Could China Dethrone The U.S. Dollar With A Digital Yuan?
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- čas přidán 24. 07. 2021
- The U.S. dollar remains the world’s de facto monetary reserve, but with China going full speed ahead with its digital yuan, that could be in jeopardy. Researchers are digging into regulated online money called Central Bank Digital Currencies, or CBDCs, and what that could look like in the U.S.
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Could China Dethrone The U.S. Dollar With A Digital Yuan?
How are rappers gonna flex money on music videos now, by showing their phones?
They'll just keep buying cars and chains and watches with money that isn't theirs...
Yeah instead of having it in money they'll have it on digital phone wallets 😂😂 all u see is phone flying everywhere with a digital dollar 😂
I mean, if there’s a one good reason to switch to a CBDC, I think this is the best one.
How will they make it rain at strip clubs with crypto?
@@broketostoke it’s all rented
When the Graphics department is on vacation.
I like the aesthetic lol
I like this better ..easy on the eyes
+John Robert Villegas ..... paper graphics easier to decipher, especially ppl who think like 5 yr. olds
This aesthetic is pretty cool imo. 😂
🤣🤣🤣👍👍👍
It's weirdly written like no single person is aware of how money works...
Jesus did.
except, this is not money... it's currencie
They don't.
@@altumurnemtzra2026 Its a scam. Anyone can delete your entire account and self driving cars don't work for free.
czcams.com/video/1oruUFENLyM/video.html
While the world is already doing it. US is still discussing should they do it.
I think this country is totally conflicted on starting an American digital currency 💱
They have only one thingy to consider. That is whether it will have any impact in the rich elitists. They will drag their feet if it does. The slow implementation can be inferred as they finding ways to circumvent it for themselves. Don't think they care for the masses.
What insures the wealth of a dollar, trust? Haha, more like the US military and police force.
More like Democracy... if you oppose them, they will surely instill in you some Democracy that will shock and awe your a55e5 to the stone age, plus claiming whatever resources you have as re-education fee... IMHO
China is maintaining the credit of the U.S. dollar
More like the access it gives you to the goods produced in the US economy. money is backed by GDP not by trust. It boogles my mind why people cant understand that and just go around the place saying trust , trust ,trust.
@@user-qp4eq1oj5r Actually, not.
"The digital yuan is the largest threat to the west that we've faced in the last 30-40 years." Damn I don't remember the last 30-40 years being THAT chill
Well Kyle Bass is also a clown so I would take whatever hilarity he spews with a ocean's worth of salt
@Tony Montana The "dominance" of the dollar is not related to my wellbeing as an American. I'm working class. We used to have a very strong manufacturing sector where I grew up, but the dollar's status as the world trade currency arbitrarily makes American exports more expensive, killing American jobs and forcing my friends and family into hardship.
"The west" to him doesn't mean America, it means the people who dominate the global financial system.
Not to the west. More particularly to the US. Period.
Yeah, it really isn't a big deal. Especially since around 90% of all forex transactions are in USD.
They said the same thing about the Euro supplanting the dollar 20 years ago.
Also, no one outside of China is going to want a digital currency that is tracked and controlled by the Chinese Communist Party.
Success is about focusing Your energy on what creates results and using what you already know
Assets that can make you rich!
I.Crypto
2.Stocks
3.Shores
@@alansanders218 You are right ma'am
people in the US are still using cheques , that says alot
What are cheques? Sounds like a Mexican dish.
@@ncabcabin fancy word for checks
I still have a pad of cheques/checks, last used more than 10 years ago, will give to my kids as inheritence, to be exhibited in museum.
Yeah the bit at 2:17 was what made me realise just how US-centric this video's perspective is. It's a whole video of "what if we did something ridiculously overcomplicated instead of just catching up with the technology the rest of the world is already using?"
The only people using checks in America are old people and scammers and sometimes poor people who don't have bank accounts
Yeah, let's have the banks and govt make and control computer money! What can possibly go wrong?
Nothing. Just don't buy that winnie the pooh plushy or your acccount will go negative.
@@Follower_Of_Xi_Jinping_Pooh Endians the superpooper are everywhere
@@Manish-ud4sl
Your name sounds like indian, are you one? LOL
Or are you pakistani which looks exactly like indians?
@@Follower_Of_Xi_Jinping_Pooh india no.1 superpower jai hind💪
If you are loyal you can eat if not you starve. Protest if you dare.
If I were a Bank, I’d be lobbying Congress not to allow this.
It the bank that is lobbying set it up
@@bnco No, the private banks hate this CBDC. Because it threatens their existence.
