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China Moving Fast To Bring Global Digital Yuan

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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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FULL TRANSCRIPT

00:06
all right so you you understand what’s
00:07
going on in china
00:08
if you’re watching this channel you you
00:10
kind of have been watching this
00:12
whether it’s from the mining aspect or
00:14
maybe the digital yuan aspect well we’re
00:16
going to dive into that today
00:17
and answer the question is the digital
00:21
yuan
00:21
and what china is doing going to affect
00:25
more than just bitcoin now going to
00:27
affect the altcoin
00:29
market and the smart contract companies
00:31
behind them
00:33
my name is paul barron this is techpath
00:34
welcome back let’s dive into this today
00:36
because here’s the issue
00:37
uh china of course has been moving for
00:40
about the last six months
00:41
very aggressively to create the digital
00:43
yuan which has
00:45
essentially and will be essentially the
00:47
first world’s global
00:49
electronic currency and when you look at
00:53
digital currencies in general and where
00:55
some of the countries are moving
00:57
china is at the forefront in terms of
00:59
how fast and how quickly
01:01
they’ve been able to address it i want
01:03
to jump to this story from decrypt
01:05
which by the way you know i still love
01:07
the guys over at the crypt you guys are
01:08
doing a great job on this
01:10
digital yuan now has more than 20
01:12
million wallets
01:13
uh that’s insane that this has already
01:17
got 20 million
01:19
wallets uh basically chinese central
01:21
bank china’s central bank new progress
01:23
report
01:24
on its digital yuan confirms that guess
01:26
what
01:27
smart contracts are a design feature so
01:31
here we go this is the scenario that
01:33
i’ve been talking about
01:34
and looking at for a few months now we
01:37
actually did a digital yuan video make
01:39
sure and check it out because
01:40
just search digital you on tech path or
01:42
paul barron network and
01:44
you’ll see the video there that will
01:46
kind of help set this one up a little
01:47
bit deeper i will go
01:48
into this a little bit but chinese
01:50
central bank student currently is
01:52
spreading
01:52
mainly the big deal is they’re moving
01:54
very quickly they are evolving
01:56
uh the the program essentially now to
01:59
where it can be programmed with smart
02:00
contracts
02:01
uh it will also respect this one really
02:04
got me
02:05
respect anonymity as the law permits it
02:08
as long as the law permits it so this is
02:10
going to be a scenario that i think is
02:12
going to continue to play out
02:13
in the local aspect of how the chinese
02:17
citizens are going to be able to utilize
02:19
this now the key and how does this
02:21
connect to cryptocurrency
02:22
and what could it do to the
02:24
cryptocurrency markets and who are
02:26
involved in this
02:27
all of that’s going to be painted out in
02:29
this video i want to jump back to this
02:31
the
02:31
e c and y get used to that code or that
02:34
call sign right there that is the
02:35
digital you on system which is going to
02:37
collect less transaction information
02:40
than traditional electronic payment
02:41
systems
02:43
now we’re going back to all the old
02:45
payment systems that run the world right
02:47
now it does not provide
02:49
information to third parties or other
02:51
government agencies unless stipulated
02:52
otherwise in laws and regulations the
02:54
report
02:55
said the bank would set up a firewall
02:57
this is interesting to me to protect the
02:59
anonymity
03:00
block arbitrary information requests and
03:02
implement security protocols in place
03:05
hence they’re going to have to start to
03:06
infrastruct create an infrastructure
03:08
around
03:09
blockchain you’ve kicked the miners out
03:12
you’ve implemented a digital currency
03:14
and you’re implementing smart contracts
03:16
and blockchain companies to help support
03:19
and basically run the infrastructure
03:22
inside of china
03:23
this is a brilliant move if i was
03:25
running a country today
03:27
this would have been the route i would
03:29
have took it just
03:30
absolutely puts them in the driver’s
03:32
seat for one their digital currency
03:35
two the infrastructure in which you’ve
03:37
got all these developers
03:38
building out underneath this for
03:40
blockchain to help
03:41
advance your digital currency and the
03:43
infrastructure that it’s going to
03:45
service
03:46
how does this come into playing into
03:48
whether or not it’s going to affect
03:50
all coins and some of these smart
03:51
contract projects i want to jump into
03:53
this further
03:54
