Topic: JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP" - page 2. (Read 686 times)
November 01, 2019, 08:28:26 AM
This is good for the whole ecosystem, so if they are going to launch their own coin and there is news that it's going to be an alternative to yuan, they are going to introduce this to all their citizens, that's over a billion of people that they are going to introduce to how Cryptocurrency works, if one Chinese do not know about Cryptocurrency and he is introduced here, it's likely that he is also going to look for other coins and get introduced to Bitcoin.
November 01, 2019, 07:22:46 AM
China have been studying and developing their own cryptocurrency while banning Bitcoin. They really don't wanna be in behind in Bitcoin huh. That is totally understable specially Chinese men are competitive when it comes to businesses. I am just wondering when it comes to market, are they going to force their citizen to use their crypto despite of it price in market?
November 01, 2019, 02:06:58 AM
It's the start since the president of China praised blockchain technology. Obviously the next step for China is to create their own digital currency. They have seen the benefits from blockchain and of course thet wouldn't adopt bitcoin since it is decentralized so if they want the same, they will make their own where thet can control and regulate it.
We've been anticipating it any time sooner. But I am more looking forward how it affects bitcoin and if it will be successful
We've been anticipating it any time sooner. But I am more looking forward how it affects bitcoin and if it will be successful
November 01, 2019, 01:52:48 AM
Quote
While the PBoC has yet to confirm the launch of "DCEP," China's finance tsar Huang Qifan says that the central bank has been studying it for almost six years
Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment).
China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.
Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.
Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.
Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.
However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.
At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate.
Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment).
China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.
Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.
Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.
Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.
However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.
At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate.
Source
Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?
They have been studying it for 5 to 6 years while they restrict Bitcoin, what is this some sort of philosophy about an art of war, they do not like Bitcoin yet at the same time they are using this technology to create one for them, they are really good at doing this, after they revealed their intention after five years that they are going to embrace this technology, it's about time that, they now throw full support to Bitcoin.
November 01, 2019, 12:10:11 AM
Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?
It is possible but I think they will wait for a while and see if the Chinese government will be successful in implementing a new kind of currency (centralized cryptocurrency) in their country. Most of the country attitude towards new technology is wait and see until someone adopt, implement and become successful befre they decide about it. So for now China have bold claim to launch cryptocurrency, if they are successful we can see several countries following their steps.
The implication of this kind of bold action to Bitcoin is.. it promotes Bitcoin further. Being the first decentralized cryptocurrency, many who are on the side watching how the government will react on Bitcoin will sure convinced that Bitcoin is not a joke and will eventually endulge themselves into Bitcoins.
October 31, 2019, 10:47:48 PM
This is an old news already. China has always been mumbling about creating its own cryptocurrency. But until now, this is still a plan and there is no concrete step yet that has been taken toward the actual creation of this state-sponsored digital currency. In fact, some analysts in the crypto field are saying that it will take many years before china will finally release their digital yuan. This news is going out in the open once again because of the announcement of the president.
Old news but recently it looks like they are going to release it the soonest. However, we has seen many governments around the globe who also did launch their your crypto but so far I haven't heard any success story. Anyways, I had a feeling that Chinese government wanted to have their own just to test how their population will react to it. I mean they have been one of the prime movers before, specially that they have the majority of bitcoin mining operations. But since 2017, they have been anti-bitcoin or at least doesn't want a coin that is decentralised. And that's why finally they have decided to release their own crypto and see if their people are going to invest on it just like what they are doing with Bitcoin.
How soonest is soonest? In 1 year's time? Or is it a couple of years from now? Half a decade or a full one? The government of China, its central bank to be exact, has already started doing research as early as 2014 on its grand plan to create their own digital currency based on their fiat. They wanted to start getting away from the paper money and shift to the latest trend. But until now, 5 years later, the news is still about the plan to launch it.
October 31, 2019, 07:53:49 PM
Probably that's true China being a giant in the world market will always keep themselves advanced. Whether they went for such a long research or not, but when they find it necessary they implement it. Now that's what happening with the launch plan of DCEP from People's Bank of China. There were some talks about blockchain from the President which also gives an indirect confirmation of the launch of new cryptocurrency backed by a state.
This at any means will not disrupt the growth of bitcoin or other cryptocurrencies. I believe this will be similar to xrp, and gets used for all transactions within the country and cross border. One thing China will further recommend and force people to make use of it for better circulation. Anyhow this is going to be a Stablecoin in my view.