You see, private banks are like the middle-man, they borrow from the central bank (FED) with cheap interest and lend it to other businesses with much higher interest rate.
Inshort, CBDC would massively weaken the private banks and strengthen the Government.
That is why China adopted the CBDC, to have more control.
CBDC or digital currency will drive banks out of business. Their services are not needed anymore, except probably as lenders.
@@Commievn well digital yuan will meet massive force from bank giant from the west. You know those shady banker that cause monetary crisis in 2008 😂they are still alive kicking and healthy with billions of money they cheated
How are you going to not allow Chinese from using the CBDC?
Digital currency is the future of finance, anybody still in doubt of that isn't in touch of reality.
True, and bitcoin is at the core centre of this not-so-distant future.
@@Robertgriffinne I guess so, but still don't have a firm grasp of how bitcoin works and what drive its volatility that is always constant.
@@instinctively_awesome8283 Well, bitcoin's (and indeed all crypto) constant volatile state is mostly due to factors which include but not limited to: basic economic supply and demand, investor and user sentiments, government regulations across the countries that use crypto currencies, pump and dump practices and media hype. All of these work together to influence price volatility, which is why it's pertinent one (esp someone new) follows the guides of an experienced market pundit who already knows all the market maneuver. It betters your chance at maximum profit by more than 100%.
@@tradekings5433 was about to say same thing about the volatility till i read your comment. You easily outlined the market challenges and how to circumvent it.
@@tradekings5433 you have any idea how one can find a sound adviser that may aid or probably give guides on how to stay above these challenges in one's investmnt
These people really understand limited elements of what is going on. This phenomenon is way deeper than they realize right now
Ok so explain
0:33 NO even if you go to a 5th tier city in China, the digital payments is everywhere used by millionaires to beggars(i mean literally beggar carrying payment QR code)
🤣😂
Telling that to the white folks, they won't understand you at all... They only think that the digital Yuan is a threat to the USD. That is what they are fed with everyday by these fake media narrative.
@@Aramsa-Khan exactly
12:49
China can hardly be more digital than it is already. The vast majority of transactions are already be done through Wechat Pay or Alipay (Chinese equivalent of Venmo or Apple Pay).
There are loads of people who still rely on cash today, like unbanked citizen, and senior citizen that are not comfortable with smartphone technologies. The rest of the population is already fully digital. This won't have changed in 5 years.
Most people had electronic payment system, Alipay or Apple pay and what nots. In addition they can also carry cash though not in stash but minimal sum in case. It gives one a much wider choice.
what about for cross border instant transactions then? thats the next gen of digital payments.
Lies again? Cheap ass
This must be why they banned crypto mining.
They can track watchu buy especially with dirty Money.
Crypto mining is not "banned", main focus is to reduce electricity consumption because China has relatively cheap power plants but they run on coal, and Chine wants to reduce ecological impact on their population. Mining is still possible, just little less profitable.
@@LjubomirLjubojevic or maybe you can easily transfer money out of the country with crypto. That one thing the ccp doesn't want people to do.
@@LjubomirLjubojevic really? Their c02 emission is its highest of all time . Hmmm
@@JohnSmith-iw4qs as far as I know Chinese govt has banned govt/public companies and institutions from using crypto currencies, but private enteties are not affected, as far as I know. There is something about reducing electricity production from coal powerplants, but I forgot details.
Gov: Digitize it's own currency
Hackers: *Sinister smile*hehehe boi...
🤪
This channel literally just copied a video from Polymatter
It's about China.... So it's okay.... I guess
It took more than two days to make this video, so I don't think so
To China, a digital currency that is under the control of its central bank plays very well to its centralised economy management ecosystem. The benefits are fast allocation of resources while the drawbacks include amplified impacts of mistakes in the allocation.
Solid point; it's also the reason why they banned Bitcoin. They have no control over it.
The government provides financial aids, asking the person to buy books and taking courses. But they use money to buy cigarettes, s*x toys, stuff... Currently, there is no way to prevent this. China's Digital Currency is the solution.
but mistakes would be detected and corrected faster too.
Mistake in allocation? Why do you think your country is so poor? Did you ever think it might be as good as China's if your country could've allocated a few trillion away from its military every year that maybe everybody on the US would be a lot better off? Xi Jinping enjoys more than 90% approval rating and it's easy to see why if you've ever been to that country. Just ask your athletes or Americans living in China what they think.
@@microtasker The digital yuan IS NOT Block Chain Technology, It is NOT Cryptography Technology. Its a Fait currency in digital form . 2 completely different things.