crypto also poses potential risk this is
03:56
where china gets into the fud
03:58
factory also potentially uh poses
04:00
potential
04:01
risk and financial security and social
04:04
stability
04:05
the report said especially global stable
04:07
coins this is where they start to
04:09
look at trying to take down the tether
04:13
stable coin the usdc et cetera because
04:16
the digital yuan
04:17
has to be able to con basically compete
04:19
against that stable coin
04:21
in essence it is the currency now could
04:24
you have
04:24
a fiat uh currency driven system
04:28
and that i think is going to be going
04:29
the way of the u.s
04:31
digital dollar at some point which will
04:33
still be a fiat driven system
04:36
that’s why i still believe that
04:37
cryptocurrency is going to be the
04:39
underlying mechanism but if
04:41
china is over here going wait a minute
04:43
we want the whole game
04:44
we don’t just want the fiat side of this
04:46
we want the whole game
04:48
that’s where i think these uh potential
04:50
of these stable coins
04:51
as you can see as they continue to
04:53
report
04:55
their fund on the stable coins which
04:57
would have massive effect on
04:59
the cryptocurrency marketplaces if
05:01
stable coins were in any way
05:03
challenged or created around in terms of
05:06
these kinds of
05:07
uncertainties you look back here pboc
05:10
people republicans of china
05:11
are the people’s bank of china uh report
05:13
comes out a week after the fan
05:15
yifei a deputy government of the bank
05:17
said that chinese authorities are quite
05:19
worried
05:20
about stable coins and have taken some
05:23
measures
05:24
against them so this is where it gets
05:26
fun
05:27
i shouldn’t say fun because this is bad
05:29
this is bad but
05:31
also it makes you just set up and go
05:33
what is going on
05:34
where is the rest of the globe when it
05:38
comes to creating strategies around that
05:40
i have to hand it to china right now
05:42
these guys are making money moves and
05:44
they are doing it in a big way
05:45
so you look at that and then i want to
05:47
go back to a story over here on coindesk
05:50
back from march this is march
05:54
inside china’s effort to create a
05:56
blockchain it can control so the article
05:58
that they just released we just
06:00
just dropped into this one right here
06:02
digital yuan let me kind of just paint
06:03
this for you
06:04
on where this is going digital you on
06:07
from
06:08
uh is now more than 20 so there’s the
06:10
test it’s in place
06:11
this is back in march saying well wait a
06:13
minute we’re gonna get this chest
06:14
under control but we’re also going to
06:16
create a blockchain
06:18
that essentially is going to be under
06:20
our thumb
06:21
and where this is going to go let me
06:23
zoom in on this because this is where it
06:24
gets interesting
06:25
bsn this i want you to remember this
06:27
name bsn
06:28
very important name and cryptocurrency
06:31
very important name
06:32
in smart contracts and defy
06:35
this is a government blessed framework
06:38
being developed in china for blockchain
06:40
developers
06:41
like algorand cardano
06:44
polkadot solana all these companies that
06:46
could potentially go into china now
06:49
through this route the network can
06:51
already support decentralized
06:53
applications dapps or tools built on 15
06:56
public blockchains red date that’s the
06:58
company that owns bsn
07:00
claims it’s going to offer developers
07:02
access to blockchains both inside and
07:04
outside of china at a
07:05
at a cheaper price this fits into a
07:08
larger pattern right here
07:10
china is where china is wary of
07:11
cryptocurrency uh but has embraced
07:14
the blockchain tech this goes back to
07:16
remember this is in march so it’s
07:18
pre them kicking the the miners out pre
07:21
them
07:21
banning banks from utilizing uh
07:24
transactions to go purchase
07:26
cryptocurrency and pre them launching
07:28
the digital yuan
07:30
all this is happening in march and
07:32
before
07:33
so this has been on the plate here’s
07:35
another piece bsn
07:37
enterprise blockchain systems deployed
07:38
in the cities of wangju
07:41
jianjia shenzha and the hainan
07:44
province according to red day’s
07:45
international business development this
07:46
again was back in march
07:48
moving on bsn was founded by chinese
07:51
state-owned telecom
07:53
giant china mobile union pay and i.t
07:56
startup
07:56
red date so red date basically is the
07:58
front person
08:00
and the chinese state-owned entities
08:02
essentially run this
08:03
organization and potentially kind of
08:05
control
08:06
who and what is playing in this now i
08:08
want to kind of show you
08:10
some of the companies that are involved
08:12
in this let’s just jump to this
08:14
highlight right here
