Topic: Excited for a Chinese cryptocurrency? (Read 275 times)

I was wondering why all of a sudden Chinese will launch digital currency, as far as I know this China most often ban crypto were they've always opposed it. And they're going to adopt crypto space to their place. Well, China was one of the biggest average of bitcoin mining farm in the entire world so actually.

I wonder what will happen later as we know that the Chinese government wants to ban ning cryptocurrency (or they already did?). The news can make people confuse, and that will make some people will questioning for the next thing that might happen. So there is no other way to us except to wait for the upcoming news that will release. But I think the Chinese government needs to clarify these so we know which is right and wrong and that will not make a question from the people.

I Don’t see anything wrong if China decided to create a digital currency after all it will make free publications for bitcoin and cryptocurrency! I strongly believe that in the long run many people are going to adopt bitcoin as a store of value including the China government. We have a very good product in Bitcoin and it might be the solutions to the economic problems we are having all over the world.

Wow! so interesting to hear this, knowing fully well that there must be a lot of better values from it,the chinese are sure expert in handling cryptocurrency. but how do we guarantee its decentralization character, which is also one highly value nature of all cryptocurrency? will it be restricted to the chinese, or will it be controlled by the chinese alone? , 

this is a tactics to fight the facebook libra coin which we all know that it has its backing from the government. this will undermine the decentralized nature of cryptocurrency when the super powers fight for supremacy. the community should be watchful about these centralized project.

Well, China is near Russia so it's not a surprise that Chinese will create their own version of cryptocurrency. Though some people were excited about this progress, other will also think it's another hype to counter what that Libra coin has been through eventhough it's not finalized.

That will be for the Chinese people, but when the currency added in the market, then that currency will have to compete with the other currency, right?

I won't surprise if they are afraid of Libra, but that still cannot prove so far because of Libra itself still on the development. We can wait for which currency will launch first so we can see what people react about that.

Well, it is right that this could be a big disaster for bitcoin if  Chinese government really was able to divert people to use their coins. It might have a temporary effect on bitcoin and then recover, but we must be prepared to pump bitcoin harder when Chinese investors turn to their new digital coins.

Regarding banned sites, I don't think it will affect crypto holders in China, because they have many ways to keep using crypto. The only problem is concern that  new coins will have a major impact on bitcoin.

Maybe OP is referring to this link.
https://www.engadget.com/amp/2019/08/11/china-central-bank-digital-currency-ready/

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Before, I am wondering why China is not open about Bitcoin. It's because they will gonna create their "own virtual coin" with complex structure. I am still curious how this crypto coin of China will work since the People Banks of China has said that it may be ready soon. Thus, they are in the partnership of this "plan virtual coin" as they also believe it can boost their economic status.

I have heard this news of china cryptocurrency for a while now and I must confess to you that I am not excited at it at all because I feel that it will have some impacts on the price of bitcoin a little bit. We all know that china is the biggest country that we still have, and if china diverts attention of most of their citizens into that coin, it would really be a success, and china has a way of actually controlling things over there with technology, so they could just ban any site that has to do with other cryptocurrency and chance people would not be able to have access to it.

I think this news will only be interesting to them and not to many other people who are not citizens of china because it would not pay them. The only way I would accept their coin is if they are paring with bitcoin.

No government is capable of banning cryptocurrencies due to the decentralized nature. In the early days of crypto there were attempts similar to what you say but none of them ever worked.
All kinds of cryptocurrencies are already circulating at large volume in the country.

This will have no negative effect on Crypto market. Even if story was true, I doubt the Chinese government will let other Cryptocurrencies compete with it in the country. They could even go as far as banning other Cryptocurrencies and making this the national cryptocurrency.

The cryptocurrency will be the indisputable choice of the future's digital financial systems that any wise authorities should see. The question remains to be answered by governments and central banks around the world is how they want to sort out the tension between their fiat and cryptocurrencies. So far no one has succeeded on this. But regardless of what they decide, they will by no means allow corporations like Facebook to get the coinage rights. Never.

There is indeed a small research group, more like an internal think tank, inside the People's Bank of China. What that group says indicates only what they think, not what the entire the People's Bank of China think. But allowing that small research group to say things regugarly publicly does suggest PBOC's favorable stance upon this China-crypto.

A national cryptocurrency is a big deal that PBOC will by no means decide for themselves. They would need support from Ministry of Industry and Information Technology, National Development and Reform Commission, and Ministry of Finance, as well as no-objection stance from Ministry of Finance, and Ministry of Commerce.

Decision of this latitude is also likely to be brought to Politburo for discussion.

