China Creates Currency to Cancel-out Cryptocurrency

dataispower

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Quote from: bttmember on January 18, 2020, 05:18:29 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, 02:43:32 PM

Quote from: SarangWallet on November 15, 2019, 11:14:00 AM

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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, 03:18:15 PM

Quote from: SarangWallet on November 15, 2019, 11:14:00 AM

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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, 11:14:00 AM

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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, 11:14:00 AM

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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, 08:10:46 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, 10:56:43 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, 10:39:54 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.

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Quote from: robelneo on November 01, 2019, 09:59:48 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, 08:10:46 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, 10:56:43 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, 10:39:54 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, 10:39:54 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, 09:41:49 AM

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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, 08:34:28 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, 03:20:51 PM

Quote from: hulla on November 01, 2019, 02:51:24 PM

Quote from: electronicash on November 01, 2019, 02:36:08 PM

Quote from: sazonk on November 01, 2019, 10:47:31 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.

stephanirain

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Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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, 02:51:24 PM

Quote from: electronicash on November 01, 2019, 02:36:08 PM

Quote from: sazonk on November 01, 2019, 10:47:31 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, 02:36:08 PM

Quote from: sazonk on November 01, 2019, 10:47:31 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.

electronicash

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Quote from: sazonk on November 01, 2019, 10:47:31 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.

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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.

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Quote from: masterrex on November 01, 2019, 09:41:49 AM

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

That's right. After their adoption, they are free to do what they want.
China is really good when it comes to creating something new, this may turn into a positive thing in cryptocurrency, we're just speculating something bad about it. This is the solution they have foreseen to turn everything into their advantage. After adopting blockchain technology, and now they are really maximizing its use.

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Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

We are 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.

masterrex

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Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

Pamadar

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Quote from: airdnasxela on November 01, 2019, 06:28:54 AM

Obviously for China they won't adopt bitcoin and any other decentralized cryptocurrency. They want to control over their people and their money and at the same time be advanced when it comes to technology and in order to achieve that, creating their own centralized digital currency is a way. Now that the President of China already showed support with blockchain, it's more coming to reality. They could aim to surpass bitcoin in the future. It's possible...

Not impossible to this kind of industry, if the president of china is really serious developing their own version of crypto surges will happen.
There's a big market where numbers of businesses that owned by those Chinese billionaires if most of them support the president then
expect for more success to happen.

We are not sure if what the real intention of this Chinese leader we can only speculate and anticipate what can be the impact.

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Quote from: airdnasxela on November 01, 2019, 06:28:54 AM

Obviously for China they won't adopt bitcoin and any other decentralized cryptocurrency. They want to control over their people and their money and at the same time be advanced when it comes to technology and in order to achieve that, creating their own centralized digital currency is a way. Now that the President of China already showed support with blockchain, it's more coming to reality. They could aim to surpass bitcoin in the future. It's possible...

They are having a very clear plan to accept this market and hope that the issuance of new coins could go smoothly because China is a very strong country financially. I think this will be the next trend of this market because if many countries create their own coins, it will be very beneficial for this market and people will soon know about the existence of the crypto market. I am still waiting for that to happen but it will probably take a lot of time.

airdnasxela

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Obviously for China they won't adopt bitcoin and any other decentralized cryptocurrency. They want to control over their people and their money and at the same time be advanced when it comes to technology and in order to achieve that, creating their own centralized digital currency is a way. Now that the President of China already showed support with blockchain, it's more coming to reality. They could aim to surpass bitcoin in the future. It's possible...

Google+

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I think this could be very bad information because if China does that there will be a cryptocurrency price manipulation that can make the cryptocurrency price collapse, because there will be a lot of price manipulation happening at the exchange place, the bank will support it because it will make many people go back to using the bank to save its assets.

coin-investor

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Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

So it's going to be totally centralized, so we can say that it will only work on China, but I'm thinking since this is Cryptocurrency, it could become borderless because there are a lot of Chinese around the world, how do they going to structure it, will it become available in exchanges outside of China, fiat and Cryptocurrency are totally different, if China becomes successful in implementing this, we may see a lot of countries following their lead or example.

michellee

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Let them decide what they want to do. And if the Chinese government thinks that they want to create the new digital currency for their people, they will see if their people will interest or not. I don't think that that coin can compete with the cryptocurrency because they just follow what bitcoin and altcoin did, and if they want to compete, I think the coin from the Chinese government should compete with the stable coins first before they can compete with the bitcoin and altcoin. Unfortunately, we don't know what the purpose behind that plan is, and we could only guess without knowing the truth.

