this post was submitted on 09 Apr 2025
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how do i buy? im planning to go to China this summer for a visit
it's pegged 1:1 to the yuan so just buy that
I don't see anything about this in other news sources. So I don't know what about this is new or when this was supposed to have happened. But pretty cool either way.
Can someone explain china's currency(s) to me? What is the difference between this, regular yuan and renminbi?
It's a digital currency built on blockchain. The general idea I believe is that it will be very easy for China to get others to start using it because the ledger is public. It's also completely traceable so no crime.
Not decentralised though. The opposite. Centrally controlled by the bank so it's got no mining or any of that shit.
exactly. its also been experimented and limited for a while now. no better time than the present to fully push it out than now so the dollar can be circumvented
this is actually a good write up on why this matters https://dc.claremont.org/how-america-can-lose-the-fourth-industrial-revolution/
China’s development of a “digital yuan” has prompted speculation about the Chinese currency as a possible replacement for the U.S. dollar. But China has neither the capacity nor the intention to replace the dollar system as it now stands. Rather, it is building another system in parallel that is likely to erode the existing dollar system and reduce America’s capacity to finance its deficit.
This will take place through digital currencies, which promise to drastically reduce transaction costs for international trade financing while improving transaction security. In the 18th century, financier Nathan Rothschild apocryphally said a bill of exchange in international trade should taste of salt, after accompanying cargo on a sea voyage. Blockchain allows the tracking of goods from factory to warehouse to port to container to ship, and enables just-in-time deliveries along with just-in-time payments. Once international payment mechanisms are in place, China can prevail on its trading counterparties to conduct transactions in the digital yuan.
Yuancoin