So don't get too excited about what a small research think tank in PBOC says.

Disclaimer: Beijing-based crypto futures exchange here.

How can you say that we will have much competition when it is going to be local to the Chinese people initially? It is a state backed up crypto for all we know, like Maduro's Petro or Russia's crypto Rubble.

But you will be surprised to hear that they are afraid of Libra? Why it is so? Because their government is suppressive and selfish, and they don't want their people to used Libra and that is the main reason why they suddenly interested on rolling their project their year.

I will wait for the next news from them, and I hope that they are serious about that. I am very curious how it looks like, but I don't hope that it will be looks like Libra.

If they really want to launch their digital currency, I think that will make the market have more competitions of the coins since, in the market, we have so many coins that still compete to reach a better position. Let's see and wait for the update, so we know more about them.

Yeah I agree with you with outbthe support of the china givernment that plan is useless, we the stand of the government of china about cryptocurrency.
But of course hoping this plan wishing become successful without the government suppirt or need to convince first the government before launching that project proposal to become successful.

Doesn't excite me at all. They are offering their digital yuan so it's obvious that it won't put any effect on crypto specially Bitcoin. It was reported that they have to work very quick to go on production because of Facebook's Libra coin so I guess the competition is about centralise coin. And they probably doesn't want their money getting out of their country that's why they decided to launched their own. But then again, do we see any coin that is back up by government being successful? So there would be no net positive effect here, and I don't see it as being successful as well, IMHO.


I'm assuming that they don't want to get involved with Bitcoin. But as far as blockchain technology, they are really into it. (https://thenextweb.com/hardfork/2019/04/02/china-blockchain-projects-top/).

they can spread the news all they want but i guess crypto users around the globe are already used to their tactics. with or without them, the life in crypto goes on. we already have had enough of their games. but if they do create their own coin, it will be good for crypto adoption and we are not against it.

I dont know why there are some news telling China wants to have crypto in the contrary yet there are articles which stated they doesnt want any involvement with this. If you would notice, China is a technologically advance country and its more likely that they adopt rather than avoid it

If its hyped too much then it isn't bad to throw up some dollars on it and just make profits for short term if you are really aiming on making money but showing up support for a centralized thing isn't really that appealing at all specially into this decentralized feature of this market.They can create centralized coins as they like but I doubt that support wont really be that strong on the community and for sure only traditional investors will be their loyal customer or supporter and I wont really be surprised with that matter.
Excited for this one? No I'm not in my own part yet creating another centralized coins doesn't fit out my interest but lets see how many fools will be blinded on this one.

Was this the news about their digital yuan?

I was also looking forward to its update but I'm not sure where to look for updates about it, I have no idea where to subscribe to find Chinese crypto news. There were also rumors about this Chinese project that will compete the Libra but what is confirmed so far as what I've read was the Chinese Goose Q project.

A link will be better to get to read more but I think we are beginning to see hyping with coin to boost people's ego in business and to attract investors into their economy.

Well, this could be like the Libra of Facebook. After China creating its own cryptocurrency, which country is next? I believe this will be a domino effect once a particular country launches their cryptocurrency and will get a positive feedbacks and uses too.
I don't really like or appreciate these kinds of cryptocurrencies, just like the Libra or those JPMorgan coins because there are really problems with the decentralization compare to Bitcoin.
Let's see what will happen soon especially on the Chinese cryptocurrency because does anyone will appreciate central-bank-backed digital currency? Hmmm, much centralized right?

A cryptocurrency issued by the central bank? Bitcoin was invented by Satoshi as a currency which can't be controlled or manipulated by the central banks. That was one of the main purposes behind its creation. And now we have central banks (China, Venezuela.etc) creating digital versions of fiat currency, and calling them as cryptocurrencies.

Any links though?

Well next to Russia, any news that comes out of China today is just pure FUD or fake so I take everything what they say with a bag of salt. They already turn turn back against bitcoin in 2017 and they just wanted to promote their own coins or alt coins in the ecosystem. So yeah, let's see if they are going to rush with their own version of Libra but I doubt it will have a positive effect, in my opinion.

they only seem to be creating good news for China for investors to pour money into Chinese crypto businesses.
That will make China's money flow increase and its economy will improve as well.
And I also guarantee that the news is definitely not true because the Chinese government did not support cryptocurrency from the beginning

As it turns out, all the excitement may turn out to be a bubble. Or is it not? The Global Times refutes the claim that a central-bank-backed Chinese digital currency is soon to be launched. That's contrary to the recent news we've been getting. Let's see what happens next!