Aabcde

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Quote from: cryptothreads on October 31, 2019, 07:57:23 PM

Quote from: Aabcde on October 31, 2019, 06:50:54 PM

I think even though China issued its own digital currency, bitcoin is still the star. Because China only uses blockchain technology to digitize its FIAT, which means users are limited to their own country. And it is definitely stable, which does not provide any profit for traders. Differences with bitcoin whose fluctuations are very clear. So everyone can benefit according to their analysis.

I think this will be mentioned a lot in the near future because if China can issue its own coin to the country it uses, this will be very special. Currently, no country can do this and this is probably the first country to lead the trend of cryptocurrency development. I personally support this decision of the Chinese government and hope this will happen in 2020.

Of course this coin will not be comparable to Bitcoin because this market is largely dependent on the value of this coin so any coin appearing in this market is altcoin.

Yes, I also strongly agree too with the Chinese president's decision to adopt the blockchain and launch DCEP. It will not be denied that if DCEP is successful, then other countries will follow it gradually. It won't be as easy and as fast as you would imagine, but it will definitely happen.
Hopefully, this will be a good start for the crypto world too. And the spread of crypto is also wider because of this issue, I'm sure.

cryptothreads

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Quote from: Aabcde on October 31, 2019, 06:50:54 PM

I think even though China issued its own digital currency, bitcoin is still the star. Because China only uses blockchain technology to digitize its FIAT, which means users are limited to their own country. And it is definitely stable, which does not provide any profit for traders. Differences with bitcoin whose fluctuations are very clear. So everyone can benefit according to their analysis.

I think this will be mentioned a lot in the near future because if China can issue its own coin to the country it uses, this will be very special. Currently, no country can do this and this is probably the first country to lead the trend of cryptocurrency development. I personally support this decision of the Chinese government and hope this will happen in 2020.

Of course this coin will not be comparable to Bitcoin because this market is largely dependent on the value of this coin so any coin appearing in this market is altcoin.

gabbie2010

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If china creates their own cryptocurrency I believed its for a purpose I won't agree this gonna cancel bitcoin and the other cryptos after successfully launching I hope its gonna be trade-able with the likes of BTC, ETH, LTC, BCH and other major cryptos thus another profit making coin for crypto traders hopefully it volume traded daily will be huge based on the enormous population of China although centralized that shouldn't pose any threat to bitcoin.

Aabcde

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I think even though China issued its own digital currency, bitcoin is still the star. Because China only uses blockchain technology to digitize its FIAT, which means users are limited to their own country. And it is definitely stable, which does not provide any profit for traders. Differences with bitcoin whose fluctuations are very clear. So everyone can benefit according to their analysis.

pedpedped101

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The government of China has seen the rate at which cryptocurrency is being accepted by many people from different countries of the world, including the citizens of China. So, they might of thought of what could be done to utilize the opportunity in bringing in more development to their country, as well as the growth of their economy.

enhu

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Quote from: styca on October 31, 2019, 03:22:27 PM

I don't know, I kind of see the Chinese stuff as good news. anything that boosts blockchain boosts crypto, stuff like this is all part of the road to mainstream adoption. I would take the fact that they see blockchain as a big deal as a huge plus point for crypto. In the past crypto has struggled to be taken seriously, now the Chinese are putting it centre stage.

That's true. This will boost every thing related to blockchain specially cryptocurrencies.

The digital currency that their government is creating only for them and the Chinese, its not surprising at all since governments will most likely not adopt to decentralize one like BTC. But I think developing and using blockchain will make BTC and all other crypto be widely available for the all of the Chinese. I don't expect many countries will follow what the Chinese are doing but having their own doesn't mean Canceling-out Cryptocurrency.

styca

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I don't know, I kind of see the Chinese stuff as good news. anything that boosts blockchain boosts crypto, stuff like this is all part of the road to mainstream adoption. I would take the fact that they see blockchain as a big deal as a huge plus point for crypto. In the past crypto has struggled to be taken seriously, now the Chinese are putting it centre stage.

adzino

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A government coin? Lol, it is probably going to be some centralized shitty coins. China is such a control freak, I doubt they will give any kind of financial freedom to their people. Making a centralized crypto currency that has no privacy, is heavily regulated and gives no freedom makes no sense at all. I mean like what's use of even making it? It becomes just the same as those digital wallets like Paypal and shits.

redsun114

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The same way you see this and have knowledge of this is the same way that we also know what the plan of china is in cryptocurrency and because of the knowledge of it that people have already, that would make this coin not to really get much attention no matter what they try to do.

