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Home > Forums > The Open Forum
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Looks like a digital currency tied to the Yuan & controlled by PRC cBank, not a cryptocurrency.

Author: NedoftheHill (44339 Posts - Joined: Jun 29, 2011)
Posted at 2:15 pm on Apr 25, 2022
View All

All transactions will be tracked and processed by them...they have basically created a PRC Diners Club Card for the Yuan.

I can't wait until they get hacked. I hope the NSA is working on this as we speak.

If the US implements something like this, I do wonder whether it could destroy a substantial portion of the business of VISA and MasterCard. It certainly could transfer a lot more control on what can be purchased from private hands to government hands, since the Fed might be able to code transaction controls or otherwise halt unapproved purchase (or make it even easier to cease assets).

This does have to be carefully done by the US, if at all. There are existential implications for general freedoms...which, no doubt, China understands. But, we US citizens are more and more willing to surrender privacy for convenience. Which makes me believe that we are headed to a Brave New World dystopia instead of a 1984 dystopia.


Evil preaches tolerance until it is dominant, then it tries to silence good.

Replies to: "Looks like a digital currency tied to the Yuan & controlled by PRC cBank, not a cryptocurrency."

  • China is ready to roll out 1rst major centrally backed cryptocurrency. We are way behind & this is a [LINK] - BaronVonZemo - 1:16pm 4/25/22 (24) [View All]
    • Nope will never happen. I would short anything China does on the international stage. [NT] - PBHangingChad - 8:05pm 4/25/22
    • Geeze - Nigel Tufnel - 3:25pm 4/25/22
      • This is a big deal, but Lance referenced end days. We need to get going. - BaronVonZemo - 5:46pm 4/25/22
    • Looks like a digital currency tied to the Yuan & controlled by PRC cBank, not a cryptocurrency. - NedoftheHill - 2:15pm 4/25/22
      • The dollar index is at the high for the past year and has rallied over 11%. - Iggle - 3:43pm 4/25/22
        • Yeah. The hacks are of exchanges, not the cryptocurrency itself. The PRC just made an exchange. - NedoftheHill - 4:06pm 4/25/22
      • Correct, it is intended for the domestic market. - LanceHarbor - 2:17pm 4/25/22
        • It does raise interesting issues. - NedoftheHill - 2:19pm 4/25/22
          • That's a pretty advanced local gas station. - LanceHarbor - 2:28pm 4/25/22
            • Ever heard of an app? - BaronVonZemo - 5:43pm 4/25/22
            • But that is kind of the point. Digital currency will become accessible to all. It is digital. - NedoftheHill - 2:30pm 4/25/22
              • It's available right now. - LanceHarbor - 2:40pm 4/25/22
                • El Salvador (the entire nation) accepts Bitcoin as legal tender. - NedoftheHill - 2:42pm 4/25/22
                  • This was before their corrupt president made that official. - LanceHarbor - 2:48pm 4/25/22
                    • Right. John Doe takes the easy route, until it becomes too costly. Then he chooses next best option. [NT] - NedoftheHill - 2:51pm 4/25/22
                      • That's right, I forgot about the hyperinflation in your scenario. [NT] - LanceHarbor - 3:28pm 4/25/22
                        • I'm certainly not going to bet against the dollar...but I'm not above hedging a small portion. [NT] - NedoftheHill - 4:12pm 4/25/22
    • Worse than that, the days of the Dollar as World Reserve Currency are numbered..Reason: profligacy- - CapeIrish - 1:57pm 4/25/22
      • Heard a great exposition on this - we have not prioritized it until very recently. We're yrs from a - BaronVonZemo - 2:06pm 4/25/22
        • I think legal entities should be hesitant to allow the PRC to hold their money for them. - NedoftheHill - 2:16pm 4/25/22
      • Who knew the end is so near? - LanceHarbor - 2:03pm 4/25/22
        • Probably nick some off Chris. He predicted doom and gloom every day of the Trump presidency. - Stark Raving Dad - 2:30pm 4/25/22
          • So, you think the USD will remain solid forever?...or just beyond your lifetime? [NT] - NedoftheHill - 2:33pm 4/25/22
    • So dramatic...always. - LanceHarbor - 1:55pm 4/25/22
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