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Go Big: FCNY!


brianwalden
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6 minutes ago, brianwalden said:

Bitcoin is a bit player compared to national currencies. Let's petition to vote on adding China's digital yuan as the first F-asset after launch. All the value!

In all seriousness, is there anything that would stop that? I thought Flare doesn't even require the other network to know that it exists, right?

Edited by Seoulite
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7 minutes ago, Seoulite said:

In all serious, is there anything that would stop that? I thought Flare doesn't even require the other network to know that it exists, right?

Flare has to be able to monitor the other ledger to be able to confirm when someone sends something to an agent and vice versa. It looks like they normally want to use their state connector system which uses the other networks validators to report the state of the ledger. In this case, with the digital yuan being centralized, I would think there's an official source they could pull from without having to involve the government of China.

I think trying to stop Flare's system would be like whack-a-mole. It doesn't depend on funds being held in custody. If you take out one agent, another one will pop up if the incentives are high enough.

You probably know the Asian political situation a lot better than I do, but I would guess a CNY-pegged coin that can be instantly converted back into the official CBDC yuan as needed would interest a lot of Chinese people.

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24 minutes ago, brianwalden said:

You probably know the Asian political situation a lot better than I do, but I would guess a CNY-pegged coin that can be instantly converted back into the official CBDC yuan as needed would interest a lot of Chinese people.

They might be interested in it but I think it's fair to say that control over the economy and transactions in the country is perhaps the highest priority for the Chinese government. If this started to happen I think they would do a great deal to try and stop it. I actually think it might be more trouble than it's worth for Flare.

Edited by Seoulite
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CBDCs are going to run on private networks and only a select few private entities (too big to fail banks) will have access to those networks. 

It will be a long time before public networks like Flare are able to link to CBDCs freely. Now, it’s possible that those banks that have access to the walled garden of CBDCs also operate on public blockchains and if that’s they case, they may make it happen.

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2 hours ago, Ripley said:

CBDCs are going to run on private networks and only a select few private entities (too big to fail banks) will have access to those networks. 

It will be a long time before public networks like Flare are able to link to CBDCs freely. Now, it’s possible that those banks that have access to the walled garden of CBDCs also operate on public blockchains and if that’s they case, they may make it happen.

There goes that idea. It's interesting that currencies need to circulate to have value, but it seems like governments want to keep them out of our hands.

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