Coming Soon: China's Own Cryptocurrency

NathanJB

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Quote from: salamat700 on October 28, 2019, 10:32:33 PM

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

China is conquering the globe with its cheap labor not with their digital fiat. Their cheap labor has attracted the biggest companies and factories around the world to put up their manufacturing sites in China. The country may be a superpower but look at their people? Many of their citizens are dirt poor in a rich land. They are becoming slaves whose hard labor the country is selling so that it will grow richer and richer. Nobody is afraid of this country's digital fiat.

antsam

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Quote from: nelson4lov on October 29, 2019, 04:19:41 AM

I'm not surprised. China is one of the leading countries in terms of technological innovation. China is a top country today because it embraced technology with open arms. And crypto being a seemingly new and experimental technology (in some some cases) is quite innovative. The technology behind the blockchain ledger is superb. I think that's why China has reconsidered their stance on Bitcoin/Cryptocurrencies. But we should remember that if China creates a cryptocurrency, the government will be heavily involved with it. It's a win win for us Crypto enthusiasts as China will open the doors for more exposure and adoption should they carry on with their plans

Because the Chinese Government saw that they could not control crypto without mastering it so they jumped in and created their own crypto currency. Certainly the Chinese government will tightly control but it will make the reputation of crypto increasingly go up

Quote from: jets567 on October 29, 2019, 08:26:31 AM

Actually China is not keen to give their full support on cryptocurrency but the technology behind it which is the Blockchain, they are creating their own digital currency wherin they have full authority because they knew that Bitcoin and other cryptocurrency cannot be controlled due to its nature of being a decentralized system but they see the big potential on Blockchain technology that will boost their financial system.

Yes, the Chinese government is quite smart and sees great opportunities to improve their economy using the blockchain and cryptocurrency

jazmuzika217

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All we know that China is one of the most powerful country all over the world so I think there is a big possibility that they already study and have enough knowledge about crypto that they are cooking right now. I hope it will not the same as facebook coin that there is so many good publicity but in time that they launched it they faced so many problem.

Vishnu.Reang

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The Chinese central bank announced many months ago that they are going to launch a CNY-based stablecoin. But no progress have been made on that regard, probably due to lack of interest from the users. The government is aware that cryptocurrency users are using the stablecoin loophole to convert crypto to fiat (and vice versa). So they want the traders to use the government approved stablecoin.

AliMan

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Quote from: spadormie on November 01, 2019, 02:03:07 PM

I agree, China is currently working for their own cryptocurrency. And look on their opportunistic side, they are using this time when SEC is particularly busy with Libra. Also in the bright side, with China opening another coin in crypto, this could result into opening another investment to all of us. And as we all know, Chinese are good in businesses. Hope that they could be in this matter also.

Most Chinese businessmen is hardworking and motivated on their goals to achieve a good results on their business. This is a good factor that could bring more opportunities to anyone whose willing to dig deeper with cryptocurrency, more new developments could go beyond expectations as China's own crypto is having higher potential because of their growing population whose the biggest prospect of adoption.

jootn2kx

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Quote from: salamat700 on October 28, 2019, 10:32:33 PM

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

China's cryptocurrency will definitely bring more awareness and show that using crypto is okay. However, yeah, that PARTICULAR cryptocurrency won't be even close to what crypto is and should be.

trauchot

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We have already seen what news from China is capable of for the cryptocurrency market, so that while China is very positive about the cryptocurrency, the cryptocurrency market will be able to start growing at some point and we will be able to see the new altcoin season, but so far we need to follow all the news from China to know what is happening in the field of cryptocurrencies.

spadormie

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I agree, China is currently working for their own cryptocurrency. And look on their opportunistic side, they are using this time when SEC is particularly busy with Libra. Also in the bright side, with China opening another coin in crypto, this could result into opening another investment to all of us. And as we all know, Chinese are good in businesses. Hope that they could be in this matter also.

Bonenx14

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Quote from: TWW on November 01, 2019, 01:17:41 PM

This will be good when regulations strengthen the circulation of crypto in China. This is a big boost for the increasing demand for crypto because we know China is a big country which will certainly open the door to big investments as well. I hope this moment will get better and be the start of the season next year with many updates also that will occur. You can imagine if many updates in the market could be accepted by the market and made a very large adoption. next year might just be the year awaited.

with the help of recognition from China it is actually already quite helpful, but if they will make new crypto it will be even better. might attract a lot of people in it to start switching to crypto technology, as long as it brings something positive there will be many who support China to develop its crypto

TWW

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This will be good when regulations strengthen the circulation of crypto in China. This is a big boost for the increasing demand for crypto because we know China is a big country which will certainly open the door to big investments as well. I hope this moment will get better and be the start of the season next year with many updates also that will occur. You can imagine if many updates in the market could be accepted by the market and made a very large adoption. next year might just be the year awaited.

cutesgirl

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Quote from: salamat700 on October 28, 2019, 10:32:33 PM

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

If China serious for created their own cryptocurrency I think will bring positive respond with bitcoin at the future, we can't stop the power on China investor with bitcoin, just few minute after China president want to adopt bitcoin as legal transaction, bitcoin suddenly fly to higher price, how if China want to regulated and created their own cryptocurrency at the future?

