China Government Cryptocurrency | Bitcointalksearch.org

BeManga

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Quote from: casperBGD on January 15, 2020, 04:50:29 PM

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralized and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

in my opinion, it will be a good thing for bitcoin
if one country will launch its own crypto it will make more people aware of crypto
not everyone will support it but at least if needed we will still use it
other country is just waiting for one country to try and support cryptocurrency and if it becomes successful i think other countries will follow
if this will happen many countries will have their own cryptocurrency and bitcoin will be the main crypto that will be the start of mainstream

Eternad

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Quote from: VeeTeaSee on January 16, 2020, 04:14:32 PM

im really afraid of this kind of moves, since there is a probability of 50% 50% that it will be interopable with other cryptos or people will be forced to move their wealth from crypto to the centralized coin...

Maybe that's the plan, as their government want to monitor their assets to put taxes on them. And since we know how business minded they are. They will not allow that their earnings will gained other countries more than their own. It's a chance to monitor their peoples wealth.

LuciferMorningstar

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Totally expected from China. Well, they have used alipay wallet in their daily life, snap the qrcode and done with the transaction. Chinese citizen sure doesn't have any problem when adopted a government-backed cryptocurrency since its nearly identical to alipay.

jazmuzika217

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All we know that China is very competitive in terms of any business that they want to enter. So I am excited what feature that they add to make their own crypto attractive to the eyes of crypto investor and users and I think it will be a good competition between their new built crypto versus to long live and most popular crypto here in crypto world which is bitcoin.

nicolas1979

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China always take part in all economy world activity, first place with cheap product is their strategy. This country try get monopoly and avoid bitcoin as their coin competitor, so far already happen and success in industry market. The bad impact for bitcoin is losing price and volume, but for crypto user it will more harder because new coin always control by developer it self, there's no free anymore. Other country will release their own coin to against China monopoly and it will create not healthy market for us.

Teraboy

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Quote from: asyakashi on January 16, 2020, 06:33:56 PM

China is serious about developing a blockchain business. besides that china also cooperates with big companies like alibaba and tencent of course they really want to be the most crypto-friendly country.
worth waiting for crypto in 2020.

It caused by they must lead other countries in term of technology. As far as i know, this has already planned by china to adopt any technology that slowly becomes familiar in our community. Remember about the economic 5.0 and in this case technology will be put at the top of everything as it will bring more efficiency and effectivity. A lot of companies in china have already aimed that and they have started to put their money into the development of the blockchain too. This is a really potential field to get a lot of advantage from there. Multi-billion can be saved in various sectors when a lot of traditional systems will be changed with the blockchain.

RealMalatesta

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I am not entirely sure how they will do it tho, not in the developer sense of the word because they have amazing developers there, they literally keep attacking the whole world and manage to hack many places so I doubt they have any lack of developers. No what I mean is, crypto takes power away from the powerful and shares it with everyone, it is truly democratic and that is why it would be very weird for a country like China who actually ends up killing anyone who opposes the current regime, I doubt they can ever be truly democratic as long as CCP is there and that means having a stablecoin would be very difficult for them.

Will they actually check what people are doing with that money? Will they put trackers on every movement? I mean how can they hope to stay a dictatorship AND have stablecoins at the same time?

killerfrost

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Quote from: HabiebRiziq on January 17, 2020, 10:33:27 AM

Quote from: karanggatak on January 16, 2020, 08:56:32 PM

actually I am still confused whether this Chinese cryptocurrency will have a positive or negative impact on bitcoin and altcoin. because until now Chinese cryptocurrency has not been released. I think we have to wait until this crypto is released.
and in my opinion if this Chinese crypto is only focused as a means of payment then I don't think this will have a big impact on the crypto and bitcoin markets.

For me personally it might only have a slight effect on cryptocurrency maybe only a few coin prices have risen and even then not in large numbers because we know China will release its own Chinese cryptocurrency and be different unlike bitcoin and some other coins here. For me personally it might only have a small impact when China released it and I think the impact that will result is a positive impact.

I think the opposite, It will have a strong impact on this market. Remember in 2019 when the Chinese president announced that they would develop blockchain and create a cryptocurrency for their own country, and the bitcoin price immediately went up to $ 10,000 in just a few days. I am really looking forward to the arrival of the Chinese cryptocurrency, it will surely push this market to new heights.

aioc

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Quote from: casperBGD on January 15, 2020, 04:50:29 PM

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralized and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

It will going to influence in some way, and if their coin will be traded in the top exchange, then it's a possibility this could be the way for some people to get acquainted with Crytocurrency, imagine telling people who do not know about Cryptocurrency, that China have their own Cryptocurrency, it will evoke curiosity.

HabiebRiziq

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Quote from: karanggatak on January 16, 2020, 08:56:32 PM

actually I am still confused whether this Chinese cryptocurrency will have a positive or negative impact on bitcoin and altcoin. because until now Chinese cryptocurrency has not been released. I think we have to wait until this crypto is released.
and in my opinion if this Chinese crypto is only focused as a means of payment then I don't think this will have a big impact on the crypto and bitcoin markets.