What’s the difference between digital or physical money?? Isn’t credit & debit a digital currency already??
If Visa and Mastercard were run by the Central Bank, then your hypothesis makes sense, but they're not, are they?
You will deposit money to the government so they will monitor all your transactions by default
Do you know why goods are sold in USD from China? If not research!
I think the difference is in the way they operate.
@@kyleharris3592 becouse for china USD is worthless...
gold have a technical value...
If china could accept USD as payback, USA print as manny them to pay back all depth to china.
I'm most excited about the threat of digital currencies to banks
Yeah if it decentralized
Exactly
And The banks sport all Us elections…🥳🥳
If banks don't exist the economy will fail, people won't be able to take out loans for houses and small businesses wont have loan to start up etc.
@@Jemz35 central banks will still be there, and people will still be able to lend to each other only this time without banks playing middlemen
Never will it be fee free. A CBDC will just be another way for governments to tax more and manipulate money like they've always done. It's nothing like de-centralized crypto at all.
People will not pay more taxes
More people will pay the taxes
@@ihatehandles3 But their government will force them to, sadly
@@ihatehandles3 what will prevent them to not charge more taxes?
what?
you know you have to pay taxes on crypto and every transaction must be reported to the IRS.
How is that anonymous?
Crypto markets, notoriously free of manipulation xD
Since 2 thousand years ago up until 200 years ago China used to be the center of global economy, China today is not rising, they just went back to what they used to be.
That was India, not China. China was second.
@@TheFourthWinchester Nah it’s China, not India
It was China, not India.
Compare the discoveries and inventions in China vs India between 0AD to 1800AD. 10 times more inventions in China.
china is doing it, others are still trying to figure out how it works. 😂
I would never trust the government over my personal and financial data!!
Now, Apple/Amazon on the other hand...
That's how I feel
That's why there is Ethereum, polkadot & Cardano.
We will finally, as humanity have really true money based on mathematical principles alone that can not be printed or altered by any central power. No matter their rank or name.
Lol at least people can choose not to use those methods
@@jarjarbinks6018 Can you? Tell me how you gonna avoid google?
@@vashsun4908
>be me
>need to buy a new vacuum
>decides to go to local business and get vacuum immediately instead of waiting 2-5 business days for shipping
>uses bank notes located in my wallet
>supported my local economy by going to local business instead of giving money to the International Megamillion Mccorporation
>life is content
>tchau
I'd vote against a digital dollar, knowing that governments love to keep a tab all my spending
The govern won't tag everybody, not that they can't. They tag money launderer. That what they should.
Remember, whenever a news headline is phrased as a question, the answer is always "no".
US videos feel so weird when they use black white people and not just people.😅
It’s way of showing how the black and Hispanic minorities suffer inequalities in the US society. If people don’t see it, it will never be addressed.
There is nothing ashamed of 🤷🏻♂️
They are showing those disparaging statistics for a freaking legitimate reason.
@@lostinmuzak equal opportunities does not mean equal outcomes.
What are you talking about
The problem is that the US dollar became this widely used initially because of the relative stability of it in the world wars, China (removing all the safety problems that arise because of using a Chinese currency) is probably not gonna be as stable in any worldwide emergency situation and are probably gonna suffer more in any emergency because their economy is so reliant on exports and trade.
Plus their economy stands at the whims of a globally unpopular dictatorship
Was thinking this
DIGITAL CURRENCY idea is not originated from China. It has been circulated for years in the West, but China is the first adopted it.
Now, EU also will release Digital Euro. And so do some other countries will release their digital currency soon.
It is not about Yuan VS Dollar, but about the trend. In a few years ahead, there will be another digital money beside Digital Yuan
@@jonjeskie5234 western fake news don matter to China economy bro,and China has 150 friendly countries to trade with..go ahead and decouple LLL
@@WANDERER0070 so Western free media is biased? But state-run media channels are not?? 🤣👍
Look majority of the most powerful countries (G7+) in the world do not like China. China's success was not made by trading with small economies like NK. Chinas success was made by the West. Check the history.
The problem is the whole world is moving into that direction whether we like it or not.
And what's worst, that digital money isn't decentralized.
Whoever controls it, can control your life. Can't buy and sell freely anymore.
Worst if you are blocked access .
@@silverhawkscape2677 Bartering is still an option.
But US government can sanction them if they go different direction
It's like facts they don't care of your feelings. -said by someone popular in US
US is moving to a digital currency as well.
I think China’s main focus is to avoid sanctions and US interference.