There is no doubt that it will actually be used, there is no point deceiving ourselves, it will be used, but we cannot completely rely on it as much as we will rely on coins that are decentralized like bitcoin, and news spread faster than anything, no matter the new person that is coming into the market, if china thinks they are the target, those new people will always know about bitcoin which they cannot be kept away from it, and I doubt if anyone that understand bitcoin would want to rely on china cryptocurrency.

xiboothrezi

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I see it as a preventive measure to protect its citizens who use cryptocurrency with the guarantee of a centralized system from the government. There is nothing wrong with that, however, the Chinese government is very concerned about the adoption of the blockchain. So there is nothing to worry about, on the contrary, this could be a turning point that opens the eyes of the world to be more open to cryptocurrency, moreover, China is one of the influential countries.

Darooghe

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Activity: 1120

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Yes, China is going to make own Cryptocurrency except without any of the features that make cryptocurrency useful. completely censored, completely controlled, completely infinite supply. it's just digital Crypto that's pegged to their fiat. Nothing really different from any fiat in the world like USD with the added convenience and cheap transaction fees that Blockchain technology offers.

In my opinion this is strictly a big brother play by the Chinese government. This goes along with their implementation of national ID cards and social credit system. Now every citizen will be assigned a wallet on their blockchain and every purchase will be monitored by the government. the government will try to sell this by saying it will combat corruption and money laundering but make no mistake, its big brother to the next degree.

laskybok

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Cryptocurrency has been in existence for the past ten years, although, there are other new Ines that are just being launched. However, a cryptocurrency cannot just come up one day, irresponsive of how powerful the force behind it, it cannot relegate other, let alone cancelling them out.

jets567

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Quote from: whtchocla7e on October 29, 2019, 03:30:40 AM

In my opinion, the currency that the government controls will not bring strong fluctuations. For me, in this market, I like volatility, and most of us are the same. Besides, no one likes to be controlled, the current digital currency is anonymous, unregulated. So I do not appreciate the money that the government will create!

Of course it will not be highly volatile because China's digital currency is a stablecoin which is designed to minimize the large fluctuations and in my view it would not be a threat to cryptocurrency instead it will be recognized as Tether. If ever it becomes available on the market, the traders will just use it to safeguard the value of their holdings when the market is dumping.

TheClownSong

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I think by making its own cryptocurrency, it doesn't mean that the Chinese government wants to turn off the cryptocurrency market. Every government should create cryptocurrency that they can control. The cryptocurrency market will probably be a digital asset market and maybe only projects with good products can survive

whtchocla7e

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In my opinion, the currency that the government controls will not bring strong fluctuations. For me, in this market, I like volatility, and most of us are the same. Besides, no one likes to be controlled, the current digital currency is anonymous, unregulated. So I do not appreciate the money that the government will create!

jootn2kx

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Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

In the end, it won't matter. Not even China can block Bitcoin and other real cryptos from being used. In fact, the development of their own currency, however centralized it may be, might be a good thing, as it will show more people that such a thing exists. After that, finding BTC, ETH, and others will be a simple matter of time.

tinyteapot

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Activity: 1175

Merit: 275

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

Chinese government is only trying to create a digital note for its citizens, they are trying to make their currency easily accessed to everybody worldwide just like bitcoin, paypal etc. It shall have an account page where balance can be viewed, send and receive of yuan.

It is an attempt to make their currency globally available.

https://www.coindesk.com/chinas-digital-currency-will-be-two-tiered-replace-cash-binance
https://qz.com/1710850/chinas-central-bank-could-gain-from-a-digital-yuan-cbdc/

zeze18

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Activity: 938

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I think eventhough china make their own controlled curreny, the people of china will not use it and still stick with cryptocurrency because people want freedom and the current cryptocurrency is what they need.
Decentralized and the owner of the currency is undetectable are the 2 things that make people love cryptocurrency

Flor1982

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I'm doubtful about this news. Do you have links to share that this is really the plan of China? Because i'm starting to believe that China will really start the Altcoins season by supporting and endorsing some Altcoins and pushing on the blockchain in which its looks like it will trigger the bullish run.
https://news.bitcoin.com/china-ranks-35-crypto-projects-as-president-xi-pushes-blockchain/

Beparanf

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Quote from: magneto on October 28, 2019, 07:05:30 PM

I honestly don't know why people are getting excited over the Chinese news involving Xi's stance on progressing blockchain development. It is clear that they are trying to implement and develop their own set of protocols and potentially have a currency hosted on a blockchain, not to adopt bitcoin.

