Coming Soon: China's Own Cryptocurrency - page 2.

alyssa85

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Quote from: Bananington on October 29, 2019, 12:38:41 PM

Has it been announced officially that the digital currency that will be released by Chinese central bank will be a cryptocurrency? Or is it merely an insinuation since China is positive about blockchain? I'll like to see a link to this news if it's legit. Nevertheless, even if it's crypto, definitely it's going to be a stable coin pegged to their FIAT currency and also highly centralized for easy tracking on how citizens spend their funds.

The only thing I could find is the follows:

https://cointelegraph.com/news/china-warns-against-cryptocurrency-speculation-amid-blockchain-hype

Quote

As Reuters reported on Oct. 29 quoting local news outlet the People’s Daily, Beijing’s previously-announced support for blockchain should not be read as support for crypto.

The People’s Daily is a publication under the direct control of the ruling political power, the Communist Party of China.

“Blockchain’s future is here but we must remain rational,” it wrote. The publication continued:

“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

The veiled warning comes days after Chinese president, Xi Jinping, publicly pledged to make the country the world’s number one blockchain environment in a speech.

His words came along with China signing a new so-called “crypto law” governing various aspects of blockchain technology, to enter into force in January.

No idea what they mean by "the world's number one blockchain environment". It could be that they allow developers to code, that they allow mining, or that they are issuing their own coin.

We won't know for sure till January and the legislation is introduced.

desticy

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So far these are just words.

The Chinese themselves said that in the coming year one should not wait for the release of their currency, therefore this could well be a political move aimed at provoking the Americans in retaliatory action.
Therefore, I would not rush to conclusions because everything can be what it seems. However, the fact that so much is said about cryptocurrency currency at such high international levels is probably good.

Perhaps the Chinese will develop cryptocurrency and the Americans will try to regulate it as much as possible, which can lead to very interesting things.

BChydro

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Quote from: puertorikosena on October 29, 2019, 12:32:08 PM

So what if there is no anonymity in China. In general, in the world there is practically nothing anonymous. At the moment, it is almost impossible to use and cash out money from cryptocurrencies without leaving any traces. But China is a huge country in which a huge number of people live and if most of them start using cryptocurrencies, this will give a huge impetus to the development of the cryptocurrency sphere.

The reason for the Chinese leader to embrace blockchain is to get rid of the transaction anonymity and that is the sole reason they will be planning to implement blockchain is to monitor each and every transaction made by their citizens and some have mistook including you that they are planning to implement and legalizing bitcoin and other crypto but that is not the case.

dothebeats

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They might create their own cryptocurrencies but I doubt that it will get much traction frlm outside China. We all know that people still believe in the power of USD and that’s unlikely to change. Meanwhile this is China’s attempt into convincing people that they deserve the number one spot: by embracing innovation and other options rather than getting stuck in the old ways, all the while ignoring the merits of bitcoin and other pioneers in the field. Though no official announcement has been announced for a crypto Yuan or whatever, it seems like they are heading towards that direction after Xi Jinping expressed his support on blockchain tech.

royalfestus

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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.

Bananington

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Quote from: salamat700 on October 28, 2019, 09:32:33 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...

Has it been announced officially that the digital currency that will be released by Chinese central bank will be a cryptocurrency? Or is it merely an insinuation since China is positive about blockchain? I'll like to see a link to this news if it's legit. Nevertheless, even if it's crypto, definitely it's going to be a stable coin pegged to their FIAT currency and also highly centralized for easy tracking on how citizens spend their funds.

puertorikosena

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So what if there is no anonymity in China. In general, in the world there is practically nothing anonymous. At the moment, it is almost impossible to use and cash out money from cryptocurrencies without leaving any traces. But China is a huge country in which a huge number of people live and if most of them start using cryptocurrencies, this will give a huge impetus to the development of the cryptocurrency sphere.

Metall303

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China definitely doing a lot for people to start using cryptocurrency and blockchain. we all knew for a long time that they would create their own currency, but we did not expect that it would be so fast

DaveWave

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Quote from: imutlinda on October 29, 2019, 11:58:38 AM

Quote from: #Darren on October 29, 2019, 11:39:31 AM

With their financial power, it would be pretty obvious. I hardly understand their political direction, because on the one hand, they do not allow people to take part in various ICO projects, but on the other hand China is one of the biggest blockchain investors ever.

maybe they have their own policies to keep the people in them awake. And if you think back about what you said, the opposite of one another. but we must look at its development before arguing

Nothing has change on China's stance on decentralized crypto currencies. China understands the importance of blockhain technology. And they will invest into it. But they will probably make it rigged so they can gain control. Outside they wanted everyone to see it as decentralized to gain trust.