Displacing the US dollar $ will depend on cost of transfer and trust.
Most people will go for cheaper cost of transfer including AMERICANS.
Trust can easily be built if Cbdc transfer is fast.
If Digital Yuan gives fastness, trust and far cheaper transfer cost, then bye-bye US $
And where would such “trust” come from??? The yuan is one of the most opaque currencies in circulation. As well I think you overate adoption yes American sanctions have been abused in the last 50 years but there is hardly a country that views China as incapable of doing the same. especially given its track record of being offend over things as simple as maps and subsequently threatening to cut of its customers base or recall diplomats. This digital attemp will further cement china’s grip on China but outside of China it will fall pray to the same issues it’s paper counter part is dealing with
@@alfredolumba7936 Through trade to generate credit, China is now a major trading partner of more than 100 countries in the world.For example, your country can receive Chinese digital currency to trade with China. This will be much more convenient than using U.S. dollars to trade with China
@@alfredolumba7936
China’s population is 1.4 billion, middle class becoming bigger and bigger.
Let’s take tourism as an example, with most Chinese not used to paper money anymore, it’s likely that major tourism locations, shops etc. will allow payments in digital yuan. It’s an easy advantage over other shops that don’t offer that.
All the tourists and business people visiting China will use it too(in the future there just won’t be an other option) and I haven’t even mentioned trade yet!
The 1.4 billion users alone will make sure that it will become an international currency..
There are many fundamental flaws with having everything digital. Things like stolen money, no digital device, will central government track all payments? Too many questions. There is a reason why so many Germans use cash as well.
Credit cards with ties to physical money allow for that tracing for sure. Pure digital opens doors to a lot of fraud but cybersecurity is too far behind with most companies and banks for it to be remotely safe.
The US hasn’t advanced in technology because the people with power are dinosaurs still living in the 90s…they don’t want innovation they want to keep things as they are because they are complacent
Then try that flaw to learn and upgrade the security.
So this is why they've banned crypo mining?
Yes. This is a big reason. But also the mining in inner Mongolia was literally causing power outages in Beijing and they've been powering off crypto mining during the coldest winter months for years to reduce power grid load. It was inevitable China was going to shut off mining for good. If America reported the reality of China instead of propaganda, the mining ban wouldn't have been a surprise. The fact that China let mining continue past 2017 would've been more shocking.
Pollution is a great concern too. Crypo mining generally based on inner Mongolia and northern China (electricity is generally cheaper here) was wasting a large amount of energy and heavily polluting the environment. Besides I think the use of Bitcoin and stuff has never been legal in China (i might be wrong on this point)
China bans most forms of freedom. The CCP banned Google. BTC actually encourages green energy production. Battery technology is not advanced enough to make business sense to store and transport energy from rural regions into the urban centers where a bulk of energy demand is at. Because BTC operations can exist anywhere in the world miners can utilize power sources that are inaccessible at odd times. Miners incentivize utility companies to expand their renewable energy capacity long before battery technology is ready to make it viable to run the world 100% on clean energy. It is estimated that 50% or more of BTC mining energy is currently green. Don't believe the media FUD.
@@KASPA-KEY When did google start representing freedom. Google literally steals your data and sells it to advertisers or any highest bidder.
As for bitcoin mining, as long as the energy produced is from renewable, that is fine but guess what, majority of energy production is still done by coal around the world. A quick search at your freedom friendly google could show how polluted bitcoin really is.
@@KASPA-KEY Knowing some truth doesn't mean you have to hate things. Did I every say I hate google or BTC? Or did I just give you some commonly known facts. I even said BTC mining done using renewable is fine.
Also, stop comparing socal media with freedom. That is just insulting actual freedom. When did freedom start to be controlled by some billionaires in silicon valley.
Honestly, I don't want to be like you and over read your likes and hates but i am curious how you support BTC because it protects your identity and data at the same time support social media who steal your information and sells it.
Soon only hipsters and rappers will be hording stacks of cash.
Ultimately, the only question that matters is who "owns" it or who corrupts it. How does it inevitably fail, not how it is pitched to work.
They only way the us will do it if they can continue to control Americans and if they can corrupt it
2:14 "wtih" it just stood out straight away lol
We live in a country where it is believed that asking citizens to show an ID to vote is disenfranchising those that don't have the means to get an ID. What will those disenfranchised do if they need a cell phone to buy basic goods?
