Chinese State-Backed Crypto Is About to Launch

Jating

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Quote from: ?? on ??

Banning BTC is just a rumour I believe. Surely bitcoin poses a severe threat to the market and is a severe competition but, I don’t think the Chinese government will ban it. About the new coin, I think it will be similar to the Libra and will be functioning as a stable coin rather than a trading coin like bitcoin, but we have to wait and see until further info is revealed.

Surely, but it there is a smoke there's a fire. China has been floating this news this year so don't be surprised if they pull the plug on all bitcoin miners in their country.

Quote from: ?? on ??

China is indeed accelerating the launch of its own cryptocurency after Libra will be created by Facebook. Regarding the relationship with XRP, I think China's crypto will be different from XRP because the Chinese cryptocurrency is backed up by the Government while most of the XRP supply is still held by the owner

XRP is expanding as far as China so it could very well be a competition and yes the only difference is that this supposedly coin is back up by the state, but I still think it will compete with XRP as well.

Jating

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For Chinese to release their own cryptocurrency that means they wanna compete with US, it seems like a good stuff for crypto world because there will be influx of money Into their own cryptocurrency and thereby increasing the entire market mcap

They have been in competition with the US already, even prior to the release of crypto.

Quote from: sjbi on August 14, 2019, 04:58:30 AM

First of all the news that China is going to launch its state-backed stable digital currency is good for the entire crypto community. This news will help make cryptocurrency more stronger and stable. Second, China is more clever when it comes to business and trade. So China never wants to miss the chance of taking leverage from this innovative and lucrative cryptocurrency. They banned bitcoin to issue their own currency.

Quote from: Msworld83 on August 14, 2019, 05:45:38 AM

This will be a great move for crypto if China eventual launch its cryptocurrency , that will create another level of adoption in the industry and every other country will follow one after the other as this has really done a great thing in making life more meaningful and decentralized for privacy in ones life.

I don't understand why the two of you says that it will be great for the crypto community. This is a state back up crypto and wouldn't used outside the border of China. And I don't think that other countries will follow, because most countries prepare fiat. Besides, Chinese government are threaten by the Libra coin, so they quickly wanted to release their own coin before Facebook does to get back into control again.

barbara44

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One thing I don’t get about these their own cryptocurrency is why they would choose to use the same name as ripple, and I think if this is not a mistake from this article, that would be the first place where they would shoot themselves in the leg because many people will take the coin for ripple and then buy more of ripple rather than buying their own coin which will create lots of demand for the ripple coin.

Whatever coin they have created will only be within their country because it will not cross the international level as no one would believe in the coin, they would simply just take it as a centralized coin which us exactly what it would be, so why would people choose centralization over decentralization of bitcoin.

Msworld83

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This will be a great move for crypto if China eventual launch its cryptocurrency , that will create another level of adoption in the industry and every other country will follow one after the other as this has really done a great thing in making life more meaningful and decentralized for privacy in ones life.

sjbi

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First of all the news that China is going to launch its state-backed stable digital currency is good for the entire crypto community. This news will help make cryptocurrency more stronger and stable. Second, China is more clever when it comes to business and trade. So China never wants to miss the chance of taking leverage from this innovative and lucrative cryptocurrency. They banned bitcoin to issue their own currency.

Jating

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Quote from: enhu on August 12, 2019, 01:44:53 PM

Don't you find it insane that the biggest crypto exchange such as binance are own by Chinese yet they ban BTC?
Those ban orders are just for the public notice but in reality its not really ban, there are several Chinese parents I see wearing shirts with the logo of BTC in my kids school.
If they are going to be releasing State-backed crypto then good, I'd like to see how US and other governments will try to stop them from doing so.

Because Chinese are one of the early adopters of bitcoin, remember they still command the majority of mining power. There are still Chinese crypto back-up exchanges as of the moment, but it doesn't mean that they will change their stance on bitcoin.

Quote from: tranthidung on August 13, 2019, 12:14:38 AM

This newest strategy of Chinese government might result in another hot trend globally. Government-backed crypto currencies. Personally, such government-backed crypto currencies, when widely launched, will boost the crypto ecosystem to all time high level, that we all have never imagined.

