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

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.

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

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

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.

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.

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.

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.

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.

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.

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

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.

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?

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.

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?

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.

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

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.

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.

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

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.

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.

The only thing I could find is the follows:

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


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.

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.

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.

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.

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.

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.

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.

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

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. 

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

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.

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.

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.

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..

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.

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. "

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.

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!

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.

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

if the country of China has been able to make its own cryptocurrency then surely it can provide convenience when making long distance transactions will be easy to do because of the cryptocurrency, and hopefully with the cryptocurrency created from China can have an effect on the price of bitcoin at the exchange place.

Another good news from China. I think China has a chance and they will be able to dominate other Asian countries in terms of crypto implementation and adoption in that country. Previously, we seemed to know that China was not one of the cryptocurrency-friendly countries, as evidenced by several exchanges that had previously moved to other countries because they collided with regulations there. I dont know yet the reason why China plans to release their own cryptocurrency right now, does anyone know about this ?

I think there is a non-zero probability that China announces a Digital RMB on #SinglesDay 11/11...

Chinese version of cryptocurrency with blockchain technology developed by China itself. It is very likely to happen, because we know that China is a country that can imitate all kinds of things. If China is serious about embracing blockchain technology, there will be many more new innovations that China will develop.

indeed must appreciate that China has power in developing their cryptocurrency, and local governments are also very supportive even using crypto / blockhain technology as a legitimate tool in the wheel of their country's economy, and of course it has a wide impact for the whole world, especially countries that are familiar with using blockchain technology. , and also China, arguably they advance every aspect and potential possessed by their people. But it must also be remembered that the country that already knows and arguably the initial countries that use blockchain technology will not just stand still, there will certainly be a breakthrough in addressing developments / invasion of crypto technology from China

China is going to make own Crypto for the reason it's government feels threatened by the coming revolution. It is exactly the same with Facebook(Libra), Venezuela (Petro) and the banks(Ripple). but You forget the most important point, Maybe the US government will ban us from buying the Chinese coin like they did the Petro. However, I honestly hope this causes other nations to rethink their contempt for cryptocurrency. China gaining first mover status and positioning as a reserve currency for the space is hopefully the fire everyone else needs lit under them, and Maybe this will end up being like a more certain, higher liquidity Tether and Bitcoin.

I am seeing the picture you want to relay to us, they might be using their own crypto but this will lead to users to be introduce on different kind of crypto currency.. IF there's no big potential to help the crypto space to grow, we would not see it pump in the past few days and stayed at a good price now, because it could easily go down if its just pure manipulation.

Maybe they will release it next year together with Libra's release if their plan will push through and that's gonna be a big news in the crypto space.
Also, halving time next year might also boost the hype.

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.

The wisdom of this country when it comes to technological development, as off now is second to none. Well, others might try to overtake it soon. If care is not taken, China might take over the economic power through through the harnessing of cryptocurrency for further development. I think by now, US might begin to think towards that direction. That is if they do

Maybe time will make cryptos not as anonymous as their original purpose. However, blockchain technology will still be developed.
It could be that the Chinese government only anticipates that crime does not occur. Anonymity is very difficult to track who is the culprit.Now the crime rates on the internet are very high, so it is natural that they might try to control as much as possible anything related to breakthroughs in cyberspace.

I am not surprised to see a global leader started to adopt the technology boom with advancing the AI technology and implementing the blockchain facilities. The competition between the US and China is a name of a game in all sections of the world economy including blockchain technology. Government-backed cryptocurrency will start a new uptrend in my opinion but the conditions will not improve for the weak altcoin.

China is the country with the largest number of investors in this market so only 10% of the country's population invest, anything can happen. I think the issuance of new coins will soon appear because China is taking this issue very seriously and will certainly be supported by many people when the government makes an official announcement. In my opinion, many other countries will also start to apply blockchain technology to life in order to fit the current trend.

The future may be difficult but hopefully one day everyone will know about this market and make things easier. Of course we have to wait for China to issue this coin and it is certainly the news everyone is wait.

China is good at modifying and imitating technology and blockchain is going to be part of that, if they confirm that they are going to launch one and release the full information about their coin, then Mark is right on his speech that China is going to use this technology to advance their supremacy and so Mark can rally his Libra Coin to compel congress to approve the launching of his Libra coin, we have so many development to watch out, and just in time for the halving.

with the adoption of blockchain and cryptocurrency I think it will make China a more developed country. and in my opinion China makes its own crypto coins to rival bitcoin. but I don't think stable Chinese-made coins will be able to defeat decentralized bitcoin and already have a large community and market capitalization.
but I am optimistic that the presence of China crypto will make the cryptocurrency market more attractive.

