If you have Nebula, watch the extended version of this video over there. If not, why not? It's just $15/year and also comes with CuriosityStream - making it the best deal in streaming. curiositystream.com/polymatter
Subscribed to Nebula using your link about 2 months ago and not regretted, especially with each time more adverts on youtube. Just one thing: is there any way in Nebula to block channels I don't want to see there?
I really wish you'd mention the extended version at the top of the video. I live in an area where there is no unlimited broadband to the house so I burn 25% of the video worth of data before I leave RUclips and go to Nebula. I don't find it on Nebula first because, A) the Nebula interface is inferior, B) I just roll into this content from videos like Seth Meyers & Colbert which aren't on Nebula.
With the way the US is printing money and debasing the currency, the US dollar is going down the route of the now worthless Roman sesterces, the Byzantine hyperpyrron, the Spanish dollar and the German Weimar Deutschemark
@@DZ477 it isn't even that it expires, a homeowner in China doesn't really own their home. The cost of buying the home is just someone renting it from the ccp
@@DZ477 technically no but practically yes, your house doesn't have an expiration date, it's the land beneth it, in another word, you own the house but you rent the land. So fun fact, if you move your house off the original land it occupies, even right next to the original land, as long as it's not claimed by anyone, you just got yourself another 70 years free, I've actually heard story like this happened some where in some remote countryside; but for most people it's impossible, so practically yes.
If fiat currency is only worth what the government says it is, then digital fiat currency is only worth what the government says it is to you. Fiat currency with a built in off switch. Make the government mad? Goodbye savings. USD can still be individually spent without anyone's permission.
This is so true. They can wipe off your whole family fortune with a click of a button. Who's to say they won't do it? They make people disappear with no fair justification...
@@mangbecak1 They can't do it because fiat currency operates off trust. If they do it for one person, the entire world will lose faith in the USD and it becomes useless. Fiat currency is backed by the US Government, but it's worth what all of America, and all of the world, think it is.
@@rishabhlenka4505 Right, and despite what other people might think, other countries do have a say in who gets embargoed from using the dollar. It's not some arbitrary decision, you have to give the government a good reason to do it, and it also goes through our allies. Really the worry that somehow magically one day that your bank is going to call you and say they're never going to give you service again is a non factor, absolutely ludicrous levels of paranoia (unless you're in international criminal that is).
@@rishabhlenka4505 who's t say China won't do it for one person? They already incarcerate you for mocking the anthem... They already have social credit scores, who's to say they won't make new rules?
I expect criminals in China to adopt the bling standard then, buy gold jewellery and use that as currency between themselves with only a fraction being converted to digital currency by selling it when needed.
Who's gonna accept the gold? They've to convert it into cash at some point with digital currency it's impossible and no one's gonna take your gold since they can't convert it either
@@rupeshtashildar People will always accept gold, but it's inherent disadvantages (heavy, hard to break into precise pieces) are what lead to the adoption of paper currencies in the first place.
I live in China, the digital yuan was launched a few weeks ago and chinese citizens can already put money into it. it's a bit confusing to set up though and not a ton of people are using it or care, at least for now
@@LeoN-wc9od Poor People in China and other countries would still suffer because some govt can destroy their economy and decrease their wealth by just making their money printing machine go burrr.
@@cz4590 yeah. No shit that's what he said in the video. He made a video on your point of 'no one carrying wallets' and such, how u skipped credit cards in another video, went into great detail....he loves Chinese governments' way of doing things, how unique it is and probably knows more than u or me. . And please, china does want to replace the USD. Even EU would drool over such a dream.
More human rights abuses from Dictators in other parts of the world. As China mines their own business. Less freeing of money. So basically money can flow around the world more smoothly with less ethics involved! Carrie Lamb will finally get a bank account as well!!!
Silly, corruption can be done offshore without going through the local system, or other form of corruption can happen gold, diamond, high end branded products, etc.
They're trying to ban the hard currency in general. So all those people who had been laundering money can't convert that paper into currency, making it into toilet paper. More ways for the government to track everyone's movements and purchases. They're terrified of an uprising.
Okay, but trading in gold, diamond or high-end branded products is far less stable and far more difficult; what if someone doesn't accept diamonds? What if they do, but you can't get your hands on some? Cash is much easier for criminals, so by effectively replacing cash by mobile banking, they *are* making crime much, much more difficult.
We have a very similar system in our county and honestly mobile banking is like having an ATM card and a bank Account without having one. Though it is not a fix for all financial transactions it's like cash app but with legit banking features.
Convenience aside, cash is dirty af, and we're in a pandemic, i ain't touching a piece of paper that *_might have_* been used as a tissue replacement during its lifetime. Germs like viruses or bacterias can survive on it longer than any other surfaces after all.
The point here is, we have a choice. You can choose to do daily transactions with the most convenient system, but also do certain transactions (or save) in cash
@@mekichiew8282 Wash your hands. Duh, you should do it often, even without the pandemic. I wash my hands before I eat. I sanitize it when I touch something when I get back to my car and have alcohol wipes just to wipe my phone. I've been using hand sanitizers way before for this pandemic. Always had a bottle and alcohol wipes in my car.
Digital Yuan support dual-offline transfer, which means you don't need internet, just a device which can hold the Digital Yuan and communicate with other machine.
@@bestintentions6089 True, but any central bank digital currency will have that same feature. In the US, I forsee the IRS calculating your taxes and pulling your "payment" directly from your wallet. Refunds will be ancient history.
You forgot to mention that there is term "Petrodollar" Which means that oil exchange officially is only done in Dollars. That is one of the biggest drives behind Dollar
One interesting fact one would ignore easily--the transaction of digital yuan, unlike wechat pay or ali pay, does not require internet. It utilize NFC technology and if they design the digital wallet well transction could function even when you phone is powered off.
@@pranavpatil1362 Yes thanks for clearification. For NFC I guess what I really meant was it could function just like your bus card, which could work when the giver is not powered, but the reviever has to have power. But yes, neither of them needs Internet coverage.
Many people in thr western world trying to side with china are trying to bet that china will liberalise and democratize. I dont see how that bet is at all sane l,considering the exact oposite is happening. But its thier bet I suppose.
@@Paradox1012 I think some People just want the US to be toppled for a verity of reasons I’m Not Western myself but even I can see China with the power and reach of the US would be a lot less charitable than the US which itself is pretty much selfish as fuck and self serving, but at least feels guilty for its crimes. China hasn’t straight up recognized any wrong doing it has ever done. That level of self serving arrogance backed up by Chinese history is almost unique in scope. I don’t know about others but I for one would not wish for their dominance over the system of global power which they have made clear they intend to do.
@@Paradox1012 I doubt most people believe China will become democratic. Most people who I see defend China, don't preach about democracy or claim it will be democratic. Some people (including myself) prefer a multipolar world rather than a world dominated by a single country.
@@captaindak5119 see that's what i thought, my uncle is a fan of Elon musk and I asked him why he would even invest in china if China is just going to take and repurpose all of his technology and product. and he said he and other billionaires are betting china will become liberalised. we both mostly agreed that it's a pretty shity and unlikely bet,but they see the money and do it for some reason, even though they should be smarter than that.
Hi PolyMatter, I would just like to thank you for creating such informative videos that are simple to understand. I am only 11 and even I am enjoying you’re videos because of the 2 factors mentioned above. Thank you ❤️
I’m just 3 years older than you but- It’s really nice to see younger kids be interested in topics like these, it’s good that you’re watching these kinds of educational vids, and depending on whatever career you’ll go with, these may just be of much more use than just getting the economy!
Digital causing problems and pretty big ones at that. Even the reality in Sweden is not quite that neat and clean cut. There are certain draw backs from a pure digital currency.
@@luisoviedo-perez2896 Yeah my father earned some money on the side to selling to Swedish tourists while we were in Thailand. All payed in cash and when we got back he practically couldn't use it because no bank wanted to accept the deposit because they couldn't track it.
@@tomiadventures oh sorry I thought you meant like "right before the end of the video" especially with capslock. You should've just wrote "at the start of the video" to avoid confusion imo
The Chinese city that is flooding ATM is out of electricity and tab water. People are buying bottled water in grocery store with cash. Digital RMB will just never be international.
That's a horrible example. If a city is flooded then credit cards won't work either, but that doesn't mean that the credit card isn't the dominant way of paying in the US or Europe...
From what I have know, the digital currency will help China be less dependent on SWIFT. Not to sure how it works though. Also, I don't think it will be Chinese currency taking over US dollar but US dollar losing it's edge with so much money printing. In the future, not one currency will dominate the world but mixture of many. Which currency will be used more will dependent on the geographical region.
The reason China is making digital currency is to get away from USD since it's not stable or reliable. The way the US makes most of its money is from taxing nations that use its currency (through inflation and sanction especially after what happened with trump). Why should anyone put up with that? China has the largest export in the world so naturally, it would like to use its own currency.
@@TMsonjakopp7006 lol , are you an idiot??? few things you said that are idiotic , false or lack logic reasoning, but on your last point do you really think it up to China to decide which currency External market decide to pay with when importing Chinese good ??? It’s precisely because China’s economy relies massively on exports that it will never work, especially with the fact a big part of that is simply foreign companies just manufacturing their good there . Think for sec .