I doubt that, Maduro Petro didn't bring any hype, Russian's Crypto Rubble, the same. Russians didn't support it because of the huge tax. So I don't think that it will boost the crypto ecosystem.

Quote from: confreslamp on August 13, 2019, 03:53:12 PM

It is great news that China is going crypto but I see a huge potential threat for all crypto currencies, because if each county would release their own digital crypto backed by something, why would they need to accept crypto currencies?

The reason why governments are creating their own crypto is for tax purposes only. But they can't really stop crypto because it has taken off and I don't think that their population will support their own country's token.

tycsols

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Personally i like competition and this is epically big news, because all major countries will follow China and launch their own crypto coins, this will both directly and indirectly boost crypto market as general and real cryptos like btc will lead the value race by growing rapidly so really great times ahead.

confreslamp

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It is great news that China is going crypto but I see a huge potential threat for all crypto currencies, because if each county would release their own digital crypto backed by something, why would they need to accept crypto currencies?

bartolo

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Quote from: Bananington on August 12, 2019, 01:25:37 PM

I strongly believe these are mere rumours and not official news. Do you think it will be so easy for China to launch a state backed crypto without having other world authorities countering them?

They don't need the opinion of any world leader since that coin they will create will be surely used only in Chinese territory, they will not even allow people to send it away from the country. They say they have been working in this coin for years but we know this is their response to Libra project.

tranthidung

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Chinese government control all aspects of life in that nation, from financial to political. Government also control Chinese central bank and government can ask Chinese central bank release any policies for their political interests. That nation is totally different from the USA or most of other developed Western nations, where they have separations of Power (includes legislative, executive and judicial institutions) under their local governments.

I seriously think that Chinese government will move farther by using their governmental-backed crypto as one of their coming weapons to fight against the USA in their escalating trade war.

This newest strategy of Chinese government might result in another hot trend globally. Government-backed crypto currencies. Personally, such government-backed crypto currencies, when widely launched, will boost the crypto ecosystem to all time high level, that we all have never imagined.

Jating

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Quote from: timmmers on August 12, 2019, 09:58:53 AM

And what about cryptocurrency regulations in China?
They can hold cryptocurrencies, but they can´t trade and mine them? Huh

They have a love-hate affair with crypto, but I do believed that they are going to regulate in, but not bitcoin though.

Quote from: Febo on August 12, 2019, 12:55:43 PM

You cant ban Bitcoin. But Trump might force taxes on China crypto currency

Ahh, the political effect of bitcoin. Grin

Quote from: betty11 on August 12, 2019, 01:15:48 PM

I don't think they are going to ban bitcoin since their currency is just another stable coin. They are trying to move ahead of the Libra coin still facing hurdle in the US senate. Don't know how the US financial intelligence will respond to this yet.

We will see about that, but so far the signal that they are giving us lead me to believed that they will give bitcoin a hard time. Because of the freedom it will give to their population, not good for the government if that will happen in the future. Just look at what's going on in Hong Kong right now.

Quote from: Juggy777 on August 12, 2019, 01:26:40 PM

China state bank crypto won’t find any takers and soon it’ll disappear from the market, this attempt by China won’t impress bitcoin holders. It’ll be a sad move from China if they ban bitcoins all of a sudden, but I hope the markets will be ready as and when it happens and not bleed like last time China announced negative news for bitcoins. Xrp and this new Chinese crypto are not related to each other, and if China bans bitcoins it’ll ban Xrp too it seems to me that the author has not done his research well.

We already move past the point wherein every news coming from China will affect the market negatively. XRP is an altcoin, China embraces altcoin more than bitcoin.

Zidan Bst

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I think Chinese release their own cryptocurrency is to compete with US America.
Because,those two state is compete in goods trade a long time ago.

nemey

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So finally, they will have their own cryptocurrency? So far, China is well-known as a country that bans crypto in their country. Probably, it is prepared for their own. Well, with several years of preparation, I think that the coin may be one of the promising cryptocurrencies. But, will it be accepted in the global world? So curious about it, how they manage and control the crypto later.

Twinkledoe

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Quote from: senin on August 12, 2019, 12:50:57 PM

Finally, the Chinese government decided on something and showed at least some real attitude towards cryptocurrency. Since China has always sought its way of state development, I expected about such a step from this government. It was also predicted that the Chinese government should respond to the possible emergence of a stable Libra coin, which would be serious competition for China.
I am quite positive about the appearance of such a coin in China. However, more information is needed on such a coin. Most likely, it will be a stable coin, fully secured by the Chinese yuan.

