China Moving Fast To Bring Global Digital Yuan
China Is Utilizing A Business Savvy Strategy To Do This
https://youtu.be/UOWQFwC6KCc
China’s Digital Yuan Could Impact Altcoins
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The People’s Bank of China (PBOC) announced the country’s digital currency, e-CNY, has surpassed more than $5.3 billion (34.5 billion yuan) in transactions amid increased restrictions on the mining and usage of cryptocurrencies like Bitcoin. The digital currency is still being tested ahead of its official debut. Will this be a boost or a crash for the altcoin market? #China #Yuan #Cryptocurrency ~China’s Digital Yuan Could Impact Altcoins~
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China Moving Fast To Bring Global Digital Yuan
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FULL TRANSCRIPT
00:06all right so you you understand what’s00:07going on in china00:08if you’re watching this channel you you00:10kind of have been watching this00:12whether it’s from the mining aspect or00:14maybe the digital yuan aspect well we’re00:16going to dive into that today00:17and answer the question is the digital00:21yuan00:21and what china is doing going to affect00:25more than just bitcoin now going to00:27affect the altcoin00:29market and the smart contract companies00:31behind them00:33my name is paul barron this is techpath00:34welcome back let’s dive into this today00:36because here’s the issue00:37uh china of course has been moving for00:40about the last six months00:41very aggressively to create the digital00:43yuan which has00:45essentially and will be essentially the00:47first world’s global00:49electronic currency and when you look at00:53digital currencies in general and where00:55some of the countries are moving00:57china is at the forefront in terms of00:59how fast and how quickly01:01they’ve been able to address it i want01:03to jump to this story from decrypt01:05which by the way you know i still love01:07the guys over at the crypt you guys are01:08doing a great job on this01:10digital yuan now has more than 2001:12million wallets01:13uh that’s insane that this has already01:17got 20 million01:19wallets uh basically chinese central01:21bank china’s central bank new progress01:23report01:24on its digital yuan confirms that guess01:26what01:27smart contracts are a design feature so01:31here we go this is the scenario that01:33i’ve been talking about01:34and looking at for a few months now we01:37actually did a digital yuan video make01:39sure and check it out because01:40just search digital you on tech path or01:42paul barron network and01:44you’ll see the video there that will01:46kind of help set this one up a little01:47bit deeper i will go01:48into this a little bit but chinese01:50central bank student currently is01:52spreading01:52mainly the big deal is they’re moving01:54very quickly they are evolving01:56uh the the program essentially now to01:59where it can be programmed with smart02:00contracts02:01uh it will also respect this one really02:04got me02:05respect anonymity as the law permits it02:08as long as the law permits it so this is02:10going to be a scenario that i think is02:12going to continue to play out02:13in the local aspect of how the chinese02:17citizens are going to be able to utilize02:19this now the key and how does this02:21connect to cryptocurrency02:22and what could it do to the02:24cryptocurrency markets and who are02:26involved in this02:27all of that’s going to be painted out in02:29this video i want to jump back to this02:31the02:31e c and y get used to that code or that02:34call sign right there that is the02:35digital you on system which is going to02:37collect less transaction information02:40than traditional electronic payment02:41systems02:43now we’re going back to all the old02:45payment systems that run the world right02:47now it does not provide02:49information to third parties or other02:51government agencies unless stipulated02:52otherwise in laws and regulations the02:54report02:55said the bank would set up a firewall02:57this is interesting to me to protect the02:59anonymity03:00block arbitrary information requests and03:02implement security protocols in place03:05hence they’re going to have to start to03:06infrastruct create an infrastructure03:08around03:09blockchain you’ve kicked the miners out03:12you’ve implemented a digital currency03:14and you’re implementing smart contracts03:16and blockchain companies to help support03:19and basically run the infrastructure03:22inside of china03:23this is a brilliant move if i was03:25running a country today03:27this would have been the route i would03:29have took it just03:30absolutely puts them in the driver’s03:32seat