@@TMsonjakopp7006 The Dollar is the world's reserve currency precisely because of it's stability and reliability, at least compared to all other major currencies. While the precipitous increase in the US's M2 supply is troubling, the global banking system is still far more confident in getting their value back from dollars than they do yuan or rupees. The list of significant countries that survived the 20th century with a single, continuous government is small: the United States, the UK, Canada, Australia, New Zealand, Switzerland, and Sweden.
@@TMsonjakopp7006 The digital RMB is literally the US Dollar and SWIFT put together. The is no real good reason for countries to start using the digital RMB unless they pissed off the US, and even then they now have to make sure they don't piss off China. Unlike the US dollar however, countries that piss off China can't simply do a currency swap with other nations to continue using the RMB in trading because China would basically cut anyone off at an even more effective rate than using the Dollar. What use is your digital currency if someone basically locks your account entirely? Countries use the US dollar because no one believes that the US will actually follow through on destroying its financial credibility for the sake of politics. You might ask, what about Cuba or Venezuela or Russia or Iran? Most countries don't act like Cuba, a relic of Cold War hatreds, or Iran, whose government supported people that attacked a US embassy. Even Russia and Venezuela are still allowed to use SWIFT, because you can't build trust in your financial system if you can freely kick people out of it because of politics. China on the other hand has proven over and over again that they can and will punish any country for the slightest offense. Small country in Eastern Europe supports Taiwan even though said country can't really do anything about it anyway? Trade war. Japanese prime minister says some useless rocks in the middle of the ocean are Japanese territory? Trade war. South Korea uses American anti-ballistic missile defense system to protect against North Korea? Trade war. Chinese behavior doesn't generate any trust towards internationalization of the RMB, even less than the digital RMB.
Crypto is a massive industry. Not all crypto is targeting anonymity. 6:10 some put all of the power in the creators (central power) some are crypto games, some are defi.
It doesn't even quality as digital currency. It's centralized, flow tightly controlled, no free exchange. It's more of a game credit used in the game China.
@@seanlee3863 not crypto. It has interesting feature such as being able to send money offline if face to face, blockchain don't work like that. Its good for controlling the chinese people, the government can take your wallet away if they see fit. The beta testing of this game credit stopped recently, likely got a hell lot of bugs. Think about the amount of resource needed to run this game for 1 billion players.
@@humorss mhm, tbh any govt can "take away your wallet" if they see fit. Try not paying your taxes for a few years and you'll have your bank account frozen so I think that's just scare mongering. Of course there's going to be bugs and holes, that's the point of the beta testing. However I do personally believe that the main purpose of this is to build a back up against the US sanctions since US basically control the SWIFT system and digital money can bypass the SWIFT hence why this digital currency really took off when trump got in office. I doubt cash will fully disappear because that would require everyone in china to be connected to the internet and have mobile phones....I can't see that happening within a generation or two since china still have a large rural population
@@seanlee3863 Other governments are still subject to their own laws. China doesn't really have a stand alone private sector and the corruption seems rampant. No one is going to touch the digital yuan if it means being subject to the whims and vagaries of the communist party. Tesla learned that lesson the hard way with it's chinese factory.
3 года назад+7
Could you please consider putting closed captions on your videos? It would be awesome. Thanks!
@@jeffbenton6183 Terrible🙂. They passed a so-called national security law. But it actually is a law to suppress all opposing figures. Pro-dem people are jailed because of organising and participating in election; the famous pro-dem newspaper Apple Daily was forced to close because the gov froze their assets, and journalists were arrested; gov now requires a preliminary screening for LegCo representatives election, basically all opposing figures will br disqualified
The CPC has vociferously reiterated time and again, there isn't any intention to replace the US$ with CNY, and they know too well it isn't even possible. Some precious metal experts have predicted China's gold reserves to be north of 20,000 MT, these guys do track physical gold movements. We can only guess the replacement to the US$, in the not so distant future, could be a basket of currencies & believe me, gold backed currencies will make a comeback. The USA has taken every other nations for fools, and if you are to believe this will go on indefinitely, you must either be American or someone who doesn't care either way.
Russia will most likely launch the first State run crypto, they have been working with Vitalik (eth creator) for quite some time to develop something. Also the Western World won’t run in Chinese currency anytime soon, if the Dollar is phased out, we will probably switch to the Pound or Euro
@@dirremoire they clearly have an interest in a digital currency but I see them adopting a Chinese one vs a US one. They tired of the dollar being the world currency
People are missing the point. Payment methods like Apple pay still pull money from your bank account, that's not the case with digital currency. Your money resides on your phone, not in a bank. Need to pay your rent? You send your payment directly from your phone to your landlord. No Bank necessary.
6:55 Until I watched this video, I did not know that Chinese Coca Cola has a different logo. I knew they had a Chinese spelling, but I didn't realize they formatted it into their logo too.
A NICE VIDEO, EVERYONE OlNEED MORE THAN THEIR INCOME TO BE FINANCIALLY SECURED.THE BEST THING TO DO YOUR MONEY IS TOINVEST IT BECAUSE MONEY LEFT IN THE BANK ALWAYS END UP BEEN IN ONE WAY OR THE OTHER WITH NO RETURN.I USED TO BE A VICTIM OF SUCH,NOT ANYMORE.I INVENTED AND MAKE STEADY PROFIT.
The pandemic has taught everyone the importance of having multiple streams of income,unfortunately having a nice paying job don't mean you are financially free if secured.
with the consistent weekly profits I'm getting from my investment with Brenda Adams,I have no doubt I am really financially free and safe,she is the most reliable in the market now.
investments is that tiny line that separates the rich and the poor.the words from other.i can proudly say I am a wise woman to because I can provide for my family through my investments.
Ever since I stop working with my former employers,I have been surviving through my investment with Brenda Adams,am so glad I invested when I did,months ago I was able to raise money to strat up my own firm.
why do they call it digital money if it only means exchange information of their bank account? Maybe the data is encoded or encrypted something something, but it is not that hard at all. naming such as currency really sound like magic or something.
Digital Yuan is designed to bypass the SWIFT system so that world trade can be transacted electronically with RMB instead of US dollars. This stupid propaganda video by Americans deliberately ignores this fact and tries to brainwash ppl to still use the declining US dollars. lol
@@_lod Digital Yuan is not intended to control currency, but to replace US dollar with RMB in world trade, because it can bypass the SWIFT system controled under USA. You are brainwashed by this propoganda video by Americans that misinterprete the digital yuan.
@@aburetik4866 can you explain the problem with SWIFT? I also felt that this video was a little weird. Like it was telling me what I should be thinking rather than explaining it.
The same thing is already there India. It's UPI. Mobile payments is huge here. Everybody pays electricity bill/phone bill/credit cards through mobile payment UPI apps.
1: Through the bank's payment network. Essentially, it's like if you could get a chequing account at the Federal Reserve. 2: For the same reason people use Mastercards, Visas, and AMEXs outside of the US. 3: There might be an offline system for it, but I'm unaware of any details.
@@skysunknownheroes To be honest Nebula isn't the problem. The problem in my opinion is creators using both platforms. Lately I've just stopped watching channels where I have to go to Nebula for the full story.
I'd love to subscribe as a paying customer of Nebula but one thing stops me: all Nebula content creators will get a fraction of my money, instead of only the videos I watch getting my money. That's a dealbreaker for me, because there are certain Nebula creators who I despise
Kenya has M-Pesa which is the oldest mobile money transaction system in the world, but a lot of banks fear it and keep away (how DARE a private telecommunications company threaten our power!) but it's used so much (partly because it can work on both feature phones and smartphones, giving it incredible reach to everyone) that I haven't seen physical money in a long time, everyone accepts it, including the government (again, excluding the aforementioned banks). The only thing is that there is a discussion of splitting M-Pesa from the company who owns it, as said company already has dominant market position in telecom, it doesn't need one in mobile money either (there are competitors to M-Pesa, but an agreement was reached to allow cross-platform transfer)
Thank you for this new video! So the key points: - The digital Yuan is not cryptocurrency. It's almost the opposite, since it's designed to be trackable and controllable. - The renminbi can't be a truly "international" currency (that is a true competitor to the USD, bought and sold without hesitation all around the world) until the Chinese government removes capital controls and lets the currency's exchange rate "float" freely. It's that last point that interests me the most, as an ordinary person and non-economist. I'm curious how the Chinese government controls the value of its currency.
If you print your value, say a fiat currency, and print it as needed, or back it with ghost bonds purchased with more printed money and then say you digitalize it... it still has inflation as an issue, and loses wealth. That's lipstick on a pig. It can streamline slippage on transactions, true. But that's about it. The rest will always be corrupted by the representative government. Now take Bitcoin, basically an algorithm. It has different issues, but not a wealth issue. This is one reason why the IMF, China and dollar backers threaten small countries who purchase BTC. BTC is a solution to how you revalue wealth. It also decentralizes wealth, which is massively beneficial. Digitalizing fake wealth, which truly is China and printed wealth which is the dollar and its ability to sell debt does very little except looks like a national credit card.
Crypto and addresses are absolutely trackable, as seen by hackers losing the funds they are given. You're simply wrong on that count. Controllable is not in the cards, as decentralizing authority is the goal. If you think control is necessary, then who should have control? That might be your problem.
I was just summarizing what I learned in the video. I've no personal opinion on these matters one way or another. But yes, true cryptocurrency would be better than the digital Yuan proposed by the Chinese government. You can look on the blockchain to see _after the fact_ which wallets gave or received crypto, but it isn't immediately and intimately trackable the way this Yuan would be. The digital Yuan would be linked to citizen's social credit scores and could be used to track people as soon as they used it.