"If people really knew how money works ... There would be a revolution" -someone
Henry Ford
A very intentionally outdated report to present the USD favourably. At 5:01, the reporter said that "currently" 62% of the reserves are hold in USD. False. That was in Feb 2019, more 2 years ago before the pandemic. Today the USD represents just 55% of the total reserves in 2021 Q1 and keeps decreasing in each quarter. Source: data (dot) imf (dot) org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
They really made their research! PH's GDP is very reliant in remittances and making it an example for remittances is very spot on
China literally kicked out the middle man to be the middleman, Anyways I came here to learn how to trade after hearing on the radio about the importance of investing and how one man gained $340,000 in just two months after investing $150,000. Somehow, this video has helped clarify some points, but I'm perplexed, I'm a novice, and I'm open to suggestions.
Now is not the time to be confused about investments, many people make so much profit from trading crypto, Nft's, stocks, and other financial markets. All you need to do is get the services of a financial advisor. Begin from there.
Trading on your own without prior experience can be risky; you could lose all of your money. I recommend that you seek professional assistance because you will not be afraid of losing money and will also learn more.
@@sophiaadam9966 I'm certain I'll require the assistance of an exp ert. Is there anyone that can give me a solid recommendation that I can lookup
@@ej372 George Wesley Oliver, a qualified broker, and a very reliable portfolio manager I know comes highly recommended. He has made a lot of money for me and I have successfully withdrawn money from my account, therefore he is really trustworthy and genuine.
@@sophiaadam9966 I know George Wesley Oliver, and he's not like other brokers who start telling you stories and making excuses for why the trade didn't go as planned after you've paid them.
Thank you, have been watching your channel for couple of weeks ago and it's really make sense and it really help me through..
Like you said, those are the only two I see holding at this time.
If bitcoin miners are going to relocate from China to Texas, what happens when a mining farm suffers a power failure, how do the machines react, do they just restart or a loss.
@@producermichael3480 great question diatom, I think when the new location is active, they ping the rigs to the old location and transfer the logs and data
I love your videos as they provide me daily updates!!!,
thank you so much
@Jonathan Eric As a beginner investing started trading with Cynthia donald with just about a thousand bucks. my portfolio is worth much more than now within just weeks of trading with her
They won’t. For other countries to accept the Yuan as a reserve currency, China would have to be more transparent about it… Last I checked, China did no such thing as transparency.
If you want to trade w China youll have to accept it,,simple..
@@WANDERER0070 Do you think that after the pandemic companies will still rely primarily with China? They are slready starting to diversify to countries like Vietnam and India. So, it’ll be harder for China to leverage that in the future.
0:56 That's not that case at all. Cryptocurrencies use *cryptography* to securely *decentralize* transactions. CBDC's are just digital money controlled by *central* banks. That's literally the opposite of cryptocurrency. *Decentralization via cryptography* is the entire point of cryptocurrency.
And being centrally controlled means they can shut off an account at any time. CBDC are an ultimate tool for complete control.
@@waywardgeologist2520 Exactly. Crypto and CBDC are different in almost every technical and philosophical way. CBDC seems like a dream for government and regulators.
You can control crypto as well.
You have to pay taxes for it and every transaction has to be reported to the IRS now. So either way they know what you are buying and the FBI is only getting better at confiscating your crypto…
Not exactly. Blockchains enable decentralization, it doesn't enforce it. There are plenty companies that use centralized blockchains. Based on that you can implement a CBDC as a cryptocurrency. That being said, all traded cryptocurrencies to date are exactly by definition what you are describing. But the idea of a cryptographically stored and validated ledger that facilitates the value of a single currency cannot be centralized is not true. The only difference between centralization and decentralization, is that a decentralized cryptocurrency uses the public network to validate transactions requiring complete transparency of the blockchains to the public domain, the centralized version is that only the private network does and because the validation is done in the private network, the public domain only requires a subset of the ledger.
2:11 great editing guys!! (wtih) lol
Cryptos are future because of all the manipulation by federal banks everywhere in the world 😂
Yep no manipulation in crypto hahahahahahahahhahahahahhahaha
@@bobspizza7444 Yeah when just one person own several % of bitcoin, but to say there is no manipulation shows complete ignorance Satoshi, who if he is dead he heirs could crash the market buy selling there stash,
As opposed to being manipulated by a new grad in their cushy new wall street gig
@@danielparson4574 what happens if most Bitcoin is acquired and then Satoshi sells. Yes I'm sure there would be a dip or huge correction.
Read the genius block insight of his/her/them thinking
It's quite fascinating
You have to two choices:
Manipulation
Regulation
I dont understand the concern of the government having a record of transactions when banks already do this…
What if that Government is a corrupt communists controlling entity?
