Quote from: doomloop on Today at 08:46:01 PM

Quote from: mindrust on January 29, 2023, 12:16:55 PM

FIAT is already 90% digital. Making it 100% digital won't really change anything.

The Chinese YUAN is already a powerful currency because it is backed by the Chinese manufacturing while the US dollar is backed by the US military. For now USD is slightly more powerful but this might change very quickly. I would say CNY deserves to be the world reserve currency more than the USD now because it is China that makes most stuff for us, not any other country.

A currency is and should be only as powerful as the manufacturing power it is backed by and CNY just delivers that unlike the USD.

90 percent really? I think that's too much or too quick knowing that the digital currencies like the CBDCs have only been invented recently. They aren't the same with the cryptos which were already known long time ago so the dominance of crypto over them is still big but if ever the fiat will turn 100 percent digital then it can make a lot of changes but I think not all are going to be happy about that as they find it inconvenient especially to those who are poor people who have less knowledge and resources to run a digital currency. If in between the China and US currency wars, I think the US will remain to be the leader for both digital or local.

That's not so.I found an article where it is claimed that in offline stores the cashless payment was 42%, so 90% is an incorrect number.Cashless payment is not possible in villages and other small settlements,which are full in China.And the fact that they are striving for online payments is good, now many countries are moving away from cash and this is a process of progress,I think.