Thank God the digital yuan is not a cryptocurrency. Money is only money if it is backed by a state. Whether the yuan is gonna be the next global currency is entirely to do with the future economic and military power of china. If theirs is twice that of USA, yeah you bet
@@dmdale3598 China have never threatened nations due to Bitcoin, they just don't want it in their country. You are inventing things to maintain your bias against China.
I mean in China even beggars in Chinese cities have to accept mobile payments since nobody carries cash around, like no country in the world has come to that level.
@@mnm1273 Yuck, in Poland all of the shops have credit cards, mostly bus drivers don't have a terminal, don't remember last time not being able to use my card
I disagree: what does autocracy look like without bribes? Handbook for dictators discribes why autocracies have such a problem with bribes. Can you have an autocracy without it ? We'll see
there are always ways around bribes, always, don't think just cause the government takes steps to stop it it will stop bribery, for every action there is a reaction, and there will be a reaction to that as well. China has put so many limits on money leaving the country and yet thousands flow out just next door to macau where gambling takes place
@@fahimrind9714 But with the digital yuan everything you transact will be monitored. Even now the tech giants are under strict watch and scrutiny. Also don't forget the world class surveillance system that would put the final nail in the coffin about any kind of mishap happening. Just imagine if a person or government official tries to exasperate the government by say posting something on the internet.. The Government will hastily find out who it is by the already strict internet regulation.. block any means of his transacting money.. find the record of his face and address and boom next day they are with handcuffs!!! And till then he cannot transact a single time even for food and find himself in UTTER HELPLESSNESS! So it is very difficult now to even think anything of going against law and forget bribes they are a whilee apart!
Hopefully next time you talk about the upside like preventing corruption and money laundering, also talk about the possibility of being blocked by the government for anything they deem worthy. Thanks
Looking to increase your social credit? There's no so-called upside that's worth the tyranny that a government-controlled digital currency can bring, especially when said government is already abusing its powers.
@@holocene2164 The social credit as described in western media doesn't even exist, people in China never heard about it, so even if the system existed, it doesn't make sense to punish/reward people without them being aware, it's hilarious that people start spamming the same dumb propaganda that criticize other people supposedly doing like them
Digital payment are the future. Since 2016, i have been to atm probably 5-6 times in total in India. With UPI system, i feel no need for cash payment. Its still dependent on your bank account in India but i feel this is the next step.
I think this video misses the point of the digital yuan, and CBDC's in general. Overall, countries do not want physical cash. It is expensive to print, expensive to track, and it gets lost and stolen all the time. Plus people love to counterfeit. For China, which is a largely cashless society, who knows what the motivation is? Maybe they think having the first fully kitted out digital currency will be advantageous in the future. As for surveillance opportunities, I don't think that's relevant. The Chinese mainland is heavily monitored. Having an extra layer of surveillance is neither necessary nor particularly worrisome to its citizens. As for replacing the dollar, why would you want to do that? Dollar domination has become such a headache for the US. Just read a recent Lyn Alden blog to see why single-currency domination is bad for the issuer of that single currency. I think what China, and any rational country, wants is an end to the arbitrary ability of the US to sanction anybody they so please. Petro-dollar supremacy? That will end when the oil era ends, or when civilization ends. What will replace the dollar? Hopefully, a basket of currencies that can be weighted, depending on their purchasing power. Or it can be tied to gold reserves. Although, personally, I am still holding out for the weed standard.
You miss the point that China is receiving a massive amount of dollar from its trade surplus with the US, and this foreign reserve is a very bad longterm investment, because the US Feds can depreciate the dollar at a whim, which it does. In the end it means that the US buy real goods from China with their own printed money, which will be worth less and less. All China wants from the US is its technology, but now you can't even buy that, no matter how much dollar you have. So what can China do with the dollars? It is becoming a very bad deal for China, as all these dollars will just sit in a vault and loose value over time.
@@johnlockegg7095 The Chinese loan these dollars out to foreign governments for BRI. They probably have a few billion dollars lying around for burning or wallpaper, but they long ago figured this out. They also realize that this paper will lose value over time, no matter how much they get.
"It will be explained in the extended cut of this video on Nebula" Ngl, at this rate I might as well not watch these videos cause the interesting stuff is locked behind nebula lol. Go argue about the algorithm or supporting creators or whatnot, I ain't paying for Nebula. Never have, never will. Can't afford shit on a student budget.
Neither. There's tons of content creators that don't do this and simply have a Patreon. While they release some extras or videos early there, they don't go "lmao to see the full ver pay me plz". No thanks, I'll live without it.
how dare creators make money from their labour... Take a moment to think about your childish attitude. If you are butt hurt by the 10 min free documentary on youtube --stop watching it and don't make bordeline nasty/insulting comment. Remember, youtuber can read you. You say you are on a student budget, very well, but you also say "never have and never WILL". So when YOU will be paid for your labor and spend said dollars (or RMB) on sh!t, you already know you won't spend on him, ever, and you let him know. Excellent attitude.
@@seefortyoneuk5285 how dare I voice my stupid opinion. I'll put it like this cause I think I should've put way more thought into my comment beforehand but left it as is outta lazyness and butthurt. I don't think at the end of the day that the added content on nebula is worth the money (hence my insensitive comment on the extended cut being on nebula) and I express concern that polymatter may be watering down his content in order to incentivize his viewers to join the service. Now in retrospect that's a dumb thing to say on my part cause you know. The guy's got to get his fair compensation for his work. And his video quality has indeed not been compromised for the sake of nebula. It was just my opinion at the time that. Well. He was watering down his content. How much of this is backtracking and how much I am a hypocrite is for you to decide. I responded, cause I felt that I was unfair to him and intend on stating that here in this response to you. How much it'll do to rectify the damage I've presumably done I don't know. I sure as hell ain't changing the previous comment that expressed the way I did back then.
mobile payment is so convenient you don't even need a physical wallet any more, just have all your bank cards in your phone or use cashless payment apps. in my school in Singapore, you can go completely cashless around the entire campus
The digital currency being from a central government is the first step and it allows for much more transparency and liquidity, just dismissing it is kind of stupid. Anyways, the digital yuan doesn't matter now because the RMB isn't a large reserve currency but you seem to lack an understanding of what a reserve currency is or what it's purpose is. The purpose has to do with global trade and collateral, trade deficits create voids to be filled with reserve currency as "collateral", china itself holds the most USD as reserve currency at $2 trillion. China being the factory of the world exports much more than imports right now so nobody needs to hold yuan to do business with it as collateral but since pretty much everyone has more exports than imports with the US, the flow of money out of the US into reserves creates these banks of reserves. The currency used in the reserves need to be stable and accepted by both parties which is why the USD is used the most. It all depends on how much China's imports/export will shift in the next 10/20 years. The answer is likely their middle class consumers will grow and thus China will import more goods. Countries primarily exporting to China would not need to reserve USD if that is the case and as their GDPs grow, it will slowly erode the USD dominance. Looking at this like this video is like saying a hurricane doesn't matter cause the 10mph wind outside right now isn't a problem. This is just another surface level 10 min video with basically no depth or nuance from you.
Actually, Brenton Woods happened before the CIA was established. Pretty much all the Allied Powers were in on it. The establishment of the US dollar as the global reserve currency is based mostly on the Brenton Woods agreement. The Cold War coups happened decades later.
4:10 "If the world were change it's mind on the dollar, the shift might happen fast" I wouldn't be surprised if the Chinese Government wrote the script for this video, if not the person who did doesn't even understand the basics of currency or economics, because there isn't a single organization or group of people that would say "hey lets change main reserve currency from the USD to RMB. It's not like you can just switch banks. Each country would have to be willing to lose upwards of 50% - 75% of the value of their USD because the Forex works just like the stock market. If all those countries start trading out of their dollars, the dollar would crash and they would lose a fortune, but the price of US exports would greatly go down and US manufacturing would take off. That's why I question who wrote this script. In fact, it took nearly 40 years of world events including 2 world wars, the creation of the Federal Reserve in 1914 and the Anglo-American Loan to the UK before the world started to shift from the Pound to the Dollar. And that was because Europe was broke from the war, the UK agreed to let gold be sold in dollars in the London market in the loan agreement, the The Marshall Plan that sent money in USD to European nations to rebuild and the fact US Reserve allowed nations to exchange US Currency directly for Gold.
I've noticed that many of polymatter's videos lately have been becoming less critical of the CCP... Considering how many youtubers, even those previously critical of the CCP, have been offered large sums of money to make videos like this, I wouldn't be surprized.
Tell me more, please. Have you been in China and had to use this system yourself, or have your simply read about it. (I haven't done either, which is why I want to know).