08:15
the global service now includes 15
08:17
public blockchains uh plan to add 30
08:19
more later this year guess what there’s
08:21
ethereum
08:22
there’s tezos there’s solana polkadot
08:25
and there’s algorand on this list
08:28
these are some of the number of top
08:31
us-based and or u.s
08:33
organized companies that have moved into
08:36
the d5 space
08:37
and now potentially have made their way
08:40
into blockchain
08:42
infrastructure for china so why would
08:44
developers use such a heavily controlled
08:46
blockchain
08:47
when there are decentralized options
08:48
available that’s going to be your
08:49
question right
08:51
it comes down to cost basically this is
08:53
going to be a lot cheaper bsn has
08:54
basically made this
08:56
so easy for them to implement blockchain
08:58
tech
08:59
in china one of the biggest countries in
09:01
the world
09:02
to essentially implement an
09:05
infrastructure change and here’s the
09:06
other thing you have to be thinking
09:08
about
09:09
and that is that china is moving at such
09:11
a pace in speed
09:13
that they are going to essentially
09:15
overrun infrastructure
09:17
old-school infrastructure banking
09:19
systems health care
09:21
transportation travel data sets
09:24
big data you name it with blockchain and
09:27
if a blockchain allows smart contracts
09:29
like ethereum and many other chains that
09:31
were created after bitcoin there’s a
09:32
possibility that people can get post
09:34
content
09:35
onto the network that might upset the
09:37
chinese government this is going back to
09:39
the whole scenario that why it must be
09:41
controlled
09:42
why they went in and supported red date
09:45
and the launch of bsn
09:47
so let’s jump to the next piece
09:51
in the puzzle here it is china’s bsn
09:54
builder
09:55
red day urges developers to look beyond
09:58
cryptocurrency you don’t really need
10:00
cryptocurrency
10:02
we’ll make sure that the digital yuan is
10:04
here for you
10:05
and here we go somewhat of somewhat in
10:07
line with china’s latest spate a spat of
10:10
warnings
10:11
here’s the ceo of red date basically
10:12
saying he’s advising blockchain
10:14
companies to look beyond
10:16
go into this new multiple cloud-based
10:18
one-stop shop
10:20
type approach and this company bsn is
10:23
the one that basically
10:24
is providing the service blockchain as a
10:27
service
10:28
uh and moving in this direction so don’t
10:31
don’t put 100 of your resources in
10:33
public chains and cryptocurrencies he
10:34
said just give a little bit of money and
10:36
resources to the underlying tech and
10:38
research
10:39
because we can do so much besides
10:42
cryptocurrency this goes back to their
10:44
whole strategy
10:46
so just put the blocks together china
10:48
probably
10:49
you know two years ago as they ramped up
10:51
the plan for the yuan
10:53
implemented in 2020 uh 2020
10:56
and now rolling it out in 2021 in prep
11:00
for the
11:00
the olympics which will of course expose
11:03
the digital yuan to the world
11:05
infrastructure wise they’re going to
11:07
implement all these potential smart
11:08
contract products which could affect
11:11
a lot of how these smart contract
11:13
companies are being traded
11:15
in terms of the open markets on the
11:17
cryptocurrency side so
11:18
companies like solana algorand companies
11:20
like polkadot
11:22
ethereum all of this could either go one
11:24
way or another
11:25
for them depending on how much china
11:27
truly when i say china bsn
11:30
and red date truly control and or
11:33
monitor this blockchain utilization so
11:35
it’s not really that
11:37
um anonymous at all you’ve got a
11:40
scenario now where you’ve got
11:42
a major state uh nation state that
11:44
essentially is saying we want to do we
11:46
want to control this imagine if the
11:47
united states went to all these
11:49
developers said listen
11:50
we’re going to implement blockchain
11:52
across our country right now it’s going
11:54
to control our banking system our
11:55
financial systems our health systems our
11:57
transportation
11:58
all of those kind of things oh but by
12:00
the way we want access to all that chain
12:02
data
12:03
and it’s going to be rolled in by others
12:04
we’ll tell you if it’s okay if you roll
12:06
it it will tell you it’s okay if you use
12:08
in that application
12:09
that’s essentially what china is doing
12:11
now you layer in
12:12
the fact the digital yuan is on top of
12:14
that you have
12:15
a strategy a chess game that is playing
12:18
out
12:19
right now game of thrones style with
12:22
china making a
12:23
very fast move i don’t know if this
12:25
country is
12:26
catchable now in terms of developing
12:29
the reserve currency for the globe which
12:32
it
12:33
could be the digital yuan they’re
12:35
