China launching its own crypto currency ? - page 4.

Viscore

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Quote from: DarkIT on September 17, 2019, 01:09:23 AM

Quote from: suvo05 on September 16, 2019, 11:27:11 AM

Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

You mean the Chinese gov is going to launch the crypto currency. So I thik that currency will be totally centralized controlled by their Gov. And don't worry about the massive population of China. Maybe they are one sixth of the total population of the earth but that does not make any sense that the crypto market is going to affected if all of them start adopting that.

of course, they will control the crypto they make. moreover I hear that china making stable coins that will compete with libra. but, from the information that I got, libra's support is stronger than crypto that will be made by China.

China has a large population, and when every Chinese citizen is required to use their own crypto compared to other crypto, I think the development of cryptocurrency that they make will become a popular crypto

China will have their own centralized cryptocurrency so it will still be controlled by the government and even the Chinese people are required to use it, it's popularity will definitely not affect bitcoin. It's usage is only limited to the Chinese or even the near countries unlike bitcoin that is globally competitive. So even if China is a very progressive and has a huge population, it won't still make a big impact on bitcoin knowing it cannot be traded unlike what bitcoin is capable of.

DarkIT

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Quote from: suvo05 on September 16, 2019, 11:27:11 AM

Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

You mean the Chinese gov is going to launch the crypto currency. So I thik that currency will be totally centralized controlled by their Gov. And don't worry about the massive population of China. Maybe they are one sixth of the total population of the earth but that does not make any sense that the crypto market is going to affected if all of them start adopting that.

of course, they will control the crypto they make. moreover I hear that china making stable coins that will compete with libra. but, from the information that I got, libra's support is stronger than crypto that will be made by China.

China has a large population, and when every Chinese citizen is required to use their own crypto compared to other crypto, I think the development of cryptocurrency that they make will become a popular crypto

davinchi

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Libra is basically a competition for china because that means if Chinese people use libra then facebook could get money out of china and that is why Chinese crypto currency wants to build their own. Not to make a competition or not to even make people use crypto but just so people would use theirs in their country instead of libra so that people would use their Chinese version and that way they could keep their money in the country without losing anything.

It is a trick situation because if they do it then they might lose money from their country by people buying Chinese stablecurrency and selling it for dollars in the end, or if they don't do it then Chinese could buy libra by giving their money to them. Either side is very risky if you ask me and should be done very carefully.

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Quote from: suvo05 on September 16, 2019, 11:27:11 AM

Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

You mean the Chinese gov is going to launch the crypto currency. So I thik that currency will be totally centralized controlled by their Gov. And don't worry about the massive population of China. Maybe they are one sixth of the total population of the earth but that does not make any sense that the crypto market is going to affected if all of them start adopting that.

Crypto lovers mostly not interested with system which have a total control coming from the government, it's not attracted to invest or support crypto currency which will be handled by centralized system especially with a certain government that have the total manipulative access with the project.

Though we are talking about billions of people who will be adopting the system and if this country will serve a good example, potentials that many will follow and bring impacts to this industry.

milandres0207

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Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

If that will happen, the no. 1 who will get benefits on it are the citizens of China of course.
But it will be controlled by their government for sure, due to it will be regulate in the end. the government won't
allow to be happen without the benefits they could get from it. But as of the moment, it is still not implement right?

suvo05

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Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

You mean the Chinese gov is going to launch the crypto currency. So I thik that currency will be totally centralized controlled by their Gov. And don't worry about the massive population of China. Maybe they are one sixth of the total population of the earth but that does not make any sense that the crypto market is going to affected if all of them start adopting that.

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Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

Until the plan is concrete I will not believe that they are going to launch one, just because they have billions of people it doesn't mean that the Crypto community will benefit, they don't have a whitepaper yet or a roadmap we don't have idea on how they and to where they are going to use it.

In the past, there are Cryptocurrencies made for specific towns or countries, and there are countries now that created their own coin but it's not yet proven that this will succeed, maybe China's coin could be the first one.

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Quote from: fiulpro on September 14, 2019, 05:29:05 AM

This is a very old news therefore I don't think there is even one person who haven't heard about this

Not only China but even India is also working on it therefore we have 2 most populous countries which are working on it

1.339 billion
+
1.386 billion

These both are the population of these 2 countries combined .. therefore I think even if 10% of their users use the cryptocurrencies they are making then it would cause a good upsurge in the governmental economy.

I don't think it would happen just easy, they are issuing their own, so there are a lot of restrictions compared to the current cryptocurrency that are already in the market. If India issues their own cryptocurrency, USA won't benefit it, therefore it's not global unlike when every country are using bitcoin as universal currency, it would surely give positive effect on the economy of a country, especially those poor countries.

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Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

I think it will not have much impact, the fact that China fears the launch of Libra means a lot, besides the fact that China launches its own cryptocurrency is not to open the doors to Bitcoin, it will want as its main goal the stabilization of an economy where it has participation Under the Blockchain network, although they have been researching for more than 5 years, they are working fast to avoid failure, 2020 will be an interesting year, Bitcoin will have new investors coming from Wall Street, the launch of Libra, all this adds more value to Bitcoin, will surely be reflected in its price hike.

