The Crypto War: RMB vs USD 加密货币之战：人民币vs美元
Digital RMB will have a major impact on the global economy. Can China dethrone USD dominance? 加密人民币将对全球经济产生重大影响。中国能否推翻美元的主导地位？
The road to cryptocurrency adoption is often a long and arduous one, and China has been making the biggest strides in the development and integration of blockchain-based technology.
The Chinese government recently announced the completion of two milestone initiatives. The first pertains to the country’s central bank digital currency, named DCEP. Big Four state banks and three telecoms companies were involved in this development across 4 major cities. It is set to revolutionise the ability of regulatory authorities to scrutinise China’s financial system as officials will acquire more power to track how money is used by its citizens.
The second initiative is related to Blockchain-based Service Network, or BSN, which is currently fully operational. Meanwhile, China introduced a grandiose plan, the “Chinese Standards of 2035,” which outlines how the next generation of technology will be operated.
Launching a state-backed cryptocurrency is China’s efforts to boost the dominance of the global reserve currency pool and advance foreign policy claims. A crypto RMB could disrupt and challenge the US status quo ability to pursue national interests by leveraging on the general acceptance of the US dollar.
The main benefits would be to replace fiat with a cryptocurrency, ingesting another layer of data into the data machine that powers both government monitoring and the domestic machine learning industry. It will also promote credibility with the supposedly decentralized network so that the RMB could continue a digital ascent to greater internationalization and perhaps challenge the USD’s position as the default currency of the world.
China’s incentive to climb the global ladder is indeed strong. Since 2013, there is a clear disconnect between the highest proportion of world trade going through China and trade’s denomination in the US dollar. To further push the international adoption of the RMB, China has undertaken numerous financial liberalisation efforts. China would fund the expansion of the foreign trade network and international infrastructure projects, internationalising the RMB.
China’s crypto RMB plays a huge role in its quest to ascend further in the global scene. China is looking to leverage new technologies and create its own rules through standards, in order to counter the American-dominated political and economic order.
A digital RMB could make China currency cross-border payments more convenient. This would promote RMB as a tool for international trade settlement and invoicing, and as a store of value.
Recent global pandemic and the economic downturn has opened up a window of opportunity for the crypto RMB to challenge the world monetary order. In addition, Facebook’s Libra project announcement in 2018 might just have given China a push to jump on the blockchain bandwagon and eliminate threats to China’s internationalisation efforts.
However, the magic of the crypto RMB will not have immediate effect. Chinese digital currency will not undermine the US dollar’s dominance anytime soon. US capital markets high liquidity and strong institutions will overrule China’s efforts at financial dominance. Despite China’s rising economic trend, there is still little acceptance of the RMB internationally. This speaks volumes about the technical and economic barriers facing the currency.
China will have to solve RMB’s convertibility before it can push its internationalisation plan further. It will take time to sort out market distortions due to capital controls, a lack of transparency, governance problems and restrictions on foreign ownership of Chinese assets before the RMB can displace the US dollar.
***Disclaimer: This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to risk.
About Exonium
Exonium is a brand new world-class crypto exchange that places an emphasis on security and protection of users’ assets as well as high liquidity.
Exonium was founded to propel cryptocurrency into mass adoption. Merging the best of the exchange ecosystem and the principles of social network platforms, the exchange aims to put the power back in the hands of the community by empowering and enabling traders.
Be part of the future. Be in power. Be in a network of financial freedom.
Connect with us on Twitter, Facebook and LinkedIn for the latest updates
Ready to start trading on Exonium? Try out the seamless registration process and sign up for a new account today at https://exonium.one/
Quick guide:
采用加密货币的道路通常是一条漫长而艰巨的道路，而中国在基于区块链的技术的开发和集成方面一直取得了最大的进步。
中国政府最近宣布完成两项里程碑计划。第一种与该国的中央银行数字货币数字货币电子支付有关。四大国有银行和三家电信公司参与了横跨四个主要城市的发展。这将彻底改变监管机构审查中国金融体系的能力，因为官员们将获得更多权力来追踪其公民的货币使用方式。
第二项举措与当前完全运行的区块链服务网络有关。同时，中国推出了宏伟的计划“ 2035年中国标准”，概述了下一代技术的运行方式。
推出一种由国家支持的加密货币是中国为增强全球储备货币池的主导地位和推进外交政策主张所做的努力。通过利用美元的普遍接受度，人民币加密货币可能会破坏并挑战美国追求国家利益的现状。
主要好处是用加密货币代替法定货币，将另一层数据吸收到数据机中，为政府监控和国内机器学习行业提供动力。它还将在所谓的去中心化网络中提高信誉，以便人民币可以继续进行数字化升级以进一步实现国际化，并可能挑战美元作为世界默认货币的地位。
中国的攀登全球阶梯的动力确实很强。自2013年以来，通过中国的世界贸易的最高比例与以美元计价的贸易额之间显然存在脱节。为了进一步推动人民币在国际上的普及，中国进行了许多金融自由化努力。中国将为扩大对外贸易网络和国际基础设施项目提供资金，以使人民币国际化。
中国的人民币加密货币在寻求进一步提升全球地位方面发挥着巨大作用。中国正在寻求利用新技术并通过标准制定自己的规则，以对抗美国主导的政治和经济秩序。
加密人民币可以使跨境支付更加方便。这将促进人民币作为国际贸易结算和发票的工具以及价值的存储。
最近的全球大流行和经济衰退为加密人民币挑战世界货币秩序打开了机会之窗。此外，Facebook在2018年宣布的天秤座项目可能只是在推动中国加入区块链潮流，消除对中国国际化努力的威胁。
但是，人民币加密货币的势力不会立即生效。中国数字货币不会在短期内破坏美元的主导地位。美国资本市场的高流动性和强大的机构将推翻中国在金融主导方面的努力。尽管中国的经济趋势呈上升趋势，但人民币在国际上仍然鲜为人知。这充分说明了货币面临的技术和经济障碍。
中国必须解决人民币的可兑换性，才能进一步推进其国际化计划。在人民币可以取代美元之前，需要时间来解决由于资本管制，缺乏透明度，治理问题以及对中国资产的外国所有权的限制而造成的市场扭曲。
***此内容不是财务建议，不应作为任何财务投资决策的基础，也不应被视为购买或出售任何商品或产品的建议。交易加密货币很复杂，并且有很高的赔钱风险。您应该仔细考虑交易加密货币是否适合您，并花点时间学习交易的工作方式并确定您准备冒多少风险。
关于嘉库
嘉库是一个全新的世界级加密货币交易所，重点关注用户资产的安全性和保护以及高流动性。
嘉库成立是为了推动加密货币被广泛采用。融合了交易所生态系统的最佳功能和社交网络平台的原理，该交易所旨在通过赋予交易员权力和能力，将权力重新交到社区手中。
成为未来的一部分。掌权。处于包容性和财务自由的网络中。
在Twitter, Facebook 和 LinkedIn上与我们联系以获取最新更新
准备好开始用嘉库交易了吗？试试无缝注册过程，今天就在 https://exonium.one 注册一个新帐户!
快速指南：