@@jeffbenton6183 yes, you don't really have to go to china to use it but they will basically restrict your use of it like mainlanders CAN use it as you are a foreigner outside of china (if this was a western co people would be rightfully labelling it as racist). But more to the point: bank cards don't need a UI to get to the part where you actually pay, you just pay and wechat's UI is terrible, the app is never meaningfully updated, no meaningful feature sets have been added even their in app emoticons are >10years old. Alipay is just a clone more or less & nobody checks it for messages. The app design philosphy seems to want to override your phone's OS meaning that they want you to spend all your time in the app and cram a bunch of feature sets in it, this contributes to the aforementioned UI problem. Cards don't need battery life or mobile connection, only on the vendor's end reducing points of failure, lag in payment processing, and stress on the payers end. Most clerks and small businesses in china have no idea how to process card transactions or want to deal with cash. Tap feature on cards does everything the QR does including the one arguable end where you could say cellphones are superior "wear & lifespan" of cellphone vs card but in china when you need to replace your bank card its far more grief than in western countries, especially if you are used to the ease of doing it in western countries. Also for higher valued purchases you also need to use your PIN on chinese apps too but its always easier for people to hack your phone than your card and transferring money between people is easier so yah I'd argue these apps are more prone to theft. tl;dr All of this stuff was overhyped and oversold back when apps & tech were "hot", western banks didn't implement this stuff because it isnt smart.
@@blokin5039 the fact that you can't seperate wechat, alipay from the digital yuan shows me you don't know what you are talking about. I haven't mentioned the digital yuan once.
China doesn't fear private companies, no Chinese company is private, thinking so is a gross misunderstanding of how far the influence of the party actually goes in it's companies. And every foreign company that does business in China had to adhere to it's laws and whims.
@@tobiasL1991 wether or not every PRIVATE company has party members on the board is irrelevant to the overall structure of that firm. Yes, CCP has control and leverage over all domestic companies. But there is a clear distinction between the private companies there and the state run ones.
@@joela.4058 That's the thing though, that difference only exist on paper. In China there every company has and will follow whatever whims the CCP decides. If you think having a CCP boardmember is just that you are seriously wrong. Maybe look up military civilian fusion, something China excells at. This video makes it seem like the CCP fears major companies when they hold all the cards. Funny you mention Jack Ma, he's the guy who disappaered for weeks when he critized the CCP and who's company suddenly didn't get IPO permission. Claiming China has private companies is absurd, unless you define private as, private like in the West but with Chinese characteristics.
That's why so many youtube channels are obsessed with China over the last years because it gives views but everywhere is pollutated with propaganda and wishful thinking
If you have Nebula, watch the extended version of this video over there. If not, why not? It's just $15/year and also comes with CuriosityStream - making it the best deal in streaming. curiositystream.com/polymatter
Liar. The extended version on Nebula is only a minute longer.
$15/yr vs free. Hmm... let me think.
Subscribed to Nebula using your link about 2 months ago and not regretted, especially with each time more adverts on youtube. Just one thing: is there any way in Nebula to block channels I don't want to see there?
Cab you urge Curiositystream to accept PayPal?
I don’t have a credit card (you don’t need one in the Netherlands).
I really wish you'd mention the extended version at the top of the video.
I live in an area where there is no unlimited broadband to the house so I burn 25% of the video worth of data before I leave RUclips and go to Nebula.
I don't find it on Nebula first because, A) the Nebula interface is inferior, B) I just roll into this content from videos like Seth Meyers & Colbert which aren't on Nebula.
We all know zimbabwe dollar will take over
Everyone can be a trillionaire
Lool 🇿🇼
Z-pay does have a nice ring to it. I think they should go for it.
Do you know what rapper 50-cent is called in zimbabwe ?
@@joonas9976 I know it's 50 million dollars
Next video on Wendover Productions:
The Logistics of China’s Digital Currency
I don't get what you are saying? Has wendover production copied polymatter in the past?
😂😂lol.
@@holup977 narr it's just a stale old joke about Wendover doing logistics videos.
Meanwhile at Real Life Lore: How much will a Toyota Corolla cost in Chinese digital currency?
With the way the US is printing money and debasing the currency, the US dollar is going down the route of the now worthless Roman sesterces, the Byzantine hyperpyrron, the Spanish dollar and the German Weimar Deutschemark
The puppet for the Netflix profile was a nice touch.
I understand Xi's Winnie the Pooh and Carrie's Puppet, I can't understand the Ho's one... Anyone can help?
@@yenawirahma1597 Same question!
I thought the Pooh one was hilarious
@@yenawirahma1597 idk
@@yenawirahma1597 A gambling chip possibly? That would make sense if it is Stanley Ho that they are referring to.
"The world chooses the dollar because of its stability, liquidity, and transparency."
So like ice?
China is fire, it burns you.
I knew those mf penguins were evading taxes
The fun thing is, the dollar is the opposite of stable and transparent.
@@LauritzenLucas Fire is also the source of all live. But what was the point of the original comment. Pentagon bot.
@dekaaizer Everything changed when the fire nation attacked
Imagine the solution to money was making it not real and giving it an expiration date.
In China, even your house has an expiration date. (70 years)
@@DZ477 it isn't even that it expires, a homeowner in China doesn't really own their home. The cost of buying the home is just someone renting it from the ccp
@@DZ477 you can renew for a cheap price
@@DZ477 Well that's the same in a lot of countries, in the UK flats usually will have leaseholds that last around 50-100 years
@@DZ477 technically no but practically yes, your house doesn't have an expiration date, it's the land beneth it, in another word, you own the house but you rent the land. So fun fact, if you move your house off the original land it occupies, even right next to the original land, as long as it's not claimed by anyone, you just got yourself another 70 years free, I've actually heard story like this happened some where in some remote countryside; but for most people it's impossible, so practically yes.
If fiat currency is only worth what the government says it is, then digital fiat currency is only worth what the government says it is to you. Fiat currency with a built in off switch. Make the government mad? Goodbye savings.
USD can still be individually spent without anyone's permission.
This is so true. They can wipe off your whole family fortune with a click of a button. Who's to say they won't do it? They make people disappear with no fair justification...
@@mangbecak1 They can't do it because fiat currency operates off trust. If they do it for one person, the entire world will lose faith in the USD and it becomes useless. Fiat currency is backed by the US Government, but it's worth what all of America, and all of the world, think it is.
@@rishabhlenka4505 Right, and despite what other people might think, other countries do have a say in who gets embargoed from using the dollar. It's not some arbitrary decision, you have to give the government a good reason to do it, and it also goes through our allies. Really the worry that somehow magically one day that your bank is going to call you and say they're never going to give you service again is a non factor, absolutely ludicrous levels of paranoia (unless you're in international criminal that is).
@@rishabhlenka4505 who's t say China won't do it for one person? They already incarcerate you for mocking the anthem...
They already have social credit scores, who's to say they won't make new rules?
@@mangbecak1 I was speaking more on general terms with governments around the world. China and countries like it are probably screwed.
9:27 Hold up is that train going *though* a building? That seems both extremely cool and extremely dangerous
china has some weird places. cool though
Thats real,its in Chongqing in central China
Maybe not dangerous but inconvenient for sure. Imagine you sleep and a train passes 2 meters from you albeit behind a wall
There's a highway that passes through the middle of a high-rise apartment building in Japan.
We’ve got one in New Delhi as well
TLDR: Hell nha
The Venezuelan bolivar will dominate the financial world through sheer quantity alone. Invest in it now!!!
@@philipmolina1114 Now invest in Zimbabwean dollars.
@@thesmuggest6680the trillion dollar bill 💰
Corruption can never be taken out of the system, it just takes different form .
Theoretically it can be
@@rodrozil6544 If you remove humans from the equation, definitely
I expect criminals in China to adopt the bling standard then, buy gold jewellery and use that as currency between themselves with only a fraction being converted to digital currency by selling it when needed.
Who's gonna accept the gold? They've to convert it into cash at some point with digital currency it's impossible and no one's gonna take your gold since they can't convert it either
@@rupeshtashildar selling gold is not illegal that's the whole point of money laundering, to make your income look legitimate
@@rupeshtashildar People will always accept gold, but it's inherent disadvantages (heavy, hard to break into precise pieces) are what lead to the adoption of paper currencies in the first place.
@@rupeshtashildar Cash for gold places exist everywhere since Chinese people buy jewellery in the good times and sell in the bad times too.
@@Ushio01 when you have gold higher than your official income you'll be caught.
I live in China, the digital yuan was launched a few weeks ago and chinese citizens can already put money into it. it's a bit confusing to set up though and not a ton of people are using it or care, at least for now
Genuine question: will they lower your credit score if they read this?
Sounds about right. That’s how it is for al initial start ups
@@holup977 and i can confirm this is not a genuine question. The end.
@@JR-vc4gm what ?
"at least for now" that's what happens when something is new, people tend not to use it. Just give it say 5 years.
I saw no difference from the beginning, only more surveillance.
And control. It's easy to ban a person from participating in a digital transaction, but less easy from a physical one.
There is actually a lot of differences
Poor people in China, they’ll continue to suffer even more. No one will use their currency that makes people suffer the CCP.
@@LeoN-wc9od suffering in terms of job economy infrastructure transportation education health science technology all?
@@LeoN-wc9od Poor People in China and other countries would still suffer because some govt can destroy their economy and decrease their wealth by just making their money printing machine go burrr.
"If this sounds revolutionary.."
*One solar flare would like to know your location*
I forgot those existed, but China would go into chaos as everyone would lose their money ... we should let them transition to digital...
Mobile payments are also the norm in Sweden.
Well not the norm but growing very fast here in India too.
Somaliland is way ahead of you two.
@@anshchaudhary9193 it most certainly isn't lol
People thought it would grow after demonetization forced everyone but nope
Swish is standard. I think it's a great system in Sweden. Taxes high af though.
@@l1mbo69 i think it is growing really fast cause i see many people nowadays using it in malls to even smaller shops
The digital yuan can't even replace the regular yuan
It's not meant to replace regular yuan.
