Topic: China launching its own crypto currency ? - page 6. (Read 997 times)

Don't know exactly what will happen around crypto but according to one news if they are going to be competitors of facebook's Libra, it makes everything clear, very wise turn from china, they want to ruin USA's economy. At first it was Huawei's scenario, now currency, imagine if china decide to not let applr and others produce things in china, it will skyrocket technology prices in USA and will make it almost impossible for simple guy to buy tech and other needed things. I think china's aim is that and they want to attack with full forces and be ready for contr attack from USA.

centralize. maybe they even see their database and call each and everyone to hand out their digital yuan wallet address    its a scary thing but they'd get use to it.
the aim still is to get out of china and move somewhere else to be a merchant. that's what every china man wants to do unlike jacky who got so lucky.

Thanks for actually providing the link. I'm just curious though how it would go with this setup, with China having an official crypto that is only usable within its borders and then a separate fiat which it uses for trading with the world.

China coming with its own crypto currency should not even be a surprise because its something that is not new and there are no way around it because their teeming population are moving towards a digital way of payment and if they didn't create one, it means the citizens would have to look else where which would then defeat all the clampdowns we have seen them embark upon all over the years being a wasted effort. On the effect, it would definitely be wrong to try to downplay the effect its going to have on the entire crypto industry for the following reasons in my opinion:

1. Their population alone is massive to create a spark in any global brand now in the crypto market, it will not go unnoticed

2. The enforcement of the ban on crypto because those who are still defying the rule of not to relate with the popular crypto might have no other reasons to justify their actions since alternative is now being provided.

3. If a clampdown should happen to mining sites which are domiciled within the jurisdiction of China, we might have an issue to contend with.

They have been talking about it for years. And now they quickly realised that Libra is coming that's why they immediately announce their own crypto back up coins. But are the Chinese willing to invest on it wherein it is totally centralised?

It won't affect crypto that much though, as far as I know this is offered to Chinese only. There is also another looming competition, as tether launches a Yuan pegged stablecoin, https://www.coindesk.com/tether-launches-chinese-yuan-pegged-stablecoin-on-the-ethereum-blockchain.

Of course they don't want to yield control to their population specially when Chinese goes full crypto. That's why they have to make a move today with their own coin.

That make sense. May be they should have gone for decentralisation off their own currency as it would have made huge difference in the rest of the market. Just imagine that much money being put into blockchain for the development of their own coin can lead to good spikes in the digital world.

However, now that they have chosen the crypto to be made centralised then it will benefit in great way to their mini environment of crypto. This is in regards with security and safety of their currency and may not intend to contribute with the rest of the market.

China already undermines its people via capital controls, they devalue the currency to serve the export economy model which has the benefit of making their citizens labor much cheaper without their involvement in that decision.
  Its not going to be any closer to crypto currency as we know then the Venezuela model which was a joke, without any decentralization or ability for free agents to be involved in production, transmission and fees its purely just a system of digital currency under the puppet control of politics and we already have digital currency systems in most countries.    The vast majority of FIAT for most major currencies is calculated and settled purely digitally without ever being close to physically relating to any value or trade of actual goods, a large part of most trade balance is now is made up by bonds which are no fixed value either but helps to reinforce the current unit value so long as they are held.

  The two measures I know of China making in a substantial way in recent years has been to enter into the agreement of SDR value operated by the IMF for a common currency between major nations.   The other obvious measure by China has been to alter their stance of physical gold reserves, becoming both the worlds largest importer of gold and producer of gold with few exports we can say the command economy of China is amassing large amounts of gold in place of what might be foreign reserves of Dollar or related debt.  
  Other policy notable is Chinese ownership and sponsorship of major infrastructure and assets in many countries.   I'm not sure if the giant take over announced of LSE by Hong Kong is a private deal or a cover for China central government control, unfortunately Hong Kong and all its capitalist wealth is soon to become one of the collective.


China Belt and Roads Initiative - http://www.lse.ac.uk/ideas/Assets/Documents/reports/LSE-IDEAS-China-SEA-BRI.pdf

China knows something none of us do or at least acknowledge which is currency is worthless compared to assets.   They do or will have the power to undermine most western governments and cause massive devaluation of Purchasing power for those nations.

It will have a good effect in the market because it's still crypto and that means crypto will grow.