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Quote from: Semosuchi Tesongrato on September 15, 2019, 02:58:35 PM

I do not know if it is one of the many fake news that circulates, however it is clear that a currency managed by China can only be totally centralized. So it will be a very trivial electronic money but certainly not a crypto

I believe this is not a fake news buddy because I have read about it a couple of days on the US Forbes site. Although, the statement was said by the PBOC former employee but the part of the currency been trivial is something I don't believe either because it going to be stable which will be back with the Chinese national currency.

Semosuchi Tesongrato

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I do not know if it is one of the many fake news that circulates, however it is clear that a currency managed by China can only be totally centralized. So it will be a very trivial electronic money but certainly not a crypto

STT

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China may not be in bad economy like Venezuela

The main difference would be management, because China lacks oil which Venezuela has so China has a problem of requiring an import of energy at an increasing rate as the economy and consumers become more developed. Venezuela had the problem of resources but badly managed and actually requiring finesse in finding a path through their sour oil refinement requirement hence it led to failure.
China is also challenged by a falling working population which create labor cost inflation in their economy and higher cost of production, some nearby countries are now able to undercut them so China too has a requirement to act smarter and more developed solutions over plain mass labor production.

China isnt launching true crypto, it wont be by the people for the people. It will be by the government with control administered by government, the countries arent so different in having blunt force management of the economy and industry and I'm quite skeptical Chinese people benefit over paper cash existing.

The Cryptologist

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Quote from: CoinChili on September 15, 2019, 07:34:31 AM

Will, good for chinese government if they have launch their own crypto currency.As far i know, that the chinese government is one of the most strong and good economy so lets see on what will be the outcome of this.

The outcome will surely be positive for the whole crypto space. Chinese people are always patriotic to their government and that shows to the apps they use like they have Baidu instead of google and they have Wechat instead of Facebook. I just don't know if bitcoin maximalist from China will flip and exchange their btc for that token or they'll just invest some portion of their money.

CoinChili

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Will, good for chinese government if they have launch their own crypto currency.As far i know, that the chinese government is one of the most strong and good economy so lets see on what will be the outcome of this.

redsun114

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China may not be in bad economy like Venezuela but at the same time would you consider crypto when you have no economical problems neither? Petro was for the government not the people and that is the biggest difference. Petro was created so that the inflation in Venezuelan money would go away by getting more dollars into their system by giving away petro which has no value at all to get back dollars instead of dealing with bolivar which would hurt the country as a whole.

Stuff like libra and what china wants now are different because it is not governmental, its more for the people themselves and of course governments will take advantage of it if they can but in the end its gonna be more about day to day. Hence, I believe if its successful it wouldn't be because China has better economy than Venezuela but because its not made for macro economics.

fiulpro

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This is a very old news therefore I don't think there is even one person who haven't heard about this

Not only China but even India is also working on it therefore we have 2 most populous countries which are working on it

1.339 billion
+
1.386 billion

These both are the population of these 2 countries combined .. therefore I think even if 10% of their users use the cryptocurrencies they are making then it would cause a good upsurge in the governmental economy.

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Quote from: eaLiTy on September 10, 2019, 11:30:16 AM

Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

Since they wanted to have complete control over their population it is not a big surprise that they are coming up with their own centralized coin, i have not seen any articles regarding that but i have an idea what they are coming up with, it is no affect in the market, Venezuela already have their coin Petro, does it have any implication in the market, i seriously do not see any nor do i care about it. Wink

It is not having any effect because Venezuela is already having economic problem, and a very bad one for that matter, where cryptocurrency would have come in was if they had implemented it before they went into such disaster, but they created that petro because they thought it could help rebuild their money that is already useless, but what is wrong with Venezuela is far much more than what cryptocurrency can mend, and all they need to do is just change their leader.

China is coming up with cryptocurrency when they are not having financial challenge, they are only applying the blockchain technology to their already existing system, the only difference is that they are creating a centralized coin and not decentralized, but even at centralized, it will still help them I a way.

RealMalatesta

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Only Chinese won't benefit from it, others will too. Not because it will be open to whole world, they will want to centralize the hell out of it, think of it like Libra but instead of Facebook you have a facsist dictatorship ruling over that currency, of course the results will be terrible for people who will use it outside of their jurisdiction. That's why it will affect mostly Chinese and it will be for them however that is adoption nevertheless.

If adoption rate in china goes up, then Chinese will know more about crypto and even though most stuff is illegal to do there, buying and selling bitcoin is still not illegal. Like ICO's are banned and mining is banned but buying/selling bitcoin or any other major crypto is not. So it could affect all of us.

traderethereum

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I think that will be no problem for cryptocurrency because maybe China crypto can give more profit to us.
Maybe their crypto will be like stable coins which we already know.
The China government can create their own cryptocurrency as they have the power to do that, they have a source to create, and maybe they want to be a pioneer for another country.
But we don't know what if their reason to create their own cryptocurrency, so let's wait for the next update from them.

pragna

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Quote from: haseeb ahmed on September 09, 2019, 04:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

I think CHINA is not a foolish citizen that they only make crypto currency for their people. If you do not accept anything globaly its totally valueless thing. You see every big investors explore their products globally so that i think china also must have a plan explore their crypto currency globally . So i think nothing to worry here.

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