First Glance of China's Digital Currency

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China has a leadership and structure that can execute everything swiftly. They are technologically advanced and when they want something done, they get it done. They don't have to think about passing the project and amending or creating the laws, passing the bills or anything. They just can do it in a one single act. The current response is for controlling the virus. But it's still not clear if it has anything to do with blockchain.

kizumin

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Quote from: XCANA on April 16, 2020, 07:07:54 AM

Probably not a cryptocurrency rather a plus to Fiat. Though its a positive move from the government of China to create their own digital currency which I know to be an avenue to monitor their citizens all over their transactions. This shouldn't be compare to Bitcoin in any form because they're different.

So just a fiat with some whistle and bell but more monitor from great China PRC. Great, can't wait to have more shackles on my neck! Why we are exited about this, again? They already have their Yuan in the mobile wallet for more convenient and easy to use so I don't understand why they do this if there is nothing new.

fulled

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I think China take this step to tokenize their Fiat in the future, this is good news on one side because it can bring more blockchain product in the ecosystem because the cheap cost to spend by using this platform, but on another side, this is also bad news because people will know cryptocurrency as a centralized technology, and this step can be a new standard for world financial institution

bearexin

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Quote from: Baofeng on April 15, 2020, 07:47:20 AM

https://twitter.com/molllliy/status/1250085748092485634

Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know.

Like seriously, were you expecting the cryptocurrency to be decentralized? Nah that's not going to happen, anything that is coming from the government will always be centralized, so that they will be able to have control over it.

I don't know Chinese language, so I can't read what's on that screen, but I have to commend their work in creating a wallet that has a simple and cool interface. It's also good that the coins can be sent and received by both parties when they are offline, so I'm guessing that when offline the transaction will be done through WiFi/Bluetooth connection between two phones.

UserU

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Quote from: rathaha10 on April 16, 2020, 10:54:21 AM

The view is nice i must admit even though i don't know how to read Chinese.

If you were to scroll down just a lil', you'll see this Wink

rathaha10

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Quote from: Baofeng on April 15, 2020, 07:47:20 AM

https://twitter.com/molllliy/status/1250085748092485634

Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know.

The view is nice i must admit even though i don't know how to read Chinese. The tendency of it being a centralized exchange is high but the fact that it's a digital currency is a plus for the cryptocurrency market. With this, other government will start looking to this space amd starts developing digital currency too to make their economy better and hopefully oneday, they will trust cryptocurrency enough to encourage their citizens to use it

bgaf

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So there's no upgrade at all? Anyway digital currency doesnt necessary to be cryptocurrency. But I wonder why they wanted to replace their traditional fiat into like this? Or maybe they really know that digital will be the future and they already started to implement it. If China will use this soon, do you think there are other countries will follow their path creating digital fiat? In current situation this will be useful but this one will be restricted to middle class, and not for poor people since you need to have gadget to store or use this digital fiats.

XCANA

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Probably not a cryptocurrency rather a plus to Fiat. Though its a positive move from the government of China to create their own digital currency which I know to be an avenue to monitor their citizens all over their transactions. This shouldn't be compare to Bitcoin in any form because they're different.

bayudndy

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Quote from: Baofeng on April 15, 2020, 07:47:20 AM

https://twitter.com/molllliy/status/1250085748092485634

Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know.

It looks very similar to the current FIAT they are using, it seems they will create stablecoins for use in their country. If they complete the testing phase and put it into operation in the near future, it will surely help the market grow strongly again.

GreatArkansas

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Quote from: slaman29 on April 16, 2020, 02:53:22 AM

I think people are very confused about CBDC and digital fiat.
This is centralized as you said, no matter what. It's Facebook money, with a central bank controlling the supply and software. No developers contributing, all hired by central bank.
And CBDC is not crypto.

Extremely true, this is just like an upgrade for traditional fiat which has some probability that will not end.
The only unique here is being offline, you can do it offline, which I am still not sure if it will work, hoping to know it soon how the offline thing works. This could something like improved Paypal or Apply Pay, etc.

slaman29

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I think people are very confused about CBDC and digital fiat.

This is centralized as you said, no matter what. It's Facebook money, with a central bank controlling the supply and software. No developers contributing, all hired by central bank.