For me personally it might only have a slight effect on cryptocurrency maybe only a few coin prices have risen and even then not in large numbers because we know China will release its own Chinese cryptocurrency and be different unlike bitcoin and some other coins here. For me personally it might only have a small impact when China released it and I think the impact that will result is a positive impact.

huu78

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Depending on their project like what this is, is not China already launched their currency named DCEP yesterday and it was held by the Chinese government. Their community is said to be banned from using digital currency unless made in government. Do not know exactly which news is right, I just hope the existence of massive adoption of a country can make the growth of cryptocurrency and blockchain become more advanced and many legality support in different parts of the world.

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Quote from: Wildwest on January 16, 2020, 11:06:28 PM

This is good news for us crypto users and this moment is very awaited many people and will be sure to follow a trail like China country, let alone China is a very high population of society that can affect the crypto market Very quickly, for now the development of Crypto in China is very good so it's natural if they want to create their own crypto and later if this plan will run then the Chinese government will benefit of course.

If China's own cryptocurrency will completely launched on their country, I believed it has a bigger factor that affects btc's transaction to increase. The possibility of demand to rise and generate more holders, and due to higher number of China's population more traders will have daily trading activities. Economy of crypto will start to grow independently, and it could attract the neighboring countries to also allow cryptocurrency on their financial system.

Wildwest

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This is good news for us crypto users and this moment is very awaited many people and will be sure to follow a trail like China country, let alone China is a very high population of society that can affect the crypto market Very quickly, for now the development of Crypto in China is very good so it's natural if they want to create their own crypto and later if this plan will run then the Chinese government will benefit of course.

TastyChillySauce00

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Quote from: karanggatak on January 16, 2020, 08:56:32 PM

actually I am still confused whether this Chinese cryptocurrency will have a positive or negative impact on bitcoin and altcoin. because until now Chinese cryptocurrency has not been released. I think we have to wait until this crypto is released.
and in my opinion if this Chinese crypto is only focused as a means of payment then I don't think this will have a big impact on the crypto and bitcoin markets.

I think it won't give a big impact to bitcoin or alts simply because this coin will be created for their own country and I'm doubtful that people outside their country will be able to use it. How the government opposes decentralized crypto and instead making their own currency is sort of isolating their own crypto to avoid competition against other existing crypto and to secure their economy. If the coin that's going to be released is going to that direction, the whole crypto market outside china will be left untouched.

fortunecrypto

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Quote from: casperBGD on January 15, 2020, 04:50:29 PM

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralized and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

This is going to be part of the major events this year, Bitcoin halving, Facebook launching their Libra coin and now China doing the same, I think this is going to be huge this year 3 events that are enough to push the price much higher than we had before we enter 2020.

Aabcde

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Quote from: deathcode on January 15, 2020, 10:36:33 PM

Quote from: Aabcde on January 15, 2020, 10:28:53 PM

Actually it is good for a country to make its own crypto. Aside from making it easier to save money in the future, you don't need to bother paying with your ordinary wallet.
I came to think, if DCEP can be owned by anyone other than in China, maybe later DCEP can gradually control the world economy? We know that China is actively becoming a leader in all aspects.

but it requires adjustments that may take a long time for everyone in the country to use crypto and begin to leave fiat. indeed the benefits are also great, and banks of a country will be greatly helped by the existence of this technology. but the success of a country's crypto is how it is used by all people.

Yes it certainly takes time for its own adoption. But eventually it will be evenly distributed in this regard.

Quote from: electronicash on January 16, 2020, 03:24:57 PM

majority of the places in the mainland as far as i know is already cashless. people in china are using phones to but things they need at home. the beggars in china are even using alipay to accept few change from passersby - and i'm not kidding i saw this on facebook video.

digital currency and cryptocurrency will likely go together in china after all they do have exchanges there. confusing as they are that btc is banned, people are into BTC.

Wow, this is a very surprising fact. It means that clearly the Chinese people are ready for cashless. It looks like this won't take a long time for adoption when DCEP comes out later.

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Quote from: inoes on January 16, 2020, 06:49:05 PM

If a cryptocurrency will be adopted by a country, a question that often arises in my mind whether it will still be decentralized? we can see Xrp adopted by banks, Libra adopted by FB has a tendency to centralize. Important points here are the level of trust and anti-manipulation sought

I know that China has adopted blockchain technology but they don't use cryptocurrency like bitcoin or other coins, they only use blockchain technology to be used in various kinds of development that China wants to do, it can be said that their project is combined with blockchain technology which aims to provide solutions for many people.

karanggatak

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actually I am still confused whether this Chinese cryptocurrency will have a positive or negative impact on bitcoin and altcoin. because until now Chinese cryptocurrency has not been released. I think we have to wait until this crypto is released.
and in my opinion if this Chinese crypto is only focused as a means of payment then I don't think this will have a big impact on the crypto and bitcoin markets.

fuer44

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for the crypto market as a whole, I think there is no big impact on the market charts. because we know, that centralized coins will be difficult to get more attention even though it is supported by large companies or banks, just call it like a ripple case. but on the other hand, for China itself this is a new breakthrough in their finances, where they have a fiat in the digital itself. this is good for the adoption of the next crypto adoption, I strongly support this.

inoes

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If a cryptocurrency will be adopted by a country, a question that often arises in my mind whether it will still be decentralized? we can see Xrp adopted by banks, Libra adopted by FB has a tendency to centralize. Important points here are the level of trust and anti-manipulation sought

Topic: China Government Cryptocurrency (Read 509 times)