This at any means will not disrupt the growth of bitcoin or other cryptocurrencies. I believe this will be similar to xrp, and gets used for all transactions within the country and cross border. One thing China will further recommend and force people to make use of it for better circulation. Anyhow this is going to be a Stablecoin in my view.
October 31, 2019, 07:39:35 PM
This is an old news already. China has always been mumbling about creating its own cryptocurrency. But until now, this is still a plan and there is no concrete step yet that has been taken toward the actual creation of this state-sponsored digital currency. In fact, some analysts in the crypto field are saying that it will take many years before china will finally release their digital yuan. This news is going out in the open once again because of the announcement of the president.
Old news but recently it looks like they are going to release it the soonest. However, we has seen many governments around the globe who also did launch their your crypto but so far I haven't heard any success story. Anyways, I had a feeling that Chinese government wanted to have their own just to test how their population will react to it. I mean they have been one of the prime movers before, specially that they have the majority of bitcoin mining operations. But since 2017, they have been anti-bitcoin or at least doesn't want a coin that is decentralised. And that's why finally they have decided to release their own crypto and see if their people are going to invest on it just like what they are doing with Bitcoin.
October 31, 2019, 05:31:13 AM
How have they been studying it for 6 years?
Bitcoin is 10 years old itself, are they saying they have been working on this since 2013? I mean it is quite possible but do you really want us to believe that China has been studying crypto for 6 years and still scared of it instead of having billions of it.
During 2012-2014 was when most countries started to pick up on bitcoin as a currency, it was when it first got some mentions on news sites, got integrated on some online sites and was actually worth something, I'm assuming during that time was when it was noticed by governments and kept a close eye on. Looks like China are early adopters Bitcoin is 10 years old itself, are they saying they have been working on this since 2013? I mean it is quite possible but do you really want us to believe that China has been studying crypto for 6 years and still scared of it instead of having billions of it.
If a whole nation had the chance to buy half of all the bitcoins because they think it is awesome (they must have since they made their own now) and they didn't buy it, it makes no sense.
Don't think China was ever interested in Bitcoin, more the tech behind it - they hate decentralization.I feel like they have been working on this since Libra deal so that when people start sending money via whatsapp or whatever they would have the same thing in their country which would make Chinese not need Libra and not use it and not make other countries money by way of paying fees.
Is it me or does Libra's downfall, and a week later China releases their own crypto-currency feel like strategic timing..? October 31, 2019, 04:43:48 AM
Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?
It was expected from the Chinese government because they were embracing the blockchain technology and now they are issuing their state sponsored digital currency and i am expecting more countries coming up with their version of digital currency in the next few years and it will be competing against each other and some might die off eventually as we know what happened to Petro. It still depends, because even though they have their own crpyto it doesn't dictates that they should utilize it, not all of the citizens of China will embrace the cryptocurrency they've created unless it will be mandatory set by the government. Most of the times, citizens will choose to pick the best crypto that will catch their attention. It is indeed, having a positive impacts even to us as more market adoption will take place because of the Chinese news concerning cryptocurrency adoption.
October 31, 2019, 04:24:48 AM
Quote
While the PBoC has yet to confirm the launch of "DCEP," China's finance tsar Huang Qifan says that the central bank has been studying it for almost six years
Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment).
China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.
Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.
Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.
Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.
However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.
At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate.
Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment).
China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.
Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.
Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.
Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.
However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.
At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate.
Source
Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?
Actually, there were government backed coins created by Venezuela and Iran before it, but I do not think they made good progress. I guess this is something that resulting from their own econpmic situation. However China is a developing country, and innovative additions will have a positive impact on its economy.
Even if other countries do not want to, they will not want to be left behind. With the development of the surroundings, they will not be able to stay as they wish, and when the time comes, they will be forced to do the right thing.
October 31, 2019, 03:07:54 AM
Have read about the news but the Chinese government have been on this issue quite a long time and only few people know this in the crypto sphere and this was also the reason they partially ban Bitcoin in other to first make their national crypto thrive first before they fully support other crypto. But, this will definitely make other country like Greece which ought to have do the samething take a step forward and all thanks to the IMF boss statement.
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October 31, 2019, 02:59:20 AM
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Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?
Meanwhile, I don't see any bad implications this will cause to tgw crypto market than to make the coming halving more flourish and I can see more country creating their own national crypto.