And CBDC is not crypto.

hd49728

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Quote from: Baofeng on April 15, 2020, 07:47:20 AM

https://twitter.com/molllliy/status/1250085748092485634

We don't need it or at least I don't. China is a centralized country and if they finaly launch their digital currency, it will be a centralized digital currency for a power-centralized country. Power now is all-in-one-leader, Mr.Xi. With the pandemic, we see there are many problems inside China and in the aspect of crypto market, I think we don't need it because such unstable place is risky for the market. When bad news come from China, FUDs will occur consequently and the market will be dumped hard.

UserU

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Quote from: mk4 on April 16, 2020, 01:23:51 AM

Yep. Surveillance isn't really 100% bad. There's also some good in it. But in most cases the bad heavily outweighs the good in my opinion, and most definitely the bad outweighs the good in China. Talk shit about the Chinese government and you'll be damn sure they'd be knocking at your doorstep wherever you are.

Not sure if you're aware, but it's a crime to relate their president to a bear (e.g. Pooh); it's also censored behind the Great Firewall. I find it amusing though Cheesy

mk4

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Quote from: UserU on April 16, 2020, 12:30:51 AM

Yup, but at the same time it helps them in fighting crime and locating lost ones.

Also, there are reality TV shows in that country on finding parents who lost their children, and vice versa. They used AI, surveillance and DNA matching to actually connect the dots over umpteen years.

As intrusive they could be, sometimes we gotta hand it to them.

Yep. Surveillance isn't really 100% bad. There's also some good in it. But in most cases the bad heavily outweighs the good in my opinion, and most definitely the bad outweighs the good in China. Talk shit about the Chinese government and you'll be damn sure they'd be knocking at your doorstep wherever you are.

Saisher

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Quote from: GreatArkansas on April 15, 2020, 08:53:03 AM

A good innovation for digital currency but you are right, much centralized, well, always expect from China.
I'm just a little bit curious if how it works if it can be used when both parties are offline, it's kinda pretty much nice, but that's the only part I surprised. And still, this kind of digital currency should not be compared to Bitcoin, they are far much different for me.

Of course it's centralized it's China's own coin, but I'm sure they will installed something that can make them different from the other digital currency, and will try to be better than the other projects, they have all the resources to make it stand out among all the other coins in the market, so we'll see how it goes out in the future, but definitely it has potential in the market.

Novatech8

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With this digital currency there will be no freedom, every penny you owned will be monitored by the government, do not compare the freedom from Bitcoin and other decentralized coins with this one, if my country got a digital currency I won't use it

tippytoes

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Quote from: Yaunfitda on April 15, 2020, 10:52:16 PM

Quote from: Rengga Jati on April 15, 2020, 06:31:37 PM

The concept is totally the same as crypto has. It needs an app and wallets as well. But as it is handling by the government, it must be centralized. Anyway, will they use banks to manage it as it is still a part of China's national currency? Or there is a government exchange to support it? I'm a bit curious about the parties the people talked on the twitter.

Definitely, just another way for Government to control our assets here. So I wouldn't be surprised if there are no support from the Chinese themselves, unless the PBOC or the government will enforce it like sort of fiat system, just like what Maduro did with his Petro.

We will see how it goes if their government roll it out in the next coming months. All eyes are in China now as we all know that they have this hate relationship with bitcoin.

I think people will use it even if it is controlled by the government as there are people who want to avoid the use of their fiat/paper money as the virus is still not totally contained. So those who want to pay via online transactions, which a lot of them are already exercising, they will have this another option, which is their digital currency. And for those who will adopt this payment method, more than likely they will look into bitcoin also. So it may also drive crypto adoption in general.

UserU

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Quote from: mk4 on April 15, 2020, 10:27:44 AM

It's not just different, it's WORSE. Through this, there will be, once again, increased surveillance. They can definitely collect more data of their people through this. As if privacy in China wasn't dead to start with.

Yup, but at the same time it helps them in fighting crime and locating lost ones.

Also, there are reality TV shows in that country on finding parents who lost their children, and vice versa. They used AI, surveillance and DNA matching to actually connect the dots over umpteen years.

As intrusive they could be, sometimes we gotta hand it to them.

target

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Unfortunately thier adoption to digital yuan will force other countries to do the same. Its going to be another challenge for us to get away from mass surveilance. We've read the links in the forum about some other countries already expressed their inerest in creating digital curreny. Picture this.

Xi Jing Ping: Today, China! Tommorow the World!!

Yaunfitda

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Quote from: Rengga Jati on April 15, 2020, 06:31:37 PM

The concept is totally the same as crypto has. It needs an app and wallets as well. But as it is handling by the government, it must be centralized. Anyway, will they use banks to manage it as it is still a part of China's national currency? Or there is a government exchange to support it? I'm a bit curious about the parties the people talked on the twitter.