for one their digital currency03:35two the infrastructure in which you’ve03:37got all these developers03:38building out underneath this for03:40blockchain to help03:41advance your digital currency and the03:43infrastructure that it’s going to03:45service03:46how does this come into playing into03:48whether or not it’s going to affect03:50all coins and some of these smart03:51contract projects i want to jump into03:53this further03:54crypto also poses potential risk this is03:56where china gets into the fud03:58factory also potentially uh poses04:00potential04:01risk and financial security and social04:04stability04:05the report said especially global stable04:07coins this is where they start to04:09look at trying to take down the tether04:13stable coin the usdc et cetera because04:16the digital yuan04:17has to be able to con basically compete04:19against that stable coin04:21in essence it is the currency now could04:24you have04:24a fiat uh currency driven system04:28and that i think is going to be going04:29the way of the u.s04:31digital dollar at some point which will04:33still be a fiat driven system04:36that’s why i still believe that04:37cryptocurrency is going to be the04:39underlying mechanism but if04:41china is over here going wait a minute04:43we want the whole game04:44we don’t just want the fiat side of this04:46we want the whole game04:48that’s where i think these uh potential04:50of these stable coins04:51as you can see as they continue to04:53report04:55their fund on the stable coins which04:57would have massive effect on04:59the cryptocurrency marketplaces if05:01stable coins were in any way05:03challenged or created around in terms of05:06these kinds of05:07uncertainties you look back here pboc05:10people republicans of china05:11are the people’s bank of china uh report05:13comes out a week after the fan05:15yifei a deputy government of the bank05:17said that chinese authorities are quite05:19worried05:20about stable coins and have taken some05:23measures05:24against them so this is where it gets05:26fun05:27i shouldn’t say fun because this is bad05:29this is bad but05:31also it makes you just set up and go05:33what is going on05:34where is the rest of the globe when it05:38comes to creating strategies around that05:40i have to hand it to china right now05:42these guys are making money moves and05:44they are doing it in a big way05:45so you look at that and then i want to05:47go back to a story over here on coindesk05:50back from march this is march05:54inside china’s effort to create a05:56blockchain it can control so the article05:58that they just released we just06:00just dropped into this one right here06:02digital yuan let me kind of just paint06:03this for you06:04on where this is going digital you on06:07from06:08uh is now more than 20 so there’s the06:10test it’s in place06:11this is back in march saying well wait a06:13minute we’re gonna get this chest06:14under control but we’re also going to06:16create a blockchain06:18that essentially is going to be under06:20our thumb06:21and where this is going to go let me06:23zoom in on this because this is where it06:24gets interesting06:25bsn this i want you to remember this06:27name bsn06:28very important name and cryptocurrency06:31very important name06:32in smart contracts and defy06:35this is a government blessed framework06:38being developed in china for blockchain06:40developers06:41like algorand cardano06:44polkadot solana all these companies that06:46could potentially go into china now06:49through this route the network can06:51already support decentralized06:53applications dapps or tools built on 1506:56public blockchains red date that’s the06:58company that owns bsn07:00claims it’s going to offer developers07:02access to blockchains both inside and07:04outside of china at a07:05at a cheaper price this fits into a07:08larger pattern right here07:10china is where china is wary of07:11cryptocurrency uh but has embraced07:14the blockchain tech this goes back to07:16remember this is in march so it’s07:18pre them kicking the the miners out pre07:21them07:21banning banks from utilizing uh07:24transactions to go purchase07:26cryptocurrency and pre them launching07:28the digital yuan07:30all this is happening in march and07:32before07:33so this has been on the plate here’s07:35another piece bsn07:37enterprise blockchain systems deployed07:38in the cities of wangju07:41jianjia shenzha and the hainan07:44province according to red day’s07:45international business development this07:46again was back in march07:48moving on bsn was founded by chinese07:51state-owned telecom07:53giant china mobile union pay and i.t07:56startup07:56red date so red date basically is