China Creates Currency to Cancel-out Cryptocurrency

dataispower

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Quote from: bttmember on January 18, 2020, 06:18:29 PM

You can see this anyway you want but the fact will remain that no national currency can kill or cancel the original crypto currencies. Just take it as a confidence booster among masses for real crypto because when national will launch people will start trusting the original coins so millions of people that wanted to invest but were confused about legitimacy and genuinity of crypto coins will jump in when they will see the national coin i take this in this way and im hopeful of this positive outcome.

That's just the fact, crypto has gone so far that no national currency can "cancel it out" or make it go in extinction. It's true that the Chinese central bank coin might gain more acceptability and obviously usable when it starts circulating in China, but that doesn't pose a threat to Bitcoin and crypto at large in anyway. It's ironical to imagine that, some top government officials still hold Bitcoin even though they can't agree to this publicly.

bttmember

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You can see this anyway you want but the fact will remain that no national currency can kill or cancel the original crypto currencies. Just take it as a confidence booster among masses for real crypto because when national will launch people will start trusting the original coins so millions of people that wanted to invest but were confused about legitimacy and genuinity of crypto coins will jump in when they will see the national coin i take this in this way and im hopeful of this positive outcome.

SarangWallet

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Quote from: 10BTCaDay on November 16, 2019, 03:43:32 PM

Quote from: SarangWallet on November 15, 2019, 12:14:00 PM

Quote from: mustaqeemch6 on August 18, 2019, 09:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

I think this is very useful for crypto users in China. Because this makes transactions easier for the people, and economic growth will also increase. If this is really carried out, then a country that does not legalize crypto will be dangerous. Because economic competition will not be stable.

I am sure that there will remain such countries that will not accept cryptocurrency in the future and this will be normal. everyone should have the right to choose what kind of money to use.

Of course this is normal, each country determines its own currency. Will they choose cryptocurrencies as online transactions, or will they choose conventional currency payments through banks.

Quote from: Bitcoinjheta on November 16, 2019, 04:18:15 PM

Quote from: SarangWallet on November 15, 2019, 12:14:00 PM

Quote from: mustaqeemch6 on August 18, 2019, 09:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

I think this is very useful for crypto users in China. Because this makes transactions easier for the people, and economic growth will also increase. If this is really carried out, then a country that does not legalize crypto will be dangerous. Because economic competition will not be stable.

Truly it can bring good growths for the economic of China to made faster and better way of transactions but it can only limited for the crypto users who believes in the other projects of cryptocurrency to make earn and invest.
In this case the effects of a global competition if crypto Won't legalized will be miserable.

Yes, because this makes it very easy for them to make transactions, and saves transaction costs. If we continue to use conventional banks as a place to save money, then every month will be cut as a bank fee. However, if we store stable crypto in the wallet, there is no wallet fee if we do not make a transaction.

Bitcoinjheta

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Quote from: SarangWallet on November 15, 2019, 12:14:00 PM

Quote from: mustaqeemch6 on August 18, 2019, 09:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

I think this is very useful for crypto users in China. Because this makes transactions easier for the people, and economic growth will also increase. If this is really carried out, then a country that does not legalize crypto will be dangerous. Because economic competition will not be stable.

Truly it can bring good growths for the economic of China to made faster and better way of transactions but it can only limited for the crypto users who believes in the other projects of cryptocurrency to make earn and invest.
In this case the effects of a global competition if crypto Won't legalized will be miserable.

10BTCaDay

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Quote from: SarangWallet on November 15, 2019, 12:14:00 PM

Quote from: mustaqeemch6 on August 18, 2019, 09:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

I think this is very useful for crypto users in China. Because this makes transactions easier for the people, and economic growth will also increase. If this is really carried out, then a country that does not legalize crypto will be dangerous. Because economic competition will not be stable.

I am sure that there will remain such countries that will not accept cryptocurrency in the future and this will be normal. everyone should have the right to choose what kind of money to use.

