The PBOC coin will remain as a shitcoin, which will be hardly used by anyone unless the Chinese government pushes it down the throat of all the citizens. First of all, the Chinese Yuan is one of the most manipulated currencies in the world. Every now and then, the government devalues the currency, and therefore it is foolish to have your savings in the form of CNY. The problem in China is that there are few assets to invest in, which are not manipulated.
Now coming to the PBOC token, it will be a centralized currency similar to Ripple (XRP). The authorities will be able to freeze the funds and seize the tokens from anyone, with flimsy justifications. Worse still, it will be highly susceptible to inflation, as it is pegged against the CNY (during the last one and half years, CNY has lost 10% of its value against the United States Dollar).
Topic: China's plan to sideline bitcoin - page 2. (Read 18323 times)
I think that in the near future, China will be very friendly with Bitcoin because one such force will not be able to escape the popularity of bitcoin.
They're to have to at some point, as BTC becomes the global reserve 'gold standard' for honesty, accountabilty and permissionless p2p transactions.
I think that in the near future, China will be very friendly with Bitcoin because one such force will not be able to escape the popularity of bitcoin.
Nobody is stupid enough to trust a government released crypto.
If anything they all add value to bitcoin as a decentralized store of wealth.
Check the Petro and see how many people in Venezuela still buy bitcoin... there is a reason....
If anything they all add value to bitcoin as a decentralized store of wealth.
Check the Petro and see how many people in Venezuela still buy bitcoin... there is a reason....
Petro failed because its fully controlled by the government, even its price is fixed to whatever they feel like, thus repeating the same mistake they did to the (currently) worst fiat on this planet. You can only handle petro in a single State owned web page located in Venezuela, one of the countries with the worst internet connectivity of the hemisphere. And apparently its nodes don't fare any better, rumor says they are located within the same data center.
Nobody can own nodes, nobody can own wallets, nobody can audit the source code (contradicting their own law). It is known they took Dash's code and changed it to suit their whims...
Even though the government wants people to use it, merchants don't bother. Again it needs connectivity, and Venezuela's internet infrastructure is garbage. Most payments are done using debit card (iso7816) using an old fashioned keypad system that uses modem dial up connection to send and verify each transaction...
And each customer makes the pad dial up again, and again. Line busy? too bad, keep trying... I don't think many people here even know what a dial up modem is... They connect at 1200 or 2400 bps, VERY old fashioned, as in 80ies technology...
I think China is on the way of accepting BTC. I've heard that they want to launch their own cryptocurrency. And i suppose that China is ready to become Bitcoin friendly.
China back in 2017, before bitcoin reached its maximum of $ 20,000, many times changed its opinion about cryptocurrencies. They like to scare people with their prohibitions, but then, after just a few weeks, everything is canceled. Think about it, China is one of the first countries in the world in the economy. There not fools sit.
"technology standart designed and contolled by others" 
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.
Yeah exactly Agree china is one of the most biggest bitcoin mining provider before. But suddenly it so very surprising government quick it to ban all crypto related transaction and mining. Because china want to create their own digital currency.
China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.
bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning
bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning
Hahaha, Bitcoin fall below ripple, dude are you serious?
Its their government, I'm not surprise if this will still get support from its people. Chinese are patriarchal and will follow what their government says like how a son obeys the father. Those few who will oppose are soon going to see that is for their country's welfare and will soon anyhow. But then they will find a way around, they are good at it. Outwit this system of theirs just so they can play BTC casinos.
I think that the reason for such actions by the Chinese authorities is that for many years they tried to integrate the yuan into the system of international payments and thereby expand the use of the yuan throughout the world. For the yuan already sell gold, metals, oil and so on. The International Monetary Fund began to use the yuan as one of the reserve currencies. Bitcoin can destroy all the long-term work of the Chinese authorities on the integration of the yuan in the global financial system.
The fact is that the cryptocurrency is a real competitor not only to the Chinese yuan, but also to other currencies, including the dollar. It is not for nothing that there is still very strong debate in the world regarding the legalization of cryptocurrency, because many governments believe that cryptocurrency can undermine their domestic economy.
I think that the reason for such actions by the Chinese authorities is that for many years they tried to integrate the yuan into the system of international payments and thereby expand the use of the yuan throughout the world. For the yuan already sell gold, metals, oil and so on. The International Monetary Fund began to use the yuan as one of the reserve currencies. Bitcoin can destroy all the long-term work of the Chinese authorities on the integration of the yuan in the global financial system.
China found another reason to create their coin.
However, how would a Chinese state run coin help to stop the devaluation of the Yuan? It would only help if the People's Bank of China were to prevent their citizens from using bitcoin and altcoins.
Nothing will change. The users will always look for the right tools for their needs.
China’s central bank is developing a state-run cryptocurrency in response to Facebook’s Libra
China’s stance towards Bitcoin, and cryptocurrency in general, has been hostile—and understandably so. China tightened capital controls in the wake of a shock yuan devaluation in 2015 and has continued to implement measures to mitigate capital flight out of the country. Some of these measures include increased disclosure requirements for buying foreign currencies and tightened restrictions on corporate investments overseas.