@@JR-vc4gm He meant that since it can't replace regular yuan, it can't replace the us dollar too
Since almost everyone in China uses their phone to pay, I think the government could just switch it and no one would even notice.
it's China, they could forced it if they want too
What are you talking, almost every Chinese citizen using digital yuan
You guys should upload the audio of your videos on spotify, i would like to listen to these.
Yeah, even without the graphics. I often turn youtube videos into MP3s and listen them throughout the day.
only the early ones will remember the title being Will the Digital Yuan Replace the US Dollar?
Well, thanks to you, even us slowpokes remember.
Yeah i remember that
when you share the link via another app, it still shows up with the original title in the thumbnail haha
What's the difference between this and a state-run payment processor?
Nothing.
Greater monetary controls at the individual level.
@@cz4590 If you take governments at their word, sure.
@@cz4590 yeah. No shit that's what he said in the video. He made a video on your point of 'no one carrying wallets' and such, how u skipped credit cards in another video, went into great detail....he loves Chinese governments' way of doing things, how unique it is and probably knows more than u or me.
.
And please, china does want to replace the USD. Even EU would drool over such a dream.
swift
"There will be nowhere for corrupt politicians to hide"
Allow me to press X, repeatedly.
"there will be nowhere for corrupt enemies of the ruling party to hide" is more accurate
A purely electronic form of cash bound to one of the most authoritarian government on the planet. What could go wrong?
Absolutely nothing.
🔥 This is fine. 🔥
More human rights abuses from Dictators in other parts of the world. As China mines their own business. Less freeing of money. So basically money can flow around the world more smoothly with less ethics involved! Carrie Lamb will finally get a bank account as well!!!
Silly, corruption can be done offshore without going through the local system, or other form of corruption can happen gold, diamond, high end branded products, etc.
They're trying to ban the hard currency in general. So all those people who had been laundering money can't convert that paper into currency, making it into toilet paper. More ways for the government to track everyone's movements and purchases. They're terrified of an uprising.
@@DroneStrike1776 that never works actually. See demonitisation India 2018. They tried and burned the economy
You aren't going to bribe a traffic cop with that. High-level corruption is not a target for the CCP because it is the purpose of the CCP
Okay, but trading in gold, diamond or high-end branded products is far less stable and far more difficult; what if someone doesn't accept diamonds? What if they do, but you can't get your hands on some?
Cash is much easier for criminals, so by effectively replacing cash by mobile banking, they *are* making crime much, much more difficult.
@@imperialofficer6185 Another guy who thinks that only a few guys are in the Chinese government while it actually has close to 100 million members
We have a very similar system in our county and honestly mobile banking is like having an ATM card and a bank Account without having one. Though it is not a fix for all financial transactions it's like cash app but with legit banking features.
So basically we get from bad to worse.
What?
We will if the west will follow the example.
Yes, as the US will inevitably also introduce a CBDC. Crypto would be a reversal of this though. Look up Balaji Srinivasan on Tim Feriss' podcast.
@@Dawid-kn6mv the EU will have the digital euro very soon, it's already been announced
@@alezar2035 EU is decaing anyway so it's not worry for the long term.
Everyone in the chat: Yeah cash is king!
Everyone in the chat in real life: Debit please!
Convenience aside, cash is dirty af, and we're in a pandemic, i ain't touching a piece of paper that *_might have_* been used as a tissue replacement during its lifetime. Germs like viruses or bacterias can survive on it longer than any other surfaces after all.
The point here is, we have a choice. You can choose to do daily transactions with the most convenient system, but also do certain transactions (or save) in cash
Either way, at the end of the day, it's cash. Your crypto, your bonds, your gold, etc., it all comes back to cash.
@@mekichiew8282 Wash your hands. Duh, you should do it often, even without the pandemic. I wash my hands before I eat. I sanitize it when I touch something when I get back to my car and have alcohol wipes just to wipe my phone. I've been using hand sanitizers way before for this pandemic. Always had a bottle and alcohol wipes in my car.
Bruh, we all know crypto is the future
The Xi reference with the Winnie the Pooh is hilariously good
Digital Yuan support dual-offline transfer, which means you don't need internet, just a device which can hold the Digital Yuan and communicate with other machine.
It also supports social credit score when you misbehave your loose all your money
@@bestintentions6089 oh yeah tell me about it
@@Clarity520 prison money 😆
@@bestintentions6089 True, but any central bank digital currency will have that same feature. In the US, I forsee the IRS calculating your taxes and pulling your "payment" directly from your wallet. Refunds will be ancient history.
@@bestintentions6089 contrary to your name, you sound like a horrible person
Interesting system: clickbait thumbnail, honest title.
Wasn’t really clickbait, it was a question he took a legitimate look at during the video.
You forgot to mention that there is term "Petrodollar" Which means that oil exchange officially is only done in Dollars. That is one of the biggest drives behind Dollar
That's part of it, but the US Dollar became a universal reserve currency because the US basically had everyone's money and gold after two world wars.
1:20 Nice touch with the Netflix profile selection and puppet avatar for Lam
One interesting fact one would ignore easily--the transaction of digital yuan, unlike wechat pay or ali pay, does not require internet. It utilize NFC technology and if they design the digital wallet well transction could function even when you phone is powered off.
i guess you mean out of coverage, nfcs don't work without power, also they are only possible to make Payment if the recipient is in feasible distance.
@@pranavpatil1362 Yes thanks for clearification. For NFC I guess what I really meant was it could function just like your bus card, which could work when the giver is not powered, but the reviever has to have power. But yes, neither of them needs Internet coverage.
Why do people keep thinking that China will be like the US ?
Cause they’ve made it clear they want to ?
Many people in thr western world trying to side with china are trying to bet that china will liberalise and democratize. I dont see how that bet is at all sane l,considering the exact oposite is happening. But its thier bet I suppose.
@@Paradox1012 I think some
People just want the US to be toppled for a verity of reasons
I’m
Not Western myself but even I can see China with the power and reach of the US would be a lot less charitable than the US which itself is pretty much selfish as fuck and self serving, but at least feels guilty for its crimes. China hasn’t straight up recognized any wrong doing it has ever done. That level of self serving arrogance backed up by Chinese history is almost unique in scope. I don’t know about others but I for one would not wish for their dominance over the system of global power which they have made clear they intend to do.
@@Paradox1012 I doubt most people believe China will become democratic. Most people who I see defend China, don't preach about democracy or claim it will be democratic.
Some people (including myself) prefer a multipolar world rather than a world dominated by a single country.
@@captaindak5119 see that's what i thought, my uncle is a fan of Elon musk and I asked him why he would even invest in china if China is just going to take and repurpose all of his technology and product. and he said he and other billionaires are betting china will become liberalised. we both mostly agreed that it's a pretty shity and unlikely bet,but they see the money and do it for some reason, even though they should be smarter than that.
Hi PolyMatter,
I would just like to thank you for creating such informative videos that are simple to understand.
I am only 11 and even I am enjoying you’re videos because of the 2 factors mentioned above.
Thank you ❤️
Nice Rogue Mortis Pfp
Ever heard of puberty? Child
11 and you find things like these interesting? You'll go places kid.
I wish these types of contents were around when i was 11
Youre going places kid if you like these types of videos
I’m just 3 years older than you but- It’s really nice to see younger kids be interested in topics like these, it’s good that you’re watching these kinds of educational vids, and depending on whatever career you’ll go with, these may just be of much more use than just getting the economy!
In Sweden we already have a digital currency pretty much
Digital causing problems and pretty big ones at that. Even the reality in Sweden is not quite that neat and clean cut. There are certain draw backs from a pure digital currency.
@@luisoviedo-perez2896 Yeah my father earned some money on the side to selling to Swedish tourists while we were in Thailand. All payed in cash and when we got back he practically couldn't use it because no bank wanted to accept the deposit because they couldn't track it.
@@mli3793 yep. sounds about right
⚽ SERCH ADITYA RATHORE, HE ALSO MAKES INFORMATIVE CONTENT LIKE POLYMATTER ON U-TUBE⚽
9:24 that was so satisfying to see, what a nice landscape
they probably expropriated someone's apartment before building that tunnel though
6:54
Me: Ah yes the vending machine industry
Polymatter: The government
Me:
Polymatter:
Me: oh that too...
Thx for telling me the extended version is on Nebula, BEFORE the end of the video =)
He said about it almost at the beginning are you deaf bro
@@TheRaughSand That is why I thanked him. Can you read bro :)
@@tomiadventures oh sorry I thought you meant like "right before the end of the video" especially with capslock. You should've just wrote "at the start of the video" to avoid confusion imo
I missed the English subtitles that you have on your other videos. They make your videos easier to understand.
I like that easter egg you put in with netflix icons :)
The Chinese city that is flooding ATM is out of electricity and tab water. People are buying bottled water in grocery store with cash. Digital RMB will just never be international.
That's a horrible example. If a city is flooded then credit cards won't work either, but that doesn't mean that the credit card isn't the dominant way of paying in the US or Europe...
Thanks for linking straight to the Nebula episode. So much easier to get to it from here.
From what I have know, the digital currency will help China be less dependent on SWIFT. Not to sure how it works though.
Also, I don't think it will be Chinese currency taking over US dollar but US dollar losing it's edge with so much money printing.
In the future, not one currency will dominate the world but mixture of many. Which currency will be used more will dependent on the geographical region.