Rcoinmoon

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China has always stood against cryptocurrency right from time but the truth is if it's not cryptocurrency then it can never be like crypto currency period

SarangWallet

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Quote from: mustaqeemch6 on August 18, 2019, 09:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

I think this is very useful for crypto users in China. Because this makes transactions easier for the people, and economic growth will also increase. If this is really carried out, then a country that does not legalize crypto will be dangerous. Because economic competition will not be stable.

Triffin

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Quote from: angrybirdy on November 03, 2019, 11:56:43 AM

For now, We can't make any more assumptions about what they are really trying to implement aside from making their own cryptocurrency. Their movement is being monitored every single day and giving a lot of positive and negative news about it, it's really good I think, but it's really hard to predict their movements. We should just wait for them to state what they really are after.

Quote from: kidbounty on November 03, 2019, 11:39:54 AM

even if China successfully launches its own crypto, it will not affect the crypto market even bitcoin. because the real purpose of China is not that. they are more interested in monitoring their citizens. the Chinese government wants to oversee all online activities of its citizens, especially those related to finance. they are one of the countries that have anti-money laundering policies and I see that the country is quite strict with this. that's why they want to launch this.

but from some sources that I read, another reason is because they don't really like bitcoin. they want their citizens not to use bitcoin, that's why they make crypto coins.

It will affect, it's either in positive or in a negative way. We still don't know until they released it. The Chinese government not only wanted to monitor but also to control everything, they wanted to grab every opportunity for the increase of their economic power.

Nothing new from someone who has been controlling almost 80 percent of the market from years now. We all know that China wants to become the next super power and it is essential for the country to get control of World’s economy. Now digital currencies are the new trend, China wants to control it and rule he digital market too. It has also figured out that bitcoin cannot be controlled and now going to release its very own crypto coin.

Mpamaegbu

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Quote from: robelneo on November 01, 2019, 10:59:48 AM

We moving to a different scenario now, something we have never seen in the last nine years but bound to happen, there are predictions in the past that Facebook and some big countries will adopt Cryptocurrency, and now it's happening, in the next two years things will be different and the landscape will become different, we will actually see country using blockchain and crypto as a replacement or co -exist it with their own currency.

Obviously, this is true. And I guess the Chinese government won't be the better for it in a few years from now for ever banning Bitcoin in that country just to protect her Yuan. There is something fishy the way China and the US attack cryptocurrency. There must be something they aren't willing to let go for the masses which cryptocurrency allows and that's total freedom.

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Quote from: mustaqeemch6 on August 18, 2019, 09:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

If China made a digital currency with the aim to cancel out the cryptocurrency so that it could continue to be controlled by the government, I think no one will be interested, even to supporting it. Because basically, people choose the cryptocurrency because they want financial freedom (decentralization).

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Quote from: angrybirdy on November 03, 2019, 11:56:43 AM

For now, We can't make any more assumptions about what they are really trying to implement aside from making their own cryptocurrency. Their movement is being monitored every single day and giving a lot of positive and negative news about it, it's really good I think, but it's really hard to predict their movements. We should just wait for them to state what they really are after.

Quote from: kidbounty on November 03, 2019, 11:39:54 AM

even if China successfully launches its own crypto, it will not affect the crypto market even bitcoin. because the real purpose of China is not that. they are more interested in monitoring their citizens. the Chinese government wants to oversee all online activities of its citizens, especially those related to finance. they are one of the countries that have anti-money laundering policies and I see that the country is quite strict with this. that's why they want to launch this.

but from some sources that I read, another reason is because they don't really like bitcoin. they want their citizens not to use bitcoin, that's why they make crypto coins.

It will affect, it's either in positive or in a negative way. We still don't know until they released it. The Chinese government not only wanted to monitor but also to control everything, they wanted to grab every opportunity for the increase of their economic power.

But if what OP says is true, there will be a big affect in the market since we all know that Chinese investors has a bigger part of crypto currency even in bitcoin. and there is also a good side they can easily buy crypto using that currency since it's already in the blockchain.

angrybirdy

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For now, We can't make any more assumptions about what they are really trying to implement aside from making their own cryptocurrency. Their movement is being monitored every single day and giving a lot of positive and negative news about it, it's really good I think, but it's really hard to predict their movements. We should just wait for them to state what they really are after.