Now, Facebook’s Libra with its base of 2.4 billion monthly active users, poses another threat to Chinese capital controls.
Considering Facebook is beholden to pressure from U.S. policymakers, it is in China’s interest to ensure Libra does not take hold in the country. Facebook’s services are already blocked in China and it’s unclear whether users outside of Facebook will have incentive to adopt Libra.
With approval from the State Council, the PBOC is working with market institutions to create a central bank cryptocurrency. A digital currency similar to Facebook’s could help China’s central bank maintain control over its economy.
Such an asset would pose few benefits for holders over the country’s already ubiquitous WeChat and Tencent digital payment options. Meanwhile, the black market trade of Bitcoin in China continues to thrive
Read in full https://cryptoslate.com/chinas-central-bank-is-developing-a-state-run-cryptocurrency-in-response-to-facebooks-libra/
However, how would a Chinese state run coin help to stop the devaluation of the Yuan? It would only help if the People's Bank of China were to prevent their citizens from using bitcoin and altcoins.
Nothing will change. The users will always look for the right tools for their needs.
China’s central bank is developing a state-run cryptocurrency in response to Facebook’s Libra
China’s stance towards Bitcoin, and cryptocurrency in general, has been hostile—and understandably so. China tightened capital controls in the wake of a shock yuan devaluation in 2015 and has continued to implement measures to mitigate capital flight out of the country. Some of these measures include increased disclosure requirements for buying foreign currencies and tightened restrictions on corporate investments overseas.
Now, Facebook’s Libra with its base of 2.4 billion monthly active users, poses another threat to Chinese capital controls.
Considering Facebook is beholden to pressure from U.S. policymakers, it is in China’s interest to ensure Libra does not take hold in the country. Facebook’s services are already blocked in China and it’s unclear whether users outside of Facebook will have incentive to adopt Libra.
With approval from the State Council, the PBOC is working with market institutions to create a central bank cryptocurrency. A digital currency similar to Facebook’s could help China’s central bank maintain control over its economy.
Such an asset would pose few benefits for holders over the country’s already ubiquitous WeChat and Tencent digital payment options. Meanwhile, the black market trade of Bitcoin in China continues to thrive
Read in full https://cryptoslate.com/chinas-central-bank-is-developing-a-state-run-cryptocurrency-in-response-to-facebooks-libra/
I am not surprised that there will be a digital form of Renminbi, it ss natural to have China move towards blockchain technology and want to control it and give it out to its people in the way it feels it is healthy too. Also decentralization of money feels like a very Alien thing to Chinese, although Chinese love digital currencies, playing the stock markets, gambling, speculating and also being 1st tier innovators in this field. I do not think the PBOC will get rid of Bitcoin but it will probably want to introduce all the cool technology associated with the blockchain and Ai, as China has a huge potential to create the fastest AI datacenters in the world with a population of over 1.4 billion RENS. 
. The Chinese now are not content with just emulating others, they want to be no 1 in innovative tech, you just need to visit Shenzhen to see how huge tech is over there.
. The Chinese now are not content with just emulating others, they want to be no 1 in innovative tech, you just need to visit Shenzhen to see how huge tech is over there. I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.
The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.
Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.
Bitcoin started as a noble cause which could take power away from the government with transparent transaction which cannot be edited, this was the biggest fear i had, if some countries take this noble concept and start their own private currency which could dent the privacy of every citizen as they will be having more power and could control everything and China being a dictator regime it is easy for them to implement these things as the voice of the citizens would not be heard, it is nothing but a centralized structure and they are planning to mine fiat currency without the expense of printing the fiat currency. The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.
Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.
Any coin supported by china has to be regulated, hence there are two options. One is create their own coin like petro, or make a centralised one like ripple. Neo is regulated so it could do well there in place of bitcoin
They want to make sure the currencies didn't bubble maybe.
China is not only ready to issue digital currency, but also has figured out how to issue, manage, settle accounts, and even how to establish the interaction between digital currency and various currencies. More importantly, these technologies have applied for patents, that is to say, they have been formed and protected. The next step is to apply for practical applications.
The Chinese Central bank body is very funny, but their people own a lot of bitcoin and use them too. Why do they feel is owned by others and controlled by a foreign country? I know they understand the bitcoin has no central issuing and controlling authority. At the end, they will still return to the bitcoin when all has been said and done. China government need to stop the real enemy of the people and not bitcoin,
maybe they want to disturb small-scale bitcoin owners, but with the strategy only those who have. bad concept, China tries to influence many parties with the development of bitcoin, but they themselves breed bitcoin for themselves.
Wait, a digital currency for China? And the purpose of this is to protect China from foreign technologies? If I were a Chinese citizen why would I even bother using this digital currency? Of course I'll just do usual things when I do shopping because it does not make any difference because the government is still in control of it.
the Chinese government wants full control of their currency, this is understandable because China is conducting a trade war with America. So the Chinese government is still putting aside bitcoin from entering their country, but we can see the Chinese government is starting to adopt their version of Blockchain. In the future, China can dominate crypto currencies.
While such an initiative attempt would allow the bank and government to more strictly control on the financial system in the short term, such initiatives will increase the interest and power of bitcoin in the crypto currency markets and they will casuse an increase on price of bitcoin in the long term.
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