Cool. Are there other countries developing their digital currencies? If yes, which ones?
I am doing research right now....
Topic: [2017-11-05] China is developing its own digital currency - page 2. (Read 11028 times)
The Chinese government has been thinking too long over the issue of regulating crypto currency and creating its own national digital currency. I would like to see how such an experiment will take root in the country and how such a centralized crypto currency will interact with decentralized, especially taking into account the fact that the Expert Council under the government of the Russian Federation stated that it is impossible to create such a crypto currency in a single country.
I have read so much about countries developing their own cryptocurrencies but to no avail. I think these write-ups are made to shaken things up with Bitcoins especially so that the latter's value is ever increasing. Nonetheless, if this were true to China, then good for them! Maybe it will be another counterpart of Bitcoins just that I cannot swear by its longevity considering that Bitcoins have been far its own league.
If China believes that this country will help its own digital currency, let it create it. Experiments in this area are necessary. This will be an invaluable experience for other countries. However, it is necessary to take into account that the Expert Council under the Government of the Russian Federation stated that it is impossible to create such a crypto currency in a single country. Let's see what happens in China. They constantly reinvent their bicycle.
if they start them own virtual money they will help more new people to start using bitcoin because price is high and can earn fast
Forget about cash, forget about Credit/Debit Cards, forget about your very bank account!
Since govs cannot control cryptocurrencies they will go for their own altcoin. I am very curious to know what we will be doing when we will be forced to accept this "new" money.
Mr. Robot scenarios will be nothing compared: not even George Orwell could have thought about something similar. Scary and sad at the same time
Since govs cannot control cryptocurrencies they will go for their own altcoin. I am very curious to know what we will be doing when we will be forced to accept this "new" money.
Mr. Robot scenarios will be nothing compared: not even George Orwell could have thought about something similar. Scary and sad at the same time
I hate these kinds of news, most of the time they are fake or just rumors. There have been plenty of these kinds of news for a long time and I have never seen a government or an actual company (that is non-crypto and significant like Microsoft or Apple) that really developed their own cryptocurrency or blockchain technology adoption. It just baffles me why there are so many news about this but none has really come true.
I do not pay attention to such news. What will change from this news? If you create thousands more altcoins they will not be able to resist bitcoin. Who is going to trust bitcoin that produces the state. You have a lot of confidence in the Fiat? The phenomenon of bitcoin depends mainly on the fact that the state does not have any relation to it.
I hate these kinds of news, most of the time they are fake or just rumors. There have been plenty of these kinds of news for a long time and I have never seen a government or an actual company (that is non-crypto and significant like Microsoft or Apple) that really developed their own cryptocurrency or blockchain technology adoption. It just baffles me why there are so many news about this but none has really come true.
It's centralized, It's actually the same paper money but being digitally stored and transferred.
It doesn't bring anything new from the side of the government. If we look at how the digital fiat infrastructure is set up in most well developed countries, it will not make any sort of difference when they decide to launch their own digital currency (whatever that may end up being). I can walk into any store and instantly purchase whatever I want, either through my phone, or with my NFC enabled banking card. It's free, instant, comes with insurance on purchases, etc. Governments are trying to launch their own crypto currency in an attempt to distract people away from Bitcoin and such. They think that just by coming up with their own crypto currency, people will drop Bitcoin to - it's a twisted form of logic.
Paper or digital, When it is a centralized currency there is nothing new about it. They think if they issue some digital currency in form of a coin like bitcoin then it'll rise in price over %3000? 
No one can ban cryptocurrencies, How would you know which one of your citizens own any cryptocurrency? They are developing it after decades other countries had been using it? They are using digital money for years, It's just used within their own banking systems, It's centralized, It's actually the same paper money but being digitally stored and transferred.
No one can ban cryptocurrencies, How would you know which one of your citizens own any cryptocurrency? They are developing it after decades other countries had been using it? They are using digital money for years, It's just used within their own banking systems, It's centralized, It's actually the same paper money but being digitally stored and transferred.
Rumors regarding this are not new: Crypto / Blockchain is very interesting for the Chinese government because it is transparent, easy to control and while pseudonymous it is definitely not anonymous (in most cases).
China is the only place where national digital currency is going to succeed, well, maybe one of such places. We have examples already when a country use some other inside currency for business. Did you hear about Swiss WIR? I suppose China is plan to create something the similar for relationships between producers and buyers inside the country with some easy terms. If it is so that is really going to be progressive for all country.
Quote
China’s central bank is conducting research to issue the country’s own sovereign digital currency, a move in parallel with similar efforts ongoing in Russia, even as the government has doubled down on banning the use and exchange of bitcoin and other cryptocurrencies.
Digital legal tender can help bring down transaction costs, extend financial services to rural areas and increase the efficiency of monetary policies, according to Yao Qian, who leads the research at the People’s Bank of China (PBOC), the country’s central bank.
“The development of digital economy needs central bank-issued electronic currency more than ever,” Yao said during a Saturday forum in Beijing. “It’s crucial to speed up the research and issuance.”
Read about this here...
Digital legal tender can help bring down transaction costs, extend financial services to rural areas and increase the efficiency of monetary policies, according to Yao Qian, who leads the research at the People’s Bank of China (PBOC), the country’s central bank.
“The development of digital economy needs central bank-issued electronic currency more than ever,” Yao said during a Saturday forum in Beijing. “It’s crucial to speed up the research and issuance.”
Read about this here...
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