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Could you please add the Shanghai Composite Index (SSEC)?
September 28, 2020
Marty Roux @
6:25 pm
SC, I do believe the Chinese are moving fast in crypto and they are soon going to have a practical market place Yuan token. Is this their first step in joining the U.S. as a serious world currency?
September 29, 2020
editor @
10:59 am
Hard to say, Marty. I think the big problem the Chinese have is transparency. So much about their markets, currency, and fiscal and monetary policy is opaque. This limits the trust others have in the Yuan/RMB. No one really knows how much gold they hold in reserves, for instance. A true cryptocurrency on a public blockchain could help a lot with this, but I don't think that's what they are working on; rather I expect a private, permissioned database of some sort that can mint new currency whenever and in whatever quantity the government chooses. Transactions will be tracked and controlled (allowed or disallowed) at their whim. Such a cryptocurrency would not do anything to make the Yuan more desirable compared to a real cryptocurrency like Bitcoin, but it might still help to make the Yuan a more worthy competitor to the USD in international markets.
Comments on China
Could you please add the Shanghai Composite Index (SSEC)?
SC, I do believe the Chinese are moving fast in crypto and they are soon going to have a practical market place Yuan token. Is this their first step in joining the U.S. as a serious world currency?
Hard to say, Marty. I think the big problem the Chinese have is transparency. So much about their markets, currency, and fiscal and monetary policy is opaque. This limits the trust others have in the Yuan/RMB. No one really knows how much gold they hold in reserves, for instance. A true cryptocurrency on a public blockchain could help a lot with this, but I don't think that's what they are working on; rather I expect a private, permissioned database of some sort that can mint new currency whenever and in whatever quantity the government chooses. Transactions will be tracked and controlled (allowed or disallowed) at their whim. Such a cryptocurrency would not do anything to make the Yuan more desirable compared to a real cryptocurrency like Bitcoin, but it might still help to make the Yuan a more worthy competitor to the USD in international markets.