I'm not surprised anymore with news like this. Because I am fully convinced that cryptocurrency is one of the best innovations that can help facilitate transactions for humans in the future. And now China has proven it, they adopt Blockchain technology and legalize cryptocurrency.

yeah i think that way too, china has dominated the crypto market for a long time so when there is this kind of news i am more impressed with that. because many countries began to regard crypto as a technology that must be developed. just hope that if China does not monopolize the crypto market so that the authenticity of the crypto remains the same as the beginning

Indeed china will earn one of the biggest roles when cryptocurrencies bloomed in the next few years. They made a big impact on price after their president's statements adopting the use of cryptocurrencies. The price still holds the $9000+, with another good news about cryptocurrencies from them, the price will further increase.

Due to Chinese culture, chinese men are conservative when it comes to money. I don't think it would come into reality. Besides, if it would be deploy it is not even a crypto as it doesn't acquire crypto's basic feature. Beside it doesn't have any effect in our community since, it is not crypto. I don't think it would be in high demand specially for those crypto enthusiast 'cause China are totally against to crypto currency.

I have heard that China wants to create its own coin a few months ago, not now. They talked about Blockchain technology, and that does not mean they will create new own cryptocurrency. Or I am wrong, but where did you hear about this?

Persia also created coins based on gold, but what happened? they could not even conquer themselves. Probably the problem was in Persia.

Will not be surprise if China try to dominate the whole cryptosphere with their own coin cos that will always be their aim. In their latest top coins, they rated bitcoin at 11th position. Let's see what happens next in years to come, maybe their own coin may be as popular as bitcoin

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

China is a smart country, knowing the great potential of crypto that will not be unstoppable. They saw the crypto opportunity as one of the ways they controlled the world of commerce after they revived the modern silk route

This is very much possible as they will never allow bitcoin or US dollars to dominate the market so they might come up with their own crypto backed by their national product and this will have impact on both bitcoin as well as US dollar but they might come up with their own centralized crypto rather than decentralized coin. I think we need to wait for some more time to see further development about this idea.

The impact will make a domino effects in each nations around the world, after China's position about to the adoptions of blockchain technology it will
also bring interest to other countries which means that popularity of crypto will extend more. It will bring up ideas especially to those who are opposing
same a like with China before to consider blockchain technology.

Expecting China's own version of cryptocurrency to exist if they are really serious to maximize the full use of blockchain system.

Like, really. It's crazy how amazing the impact of China's adoption on blockchain. Considering how china is and how powerful they are, and their economy is one of the largest in the world, I could see a great future for cryptocurrency.

They're full of surprises. From the news I've read, China plans to make their own digital currency which will be called  DCEP (Digital Currency Electronic Payment). I really.hope it all works out well even for us outside of China.

Yeah, China is starting to become a serious world power.

I feel like the trade war with the US has further ignited a fury and sense of urgency for China to not rely on any other country but themselves. We are already actually experiencing a side effect of this news in the form of increased bitcoin and crypto value. If China pushes through with the creation of this national crypto then it will be a great milestone for crypto as a whole.

That's right, China can be said to be a global market leader, if it is true that China will adopt a blockchain in the near future then this will have a positive impact, cryptocurrency will return to its heyday if China really takes this action, China's development continues to improve so if there is news from china about blockchain it will rise to the price of bitcoin.

Yes they are very genius in making policies to compete with the United States in the world economic competition. By adopting Blockchain technology and launching its own Crypto, So I think it will weaken the growth of the US Dollar, we look forward to how their Crypto will be launched at the beginning of the year.

Not only with cryptocurrency related activities, everywhere the trend setting is being done with news articles connected with China. This was happening for a long and now the latest being the cryptocurrency adoption. China is one of the leading technology dependent country who believes in digital growth. As a result they supported during the early days of bitcoin, fortunately due to some economic problems it withdrew the support for bitcoin and cryptocurrency usage. Now once again it has jumped into the cryptocurrency network making its own cryptocurrency for all transaction purposes.

At any point China won't stand against technology, and this is the one that has made China government take necessary action to adopt blockchain technology and the cryptocurrency to function over it. Maybe this won't be same as that of the bitcoin, but it'll gain attention from other countries.

China is always on the news nowadays and has become a trending topic. This will be very good because of the positive news about blockchain technology that is embraced and wanted to be developed by China to advance their country. this will have an impact on the price of bitcoin and altcoin. If China already believes in Blockchain technology, various innovations will be developed by China and integrated with blockchain technology. it will be amazing.