They can issue their own, even other countries can follow but bitcoin is unique and will still be the king in the market since it's not influence by the government and it's completely transparent.

IMO, nothing can beat bitcoin because people have already chosen which coin they like to support, although Bitcoin was not the first coin that was created but it was the one that is supported and it has been proven many times that bitcoin is strong as it was declared dead many times and until now it's still here even dominating the market.

A research report from Binance experts said that China’s state digital currency is likely to be a two-tier blockchain system that replaces both banknotes and coins. Additionally, the new digital asset of the country's central bank will be similar to what the organizers of the Libra facebook project offer for users now. Besides, China cryptocurrency can be launched in November already.

Every country is thinking of launching their own crypto but none will work as it will be more beneficial within the country rather than internationally as bitcoin has been. Also these cryptos would be highly regulated so they will not be so popular even within the country. It will be no better than fiat in digital form.

If ever China open it in crypto market worldwide then i think it will bring an impact to the market because we know China has a biggest population. But we don't know if the effect of it in crypto is good.
If this crypto currency is open only for their country then only their community can benefit and use it. So,if it happen there is no effect to crypto market.

I wonder if there would be anything different than a stable currency. Like if they do something along the lines of bitcoin or any other altcoin or will they go for something like USDT but for their own currency (yuan I believe).

If they do something like YUANT or something (totally making up the name) then it would be a lot worse because it is basically the government giving away money to foreigners as well, people could potentially use the "made up" coins and buy yuant with it, like have some worthless ICO money they have that all combined makes millions of dollars (not just one person but everyone) and they could buy yuant with it and then sell that for real yuan and sell that for dollars which would hurt the chinese economy a lot. That is why I think they should focus on a real crypto currency instead of a stable one.

Of course, the Chinese government will certainly have a way to fully control their cryptocurrency before launch, they won't allow any problem to happen and get out of their control because this is a big country, if the loss of control happens, it will be a disturbing scene. But perhaps the number of people supporting this cryptocurrency is probably not too hig, even for other countries, this is not a good product because China always has the ambition to become the strongest country, sometimes they just make fake products to make money, can't trust their cryptocurrencies

Idwally, Central Bank-issued digital currencies aren't a threat to decentralized digital currencies. The thing is that until they ban digital currencies, whatever the Central Banks will instill will behave in the same manner as the Fiat and hence wouldn't be a competition to the general crypto market. Bans are however issues of concern.

All I know is that the market is wide to accommodate everyone, provided that they don’t ban the use of cryptocurrency and impose their own currency on them, most of those 1 billion populations would still want to use bitcoin because of the nature of bitcoin.

China coin can never even be classified as cryptocurrency, I think it is just digital Yuan, and what will that one do for china people other than payment? When it comes to benefits, people are more concerned about the financial benefit of a system to them, which I don't think that Yuan coin will be of. Is it china digital payment that wants to make the price of their holding multiply? So Chinese people will always look for bitcoin even if china had created their own means of payment and even impose it on them.

I have a strong doubt that this cryptocurrency that launching by China is a centralized one and under controlled their governments.
Maybe it won't appear in the crypto market and will just be in their country. They always wanted to be the most powerful country in the whole world in all aspects. Also, their government probably has control over their people's gadgets. So the governments are the one who can benefit the most in their own crypto.

It will affect the entire nation of China if they will carry out this crypto coin but since it's a centralized coin it will be use by people who live from the country, though we can also consider the hype that possible to happen with billions of citizens from china who will  understand the concept of this industry, if investment will flow and they consider other crypto coins it will be a good start for Chinese people to go deeper with crypto industry.

There is still very little information about the Chinese CBDC coin, however, most likely, it will be a stable coin. It has been developed by the Chinese government for a long time, but has not yet been tested and requires some degree of refinement. They are trying to launch it faster against the backdrop of talks about the release of the Libra coin, which would directly compete with this Chinese coin.
I think that the Chinese CBDC will have a significant impact on cryptocurrency, since its use is likely to go beyond China.

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.

I understand that crypto has an extraordinary appeal, so China is interested in creating it on its own. But if trend will continue to change from decentralized to centralized, it means we still do not have freedom our currency. If we read why satoshi created bitcoin? namely to give freedom in holding money without government interference.

If all governments adopt crypto but with a centralized system, so it's not much different from fiat. It's just that they change technology into a blockchain. I would feel happy when more crypto was adopted decentralized.