the07:58front person08:00and the chinese state-owned entities08:02essentially run this08:03organization and potentially kind of08:05control08:06who and what is playing in this now i08:08want to kind of show you08:10some of the companies that are involved08:12in this let’s just jump to this08:14highlight right here08:15the global service now includes 1508:17public blockchains uh plan to add 3008:19more later this year guess what there’s08:21ethereum08:22there’s tezos there’s solana polkadot08:25and there’s algorand on this list08:28these are some of the number of top08:31us-based and or u.s08:33organized companies that have moved into08:36the d5 space08:37and now potentially have made their way08:40into blockchain08:42infrastructure for china so why would08:44developers use such a heavily controlled08:46blockchain08:47when there are decentralized options08:48available that’s going to be your08:49question right08:51it comes down to cost basically this is08:53going to be a lot cheaper bsn has08:54basically made this08:56so easy for them to implement blockchain08:58tech08:59in china one of the biggest countries in09:01the world09:02to essentially implement an09:05infrastructure change and here’s the09:06other thing you have to be thinking09:08about09:09and that is that china is moving at such09:11a pace in speed09:13that they are going to essentially09:15overrun infrastructure09:17old-school infrastructure banking09:19systems health care09:21transportation travel data sets09:24big data you name it with blockchain and09:27if a blockchain allows smart contracts09:29like ethereum and many other chains that09:31were created after bitcoin there’s a09:32possibility that people can get post09:34content09:35onto the network that might upset the09:37chinese government this is going back to09:39the whole scenario that why it must be09:41controlled09:42why they went in and supported red date09:45and the launch of bsn09:47so let’s jump to the next piece09:51in the puzzle here it is china’s bsn09:54builder09:55red day urges developers to look beyond09:58cryptocurrency you don’t really need10:00cryptocurrency10:02we’ll make sure that the digital yuan is10:04here for you10:05and here we go somewhat of somewhat in10:07line with china’s latest spate a spat of10:10warnings10:11here’s the ceo of red date basically10:12saying he’s advising blockchain10:14companies to look beyond10:16go into this new multiple cloud-based10:18one-stop shop10:20type approach and this company bsn is10:23the one that basically10:24is providing the service blockchain as a10:27service10:28uh and moving in this direction so don’t10:31don’t put 100 of your resources in10:33public chains and cryptocurrencies he10:34said just give a little bit of money and10:36resources to the underlying tech and10:38research10:39because we can do so much besides10:42cryptocurrency this goes back to their10:44whole strategy10:46so just put the blocks together china10:48probably10:49you know two years ago as they ramped up10:51the plan for the yuan10:53implemented in 2020 uh 202010:56and now rolling it out in 2021 in prep11:00for the11:00the olympics which will of course expose11:03the digital yuan to the world11:05infrastructure wise they’re going to11:07implement all these potential smart11:08contract products which could affect11:11a lot of how these smart contract11:13companies are being traded11:15in terms of the open markets on the11:17cryptocurrency side so11:18companies like solana algorand companies11:20like polkadot11:22ethereum all of this could either go one11:24way or another11:25for them depending on how much china11:27truly when i say china bsn11:30and red date truly control and or11:33monitor this blockchain utilization so11:35it’s not really that11:37um anonymous at all you’ve got a11:40scenario now where you’ve got11:42a major state uh nation state that11:44essentially is saying we want to do we11:46want to control this imagine if the11:47united states went to all these11:49developers said listen11:50we’re going to implement blockchain11:52across our country right now it’s going11:54to control our banking system our11:55financial systems our health systems our11:57transportation11:58all of those kind of things oh but by12:00the way we want access to all that chain12:02data12:03and it’s going to be rolled in by others12:04we’ll tell you if it’s okay if you roll12:06it it will tell you it’s okay if you use12:08in that application12:09that’s essentially what china is doing12:11now you layer in12:12the fact the digital yuan is on top of12:14that you have12:15a strategy a chess game that is playing12:18out12:19right now game of thrones style with12:22china making a12:23very fast move i don’t