Quote from: kidbounty on November 03, 2019, 11:39:54 AM

even if China successfully launches its own crypto, it will not affect the crypto market even bitcoin. because the real purpose of China is not that. they are more interested in monitoring their citizens. the Chinese government wants to oversee all online activities of its citizens, especially those related to finance. they are one of the countries that have anti-money laundering policies and I see that the country is quite strict with this. that's why they want to launch this.

but from some sources that I read, another reason is because they don't really like bitcoin. they want their citizens not to use bitcoin, that's why they make crypto coins.

It will affect, it's either in positive or in a negative way. We still don't know until they released it. The Chinese government not only wanted to monitor but also to control everything, they wanted to grab every opportunity for the increase of their economic power.

kidbounty

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even if China successfully launches its own crypto, it will not affect the crypto market even bitcoin. because the real purpose of China is not that. they are more interested in monitoring their citizens. the Chinese government wants to oversee all online activities of its citizens, especially those related to finance. they are one of the countries that have anti-money laundering policies and I see that the country is quite strict with this. that's why they want to launch this.

but from some sources that I read, another reason is because they don't really like bitcoin. they want their citizens not to use bitcoin, that's why they make crypto coins.

Oneandpure

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Quote from: masterrex on November 01, 2019, 10:41:49 AM

Quote from: mustaqeemch6 on August 18, 2019, 09:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

Well if china believes that it was effective Let them try with its own experiments, I think the chinese people are not dumb to believe and notice what was the true cryptocurrency and what is not. I hope in the long run bitcoin and other cryptocurrency will continue to shine in chinese investors.

I am waiting how effective of China coin without have relationship with crypto world, possible or not China coin become success more than bitcoin and altcoin? We have give access for China coin how they will revolution with price at the future, will be bitcoin competitor or just shit coin only pass only few time. China have many support from investor to make their own coin and looks they are serious for getting trust from investor.

electronicash

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Quote from: bgaf on November 01, 2019, 09:34:28 PM

I dont think so this is the case scenario. China introducing a lot of digital products and projects on 2020 meaning, they are into cryptocurrency, youre talking alone about their stable coin and judge it already for the rest of their plan. I think, that is not on their mind. Well that's youre opinion, can't argue with that. Might as well not to use Bold text when creating body form cause its inappropriate. Just suggestion, hope you do next time.

i don't think the Chinese government is going to introduce cryptocurrency project that isn't with their control. you can assume they are promoting projects created by the Chinese team like the NEO and TRON, they look bullish after all.

what is possible to happen though is that the Chinese government can monitor users who are using yuan coin to trade with BTC and cryptocurrencies. with so much Chinese exchanges today, i can only think some of them are government backed.

bgaf

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I dont think so this is the case scenario. China introducing a lot of digital products and projects on 2020 meaning, they are into cryptocurrency, youre talking alone about their stable coin and judge it already for the rest of their plan. I think, that is not on their mind. Well that's youre opinion, can't argue with that. Might as well not to use Bold text when creating body form cause its inappropriate. Just suggestion, hope you do next time.

hulla

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Quote from: electronicash on November 01, 2019, 04:20:51 PM

Quote from: hulla on November 01, 2019, 03:51:24 PM

Quote from: electronicash on November 01, 2019, 03:36:08 PM

Quote from: sazonk on November 01, 2019, 11:47:31 AM

In terms of duplicating, manipulating, monopolizing China is the expert, with the presence of China as a crypto competitor at this time, China always has more ambition to master various aspects, especially economic and financial, it is not uncommon to hear that the Chinese government will make a comparable digital currency from Crypto. Surely they think about how their digital currency can be as popular as Bitcoin etc.

most of the time they are successful in their own ways.

i didn't see documentation about the DCEP though. being one big country who supplies finished products world wide, the failure is just too slim. its been reported they have been planing this yuan coin 5 years ago that means they are planing this to get around USD for 5 years lol and there's also IRAN wanting to releasing their own coins as well. crazy world we are living.