Otherwise, why would they still uphold the other restrictions on bitcoin exchanges and businesses?

Makes no sense. Markets are FOMOing on news that is irrelevant.

As if all were planned from the announcement this week to the news in their bank. Since the exchanges are still in banning state and only blockchain is they considered that means they are still in the idea of their own coin/token that will be controlled by the government. We might receive another adoption in them this week or next month on all the plans they do before the day they announce their blockchain interest. More FOMO coming from china news to watch for.

Eugenar

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Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

Chinese people can surely identify if what they have is a real cryprocurrency or not, how? If they can use it to buy other cryptocurrency through the exchanges that offers conversion. Regarding this, there will be a huge impact to the altcoins and bitcoin as Chinese will surely see the benefits that these crypto is providing in terms of market investment using cryptocurrencies.

SamboNZ

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Quote from: senin on October 29, 2019, 12:55:48 AM

Quote from: Vishnu.Reang on October 20, 2019, 12:04:08 PM

Contrary to what many of the users posted here, I believe that this new cryptocurrency is going to have a major impact in China. But my expectation is that it may affect Tether more than Bitcoin. In China, the exchange users rely on USDT, since fiat is not allowed. If this new digital equivalent of CNY is available, then people would just dump their USDT for the new currency. And it is going to destroy Tether.

I agree with your opinion. China's stable CBDC coin will have a huge positive impact on China's development and take on some of the current popularity of USDT. The Chinese would be happy to use their stable coin better than the USDT, and this is a huge scale and huge market. In addition, the Chinese are now very actively trading with the whole world, including using online stores. Here, China's stable coin will be very convenient to use.

Would exchanges list that Chinese money though? They can take it from the exchanges because it has a centralized system. I see disadvantage than advantage from getting it listed.

senin

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Quote from: Vishnu.Reang on October 20, 2019, 12:04:08 PM

Contrary to what many of the users posted here, I believe that this new cryptocurrency is going to have a major impact in China. But my expectation is that it may affect Tether more than Bitcoin. In China, the exchange users rely on USDT, since fiat is not allowed. If this new digital equivalent of CNY is available, then people would just dump their USDT for the new currency. And it is going to destroy Tether.

I agree with your opinion. China's stable CBDC coin will have a huge positive impact on China's development and take on some of the current popularity of USDT. The Chinese would be happy to use their stable coin better than the USDT, and this is a huge scale and huge market. In addition, the Chinese are now very actively trading with the whole world, including using online stores. Here, China's stable coin will be very convenient to use.

magneto

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I honestly don't know why people are getting excited over the Chinese news involving Xi's stance on progressing blockchain development. It is clear that they are trying to implement and develop their own set of protocols and potentially have a currency hosted on a blockchain, not to adopt bitcoin.

Otherwise, why would they still uphold the other restrictions on bitcoin exchanges and businesses?

Makes no sense. Markets are FOMOing on news that is irrelevant.

nanaimogold

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Activity: 661

Merit: 251

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

How can they create a coin to cancel out cryptocurrency. Technically incorrect but from economic view point I think I might just understand where this is going. They want to hoist a crypto people will look up to and they will exercise controls over it. I am assuming it will be another stable coin which will still remain second to bitcoin in global ranking (not Chinese ranking where Neo comes first)

Teraboy

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Quote from: pgbit on October 28, 2019, 05:05:29 PM

The way the Chinese Government seems to be fast tracking the cryptocurrency policy is quite amazing, from rejecting it in the initial stage, they have done an about-face and are now strong supporters of cryptocurrency and they are doing it quite speedily.

It seems strange to see you are creating such comments about that and why? can you tell me when xi-jinping is mentioned crypto on his statement last days? I don't even see that.
You should read whole of article and you must not take the title as your main opinion and then take it as your conclusion too.

pgbit

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The way the Chinese Government seems to be fast tracking the cryptocurrency policy is quite amazing, from rejecting it in the initial stage, they have done an about-face and are now strong supporters of cryptocurrency and they are doing it quite speedily.