know if this12:25country is12:26catchable now in terms of developing12:29the reserve currency for the globe which12:32it12:33could be the digital yuan they’re12:35already in12:36the infrastructure is being built in bs12:38is going to be a big part of this12:39and red date and also this12:41infrastructure of our own or many of the12:43companies that are building out12:44blockchain technology12:46moving into china to run the12:48infrastructures there and of course12:49doing it in a way where they’ve opened12:51up basically their12:53code and their back end12:56they would have to to be able to give12:58china this kind of control12:59over the blockchain data itself to run13:01within their government and their13:03organization13:04and all the infrastructure planning that13:06they are looking at to move blockchain13:08into because they’re planning another 3013:10block chains coming in13:12to this system so they’re looking at13:14every kind of use case scenario they can13:17much like what we’ve seen in all these13:19alt projects13:21that are in d5 projects that are mainly13:24going in all these kinds of directions13:25whether it’s content creation13:27defy you know climate control13:30transportation13:32you name the category and the potential13:34here now for china to be this much13:36further ahead is real so this is going13:39to be definitely something to watch13:41here’s the way i look at this though if13:43you’re an investor in any of these icons13:45of which i am13:47you have to pay special attention to13:49what’s happening in china right now you13:50used to think13:51no china is getting out of the game13:52they’re going to live in their own world13:55and that’s going to be that we don’t13:56have to worry about it they’ve kicked13:57out the miners the rest of the globe13:59can generate and build on the14:02magnificent14:03ability of bitcoin and the14:04cryptocurrency space14:06the reality is these guys are playing 3d14:08chess right now and they’re playing it14:10with blockchain14:11blockchain may be the gift to society14:14the gift to mankind in terms of14:17in terms of an evolution in the next14:20revelation of where the web and14:22technology is moving14:24but if china is this far ahead14:26essentially the arms race14:28is already i just don’t understand this14:31why we14:32as the united states we’re obviously a14:34us-based company14:35why we have not taken on this kind of14:38aggressive movement14:40and embraced this kind of scenario that14:42essentially china has done in their own14:44way14:44their own way they’ve done it in the14:46sense of saying hey we’re going to14:47kick all the miners out bring everybody14:50in14:50lure everybody in on the blockchain in14:52terms of all these smart contract14:54companies all these d5 companies14:55all these all projects bring them in we14:58need the back door14:59and there you go now you have the entire15:02what is the largest country in the world15:05uh utilizing blockchain at a big clip15:07this is kind of the scenario that we’re15:09going to continue to watch15:10here on the show because and on the15:13network and really15:14dive a little bit deeper because i feel15:15like there are going to be some15:17significant impacts either positive or15:20negative15:21is the question that’s really the thing15:23that i want you15:24to watch very closely if you guys are15:26out there and you’re doing your own15:28research and i know i know you are we15:29get so many dms and thank you15:31again for all the dm’s and the15:32connections uh we just had uh xrp on15:35because of you guys15:37because of our audience our tribe here15:39on techpath you15:40help connect the dots keep doing what15:43you’re doing because this is15:44where it all starts to remove the15:47curtain15:48from the veil of what’s happening on a15:50global stage15:52because of people like you and what is15:54happening around this network so15:55if you’re listening to us over on the15:57podcast give us some stars15:59and of course here on youtube subscribe16:01to the show right now this is going to16:02be your16:03gateway to understanding the innovation16:06and tech16:07that is moving our society to the next16:09generation and i’m talking about the16:11under 20 crowd that essentially16:13are going to be the architects of the16:15future this is a very important time16:17because the16:18groundwork is being laid i was around16:20when the internet was built i was16:22in that game right there when i worked16:24with microsoft i was there at the16:26evolution of social media this16:29and those things were child’s play16:32compared to what we’re about to see16:33i’ll catch you next time right here on16:35techpath16:38[Music]English (auto-generated)