Global Digital Yuan Coming Fast
China Is Moving Fast In The Global Financial Market To Be A Major Player In Cryptocurrency
China Is Utilizing A Business Savvy Strategy To Do This
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]