The reason China is making digital currency is to get away from USD since it's not stable or reliable. The way the US makes most of its money is from taxing nations that use its currency (through inflation and sanction especially after what happened with trump). Why should anyone put up with that? China has the largest export in the world so naturally, it would like to use its own currency.
@@TMsonjakopp7006 yeah, precisely
@@TMsonjakopp7006 lol , are you an idiot??? few things you said that are idiotic , false or lack logic reasoning, but on your last point do you really think it up to China to decide which currency External market decide to pay with when importing Chinese good ??? It’s precisely because China’s economy relies massively on exports that it will never work, especially with the fact a big part of that is simply foreign companies just manufacturing their good there . Think for sec .
@@TMsonjakopp7006 The Dollar is the world's reserve currency precisely because of it's stability and reliability, at least compared to all other major currencies. While the precipitous increase in the US's M2 supply is troubling, the global banking system is still far more confident in getting their value back from dollars than they do yuan or rupees. The list of significant countries that survived the 20th century with a single, continuous government is small: the United States, the UK, Canada, Australia, New Zealand, Switzerland, and Sweden.
@@TMsonjakopp7006 The digital RMB is literally the US Dollar and SWIFT put together. The is no real good reason for countries to start using the digital RMB unless they pissed off the US, and even then they now have to make sure they don't piss off China. Unlike the US dollar however, countries that piss off China can't simply do a currency swap with other nations to continue using the RMB in trading because China would basically cut anyone off at an even more effective rate than using the Dollar. What use is your digital currency if someone basically locks your account entirely?
Countries use the US dollar because no one believes that the US will actually follow through on destroying its financial credibility for the sake of politics. You might ask, what about Cuba or Venezuela or Russia or Iran? Most countries don't act like Cuba, a relic of Cold War hatreds, or Iran, whose government supported people that attacked a US embassy. Even Russia and Venezuela are still allowed to use SWIFT, because you can't build trust in your financial system if you can freely kick people out of it because of politics.
China on the other hand has proven over and over again that they can and will punish any country for the slightest offense. Small country in Eastern Europe supports Taiwan even though said country can't really do anything about it anyway? Trade war. Japanese prime minister says some useless rocks in the middle of the ocean are Japanese territory? Trade war. South Korea uses American anti-ballistic missile defense system to protect against North Korea? Trade war.
Chinese behavior doesn't generate any trust towards internationalization of the RMB, even less than the digital RMB.
7:30 or dissidents, critics and anyone even slightly opposed to the state.
0:12 Volvo 240.
You should look into UPI . It is somewhat similar but much unique
Only people with notifications will know that the original title was "Could The Digital Yuan Replace The US Dollar?"
@I Exactly
@I I’m certain he’s anti China now
Im willing to bet this channel is funded by fg
@@user-vv7ir1pl4j Lol
@@sinoroman What?
Crypto is a massive industry. Not all crypto is targeting anonymity. 6:10 some put all of the power in the creators (central power) some are crypto games, some are defi.
When she said to the public that she keeps her money in cash after the US put sanctions on her, we all thought she was kidding.
It doesn't even quality as digital currency. It's centralized, flow tightly controlled, no free exchange. It's more of a game credit used in the game China.
Exactly. What's the point of digital money if it could be gone just by unplugging the server?
It's digital but not crypto you mean?
@@seanlee3863 not crypto. It has interesting feature such as being able to send money offline if face to face, blockchain don't work like that. Its good for controlling the chinese people, the government can take your wallet away if they see fit. The beta testing of this game credit stopped recently, likely got a hell lot of bugs. Think about the amount of resource needed to run this game for 1 billion players.
@@humorss mhm, tbh any govt can "take away your wallet" if they see fit. Try not paying your taxes for a few years and you'll have your bank account frozen so I think that's just scare mongering.
Of course there's going to be bugs and holes, that's the point of the beta testing. However I do personally believe that the main purpose of this is to build a back up against the US sanctions since US basically control the SWIFT system and digital money can bypass the SWIFT hence why this digital currency really took off when trump got in office. I doubt cash will fully disappear because that would require everyone in china to be connected to the internet and have mobile phones....I can't see that happening within a generation or two since china still have a large rural population
@@seanlee3863 Other governments are still subject to their own laws. China doesn't really have a stand alone private sector and the corruption seems rampant. No one is going to touch the digital yuan if it means being subject to the whims and vagaries of the communist party. Tesla learned that lesson the hard way with it's chinese factory.
Could you please consider putting closed captions on your videos? It would be awesome. Thanks!
1:25 XI as Winnie - HAHAH. Freaking Beautiful
As a viewer from Hong Kong, the opening is just fabulous😂😂😂
Carrie Lam just got roasted, but don't call an ambulance for her because she's an ass.
How are things in HK, now by the way? I heard that the central government passed a bunch of laws, but I haven't heard anything since.
@@jeffbenton6183 Terrible🙂. They passed a so-called national security law. But it actually is a law to suppress all opposing figures. Pro-dem people are jailed because of organising and participating in election; the famous pro-dem newspaper Apple Daily was forced to close because the gov froze their assets, and journalists were arrested; gov now requires a preliminary screening for LegCo representatives election, basically all opposing figures will br disqualified
Diu😂 Btw if any wumao arrives please ignore them lmao don’t give them any attention
@@victorcheung1162 You don't deserve to live in Hong Kong. You should come live in the US. Let's see how you like your "freedom" over here. 😂
Love your music, scenes, and your way of explaining, thanks from China
1:24 Winnie the Pooh reference 😂
I was about to comment the exact same thing!
bit un professional tbh. Image a video discussing US government but label Biden as "sleepy joe". Acceptable but unprofessional.
That 240 In the beginning of the video is disgustingly clean
9:31 That must be a very noisy apartment, with a monorail passing every 5 minutes in the upstairs floor XD. Looks cool thou
Hi
🏐 SERCH ADITYA RATHORE, HE ALSO MAKES INFORMATIVE CONTENT LIKE POLYMATTER ON U-TUBE🏐
The Pentagon will never allow the Yuan be the global currency. Mark my words.
Lol china is stocking up on gold don't care what the USA does
They rather nuke the world to oblivion than give up supremacy
@@cephalonbob15 Its frightening that this is probably true.
The CPC has vociferously reiterated time and again, there isn't any intention to replace the US$ with CNY, and they know too well it isn't even possible.
Some precious metal experts have predicted China's gold reserves to be north of 20,000 MT, these guys do track physical gold movements.
We can only guess the replacement to the US$, in the not so distant future, could be a basket of currencies & believe me, gold backed currencies will make a comeback.
The USA has taken every other nations for fools, and if you are to believe this will go on indefinitely, you must either be American or someone who doesn't care either way.
Russia will most likely launch the first State run crypto, they have been working with Vitalik (eth creator) for quite some time to develop something. Also the Western World won’t run in Chinese currency anytime soon, if the Dollar is phased out, we will probably switch to the Pound or Euro
I wouldn't be surprised if Russia also adopts the digital Yuan.
@@dirremoire they clearly have an interest in a digital currency but I see them adopting a Chinese one vs a US one. They tired of the dollar being the world currency
the brits arent what they were, and having left the EU I can confirm they can only go downwards now
the USD is already mostly digital tho, like most of them for that matters.
Apple Pay works at about everywhere now so there’s really no need to still carry a card anymore.
Thats not how it works. Digital transactions are still based off FIAT USD. Theres a difference between digital payments and a CBDC currency.
^
@@kaneworthington it’s fiat because only the US government can make it. Who makes the digital Yuan?
People are missing the point. Payment methods like Apple pay still pull money from your bank account, that's not the case with digital currency. Your money resides on your phone, not in a bank. Need to pay your rent? You send your payment directly from your phone to your landlord. No Bank necessary.
6:55 Until I watched this video, I did not know that Chinese Coca Cola has a different logo. I knew they had a Chinese spelling, but I didn't realize they formatted it into their logo too.
You should talk about swish in sweden its a completely digital paying option and it’s so interesting that other countries doesn’t have it
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why do they call it digital money if it only means exchange information of their bank account? Maybe the data is encoded or encrypted something something, but it is not that hard at all.
naming such as currency really sound like magic or something.
Digital Yuan is designed to bypass the SWIFT system so that world trade can be transacted electronically with RMB instead of US dollars. This stupid propaganda video by Americans deliberately ignores this fact and tries to brainwash ppl to still use the declining US dollars. lol
@@aburetik4866 does this change anything much except who controls the currency?
@@_lod Digital Yuan is not intended to control currency, but to replace US dollar with RMB in world trade, because it can bypass the SWIFT system controled under USA. You are brainwashed by this propoganda video by Americans that misinterprete the digital yuan.
@@aburetik4866 ok
@@aburetik4866 can you explain the problem with SWIFT?
I also felt that this video was a little weird. Like it was telling me what I should be thinking rather than explaining it.
Would be interesting to see you do a video on whether or not SDR's have potential as a replacement for the dollar.
What is that?
The same thing is already there India. It's UPI. Mobile payments is huge here. Everybody pays electricity bill/phone bill/credit cards through mobile payment UPI apps.
@3:05 the US dollar was set as the default currency after WWII to help stabilise the world's economies overall.
WAIT, so Digi Yuan all run through the China central bank? why would anyone outside of China use it? Does it work without a connection to the Bank?