The Chinese government have been on the national crypto for long time but it definitely not up to 5years you mention and like you said we're yet to see the coin documentation which I believe they will never release it to the public. However, I don't see any reason why they will make the coin more popular as bitcoin since it will use mostly by their citizens. Mind you, the reason why they want create the coin was to avoid their national fiat been obsolete.

was watching chinese news about it and one chinese professor said that the Digital Chinese coin is going to be used internationally because they've seen the problem being the second world largest economy, US dollar just as yuan bill will soon be used internationally like from many countries and its going to be hard to track the bills being lost while having it in the network is secure. for what i understood this coin seem not just going to be for them but for all.

now i know this is just going to be for the public media. but i think the reason is another approach for the trade war.

I didnt watch the news but you know the Chinese government with their centralized in nature habit which I believe will make the international uses of their digital slim and only people who have business in China and their citizen will make you of the coin.
Enough said, let's just keep fingers crossed and wait for what to come.

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Quote from: mustaqeemch6 on August 18, 2019, 09:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

I think that China is most likely use the centralized coin exclusively to their own country. I also think that even though they compete in the market with that centralized coin, it will not dethrone the top ranking alts because many here still prefer decentralized coins and anonymity.

electronicash

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Quote from: hulla on November 01, 2019, 03:51:24 PM

Quote from: electronicash on November 01, 2019, 03:36:08 PM

Quote from: sazonk on November 01, 2019, 11:47:31 AM

In terms of duplicating, manipulating, monopolizing China is the expert, with the presence of China as a crypto competitor at this time, China always has more ambition to master various aspects, especially economic and financial, it is not uncommon to hear that the Chinese government will make a comparable digital currency from Crypto. Surely they think about how their digital currency can be as popular as Bitcoin etc.

most of the time they are successful in their own ways.

i didn't see documentation about the DCEP though. being one big country who supplies finished products world wide, the failure is just too slim. its been reported they have been planing this yuan coin 5 years ago that means they are planing this to get around USD for 5 years lol and there's also IRAN wanting to releasing their own coins as well. crazy world we are living.

The Chinese government have been on the national crypto for long time but it definitely not up to 5years you mention and like you said we're yet to see the coin documentation which I believe they will never release it to the public. However, I don't see any reason why they will make the coin more popular as bitcoin since it will use mostly by their citizens. Mind you, the reason why they want create the coin was to avoid their national fiat been obsolete.

was watching chinese news about it and one chinese professor said that the Digital Chinese coin is going to be used internationally because they've seen the problem being the second world largest economy, US dollar just as yuan bill will soon be used internationally like from many countries and its going to be hard to track the bills being lost while having it in the network is secure. for what i understood this coin seem not just going to be for them but for all.

now i know this is just going to be for the public media. but i think the reason is another approach for the trade war.

hulla

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Quote from: electronicash on November 01, 2019, 03:36:08 PM

Quote from: sazonk on November 01, 2019, 11:47:31 AM

In terms of duplicating, manipulating, monopolizing China is the expert, with the presence of China as a crypto competitor at this time, China always has more ambition to master various aspects, especially economic and financial, it is not uncommon to hear that the Chinese government will make a comparable digital currency from Crypto. Surely they think about how their digital currency can be as popular as Bitcoin etc.

most of the time they are successful in their own ways.

i didn't see documentation about the DCEP though. being one big country who supplies finished products world wide, the failure is just too slim. its been reported they have been planing this yuan coin 5 years ago that means they are planing this to get around USD for 5 years lol and there's also IRAN wanting to releasing their own coins as well. crazy world we are living.

The Chinese government have been on the national crypto for long time but it definitely not up to 5years you mention and like you said we're yet to see the coin documentation which I believe they will never release it to the public. However, I don't see any reason why they will make the coin more popular as bitcoin since it will use mostly by their citizens. Mind you, the reason why they want create the coin was to avoid their national fiat been obsolete.

Topic: China Creates Currency to Cancel-out Cryptocurrency (Read 615 times)