What you do with your money should be no one else's business!
Physical money has this amazing property of not being trackable unless you're at the right time and place of the transaction. It's a basis for privacy and other rights
whats funny is the guy saying money is becoming unpopular . THATS FUNNY !
It’s true ! PHysical moNey is becoming unpopular, dirty, nasty paper
I invested in CBD
as long as there is petrodollar, non of this will work as prompted by experts in this video.
US now is crude oil exporter, fyi
@@binqian2022 Still imports most of its oil from SA and Russia tho
@@binqian2022 doesn't matter, dollar is stable and transparent. And also usa has largest economy and helps other countries if they use dollars to export.
@@hj-bf1os Largest economy bubble for sure
@@binqian2022 bubble or not for now they are no 1. And imports a lot, more than china.
Why would anyone trust mafia’s money over system’s money?
SMH. The only difference is how big their guns are.
@@donnyvu1220 And in one click you get negative account. If see your transaction buying that winnie the pooh plushy.
Cause the US systems currency is just as corrupt as the Chinese Mafia’s. Just a little more under the rug & leverages being slightly greener so they can bully other poor nations.
@@ricecakeboii94 US is corrupt sure but these guys are like 5-10 more corrupt? And these guys can't take criticisms at all.
China: Aha! You buy winnie the pooh plushy! We nuke your house we know your gps coordinates ha!
@@ricecakeboii94 whatever, US currency is still the most popular one in the world now!
... Except that the Fed isn't made up of elected officials. So really you as an everyday citizen have absolutely no say in monetary policy. At least with most major cryptocurrencies, users get to vote on monetary policy.
Where can I buy Digital Yuan ? what platform?
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You brought Kyle Bass who has been losing money betting against China for the past decade?
I really really want to know how has he done
@@bronzedisease He bet against the Hong Kong currency peg to the USD, and has been losing money for a decade on that trade
@@Fire-ci4se It must be a rather miniscule position otherwise how the hell does he keep his job
@@bronzedisease He made a ton of money predicting the 2008 crash , so he has cash to burn probably
I bet uncle Sam would love this digital currency!
@JJ R well, we the people have two: one local and one federal... did I answer your question?
At 2:05 Kyle Bass talks about the USA having allies, is it so? And at 4:54 he says that the digital yuan is the largest treat to the west... Many think it's the USA.
The US is the greatest threst to the west? Is that what you're trying to say many think.
Because if you are saying the US is the greatest threat to the west, you could not be more mistaken
Kyle Bass is he the guy who burnt his ass shorting renmenbi
2:20 Can anybody explain to me why are people using apps to transfer money ? I mean you can do it directly from your bank app or website
Do we need physical money? Asking those people in flooding areas of German.
to be fair...
I suffer a catastrophe of that type 10 years ago (January 2011 Rio de Janeiro floods and mudslides)...
Believe me... money was the least of our problems...
it took 2 days to clear road to help can come to my city...
5 to light return...
about 10 days after... things were pretty normal....
food and water were being distributed and the biggest crisis I see was smokers withdraw... as was a non essential and a lt of places that may have were flooded or simply vanished in the mudslides.. add the stress and chaos of the situation and people got desperate for tobacco....
Considering your plastic debit card has more odd of lasting against a flood than your paper dollars… / and if your house is flooded to the rooftop i dont think paying cash is your greatest worry.
Given the speed of how US print usd, hell yes! More and more countries will dumb usd
dumb ? dump? haha
@@gkheng dump* yes.
But he is not wrong, if more and more country dump the U.S dollars, it will cause hyperinflation and the effect will be detrimental.
Of course it won't be as worst as Venezuela or Zimbabwe. But most U.S citizen, especially the middle-class, will see their quality of life drop extremely fast.
But but the us has mostly itself to blame. It's way too reckless in QE
That is the reality. USD is becoming trash.
@@Commievn
Could the United States rescue itself by using the the Special Drawing Rights of the International Monetary Fund as a back up currency if it got the European Union and others to agree? Similar to getting Saudi Arabia to agree to only trade oil and gas in US dollars, or western Europe to accept the US dollar as the sole international reserve currency for international trade over the hypothetical international currency the Bancor proposed my John Maynard Keynes? In other words, could the USA postpone or avoid bankruptcy and the collapse of the dollar by going over to a global currency?
How is this different than payment apps (upi- Unified Payments Interface )linked with bank account? Like gpay or phone pay in india
With this... Government can easily track you.
You know for your "safety and security"
4:00 That map of the eurozone is a bit odd. France is different from the other countries?