For the same reason someone would use the dollar
1: Through the bank's payment network. Essentially, it's like if you could get a chequing account at the Federal Reserve.
2: For the same reason people use Mastercards, Visas, and AMEXs outside of the US.
3: There might be an offline system for it, but I'm unaware of any details.
also if CCP don't like your internet comments, they could delete your money.
@@den-iq1cv Just like USA when your country gets unauthorized economic ideas.
@@dekaaizer2550 no offense but despite me not trusting any government. I trust the US with my money more so than China.
Coming from a Nebula subscriber: Nebula sucks, please stop making me use two separate platforms.
Honest question, what makes nebula sucks? How does it compare to, for example Floatplane?
And how's CuriosityStream?
@@skysunknownheroes To be honest Nebula isn't the problem. The problem in my opinion is creators using both platforms. Lately I've just stopped watching channels where I have to go to Nebula for the full story.
@@mynameismud08 yeah it's kinda annoying sometimes, why even post on RUclips, or just label their videos "PV" or "Preview"
I'd love to subscribe as a paying customer of Nebula but one thing stops me: all Nebula content creators will get a fraction of my money, instead of only the videos I watch getting my money. That's a dealbreaker for me, because there are certain Nebula creators who I despise
Kenya has M-Pesa which is the oldest mobile money transaction system in the world, but a lot of banks fear it and keep away (how DARE a private telecommunications company threaten our power!) but it's used so much (partly because it can work on both feature phones and smartphones, giving it incredible reach to everyone) that I haven't seen physical money in a long time, everyone accepts it, including the government (again, excluding the aforementioned banks).
The only thing is that there is a discussion of splitting M-Pesa from the company who owns it, as said company already has dominant market position in telecom, it doesn't need one in mobile money either (there are competitors to M-Pesa, but an agreement was reached to allow cross-platform transfer)
M-Psa is just a mobile transaction app, it still uses your currency. IT is not digital currency.
9:23 I like seeing this train going in smoothly through those buildings.
If a digital currency takes over physical currency than the net effect would be back to silver and gold for a black market currency.
At 4:50
In India we already have such system in place. It's called UPI. Indian fin-tech companies are on par with China's.
I used to think fintech referred to Finnish technology, lol
Not par better
You can't name a better love hate relationship than polymatter and china
Thank you for this new video! So the key points:
- The digital Yuan is not cryptocurrency. It's almost the opposite, since it's designed to be trackable and controllable.
- The renminbi can't be a truly "international" currency (that is a true competitor to the USD, bought and sold without hesitation all around the world) until the Chinese government removes capital controls and lets the currency's exchange rate "float" freely.
It's that last point that interests me the most, as an ordinary person and non-economist. I'm curious how the Chinese government controls the value of its currency.
If you print your value, say a fiat currency, and print it as needed, or back it with ghost bonds purchased with more printed money and then say you digitalize it... it still has inflation as an issue, and loses wealth. That's lipstick on a pig. It can streamline slippage on transactions, true. But that's about it. The rest will always be corrupted by the representative government. Now take Bitcoin, basically an algorithm. It has different issues, but not a wealth issue. This is one reason why the IMF, China and dollar backers threaten small countries who purchase BTC. BTC is a solution to how you revalue wealth. It also decentralizes wealth, which is massively beneficial. Digitalizing fake wealth, which truly is China and printed wealth which is the dollar and its ability to sell debt does very little except looks like a national credit card.
Crypto and addresses are absolutely trackable, as seen by hackers losing the funds they are given. You're simply wrong on that count. Controllable is not in the cards, as decentralizing authority is the goal. If you think control is necessary, then who should have control? That might be your problem.
I was just summarizing what I learned in the video. I've no personal opinion on these matters one way or another.
But yes, true cryptocurrency would be better than the digital Yuan proposed by the Chinese government. You can look on the blockchain to see _after the fact_ which wallets gave or received crypto, but it isn't immediately and intimately trackable the way this Yuan would be. The digital Yuan would be linked to citizen's social credit scores and could be used to track people as soon as they used it.
Thank God the digital yuan is not a cryptocurrency.
Money is only money if it is backed by a state. Whether the yuan is gonna be the next global currency is entirely to do with the future economic and military power of china. If theirs is twice that of USA, yeah you bet
@@dmdale3598 China have never threatened nations due to Bitcoin, they just don't want it in their country. You are inventing things to maintain your bias against China.
So basically is like a cash but uses your phone as a wallet. We have that here in Somaliland. I reckon it's way ahead of the Chinese one.
Yes like it was the story with chinas rise: Its easier to build something new, then replace existing systems
@@blokin5039 no it doesn't. The video clearly said it.
@@AO00720 Damn, did the Chinese stole your tech? Isn't there just anything they don't copy?
@@blokin5039 blockchain in which block means to deter someone from using his money since they criticize the gov
I wonder if George Orwell's book '1984' is very well known in China O.o
Guess what, it is, and also freely available.
It may surprise you, but by and large the people of China are quite happy.
@@dirremoire Just like the people of Japan and Germany in 1939. Not so much in 1945. Dictator Xi controls the information
@@dirremoire I dunno man, how can you say this?
@@foodeater1236 One reason is that Chinese citizens are free to travel abroad, and I don't see any defecting.
We use mobile payments in EU, it's nothing new and it's norm
It is not the main means of outdoor shopping at least in the cities I have lived in in France
We use it in Norway, no cash
France is dominated by credit card and Germany still heavily relies on cash. In China, the adoption rate is pretty close to a 100%
I mean in China even beggars in Chinese cities have to accept mobile payments since nobody carries cash around, like no country in the world has come to that level.
@@mnm1273 Yuck, in Poland all of the shops have credit cards, mostly bus drivers don't have a terminal, don't remember last time not being able to use my card
I disagree: what does autocracy look like without bribes? Handbook for dictators discribes why autocracies have such a problem with bribes. Can you have an autocracy without it ? We'll see
Good point
there are always ways around bribes, always, don't think just cause the government takes steps to stop it it will stop bribery, for every action there is a reaction, and there will be a reaction to that as well. China has put so many limits on money leaving the country and yet thousands flow out just next door to macau where gambling takes place
They will find alternate currency to bribe with.
@@fahimrind9714 But with the digital yuan everything you transact will be monitored. Even now the tech giants are under strict watch and scrutiny. Also don't forget the world class surveillance system that would put the final nail in the coffin about any kind of mishap happening.
Just imagine if a person or government official tries to exasperate the government by say posting something on the internet..
The Government will hastily find out who it is by the already strict internet regulation.. block any means of his transacting money.. find the record of his face and address and boom next day they are with handcuffs!!!
And till then he cannot transact a single time even for food and find himself in UTTER HELPLESSNESS!
So it is very difficult now to even think anything of going against law and forget bribes they are a whilee apart!
China doesn't have a big problem with bribes. India is by far the most corrupt in that regard.
I dont think the digital yuan will end the us dollar, digital robux will
09:30 that's the iconic line 2 of the Chongqing Rail Transit subway line going thru an apartment building. Chongqing Jiangbei area
Hopefully next time you talk about the upside like preventing corruption and money laundering, also talk about the possibility of being blocked by the government for anything they deem worthy. Thanks
Looking to increase your social credit? There's no so-called upside that's worth the tyranny that a government-controlled digital currency can bring, especially when said government is already abusing its powers.
@@holocene2164 The social credit as described in western media doesn't even exist, people in China never heard about it, so even if the system existed, it doesn't make sense to punish/reward people without them being aware, it's hilarious that people start spamming the same dumb propaganda that criticize other people supposedly doing like them
That's the number one threat people need to think about.
“They’re will be nowhere for corrupt politicians to hide” sure lol
Digital payment are the future. Since 2016, i have been to atm probably 5-6 times in total in India. With UPI system, i feel no need for cash payment.
Its still dependent on your bank account in India but i feel this is the next step.
I think this video misses the point of the digital yuan, and CBDC's in general. Overall, countries do not want physical cash. It is expensive to print, expensive to track, and it gets lost and stolen all the time. Plus people love to counterfeit. For China, which is a largely cashless society, who knows what the motivation is? Maybe they think having the first fully kitted out digital currency will be advantageous in the future. As for surveillance opportunities, I don't think that's relevant. The Chinese mainland is heavily monitored. Having an extra layer of surveillance is neither necessary nor particularly worrisome to its citizens.
As for replacing the dollar, why would you want to do that? Dollar domination has become such a headache for the US. Just read a recent Lyn Alden blog to see why single-currency domination is bad for the issuer of that single currency.
I think what China, and any rational country, wants is an end to the arbitrary ability of the US to sanction anybody they so please. Petro-dollar supremacy? That will end when the oil era ends, or when civilization ends. What will replace the dollar? Hopefully, a basket of currencies that can be weighted, depending on their purchasing power. Or it can be tied to gold reserves. Although, personally, I am still holding out for the weed standard.
gold back had its own limitation, which is why the US went away from it. Each has pros and cons.
Surely the digital Yuan doesn't matter much in term of surveillence, but I must point out that non-Chinese citizens wouldn't want that risk entailed.
That's what u was seeing there is more bashing than acctual explanation.
China breathes
West = this is warning of nuclear war
You miss the point that China is receiving a massive amount of dollar from its trade surplus with the US, and this foreign reserve is a very bad longterm investment, because the US Feds can depreciate the dollar at a whim, which it does. In the end it means that the US buy real goods from China with their own printed money, which will be worth less and less. All China wants from the US is its technology, but now you can't even buy that, no matter how much dollar you have. So what can China do with the dollars? It is becoming a very bad deal for China, as all these dollars will just sit in a vault and loose value over time.