October 31, 2019, 02:35:57 AM
A government controlled "digital" currency is centralized and not even close to a open, decentralized technology like Bitcoin. One of the main concerns with a "digital" currency in China is the fact that China would ban all other Crypto currencies to force their own citizens to use their own centralized currency.
It is clear that China only created this "Digital" currency, because they want to track their citizens wealth and spending habits. So this is just another "Firewall" type experiment to control their own citizens.
It is clear that China only created this "Digital" currency, because they want to track their citizens wealth and spending habits. So this is just another "Firewall" type experiment to control their own citizens.
yes i agree with you i think china is issuing its own crypto currency to track the wealth and shopping habits of its citizens. and also the Chinese government does not want its citizens to invest in other cryptocurrency like bitcoin and altcoin. they just want their citizens to use the cryptocurrency they make called DCEP. but I positively welcome the presence of DCEP will make the crypto market have many types of coins.
October 31, 2019, 02:06:33 AM
Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?
It was expected from the Chinese government because they were embracing the blockchain technology and now they are issuing their state sponsored digital currency and i am expecting more countries coming up with their version of digital currency in the next few years and it will be competing against each other and some might die off eventually as we know what happened to Petro. October 31, 2019, 01:15:15 AM
I am not surprised if ever their digital currency will be ever launched in their country as soon as possible. This is the product of the China's president for saying that they should adapt the blockchain technology and they are now taking actions to create their own digital currency, I hope that this will become a proof that blockchain techhnology is a real tech that every other countries should also adapt.
October 30, 2019, 11:34:06 PM
This is an old news already. China has always been mumbling about creating its own cryptocurrency. But until now, this is still a plan and there is no concrete step yet that has been taken toward the actual creation of this state-sponsored digital currency. In fact, some analysts in the crypto field are saying that it will take many years before china will finally release their digital yuan. This news is going out in the open once again because of the announcement of the president.
October 30, 2019, 10:09:44 PM
Is what is written by the journalist legit? Even 5-6 years have conducted studies in the development of the crypto project. WTH did not even have news about "PBOC has been studying" 6 years ago. Aside the reasons why this could happen, it is likely that in the near future the US will give a speech, because the country's rivals are making new breakthroughs in blockchain technology.
Whereas last week Alipay released the news, that they would block everything related to digital currency, in this case bitcoin and altcoin. I think China wants to benefit from the crypto market in their country, especially focusing on the Chinese community.
First of all, no one really denies the power of crypto currencies especially bitcoin and the revolution that blockchain technology is. Governments play their cards according to their benefits. After looking at the present community of bitcoin and how fast it is grabbing attention, no one can avoid its existence anymore. China has tried to get control of bitcoin but failed. However, it cannot turn its back on blockchain and digital assets. Whereas last week Alipay released the news, that they would block everything related to digital currency, in this case bitcoin and altcoin. I think China wants to benefit from the crypto market in their country, especially focusing on the Chinese community.
October 30, 2019, 06:28:19 PM
Seems that China have patiently study Blockchain over the years until they made their move which once again shows that Asians have such big patience when it comes to deliver something. I won't be surprised if DCEP will massively succeed at its launch whenever it will come. Now lets patiently waiting for Libra's USA decision and see what are they planning in order to rise to China cryptocurrency standards ...nice times ahead of us in cryptocurrency space.
October 30, 2019, 06:24:04 PM
State backed crytpocurrency is a coming trend and will definitely be followed in many more countries.
Cryptocurrencies help in making transactions instant and paper less which can also be recorded securely and transparently on a digital ledger. You will have account of every transaction made which will help in curbing corruption at the bank level to a decent extent. Corruption at bank level is a problem in many developed and developing countries. Virtual currencies will make processes more efficient and streamlined.
Cryptocurrencies help in making transactions instant and paper less which can also be recorded securely and transparently on a digital ledger. You will have account of every transaction made which will help in curbing corruption at the bank level to a decent extent. Corruption at bank level is a problem in many developed and developing countries. Virtual currencies will make processes more efficient and streamlined.
This is actually good development in crypto community. For those countries who are banning and labeling crypto as illegal, they will now think twice of this action as China is getting more loose towards crypto. China is a big market so to speak and so its influence can be significant in the community.
Chinese realized their motto : "If you can't beat them, join them". So their banning and strict regulations towards crypto was already a past for China, they are now moving to the blockchain technology and this is very welcome development to the crypto community.
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