5:00 According to IMF data, in the first quarter of 2021, 59,54% of world currency reserves were in dollars, not 62%.
6:35 The European Central Bank has launched instant payments in November 2018 without a CBDC, allowing instant payments between any bank in the eurozone, showing there is no need for a CBDC for this purpose. Several european fintechs offer bank accounts in several currencies allowing fast and cheaper transfers between countries.
I agree with the downsides mentioned of getting rid of paper money, but I don't agree that if things are going digital that we should just leave it up to big tech firms like Apple so that they can have room to innovate. If privacy is your concern with digital currency then your concern about privacy should increase 10x when big tech firms are the ones leading the way.
Thats why u need state-run companies
Everything,I go to pay for something already been in line for say q0 minutes and then there is people r just gonna pull out their credit card ,they can't find it.This is going to be the same BS
MONEY WILL ALWAYS BE KING
While it's not perfect, CASH will always be KING!
exactly that why it will never go away too flexible and people know it
No you forget that Gold and silver is always king not the fake cash print money
@@Mrgreen2558 you can't carry that around
The biggest problem I can see is that most countries who aren't keen to accept each other's currency, assuming that happens, are willing to accept USD. For instance, if I went on holiday in Bali and then flew over to Thailand, I could not go to the markets with the Rupia and try and buy something at Baht prices. But I could take USD and bargain with it. Basic but that's basically how it works as far as I can tell.
Criminals will take USD over anything else. Even Bitcoin.
This is the same issue with XRP until all countries use the ODL from the XRP ledger. Until then USD is keen and it will take a long time to get all countries to change that. That doesn't mean it won't happen but it won't happen overnight.
0:03 Paper money was developed in China over thousand of years ago. Did the US steal the paper money?
No, the US used its status of as the world's reserve currency to imposed unilateral sanctions on foreign nations and to export its inflation by its irresponsible printing of fiat currency.
It is not capitalism vs communism. But dollar vs yuan which is at the core of US Chinese conflict of interest.
No state would like to lose the power of issuing free money to the world.
Well, the US has gone to war several times over defending the US dollar, and it makes sense to do so.
@@aitorbleda8267 yeah true. If usa lost dollar war then their debt will be much bigger problem than today.
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@@mohammaduhera2961 I can share some ideas like
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2. Stocks
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All of these has proven to be a reliable source of income.
@@christopherbrain4472 you're right.
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I'm new to cryptocurrency trading and I've been making huge losses but recently i see a lot of people earning from it. Please can someone tell me what to do?
Wise transfer works great for transfers using different currencies
6:21 Another lie. Maybe simplification. The reason Bitcoin uses so much power is because the algorithm that generates it is designed in such a way that there is a finite amount of bitcoin that can ever be mined. It used to use very small amounts of processing power to mine the first bitcoins, but now you have to have more and more processors to calculate the dwindling supply.
Plenty of lies about bitcoin. This limit can be changed. The mysterious founder can change the code and raise the limit! Him and his cabal have full control of bitcoin and can abuse it if they want to. Or some maffia gets a hold of him. Bitcoin is not safe.
@@TheBooban If Satoshi changes the limit, which changes the entire algorithm, the current blockchain won't accept it. They would have to create a new currency. Hence all the other variations of cryptocurrencies. The Bitcoin code is open source, if anyone attempts to modify it, everyone who uses it can see the changes. This is completely different to a central bank controlled currency.
CBDC sounds like a E cigarette flavor 😍
"It might not be necessary anymore with CBDC" AHAHAHAHAHAHA
I don't think it would be easily adopted internationally, plus China has a lot of capitol controls that I think work against it if it wants to displace the dollar as the world reserve currency.
Usa now only consist of 25% of China export. 75% of export goes to over 140 countries. By doing settlement with yuan, the traders save lots of fees cos no longer need to convert to usd and then convert from usd to yuan. Each transaction is in millions and the traders can safe tens of thousands to hundreds of thousands by bypassing swift usd.
The yuan circulation will goes wider as many countries now can choose yuan for transaction between countries as they need the yuan to order more products directly from China. Usd will suffer heavy blow. Cuba, north Korea, Iran can then choose to trade using yuan. 140 countries that do not depend on usa import export, will change to Yuen to start trading with Iran, Cuba,n. Korea.
It's inevitable. I give it 5 years that they will become the dominant currency.
lol China tried that 15 years ago and still struggling. Problem is when country is run by a dictator and all information coming out of China is censored. Nice try.