Kambal2000

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Quote from: target on November 01, 2019, 12:57:07 PM

Quote from: mickey_miner on November 01, 2019, 11:23:08 AM

Quote from: salamat700 on October 28, 2019, 10:32:33 PM

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

If China also quickly continues to develop in the same direction and can correctly apply new technologies associated with cryptocurrency, it will overtake the United States and become a world leader.

The trade war continues but this time this will be in the different dimension like blockchain world. If both of them just keep manipulating their currency, this time in blockchain the transparency will show which of them manipulates all the time. If they kept printing their bills all the time to shrink debts, minting coins in blockchain will be shown. Is US prepared to show transparency?

China really wanted to compete in all aspect, they don't want to be defeated and they can't accept the fact that USA has a lot of control over Bitcoin as many USA citizens are holding it over them, so what they are doing is they are banning Bitcoin mining and Bitcoin itself to China as they are preparing for something bigger.

target

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Quote from: mickey_miner on November 01, 2019, 11:23:08 AM

Quote from: salamat700 on October 28, 2019, 10:32:33 PM

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

If China also quickly continues to develop in the same direction and can correctly apply new technologies associated with cryptocurrency, it will overtake the United States and become a world leader.

The trade war continues but this time this will be in the different dimension like blockchain world. If both of them just keep manipulating their currency, this time in blockchain the transparency will show which of them manipulates all the time. If they kept printing their bills all the time to shrink debts, minting coins in blockchain will be shown. Is US prepared to show transparency?

mickey_miner

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Quote from: salamat700 on October 28, 2019, 10:32:33 PM

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

If China also quickly continues to develop in the same direction and can correctly apply new technologies associated with cryptocurrency, it will overtake the United States and become a world leader.

Searing

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Clueless!

Well, this is interesting:

https://www.fxstreet.com/cryptocurrencies/news/china-is-banning-any-criticism-of-bitcoin-and-blockchain-technology-201910311837

It seems to be moving a lot faster than I anticipated on all this. I guess that BTC is being accepted as the 'bastard step-child' and ignored, probably, IMHO,

due to its 'store of value' aspects. (Anything to help lower the U.S. Dollars world dominance is also likely part of this).

So China, again IMHO, is likely looking at their Cryptocurrency, just like LIBRA, from a purely fast-moving electronic cashless cryptocurrency for buying

and selling stuff quickly with scaling. Bitcoin is accepted as the bastard step-child, in the store of value aspect, IMHO, and it helps in that role by

screwing over gold and the U.S. Dollar to boot.

Anyway, my take on the above. What do you all think?

later

Brad

Pearls Before Swine

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Quote from: salamat700 on October 28, 2019, 10:32:33 PM

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential.

No, I don't think there's any great potential for financial progress if *any* gov't creates a centralized cryptocurrency. The only reason to do that would be so that the gov't can track every single financial transaction its citizens make, so that they have complete control. They can call it a cryptocurrency, but it isn't one in the true sense of the word. Nobody will be mining it and the gov't will hold all the keys.

Does that sound like a good thing to you? And it doesn't matter if it's China or the U.S., any gov't trying to create their own crypto will be trying to further repress its people.

nicecrypto

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All that fuss of banning crypto, all the negative news always coming from them is for China to have their own crypto, at least now we know why they are so strongly against btc, good luck with their centralized crypto I hope the citizens will enjoy it.

Thomas-s

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Quote from: royalfestus on October 29, 2019, 01:48:19 PM

Latest news from china indicates that bitcoin is not supported as cryptocurrency and the massive restrain is still upheld. This may not have a immediate reaction on bitcoin price but some china cryptocurrency may have monitored support. Other distracting news says whales are responsible for the price surge which I consider a lie, cause I dont understand the coincidence.

news from china does not say anything specifically about bitcoin. China now wants to be the first in the field of blockchain and they will launch or have already launched their own currency. time will pass and people will understand that there is no currencies that will work except bitcoin and then there will be a new era of bitcoin. but for this, we must be very patient

redsun114

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Quote from: salamat700 on October 28, 2019, 10:32:33 PM

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

And so? If china creates cryptocurrency, would they now impose the use of the currencies on us, they can impose it on people like you who have absolute no idea of why bitcoin is totally different from their own cryptocurrency. The fact that china is creating cryptocurrency does not mean I should be fidgeting or jubilating because I would still not see what advantage it will have over bitcoin.

First, china will never create a currency that will be volatile which makes it very useless to people, its regulation will surely make it more of a stable coin, and when we talk of stable coin, we all know what we need stable coin for and we all know what we need volatile coins for, both are not same function. If china like crates their currency, watch and see how it will still be flogged by bitcoin.

Leyss

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The Chinese government is doing everything right, there they primarily care about the interests of their own state. This position has brought China into a superpower with a powerful economy, using the most advanced technologies. The appearance of their national stable coin CBDC is a very timely and necessary step for the development of China. In my opinion, this coin will be much more useful and promising than Libra would be. China's stable coin has a great future. At the same time, it is also a good step towards the recognition of the entire cryptocurrency.

Topic: Coming Soon: China's Own Cryptocurrency (Read 457 times)