Topic: China launching its own crypto currency ? (Read 997 times)

China is a very powerful country and is these days trying to become new super power of the world. It is already into all organizations that are controlling world in one way or another. We all know that they are communist and they want the government to control everything in their country and crypto is totally opposite to this. They like the idea of digital currencies but want to control them.

It is likely that China is able to create its own cryptocurrency despite the fact that it is trying in every way to distance itself from bitcoin.
Look at how Bitmain works, it is an extremely cunning organization that somehow manipulates the market and the price of bitcoin itself.
Although the People’s Republic of China is doing everything possible to keep silent about it in the media and, as I have already said, it is as distant as possible from cryptocurrencies.
All this looks like a manipulation.

If they are having a stable coin which is centralized, then  why would they be needing crypto currencies at the first place? They could just be using services like Paypal. No difference between the usage. In fact, using a service like paypal would be more better. No fee or transactions delays and stuffs. Making a centralized state owned stable crypto currency (which probably can't even be used for cross border transaction) makes no sense at all.

China makes digital currency for use in that country, I think also we cannot use the digital currency that they make other than in China. From the start they banned bitcoin from protecting their citizens, now they are developing their own digital currency technology for their citizens, for sure there will be regulations later. Bearing in mind that the Chinese state can be said not to tolerate fraudulent acts which are detrimental to the state, so the regulations will be severe. It will be very difficult to think of the impact if the concept is in fact difficult to imagine, we do not know the purpose of China to create a digital currency for what, maybe there will be some small impact, after that just wait for the actions of the Chinese state.

The Bank of China will be launching a stablecoin (similar to Tether and PAX USD), and not a real cryptocurrency such as Ethereum or Bitcoin. First of all, we need to decide whether stablecoins can be classified as cryptocurrency or not. IMO, they are just digital versions of fiat currency and we should not call them as cryptocurrencies. And in most cases, stablecoins such as USDT are being used because the government has banned fiat currencies being used in the cryptocurrency exchanges.

Of course, it will launch it, in fact it has already been working on it for 5 years, and after the announcement of Zuckerber, China is one of the nations that has been most concerned, because they have accelerated its development much more, so much so that those programmers who have requested Know about Blockchain to include them in your development.

The cryptocurrency of China will be a Clone of Libra, they are in a hurry to launch it long before Facebook Pound, their biggest fear is that Libra will be backed by many fiat currencies, less by the Chinese Yuan, and this for China represents the major domain On the part of the dollar, they do not like this for their local currency, in fact in many regulations they have declared that they will see Libra as one more currency, because they fear destabilization in their economy, and as recently their economy has had some low fluctuations, the concern has markedly increased.

I really want to see the impact that cryptocurrency has with respect to Bitcoin, since they are very reluctant to use it and have made very radical regulations, but as they will enter fully into technology, it is a fact that they will somehow have to lower the Guard and accept Bitcoin, I think 2020 will be very interesting to see the cryptocurrency China Vs Libra in action, adopting Bitcoin. I think the demand will be incredible, and the supply will decrease markedly in the market, it is quite possible that the price of Bitcoin will increase quite a lot.

If the digital currency of china is going to be centralized, I don’t think so it will be included by mentors of crypto market even in the category of digital currencies. All digital currencies are decentralized and they are there to give people the real sense of financial freedom rather then again putting them under complete control of government.

China has always made its own products, we can see whatsapp, then Facebook, and other social media they make their own, and now they will make their own crypto, I don't think that will be a problem, bitcoin and alt will still be there and we know. The holder of the most dominance is in Asia, so even if they make crypton, it won't have a big effect on crypto.

I also tend to believe that no decentralization from the state cryptocurrency of China will not have to wait. Perhaps it will be convenient for citizens to use this coin, because transfers with it can be cheaper and faster, but anonymity is out of the question. China is known for introducing digital technologies such as social rating and the likes of this system that control the lives of citizens.

Big effect if China want to regulation own crypto currency for bitcoin and altcoin, become bad lower price or higher price if China have own crypto because will be competitor for bitcoin price or be part with cryptocurrency. China have thousand company want to adopt their own cryptocurrency make crypto in china faster development than other country, bring fantastic price if China have regulation their own cryptocurrency.

Little worry if China want to create own cryptocurrency because they have big investor in their country could make become competitor with bitcoin, I afraid bitcoin have lost popularity with China own cryptocurrency and give bad effect for bitcoin at the future, without know when China launch their own cryptocurrency maybe bitcoin have take many way how to upgrade bitcoin system and when bitcoin back to higher to make investor back to bitcoin investment.

It does not matter; it is a breakthrough. Alibaba will be the first to use it (and it is like eBay in China and for some countries also). It was announced that their altcoin will be launched close to November 11. That is the date associated with the Day of Bachelor - mass sales are held, and it is supposed that this fact will attract millions (do not forget about the number of Chinese) to the new cryptocurrency.

From what i understand is that China is releasing the digital version of Yuan to trade globally and it has a strategic move when you consider the financial war between the US, they want to trade Yuan globally without any restrictions and it will create another competition for the US dollar and we might even see the US coming with their version of the coin shortly.

I don't think that crypto users will benefit on it.. its their own cryptocurrency china won't even share it or being listed on exchanges.. china has a billion of population so it takes a months if they pursue or push they're own crypto currency. with their own crypto currency, the freedom that they want will change.

Let china do what it wants because it is their own country and they have their own laws to follow and they have the control over their country. If China will launch their own cryptocurrency then I will feel grateful for them because they are embracing the world of cryptocurrency and it might be a hint for other countries that using cryptocurrency is not bad at all.

there are many opinion what will happen if china create their own cryptocurrency.its will have two side.as you side above it will have negatives impact to bitcoin and existing altcoin.but in other side i am sure it will add confidence to blockchain developers and old cryptocurrency stakeholder.and i am everthing will have positive and negative impact.

I don't think the launch of China's digital currency will have an impact on the crypto market. because the digital currency was issued by the central bank of China. I think the launch of this currency is to restrict the Chinese people from bitcoin. the Chinese government is afraid bitcoin will defeat their currency so they decide to make their own digital currency and surely later this money will be controlled by the chinese government. so it will not affect decentralized cryptocurrency.

I am worried with this also, we all know that patriotism is great in china, also we have a lots of traders in china, if this will happen traders in bitcoin and alt coin as well will reduce because china will surely prohibit any other coins to their country because they believe that it can affect their own coin.

If China want to adopt own cryptocurrency I think bitcoin and have altcoin have big effect for the future have higher price, China have many big investor and many company in China like for working with bitcoin and adoption their payment transaction using bitcoin. Latest years when China legal using bitcoin many investor become rich person there because they invest on bitcoin with higher amount and trust bitcoin become best investment assets for the future.

Their government is permitting to make their own cryptocurrency because the leaders feared, that bitcoin will be overpowering all fiat currencies. Having an alternative that could protect their native currency, the creation of China's own cryptocurrency is their way of diverting people from bitcoin adoption. But that's only my own opinion, because no all chinese traders supports the visions of their leaders.