Definitely, just another way for Government to control our assets here. So I wouldn't be surprised if there are no support from the Chinese themselves, unless the PBOC or the government will enforce it like sort of fiat system, just like what Maduro did with his Petro.

We will see how it goes if their government roll it out in the next coming months. All eyes are in China now as we all know that they have this hate relationship with bitcoin.

Rengga Jati

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The concept is totally the same as crypto has. It needs an app and wallets as well. But as it is handling by the government, it must be centralized. Anyway, will they use banks to manage it as it is still a part of China's national currency? Or there is a government exchange to support it? I'm a bit curious about the parties the people talked on the twitter.

Swordsoffreedom

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Quote from: mk4 on April 15, 2020, 10:27:44 AM

Quote from: UserU on April 15, 2020, 09:59:59 AM

There's an existing technology which allows users to send money via phone numbers for a while now.

This is somewhat no different.

It's not just different, it's WORSE. Through this, there will be, once again, increased surveillance. They can definitely collect more data of their people through this. As if privacy in China wasn't dead to start with.

They have just invented another centralized worse thing, it's totally centralized and you have to pass KYC for buying digital currency to fiat via this app, the govt will be able to identify every single transaction. The Chinese government has always wanted to regulate the crypto market by them-self and DC/EP might become the only thing by which Govt can fully regulate the crypto exchange.

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Quote from: mk4 on April 15, 2020, 10:27:44 AM

Quote from: UserU on April 15, 2020, 09:59:59 AM

There's an existing technology which allows users to send money via phone numbers for a while now.

This is somewhat no different.

It's not just different, it's WORSE. Through this, there will be, once again, increased surveillance. They can definitely collect more data of their people through this. As if privacy in China wasn't dead to start with.

That's a sad thing to hear. But I have a few questions. For one, how legit is this info about the project? Is it a serious governmental thing or a startup/perhaps a fake? Another thing is whether people will actually use it. Will it indeed be the only way to buy crypto? If one doesn't want to do that, would one still need to use this coin for other things? It's just not enough information to know what to make of it is all I'm saying. It's natural to presuppose that if it's China, then it means regulation, centralization, surveillance and stuff like that, but we need more info than a random tweet before jumping to conclusions.

mk4

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Quote from: UserU on April 15, 2020, 09:59:59 AM

There's an existing technology which allows users to send money via phone numbers for a while now.

This is somewhat no different.

It's not just different, it's WORSE. Through this, there will be, once again, increased surveillance. They can definitely collect more data of their people through this. As if privacy in China wasn't dead to start with.

Dildo Shwaggins

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CBDC's will be financial slavery. I'd prefer to live as a nomad and accept camels as medium of exchange than ever use them.

I've given my view of them a few months ago in this post: https://bitcointalksearch.org/topic/m.53363115 .

We should not be happy about digitized national currencies but scared of them.

UserU

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There's an existing technology which allows users to send money via phone numbers for a while now.

This is somewhat no different.

avikz

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Quote from: Baofeng on April 15, 2020, 07:47:20 AM

Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know.

What did you expect?

It is not just centralized but the Chinese government will now be able to get Bird's eye view on every transaction undertaken by their citizens. Cash still has some degree of anonymity, but with Digital Yuan, that is also gone!

Welcome to the world of holistic surveillance with CBDCs!

mk4

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Quote from: GreatArkansas on April 15, 2020, 08:53:03 AM

I'm just a little bit curious if how it works if it can be used when both parties are offline, it's kinda pretty much nice, but that's the only part I surprised.

Looking at one of the photos tweeted by the same poster:

Since it says that the phones needs to touch for the transaction to work, then it's safe to assume that the transfer is most definitely through NFC.

GreatArkansas

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A good innovation for digital currency but you are right, much centralized, well, always expect from China.
I'm just a little bit curious if how it works if it can be used when both parties are offline, it's kinda pretty much nice, but that's the only part I surprised. And still, this kind of digital currency should not be compared to Bitcoin, they are far much different for me.

Baofeng

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https://twitter.com/molllliy/status/1250085748092485634

Someone posted this, but probably this is still on the testing phase. You can read on the thread of that twitter post that there are more questions. One thing is for sure, this is very much centralised, just to let everyone know.

Topic: First Glance of China's Digital Currency (Read 381 times)