China can easily launch a coin while Facebook is having a hard time - page 2.

dark08

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Quote from: robelneo on October 29, 2019, 12:20:09 PM

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

If you looking on the both side Facebook libra have faced so many enemy that the other side or goverment are afraid on what facebook libra can do if there launch its immediately.
On the other hand we cannot say that China can fully run or launch cryprocurrency but this is a good news for all crypto people.

mahibul49

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china can launch their coin easily because chinese govt announced this..facebook having hard time because libra is is a threat to US dollar and US govt is in opposite of libra.

deadsilent

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Because Facebook Libra have so many enemies. Most of them are on government. What is more likely to happen? Majority of partners of Libra have gone because they don't wanna risk their business. The Libra development was stucked and still on debate. That's the problem when government interferes. I think Libra is impossible to launch for now. While China creates its new cryptocurrency just like that. Because it is supported by the government. The cryptocurrency will launch anytime on 2020.

samcrypto

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Quote from: spadormie on October 31, 2019, 12:30:22 PM

China is opportunist and I think what you're saying is really possible. But, you also need to consider the power of SEC. Do you think that they will just let this one out? Or do you think that they confront China for this? I think the first option could be the most likely to happen thing.

SEC under the government of China can easily approve that coin but since Libra coin is a company that US hates the most I think, they will have a hard time to make public their coins and idea. US are showing his power to control their people as well, maybe for their own interest while China wants to take advantage the growing market of blockchain technology for them to survive and be ahead to other nations.

Lagduf

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Quote from: danherbias07 on October 31, 2019, 11:45:48 AM

Libra is different, it will be used worldwide specially facebook can be used everywhere. That is how it will work. The same with Facebook.
Their real problem though is they need to abide by the rules of their origin country which is United States and their president oppose in crypto currencies.
So that will always be a no go.

The government are afraid that Libra could potentially become their own enemy if it goes popular, when so many people uses Libra facebook will have control over economy and Facebook is a corporation therefore letting them having control over the economy is a big disaster in the eyes of Government.

Even if the US government allow the release of Libra people will still doubtful anyway because the fact that facebook is an unstrustable company.

xiboothrezi

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Quote from: JeffBrad12 on October 29, 2019, 06:14:14 PM

Not an apple to apple to compare facebook's cases to China. Even I've never heard China is going to launch their own coin anyway all that is spoken by Xi Jinping is just accelerating the use of blockchain doesn't necessarily saying that China will release their own crypto coin.
What become facebook's problem is that it is a private company trying to issue a currency by their own and could possibly challenge the dominance of USD in the US and worlds. ofcourse the government wil try all they can to stop such a thing from happening they want an absolute control over literally everything.

You are right, it is not comparable when comparing the two. Because both are also backed up by institutions that are completely different, the effect is certainly not the same in the eyes of the world. Who can oppose government policy? that is the right and sovereignty of that country. While Facebook, even though it has a giant community, it lacks as much support as the government's dominance.
Well, it looks like you have to read again about China plans to release cryptocurrency.

Arkann

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Quote from: crazy-pilot on October 31, 2019, 02:23:45 PM

In my opinion, these coins cannot be compared with each other. How can we compare China's digital money and the Facebook global ecosystem? Who can forbid a country to make its own coin?

You are absolutely right, because these are cardinally two different cases. In addition, the national currency in the cryptocurrency equivalent can in no way harm other countries that are very actively opposing the creation of cryptocurrencies such as Libra. Creating your own national cryptocurrency is a personal matter for every country.

crazy-pilot

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In my opinion, these coins cannot be compared with each other. How can we compare China's digital money and the Facebook global ecosystem? Who can forbid a country to make its own coin?

coin-investor

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Quote from: alyssa85 on October 31, 2019, 11:50:25 AM

Quote from: pgbit on October 30, 2019, 02:54:44 PM

This is one area where I think China has an edge over USA, while we have to admit that Libra is not owned by the USA Government and one of the reasons why they are kicking against it is that it puts too much power in the hands of an individual who isn't part of th Government, I also have to admit that if it were the USA trying to launch their own cryptocurrency, it would take them a while lot of time to think and execute it cos it has to has through many books and go through a bunch of approvals from different arms of Government before it's eventually implemented.

I don't think they have an edge at all.

How many people will trust the new Chinese coin enough to buy it and hold it? It's just another attempt for the Chinese govt to control their population - this time with a crypto that has a public ledge and identities tied to addresses so they can track all money.

