www.swanbitcoin.com
Of course, that was probably because he’s an advisor to Swan, so maybe others here have some suggestions on other methods of getting into it : )
Who are you? | What do you want? | Why are you here? | Where are you going? | Do you have anything worth living for? | Who do you serve and who do you trust?
April 6, 2021 at 7:21 PM #415404closeupreadyParticipant
- Total Posts: 2,318
Though I don’t consider crypto to be a good investment.
April 7, 2021 at 11:12 AM #415511lownslowParticipant
- Total Posts: 646
Thanks for the info, everyone!
April 7, 2021 at 12:29 PM #415522ArtfromArkParticipant
- Total Posts: 1,476
You’re just asking for trouble if you do that.
“There’s a new spirit abroad in the land. The old days of ‘grab and greed’ are on their way out. We’re beginning to think of what we owe the other fellow, not just what we’re compelled to give him. The time’s coming… when we shan’t be able to fill our bellies in comfort while others go hungry, sleep in warm beds while others shiver in the cold.... And God willing, we’ll live to see that day…” Basil Rathbone,"Sherlock Holmes Faces Death" (Universal 1943)
- You must be logged in to reply to this topic.