Comments by "" (@badluck5647) on "Could China Dethrone The U.S. Dollar With A Digital Yuan?" video.

@ramonlao1435 Foreign companies like China, because they are a relatively good business market. When they start forcing companies to start to use their worthless currency, business are going to start moving to countries like Vietnam.
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@ramonlao1435 You clearly don't know anything about international trade. Currency swaps are a key aspect of international businesses. For example, most companies right now refuse to do business with the Turkish Lira, because they zero confidence that their leader won't destabilize it. They require Turkish business trade their currency for dollars for purchases (something Russia can't do anymore due sanctions). In addition, China's monitoring and direct control over the currency would put a business financial well-being in the hands of an impulsive authoritarian. Something few investors would be keen for their corporations to risk.
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They said the same thing about the Euro supplanting the dollar 20 years ago. Also, no one outside of China is going to want a digital currency that is tracked and controlled by the Chinese Communist Party.
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@lutaayam China controls almost all the banks, so they don't tend to loan to entrepreneur, so people have been relying on outside parties in what is called Shadow Banking. This is a horrible alternative with little regulation, little oversight, fraud, and dangerously risky loans. Trust me. Private banks are preferable even if they are flawed.
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