Once it is traded outside of China and big exchange-listed it there, there is a possibility that people will invest in this coin, the whitepaper is not yet out they can still change their mind and opted not to be stable coin to compete with Facebook coin, but we cannot say that it will not be trusted, some people are investing in coins they don't trust, but since it gave them profit, they are ok buying and holding it.

spadormie

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China is opportunist and I think what you're saying is really possible. But, you also need to consider the power of SEC. Do you think that they will just let this one out? Or do you think that they confront China for this? I think the first option could be the most likely to happen thing.

Suharti12

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What coins will be launched by China, I have not seen that. Then, will the Chinese government system all agree if China launches Cryptocurrency coins? because this will automatically compete with the applicable Fiat Money in China ?! I think even though China is a big country, they will not be as easy as you thought when they will issue Crypto coins, there will definitely be pro and contra from various parties.

alyssa85

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Quote from: pgbit on October 30, 2019, 02:54:44 PM

This is one area where I think China has an edge over USA, while we have to admit that Libra is not owned by the USA Government and one of the reasons why they are kicking against it is that it puts too much power in the hands of an individual who isn't part of th Government, I also have to admit that if it were the USA trying to launch their own cryptocurrency, it would take them a while lot of time to think and execute it cos it has to has through many books and go through a bunch of approvals from different arms of Government before it's eventually implemented.

I don't think they have an edge at all.

How many people will trust the new Chinese coin enough to buy it and hold it? It's just another attempt for the Chinese govt to control their population - this time with a crypto that has a public ledge and identities tied to addresses so they can track all money.

danherbias07

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It might be a Chinese coin for China only.
Is there already a whitepaper for this?

Libra is different, it will be used worldwide specially facebook can be used everywhere. That is how it will work. The same with Facebook.
Their real problem though is they need to abide by the rules of their origin country which is United States and their president oppose in crypto currencies.
So that will always be a no go.

Pet240

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SEC or any other financial institution cannot act against what the government of China has come up with, because they are not subject to them.
Libra is subject to this authority and that is why they can be stopped or controlled in whatever form or way they feel.

Colt81

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Quote from: robelneo on October 29, 2019, 12:20:09 PM

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

I don't think that Libra coin Facebook is having a hard time on launching their coin because Facebook already have plans before they launch their coin in the year of 2020. I think the reason why China will be taking the first step on launching their coin because their government starts to regulate blockchain technology and they are very competitive that they wanted surpass Facebook.

sulis sudibyo

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yes maybe China will launch their own crypto, but please note that the crypto plan will be managed directly by its central bank. so that means the coin cannot be said to be crypto because it is centralized and controlled. it's just like Fiat money, they only use blockchain as a tool for promotion. and to make people forget the purpose for which the coin was made. I heard that the coin was made so that the government can monitor the online activities of its citizens, they can monitor what they buy on the internet and others. isn't that worse?

Drai

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This Chinese are a very competitive set of people especially at a time like this where they are fighting very heard to grab more power in the international stage adjust the quiet battle between US and Chinese companies, I am not the least bit surprised by the change of heart by the Chinese Government, infact I was even expecting it but one thing I can say about them is that they are definitely decisive and can move fast when they want to and this incident just proved it, 2020 looks like a great year for Cryptocurrencies especially if other major countries would also follow on the Chinese footsteps.

Aabcde

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Yes, of course, the road for China is very easy because their own president agreed. While Facebook with Libra is not the holder of power in the US. So it's clear DCEP will lead the launch rather than Libra.
If later Libra is realized, it might not be long for adoption when viewed from the number of Facebook users gathered from all over the world. Whereas China's DCEP might be used for their own country.

trauchot

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That's right, because nobody can forbid anything to China and China can create their own cryptocurrency at any time, but in the USA, as we know, everything is much more complicated with cryptocurrencies and every cryptocurrency created there goes through too many checks and problems due to which almost all cryptocurrencies companies are closing there.

DabsPoorVersion

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Quote from: m0Ray on October 30, 2019, 12:25:50 PM

The difference is that China issues state-owned cryptocurrency. Facebook is a private company that wanted to issue a regulated cryptocurrency. But these are different things. China in this case very much succeeded and the shares of their companies were able to soar. Only I can not understand why because of such news the shares of amerekan companies also rose by 1.5%?

China has more chance here to have and successfully launched its own coin compared to Facebook. Chinese government led the adoption of blockchain and it's their smartest move to start building a coin.
Facebook is still having a hard time to propose their crypto to be legalized by their government. If this is somehow also considered by the US government, then maybe Facebook can have the same movement as China.

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