Brunus

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All governments - and of course the Chinese one, particularly obsessed with control - try to do something about the advance of cryptocurrencies. Admittedly, they have managed to discourage the public so far, and have created panic, mistrust and insecurity.
But they can't last long.

electronicash

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Quote from: kravas86 on October 20, 2019, 01:21:44 PM

To date, no positive changes have been observed in this sector. On the contrary, the Chinese have become more wary of cryptocurrency. I think that if the Chinese can legalize this stablecoin it will benefit the entire cryptocurrency industry. Telegram and Libra will be able to resolve their problems with regulators more quickly.

Gram and Libra's problem will be resolved by themselves, Chinese digital yuan may not have anything to do with it.

China is known to have manipulated their currencies without digital yuan but once its going to be released, they may dominate it all. this crypto would be centralize though, government can track it all and i guess Chinese exchanges will be mandated to use it too instead of USDT. we'll see that it will be used mostly to their exchange as their stablecoin which BTC/CNY could have more volume.

kravas86

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To date, no positive changes have been observed in this sector. On the contrary, the Chinese have become more wary of cryptocurrency. I think that if the Chinese can legalize this stablecoin it will benefit the entire cryptocurrency industry. Telegram and Libra will be able to resolve their problems with regulators more quickly.

Vishnu.Reang

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Contrary to what many of the users posted here, I believe that this new cryptocurrency is going to have a major impact in China. But my expectation is that it may affect Tether more than Bitcoin. In China, the exchange users rely on USDT, since fiat is not allowed. If this new digital equivalent of CNY is available, then people would just dump their USDT for the new currency. And it is going to destroy Tether.

Tylev

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Quote from: kindbtc on August 18, 2019, 01:46:53 PM

We should be mature enough to know that such fiat backed stable currencies are not direct competitors of real decentralized crypto, all these company or country backed coins are just controlled payment schemes that are fully tracked and checked by the respective people who create them, real crypto never has any threat from such coins.

Therefore, supporters of a decentralized cryptocurrency have nothing to fear from stable coins. I’m even wondering how this Chinese CBDC stable coin will be received in China and other countries. It will be just a digitized yuan. The Chinese, in my opinion, will completely trust this coin and use it. Over time, it will spread to other countries with which the Chinese are now trading, and they are now trading very actively with almost everyone.

setialovers

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Activity: 812

Merit: 11

Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

The Chinese government has already looked at blockchain technology in issuing money and I think this is positive news. Cryptocurrency on the market today is difficult to be recognized as a means of payment by the government because it can interfere with the authority of the central bank, but cryptocurrency on the market can be used as digital assets

Herbert2020

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Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 AM

China Creates Currency to Cancel-out Cryptocurrency

lol. that sentence doesn't even make sense.
they either have to create a better decentralized currency like bitcoin to "cancel" it out.
or they have to make a better pump and dump centralized shitcoin than altcoins to cancel them out.
they won't do either of these ever!

Quote

The Chinese government is on a mission to keep people dependent on government-controlled currency.

people are already dependent on "government-controlled currency". that currency is called fiat. and that is not going to change.

when governments issue their own cryptocurrency it has nothing to do with "cancelling out" anything. it is about wanting to use the newer technology that has come along and increase their security, control and earning power.

Ucy

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Compare rates on different exchanges & swap.

Quote from: keseoma on August 18, 2019, 04:25:20 PM

that's totally different thing!

I'm from China and I know that ! Every country has their own policy on the crypto-currency, and the Chinese government don't support crypto-currency, just like the gambling is illegal here too (Macao is special cos the historical reason) !

but they will use the new blockchain technology to rebuild the current bank transaction system, to make it faster, and more efficient!

That's not crypto-currency, it's centrallized digital-currency, all controlled by government!

The currency (if it really exists) its still fiat currency. probably digital fiat currency.

How is cryptocurrency used over there? Do people really still use cryptocurrencies in the country? Has anyone been sent to jail for using cryptocurrency?

Not sure gambling is totally illegal over there. Lottery is gambling too: https://en.m.wikipedia.org/wiki/Gambling_in_China

torpedo

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Every country has its own tools for control. Hope that people are not stupid, and it's a new generation coming that'll change the situation.

keseoma

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that's totally different thing!

I'm from China and I know that ! Every country has their own policy on the crypto-currency, and the Chinese government don't support crypto-currency, just like the gambling is illegal here too (Macao is special cos the historical reason) !

but they will use the new blockchain technology to rebuild the current bank transaction system, to make it faster, and more efficient!