Chinese government is not giving approval on decentralized ICO projects. Only the rich Chinese are investing because they can easily travel to other countries and invest. Some of them have foreign bank accounts or foreign friends. There are too many ways to breach Chinese restriction on ICO investments when you have the money. Binance for example is Chinese but is now operating its headquarters in Europe.

imutlinda

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Quote from: #Darren on October 29, 2019, 11:39:31 AM

With their financial power, it would be pretty obvious. I hardly understand their political direction, because on the one hand, they do not allow people to take part in various ICO projects, but on the other hand China is one of the biggest blockchain investors ever.

maybe they have their own policies to keep the people in them awake. And if you think back about what you said, the opposite of one another. but we must look at its development before arguing

airdnasxela

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As what I can see on their plans, they want to achieve more power. And cryptocurrency can help them achieve that. China is a powerful country and being one of the most powerful country regarding technology can help them be more powerful. I think China aims to be the leading cryptocurrency even if it means of competing with bitcoin (I hope they won't). They have their reason and plan why the president said something about blockchain.
China creating their own crypto can affect bitcoin since China holds billions of population.

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Quote from: salamat700 on October 28, 2019, 09:32:33 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 has serious reputation and power over the economy so it did not surprised me when I heard about this news. Instead, I have anticipated that will would happen. With this note, I assume that the government of this country aims to have a solid position in the crypto industry. They have the capital and the technology to do so but it concerns me what will be its impact in the industry as a whole.

#Darren

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With their financial power, it would be pretty obvious. I hardly understand their political direction, because on the one hand, they do not allow people to take part in various ICO projects, but on the other hand China is one of the biggest blockchain investors ever.

NewRanger

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Quote from: pamsugas on October 29, 2019, 10:51:29 AM

With the coming of the DCEP Chinese currency, it will make it easier for Chinese citizens to join the crypto. If Dcep is launched, the crypto market will rise quickly and easily, as the Cz Binance said, "When China moves, it moves fast! Considering it is the largest body of population on the planet. It's incredible. "

DCEP be the main gate for china's cryptocurrencyì improvement and growth.chinese will easily to trade cryptl without any worries at all.if bitcoin become more popular in crypto market there are much new investors will joined, and ofcourse ithey will try to pump market,market capitalization also rise alot....and it could repair market psychology ans sentiment..

owengtam09

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Quote from: aprilnot on October 28, 2019, 09:48:49 PM

what China made did look centralized and not anonymous, it was clearly not the basics of crypto. but I heard they use blockchain technology. so it can still be said to be a crypto coin.

and if indeed the project is released it might disrupt the crypto ecosystem especially the stablecoin market and maybe bitcoin will also have an impact. however, I am optimistic that the impact will be positive for the crypto market as a whole. new funds will be added to the market, this is more than enough to make the market excited again.

Hopefully, you were right with that, we all know China is also good from faking things, I hope this is not one of their making fake. LOL. But I know China has really a great business ahead so it can be a good coin for sure but do you also think that if their coin is already created, do you think China coin will ahead with bitcoin soon?
For me, no. Bitcoin will still the number 1 coin even how great china coin will make.

pamsugas

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With the coming of the DCEP Chinese currency, it will make it easier for Chinese citizens to join the crypto. If Dcep is launched, the crypto market will rise quickly and easily, as the Cz Binance said, "When China moves, it moves fast! Considering it is the largest body of population on the planet. It's incredible. "

xiboothrezi

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I think there is no problem with the centralization of the Chinese government, I see that it is a good opportunity to get the attention of investors and ordinary people who tend to choose a safe way with "guarantee".
The Chinese central bank plans to launch a digital currency called "DCEP".

The Chinese government also wants to educate its people properly, so that negative news stating the confrontation that the blockchain scam will definitely be dealt with immediately. This has already begun, we will see the effect in the next few years.

Ferris419

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Though I am not sure about what the China government is cooking right now. Maybe they will buy a large number of Bitcoin or they can come with China's own crypto token. But I think they will choose the first option. Creating a crypto coin by the government won't be easy! If China takes one step from these possibilities then I hope the USA will endorse the crypto too!

target

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Quote from: salamat700 on October 28, 2019, 09:32:33 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...

You definitely got into their minds there. Its not about it being centralized its about how they will be using this state controlled cryptocurrency forcing all countries that wants to make business with them to keep up. China is one hell of a economy that can bring everybody to join their cause because the nearby countries may not have the chance to make transactions if they don't adopt blockchain.

Bangladesh which is just nearby already expresses interest to blockchain. This is just one, the will be more coming to open their eyes and sees this is where the technology and businesses is going.

CjMapope

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oh man i kinda hope they do this Cheesy

tho i imagine it would be a private chain?
a public blockchain country wide currency would be super cool imo, any ocuntry that did it Tongue

i always thought Japan or Canada would be first, we will see how this develops, history will remember these next few years for BTC

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