@@lj4516 not rooting for it, just being a realist. The US is going downhill because the government is too beholden to the upper class, they aren't going to make the necessary changes needed to revitalize the country.
DIGITAL CURRENCY idea is not originated from China. It has been circulated for years in the West, but China is the first adopted it.
Now, EU also will release Digital Euro. And so do some other countries will release their digital currency soon.
It is not about Yuan VS Dollar, but about the trend. In a few years ahead, there will be another digital money beside Digital Yuan
Digital euro is a better bet.
Bitcoin sounds like a bunch of shenanigans and tomfoolery if ya ask me. I miss the days when we used to play jacks and checkers.
that’s what happens when you get old and have no neuroplasticity and/or will to learn anymore.. quite sad really. if you were still able to use your brain you might appreciate world changing innovation a bit more
Lol not just bitcoin there are more crypto/ digital assets are more far superior than bitcoin and it will help the world economy into a better place especially to our climate. BLOCKCHAIN is the INTERNET 2.0 in 1990’s.
Somalia is already using it. Over there they call it EVC Plus. You don't need cash to pay for the goods and services needed
Bank robbers "give me all your digital currency, Everyone hands up".
Just imagine government have control of your money , i like my Hard work money 💰 in my hand👍🏼
Cool! I will try it out when I am China for the winter Olympics!
At 2:14 in video, there is a typo "wtih"
Not the first time after 2020 that I see spelling mistakes on this channel 😯
Great Britain: So US dollars is what it is now because it's was a superior currency? 🤣
Anything anyone makes becomes a threat to the US. US economy seems so fragile!
Blockchain based currencies are not currencies, they are risky investments. Secondly they are another threat to the environment. Great job!
The world: how privacy is the CBDC?
U.S./China: What is privacy?
digital yuan bypasses SWIFT.
lol, China's been mostly digitized for the last 5 years. so being fully digitized in another 5 is not really that fast. I haven't used physical cash in years!
Well that's a great story. You have every single move monitored: what you buy, where you go, with whom. Social credit rating, nice. Enjoy 1984. Maybe you will understand why the rest of the world isn't so hot on uncle Mao's ideology. We've had Hitler in Europe, we don't need another one
@@themonkeymanofStockbridge calm down douglas
@@themonkeymanofStockbridge It's adorable that you think you're not being as monitored over there. do you carry a cellphone with you? credit card? debit card of any kind? heck you're commenting on this platform, which you had to log into to do so... but I'm sure they're just gonna be nice and not track every single thing you do simply because you live in Europe
@@jpbrown7668 Sssh. Don't pop his "free mind" bubble.
@@jpbrown7668 how long did you live in China? I lived there for 8 years. There is no comparison.
The best way is providing fin tech solutions and maintaining the coexistence of the traditional currency like cash etc.
This dude must’ve loved giving presentations in grade school.
America is a master of exporting our inflation. The US dollar will stay forever relevant, at least for a long, long time.
😂😂 American Dream
Short answer: No
How am I gonna ‘let it rain’ with digital money?
Instead of dollar bills; I guess maybe throw your phone at a stripper?
It seems as if banks won’t really be affected by the implementation of a digital currency being that it mentions in the video it mentions that in order to access the digital yuan you have to sign up with your bank
Sorry, China is already complete digital. Very very few cases require cash payment, we are talking less than 0,1% of the total transactions. I personally didn't have or use any cash for the last 3 years.
I get yelled at whenever I try to use RMB cash. I have no choice because I can’t use WeChat pay very easily. They have restrictions on it if you aren’t one of their citizens. It doesn’t always work for me. I have to keep trying and trying to transfer a few hundred RMB.
@@jasonleetaiwan I am a foreigner too and never meet any kind of restrition or problem since China start use wechat pay and Alypay. It might be you do something wrong or some other issue maybe.
@@beppeadr It may have been because my account was new so they wanted to make sure I wasn't doing something wrong with it. I left Shanghai shortly after that and haven't been back due to Covid.
@@jasonleetaiwan That can be easly the reason.
That’s no true, with WU you can receive the 💵 . The same day no need to wait that long.
It needs to be integrated into Google Pay and Apple Pay. If it's a separate app it will not succeed.
1:11 That lady being interviewed: I don't know. I don't know. I know nothing about digital currency...
XRP
It’s useless if you don’t have a money to pay 🤷♂️
China: If you oppose our govt you get zero money on your account.
Digital currency options for overseas transactions makes more sense. The oversea digital dollar.
The public will still need to do their banking in the future.
It's just that they don't need the banks anymore