China integrate smart contract in it digital yuan.

[Lens]

The Chinese government is the first of all the countries adopting the central bank digital currency "CBDC " to integrate smart contract into its digital yuan. The name of the digital yuan is E-CNY. This is to allow self-executed transactions and payments. It's basically the reason why the smart contract is built on the blockchain

The CBDC projects spokesperson in china cited that the privacy of the small holders will be protected but the government will look into high transactions done with the digital yuan inorder to confirm if it conform with the money laundering and tax evasion policies of the country.

How do you see this development?

 

[kayode10]

China government want other people to start embracing their own form of cryptocurrency that is why they include that future in it. The real advantage of this feature can only be you know when you have get acquainted with the uses of the cryptocurrency.

 

[eLdavis]

I think this is a good development to not just china but to other Countries as well. This would motivate a lot of countries that have been wanting to do this but have not to take a bold step.

 

[Setho]

I had always had a feeling that China's crackdown on bitcoin miners has something to do with it wanting to create its own digital currency. And I do not think that it is a bad idea at all.

 

[HayKay]

This was why they clamped down on bitcoin. China over the years has always wanted to rival the US and want to be a superpower on their own.
Let's see how they promote it or open it to the public, because that's my major concern about this news

 

[Nurudeen]

Let's see how strong China yuan Digital currency will be in few years despite their crackdown on crypto currency exchange Business. I think their crackdown is not even having any effect on the general market of crypto currency again

 

[gammarays]

This goes to tell us that countries can adopt crypto and blockchain technology to boost their economy. I know many countries are testing a prototype of this already and will announce it if it's successful.

 

[Rhapsody]

See the work of God Almighty. This China was the first country to ban the usage of crypto currency. Now they are the first country to integrate Blockchain to there digital currency and also the first country to integrate Blockchain technology to there security system. I know that other countries will follow them like Nigeria

 

[Josemendez]

It is good that smart contracts is being used so that the effect of third party will be null and the security of the system will be trusted. I hope China succeeds with CBDC as it may lose issues in Future

 

[Nomad]

I believe digital yuan is a digital version of fiat money created by depositing fiat reserve in the central bank. In other words, it is not a crypto currency created through the mining process but a digital version of fiat currency.

 

[Dagm1]

This is going to inform us that international locations can undertake crypto and blockchain generation to enhance their economy. I recognise many nations are trying out a prototype of this already and could announce it if it is successful.

 

[Alexandoy]

China government want other people to start embracing their own form of cryptocurrency that is why they include that future in it. The real advantage of this feature can only be you know when you have get acquainted with the uses of the cryptocurrency.

The digital Yuan is not a crypto currency that you can trade in the market. It is a digital version of the physical Yuan which is the legal tender of China. I wonder why people would always connect a digital currency to crypto currency when crypto is not a currency at all but just a commodity.

 

[Lens]

The digital Yuan is not a crypto currency that you can trade in the market. It is a digital version of the physical Yuan which is the legal tender of China. I wonder why people would always connect a digital currency to crypto currency when crypto is not a currency at all but just a commodity.

You are getting it wrong. We've always been using the digital version of the fiat currency in our various countries. This digital currency are what we normally see on our mobile banking apps and we are very familiar with this. The CBDC employs the blockchain technology which is not what was obtainable in the digital version of the fiat currency.
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China government want other people to start embracing their own form of cryptocurrency that is why they include that future in it. The real advantage of this feature can only be you know when you have get acquainted with the uses of the cryptocurrency.

I don't really think so, my thought is that the users will be predominantly, from China. They have addressed the issue of money laundering because they have also integrated a feature that will notify the government of high transaction done in the blockchain.

 

[mcjerry]

This country china is the first country to ban crypto currency and now it is the first country to implement smart contact to there digital currency. It is also the first country to implement Blockchain technology to there security system

 

[BrolySSJ]

This country china is the first country to ban crypto currency and now it is the first country to implement smart contact to there digital currency. It is also the first country to implement Blockchain technology to there security system

It is quite confusing to see the steps that china is taking because they are adamant when it comes to stopping cryptocurrency however at the same time they are a major advocate for the technology that exists behind these currencies.

 

[mcjerry]

It is quite confusing to see the steps that china is taking because they are adamant when it comes to stopping cryptocurrency however at the same time they are a major advocate for the technology that exists behind these currencies.

Yes they have found out the grate benefits if Blockchain technology. I know that very soon Nigeria government that has ban usage of crypto currency will see this too and unban crypto currency

 

[BrolySSJ]

Yes they have found out the grate benefits if Blockchain technology. I know that very soon Nigeria government that has ban usage of crypto currency will see this too and unban crypto currency

Nigeria actually does seem to be moving towards a cryptocurrency community because they are even considering their own digital currency that they can implement within the country.

 

[Kelly5]

But one thing about this thing with china, is that this digital coin isn't a cryptocurrency yet. It's just a digital coin of the fiat currency. We hope they make it a complete cryptocurrency to settle doubts of their aim

 

[ahmedo24]

But one thing about this thing with china, is that this digital coin isn't a cryptocurrency yet. It's just a digital coin of the fiat currency. We hope they make it a complete cryptocurrency to settle doubts of their aim

They can't and won't make it cryptocurrency because if they will why would they ban cryptocurrency, they are just creating a template for other countries to follow in creating their own digital Currencies.

 

[Yusuf]

The same China that banned crypto currency exchange Business in their country are the ones that are now using e personal currency. This looks like an agenda to me though.