That's not crypto-currency, it's centrallized digital-currency, all controlled by government!

InwardContour

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Activity: 644

Merit: 260

I've been seeing several rumours about China creating their own digital currency, some contradicting each other. Some sources claim that China will create her own crypto, others say China will create a centralized digital FIAT currency like mentioned on this post. Obviously the governments are scared of what crypto will turn out to be in future, imagine more and more people converting their FIAT to crypto, it means less control and monitoring of individual funds by the government, less tax paid to the government, and also a threat to FIAT. China creating a digital FIAT currency doesn't pose any threat to crypto in any way, it's just like saying Perfect Money will pose a threat to Bitcoin, which is never possible as earlier purported.

stfN2128

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Activity: 882

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this doesnt surprise me. govs already noticed the power of a digital currency. but they don't want to lose the control, thats why the most govs doesnt like bitcoin as a currency. they have 0 control.
now they are issue a digital currency where they have the power and the control, people who don't think about the current money system wont think about the currency and just use it like their normal money. Undecided

Perfect35

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Activity: 854

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If this is true, then it's a trial which has no possibility of succeeding. I believe that those in the crypto space, most especially the Chinese would understand the implication of accepting such currency. Yuan that has been in use for quite some time now has gained a lot of recognitions and it will be hard for such new development to override it.

elisabetheva

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It is not an easy thing to be able to display crypto currencies, although we do not deny that China has become the most influential part directly with crypto.
but once again habits that have already happened will not be able to replace quickly, it needs sufficient process because habitualities affect too.

kindbtc

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We should be mature enough to know that such fiat backed stable currencies are not direct competitors of real decentralized crypto, all these company or country backed coins are just controlled payment schemes that are fully tracked and checked by the respective people who create them, real crypto never has any threat from such coins.

pishite

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Quote from: mustaqeemch6 on August 18, 2019, 08:10:46 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.

These guys can make an analog of Bitcoin. As time shows, the Chinese government has made great strides in blocking the Internet, they can also launch their own currency, thereby forcing the entire population of their country to use it. They can simply block Bitcoin. And if the predictions are true, then we will live in a chaos, and they are in harmony, as is well shown in the movie "Mortal Engines"

ALLAH 1

newbie

Activity: 76

Merit: 0

I really don't understand why Chinese Government are so afraid in crypto's progress. All we know that China is a rich country and very progressive country,where most of our daily things that we used are coming from their country. I think the reason behind this is pride and ego because all we know that many country are already accepting and developing the use and featured of crypto like Japan that they can't do.

nxnqauff

member

Activity: 840

Merit: 17

PG-PAY Gold Backed Token

I don't whether they will be really successful on this currency creation. It's also not easy. Rest of the world should also accept. Otherwise they won't be successful.

coaprotet

copper member

Activity: 210

Merit: 0

KNL Ecosystem - Invest. Trade. Earn.

I also do not think that it would be a crypto currency. The same as Libra, such things have nothing to do with crypto, just another centralised digital coins that leave the full control by governments/companies to earn money.

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Even you create better cryptocurrency, you can´t Bitcoin. Because Bitcoin´s power is in the real decentralization, Bitcoin is people´s money, not goverment´s money just like this CBDC. Wink

jazmuzika217

member

Activity: 476

Merit: 12

I really don't understand why Chinese Government are so afraid in crypto's progress. All we know that China is a rich country and very progressive country,where most of our daily things that we used are coming from their country. I think the reason behind this is pride and ego because all we know that many country are already accepting and developing the use and featured of crypto like Japan that they can't do.

javadsalehi

member

Activity: 364

Merit: 13

Till now, every country has supported cryptocurrencies, has tried to trick people. Governments claim that they support cryptocurrencies, but in reality they want to control everything. They don't want bitcoin, they want a new controlled currency which is not technically a cryptocurrency.
Is there any link to an article or a news with more details of what China is trying to do?

mustaqeemch6

jr. member

Activity: 179

Merit: 2

I don't think that cryptos that are government run will ultimately be able to compete with cryptos that aren't government run. They do actually have a place in the world of innovation but I don't think they are actually direct competitors. They are simply in their own class of asset.

mustaqeemch6

jr. member

Activity: 179

Merit: 2

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.

Topic: China Creates Currency to Cancel-out Cryptocurrency (Read 658 times)