So this is the reason they want to ban crypto, because they are cooking their own coin. Maybe, they want crypto users to use their coin and not the existing ones. It is only a matter of time how are they going to market this coin to their public. So after all, banning the usage of crypto is just for a show... Grin

torrantz

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When China has made its own social media platform and that country has already banned all of the social media that has made by western companies like twitter and facebook. (weibo)
I thought that the same thing will happen with its own crypto and maybe china will be banning another crypto-like bitcoin or something else.

martychubbs

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Chinese are allowing holding crypto but not to sell or trade with them. Then what is the point of keeping them in the first place? Surely, I believe their rules will change as they will soon come to realize this.

enhu

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Don't you find it insane that the biggest crypto exchange such as binance are own by Chinese yet they ban BTC?
Those ban orders are just for the public notice but in reality its not really ban, there are several Chinese parents I see wearing shirts with the logo of BTC in my kids school.
If they are going to be releasing State-backed crypto then good, I'd like to see how US and other governments will try to stop them from doing so.

Juggy777

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Quote from: Jating on August 12, 2019, 08:14:35 AM

Chinese State-Backed Crypto Is About to Launch, Community Expects XRP Volume to Surge

Quote

The central bank of China (PBOC) plans to finally release its own government-backed crypto soon after several years of preparation. Citing one of the top officials in the People’s Bank of China, Bloomberg reports that the PBOC is about to release its own state-supported crypto after five years of research and all other preparations.

https://news.u.today/news/chinese-state-backed-crypto-is-about-to-launch-community-expects-xrp-volume-to-surge

Do you think that with the release of their own crypto, is China going to ban bitcoin for good. I think this year alone there was a hint that they are going to ban bitcoin mining because of the harmful effect it did bring to the environment. However, I seriously doubt that it is the main reason though, they wanted to eliminate bitcoin because they want to have their own state sponsored crypto.

I'm not really sure though about XRP, why would the volume surge as the article suggested. It could be a competitor to them in the long run.

China state bank crypto won’t find any takers and soon it’ll disappear from the market, this attempt by China won’t impress bitcoin holders. It’ll be a sad move from China if they ban bitcoins all of a sudden, but I hope the markets will be ready as and when it happens and not bleed like last time China announced negative news for bitcoins. Xrp and this new Chinese crypto are not related to each other, and if China bans bitcoins it’ll ban Xrp too it seems to me that the author has not done his research well.

Bananington

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I strongly believe these are mere rumours and not official news. Do you think it will be so easy for China to launch a state backed crypto without having other world authorities countering them? Also, China still has strict regulations and restrictions on crypto, so why will they bring forth their own crypto. Talking about banning Bitcoin in China, it's old news but doesn't necessarily mean that Chinese people don't hold, trade or mine crypto. There is nothing anyone can do at this point to stop BTC.

SolarWindMiningCompany

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Quote from: Jating on August 12, 2019, 08:14:35 AM

Chinese State-Backed Crypto Is About to Launch, Community Expects XRP Volume to Surge

Quote

The central bank of China (PBOC) plans to finally release its own government-backed crypto soon after several years of preparation. Citing one of the top officials in the People’s Bank of China, Bloomberg reports that the PBOC is about to release its own state-supported crypto after five years of research and all other preparations.

https://news.u.today/news/chinese-state-backed-crypto-is-about-to-launch-community-expects-xrp-volume-to-surge

Do you think that with the release of their own crypto, is China going to ban bitcoin for good. I think this year alone there was a hint that they are going to ban bitcoin mining because of the harmful effect it did bring to the environment. However, I seriously doubt that it is the main reason though, they wanted to eliminate bitcoin because they want to have their own state sponsored crypto.

I'm not really sure though about XRP, why would the volume surge as the article suggested. It could be a competitor to them in the long run.

I wasnt quite amazed to learn the news that China has been developing its own crypto and blockchain in the private while issuing ban and strict regulations to cryptocurrency participants in the country. All indices points towards a global cryptocurrency adoption and I am sure America is ready to embrace it as well irrespective of their media play

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