already in
12:36
the infrastructure is being built in bs
12:38
is going to be a big part of this
12:39
and red date and also this
12:41
infrastructure of our own or many of the
12:43
companies that are building out
12:44
blockchain technology
12:46
moving into china to run the
12:48
infrastructures there and of course
12:49
doing it in a way where they’ve opened
12:51
up basically their
12:53
code and their back end
12:56
they would have to to be able to give
12:58
china this kind of control
12:59
over the blockchain data itself to run
13:01
within their government and their
13:03
organization
13:04
and all the infrastructure planning that
13:06
they are looking at to move blockchain
13:08
into because they’re planning another 30
13:10
block chains coming in
13:12
to this system so they’re looking at
13:14
every kind of use case scenario they can
13:17
much like what we’ve seen in all these
13:19
alt projects
13:21
that are in d5 projects that are mainly
13:24
going in all these kinds of directions
13:25
whether it’s content creation
13:27
defy you know climate control
13:30
transportation
13:32
you name the category and the potential
13:34
here now for china to be this much
13:36
further ahead is real so this is going
13:39
to be definitely something to watch
13:41
here’s the way i look at this though if
13:43
you’re an investor in any of these icons
13:45
of which i am
13:47
you have to pay special attention to
13:49
what’s happening in china right now you
13:50
used to think
13:51
no china is getting out of the game
13:52
they’re going to live in their own world
13:55
and that’s going to be that we don’t
13:56
have to worry about it they’ve kicked
13:57
out the miners the rest of the globe
13:59
can generate and build on the
14:02
magnificent
14:03
ability of bitcoin and the
14:04
cryptocurrency space
14:06
the reality is these guys are playing 3d
14:08
chess right now and they’re playing it
14:10
with blockchain
14:11
blockchain may be the gift to society
14:14
the gift to mankind in terms of
14:17
in terms of an evolution in the next
14:20
revelation of where the web and
14:22
technology is moving
14:24
but if china is this far ahead
14:26
essentially the arms race
14:28
is already i just don’t understand this
14:31
why we
14:32
as the united states we’re obviously a
14:34
us-based company
14:35
why we have not taken on this kind of
14:38
aggressive movement
14:40
and embraced this kind of scenario that
14:42
essentially china has done in their own
14:44
way
14:44
their own way they’ve done it in the
14:46
sense of saying hey we’re going to
14:47
kick all the miners out bring everybody
14:50
in
14:50
lure everybody in on the blockchain in
14:52
terms of all these smart contract
14:54
companies all these d5 companies
14:55
all these all projects bring them in we
14:58
need the back door
14:59
and there you go now you have the entire
15:02
what is the largest country in the world
15:05
uh utilizing blockchain at a big clip
15:07
this is kind of the scenario that we’re
15:09
going to continue to watch
15:10
here on the show because and on the
15:13
network and really
15:14
dive a little bit deeper because i feel
15:15
like there are going to be some
15:17
significant impacts either positive or
15:20
negative
15:21
is the question that’s really the thing
15:23
that i want you
15:24
to watch very closely if you guys are
15:26
out there and you’re doing your own
15:28
research and i know i know you are we
15:29
get so many dms and thank you
15:31
again for all the dm’s and the
15:32
connections uh we just had uh xrp on
15:35
because of you guys
15:37
because of our audience our tribe here
15:39
on techpath you
15:40
help connect the dots keep doing what
15:43
you’re doing because this is
15:44
where it all starts to remove the
15:47
curtain
15:48
from the veil of what’s happening on a
15:50
global stage
15:52
because of people like you and what is
15:54
happening around this network so
15:55
if you’re listening to us over on the
15:57
podcast give us some stars
15:59
and of course here on youtube subscribe
16:01
to the show right now this is going to
16:02
be your
16:03
gateway to understanding the innovation
16:06
and tech
16:07
that is moving our society to the next
16:09
generation and i’m talking about the
16:11
under 20 crowd that essentially
16:13
are going to be the architects of the
16:15
future this is a very important time
16:17
because the
16:18
groundwork is being laid i was around
16:20
when the internet was built i was
16:22
in that game right there when i worked
16:24
with microsoft i was there at the
16:26
evolution of social media this
16:29
and those things were child’s play
16:32
compared to what we’re about to see
16:33
i’ll catch you next time right here on
16:35
techpath
16:38
[Music]

 

 
 

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