China never mentions anything if that country wants to use crypto or accept crypto as a payment system. I'm not sure about that, what has already talked by china's president is about blockchain that will be used in all of the systems in China.

Jack ma had taken a step ahead with the blockchain before Xi-Jinping was declaring if blockchain has a huge potential to change anything.
https://cointelegraph.com/news/e-commerce-giant-alibaba-to-integrate-blockchain-into-intellectual-property-system

The implementation is not yet happened, but I believe crypto can get small advantage from there. I'll not try to speculate anything because it's too vague to define a conclusion that we can take from the statement that has already made by china's president a few days ago.

Exactly, even the same with my country because they are not bothered about the cryptocurrency and insisting the people not to invest in the cryptocurrency. As a new technology, we are going to implement in sectors which is helpful, for cryptocurrency they are not changing their mind whether they will consider or not we don't know.

The occupation of a country is no longer necessary for weapons, what is needed is the economy. The economy is power.
In my opinion, if China makes its own coin and is centralized, that's OK. Because of the coins they will use in their own country. At least this action will bring a big impact on the world because the world blockchain is contested. That way, global economic growth could be based on the blockchain itself. And of course bitcoin and altcoin are in the spotlight of all people of the world.

I am not a chinese but dont know why everyone think every thing that china does about crypto or online exchange/trade is for Jack ma. Jack Ma is just not a selfish business man and he is not the only man in that trade. I expect an anonymous transaction or people will be cautioned, not everyone likes to be monitored like the banks. The coin is like a stable coin, I dont see a volatile coin but it will a massive project for the space.

discussion of China again let him experiment but still bitcoin will be the winner ,we want freedom and economic progress that are not constrained by the government ,I'm sure people chinese are also in my mind that economic progress must be independent and centered will only prosper stomach of the government

If me not wrong, what in latest news is China talk about blockchain right? And i think a lot of government will support that blockchain technology itself. But their perspective about crypto will be same. In my country, government sometime talk about blockchain technology, but regulation about crypto is not changed. They still not regulate it although they not make it illegal. So i think if country talk about blockchain wouldn't really means about crypto.

What impact do you guys and guys think a Chinese-backed crypto will have on the value and progress of Neo? I can foresee at least two possible scenarios and would appreciate any input as I hold and stake a relatively decent amount of Neo:

Hypothetical 1: Chinese consumers stay away from Neo out of fear, coercion, or outright brute force. As a nationalist regime, I don't think it is out of the realm of possibility that citizens of China are either implicitly or explicitly signaled to stay away from Neo. Assuming Neo is not willing to become adopted as, of nationalized into, the "official" Chinese cryptocurrency, people might fear that (given the amount of oversight) using Neo may be viewed as anti-nationalist and thereby subject them to potential scrutiny or something worse.

Hypothetical 2: While historically supportive of the People's Republic of China, Chinese citizens are becoming increasingly concerned over the government's use of technology to monitor and control every aspect of their daily lives. While development and growth has surged under the current regime, there may become a tipping point where citizens demand more autonomy. Economic efficiency may become less important than freedom. In this case, Neo would be ideally positioned for mass adoption. For example, its use and adoption by Chinese citizens would symbolize their protest in a non-violent and potentially effective way.

China is a world superpower and in the Asian Region is very dependent on this country, especially the economic and trade sectors. So it is very possible if one day they see that crypto is a good opportunity in the use of each of their business transactions. We must remember that there are many crypto and exchanges originating from this country, they also have many developers and crypto experts who are quite popular in the community.

Nothing is impossible, but to this day I have not heard an official statement from the Chinese Government about this.

Enough of this china topic. China will never ever create a real cryptocurrency. This country will never ever give enough freedom to its citizens. Having said this, the country will never ever create a decentralized system of currency that will provide all the billion and more chinese the power over their money. Can you imagine a country where the state holds all the power giving the power over money to its subjects? That is too ironic to happen in real life.

I don't know where you get that idea that they are using cryptocurrency to enhanced their position as world economic power. What they are doing are taking advantage of the technology behind crypto, which is blockchain.


To be able to transact using Yuan based crypto, the other side should agree as well. Do you think that other super powers will bent and allow their state crypto to be used against US dollar?

yes you're right this only makes the government more powerful over the assets of its people. they use cryptocurrency only to make everyone interested, and forget the original purpose of creating this coin. China-made coins will be worse than Libra, I'm sure of that. see you later, when this coin was launched.

oh shit China will become increasingly bound by regulations in the future.

I think with these they can easily track and observe the people cash flow, spending habits, and determine how much money they have. I wouldnt trust it since its centralized and now they can take people money away just by click of a button.

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.

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...