@@johnlockegg7095 The Chinese loan these dollars out to foreign governments for BRI. They probably have a few billion dollars lying around for burning or wallpaper, but they long ago figured this out. They also realize that this paper will lose value over time, no matter how much they get.
"It will be explained in the extended cut of this video on Nebula"
Ngl, at this rate I might as well not watch these videos cause the interesting stuff is locked behind nebula lol. Go argue about the algorithm or supporting creators or whatnot, I ain't paying for Nebula. Never have, never will. Can't afford shit on a student budget.
Neither. There's tons of content creators that don't do this and simply have a Patreon. While they release some extras or videos early there, they don't go "lmao to see the full ver pay me plz". No thanks, I'll live without it.
how dare creators make money from their labour... Take a moment to think about your childish attitude. If you are butt hurt by the 10 min free documentary on youtube --stop watching it and don't make bordeline nasty/insulting comment. Remember, youtuber can read you. You say you are on a student budget, very well, but you also say "never have and never WILL". So when YOU will be paid for your labor and spend said dollars (or RMB) on sh!t, you already know you won't spend on him, ever, and you let him know. Excellent attitude.
@@seefortyoneuk5285 how dare I voice my stupid opinion.
I'll put it like this cause I think I should've put way more thought into my comment beforehand but left it as is outta lazyness and butthurt.
I don't think at the end of the day that the added content on nebula is worth the money (hence my insensitive comment on the extended cut being on nebula) and I express concern that polymatter may be watering down his content in order to incentivize his viewers to join the service.
Now in retrospect that's a dumb thing to say on my part cause you know. The guy's got to get his fair compensation for his work. And his video quality has indeed not been compromised for the sake of nebula. It was just my opinion at the time that. Well. He was watering down his content.
How much of this is backtracking and how much I am a hypocrite is for you to decide. I responded, cause I felt that I was unfair to him and intend on stating that here in this response to you.
How much it'll do to rectify the damage I've presumably done I don't know. I sure as hell ain't changing the previous comment that expressed the way I did back then.
mobile payment is so convenient you don't even need a physical wallet any more, just have all your bank cards in your phone or use cashless payment apps. in my school in Singapore, you can go completely cashless around the entire campus
The digital currency being from a central government is the first step and it allows for much more transparency and liquidity, just dismissing it is kind of stupid. Anyways, the digital yuan doesn't matter now because the RMB isn't a large reserve currency but you seem to lack an understanding of what a reserve currency is or what it's purpose is. The purpose has to do with global trade and collateral, trade deficits create voids to be filled with reserve currency as "collateral", china itself holds the most USD as reserve currency at $2 trillion. China being the factory of the world exports much more than imports right now so nobody needs to hold yuan to do business with it as collateral but since pretty much everyone has more exports than imports with the US, the flow of money out of the US into reserves creates these banks of reserves. The currency used in the reserves need to be stable and accepted by both parties which is why the USD is used the most.
It all depends on how much China's imports/export will shift in the next 10/20 years. The answer is likely their middle class consumers will grow and thus China will import more goods. Countries primarily exporting to China would not need to reserve USD if that is the case and as their GDPs grow, it will slowly erode the USD dominance. Looking at this like this video is like saying a hurricane doesn't matter cause the 10mph wind outside right now isn't a problem.
This is just another surface level 10 min video with basically no depth or nuance from you.
The world also chose the dollar because if refusing meant that you might find yourself on the wrong end of a coup.
Funny use of the word "chose"
*Involuntarily chose
Actually, Brenton Woods happened before the CIA was established. Pretty much all the Allied Powers were in on it. The establishment of the US dollar as the global reserve currency is based mostly on the Brenton Woods agreement.
The Cold War coups happened decades later.
That sounds very familiar...
4:10 "If the world were change it's mind on the dollar, the shift might happen fast"
I wouldn't be surprised if the Chinese Government wrote the script for this video, if not the person who did doesn't even understand the basics of currency or economics, because there isn't a single organization or group of people that would say "hey lets change main reserve currency from the USD to RMB. It's not like you can just switch banks. Each country would have to be willing to lose upwards of 50% - 75% of the value of their USD because the Forex works just like the stock market. If all those countries start trading out of their dollars, the dollar would crash and they would lose a fortune, but the price of US exports would greatly go down and US manufacturing would take off. That's why I question who wrote this script.
In fact, it took nearly 40 years of world events including 2 world wars, the creation of the Federal Reserve in 1914 and the Anglo-American Loan to the UK before the world started to shift from the Pound to the Dollar. And that was because Europe was broke from the war, the UK agreed to let gold be sold in dollars in the London market in the loan agreement, the The Marshall Plan that sent money in USD to European nations to rebuild and the fact US Reserve allowed nations to exchange US Currency directly for Gold.
I've noticed that many of polymatter's videos lately have been becoming less critical of the CCP... Considering how many youtubers, even those previously critical of the CCP, have been offered large sums of money to make videos like this, I wouldn't be surprized.
They might be "lightyears ahead" but I certainly don't want to "catch up" as the experience paying with it is worse than cards and less secure.
Tell me more, please.
Have you been in China and had to use this system yourself, or have your simply read about it. (I haven't done either, which is why I want to know).
@@jeffbenton6183 yes, you don't really have to go to china to use it but they will basically restrict your use of it like mainlanders CAN use it as you are a foreigner outside of china (if this was a western co people would be rightfully labelling it as racist).
But more to the point: bank cards don't need a UI to get to the part where you actually pay, you just pay and wechat's UI is terrible, the app is never meaningfully updated, no meaningful feature sets have been added even their in app emoticons are >10years old. Alipay is just a clone more or less & nobody checks it for messages. The app design philosphy seems to want to override your phone's OS meaning that they want you to spend all your time in the app and cram a bunch of feature sets in it, this contributes to the aforementioned UI problem.
Cards don't need battery life or mobile connection, only on the vendor's end reducing points of failure, lag in payment processing, and stress on the payers end. Most clerks and small businesses in china have no idea how to process card transactions or want to deal with cash. Tap feature on cards does everything the QR does including the one arguable end where you could say cellphones are superior "wear & lifespan" of cellphone vs card but in china when you need to replace your bank card its far more grief than in western countries, especially if you are used to the ease of doing it in western countries. Also for higher valued purchases you also need to use your PIN on chinese apps too but its always easier for people to hack your phone than your card and transferring money between people is easier so yah I'd argue these apps are more prone to theft.
tl;dr All of this stuff was overhyped and oversold back when apps & tech were "hot", western banks didn't implement this stuff because it isnt smart.
@@blokin5039 can the 🐒 set up an account, go thru the tedious verification process & send them a scan of a PRC ID card?
@@blokin5039 the fact that you can't seperate wechat, alipay from the digital yuan shows me you don't know what you are talking about. I haven't mentioned the digital yuan once.
less secure yet uses apply pay and cards? Did you know you can buy anything
China doesn't fear private companies, no Chinese company is private, thinking so is a gross misunderstanding of how far the influence of the party actually goes in it's companies. And every foreign company that does business in China had to adhere to it's laws and whims.
No Chinese company is private? That’s a bold, unsubstantiated statement
@@joela.4058 Are you just trolling? Every company has to have one member of the CCP as a boardmember.
Good luck ever trying to argue anything else.
@@tobiasL1991 wether or not every PRIVATE company has party members on the board is irrelevant to the overall structure of that firm. Yes, CCP has control and leverage over all domestic companies. But there is a clear distinction between the private companies there and the state run ones.
@@tobiasL1991 tell jack ma and all the other Chinese billionaires there’s no private companies 😂
@@joela.4058 That's the thing though, that difference only exist on paper.
In China there every company has and will follow whatever whims the CCP decides.
If you think having a CCP boardmember is just that you are seriously wrong.
Maybe look up military civilian fusion, something China excells at.
This video makes it seem like the CCP fears major companies when they hold all the cards.
Funny you mention Jack Ma, he's the guy who disappaered for weeks when he critized the CCP and who's company suddenly didn't get IPO permission.
Claiming China has private companies is absurd, unless you define private as, private like in the West but with Chinese characteristics.
"crypto" no the Chinese Yaun isn't secure it's propose is to track it's purchases of it's users (maybe he mentioned this didn't finish the video).
He covered that... if only you had more time to finish.
@@brandonhuber7490 very true brandon
Ahh thank god, PolyMatter is back! This channel is nothing without China!
That's why so many youtube channels are obsessed with China over the last years because it gives views but everywhere is pollutated with propaganda and wishful thinking
Who wants to adopt a currency that CCP can monitor every 🥈
🏈 SERCH ADITYA RATHORE, HE ALSO MAKES INFORMATIVE CONTENT LIKE POLYMATTER ON U-TUBE🏈
When in-N-out is in a city near you: sussy moogus 👄👁👄
Haha it’s called DCEP … as in DCEPtion
Excellent, excellent video. Seriously incredible stuff
stop having vital information *only* in the extended versions on nebula
Digital Currency Electronic Payment...
So it's literally called D-CEP. Like one letter from decept?
Don’t think Chinese people care for what an English acronym means, it’s not even their language
I have been watching some videos and I was thinking about investing but still don't know where to start from.