JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP" - page 3.

wxa7115

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Quote from: blckhawk on October 29, 2019, 01:34:04 AM

Most likely, other governments would also follow what China is doing. If they can't completely ban bitcoin, they have decided to might as well create their own, effectively "banning" bitcoin by having their own be used by their population. It's effective for them, but quite a threat for us. Even though not all countries do such thing, in the long run, it imposes a threat to decrease in bitcoin market demand. Unless people stay informed that these are centralized institutions and decide to steer off of it. But it would be hard to oppose the government though.

The reason they are releasing their own coin is that they know they cannot destroy bitcoin and if they let bitcoin to go unchecked then they know bitcoin will corner the market, these circumstances left them with only one option to take and that was to develop their own coin and create a competitor for bitcoin in the market, but as long as their coin has the same weaknesses as their fiat then bitcoin will keep thriving.

While it should be clear to anyone this is an attempt to stop the growth of bitcoin at the same time it will help it since more people will become proficient in the usage of wallets and will know how to transact with cryptocurrencies and will have no problem accepting bitcoin in the future.

ufaiz50

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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.

Lucius

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Quote from: justdimin on October 30, 2019, 08:29:31 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.

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.

I don't see anything weird in fact that China is working on this project for the last 6 years, obviously it was not their priority and they want to make it as good as possible. They do not study crypto, but blockchain as the technology which enables such projects to be realized. I doubt this project aims to profit, but as some say to bigger control of domestic currency and possible cost reductions in domestic and international trade.

You should know that many have become interested in cryptocurrency and blockchain some 5-6 years ago, and Snowden has revealed to the public that US secret services were already working (2012/2013) on programs that would enable them to monitor and identify Bitcoin users.

Do not mix things, China is not interested in Bitcoin because there is no way to control it - and they did not make their own Bitcoin, DCEP can only be a centralized digital currency, which is the complete opposite of what Bitcoin represents.

justdimin

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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.

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.

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.

senne

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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.

bitgolden

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The advantage of this that I see to bitcoin and other cryptocurrencies is that it will make people to study more of Blockchain generally and which they will surely have knowledge of the already existing cryptocurrency which they know that bitcoin will always be the king of all cryptocurrencies.

China creating their own crypto will only create more awareness to the people, and if we have some people that will just be meeting crypto for the very first time because of this Chinese own crypto, it will just be a matter of time before they get to know about bitcoin and other cryptocurrencies also, of which they might dump their dcep because it is a centralized coin which will also be a stable coin but backed by the government of china.

stompix

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Quote from: Lucius on October 29, 2019, 09:59:47 AM

Quote from: stompix on October 29, 2019, 04:41:39 AM

Trust me more than ever, nothing good for Bitcoin comes from China!

Try to explain this to some average forum user who lives in the belief that the price of Bitcoin has gone up since the Chinese president mentioned the blockchain. Many identify Bitcoin and blockchain as one and the same thing, which of course is completely wrong. We can go even further with the opinion that the Bitcoin will be destroyed if China bans mining.

To the average forum user?
Let's go over the fact the average forum user reads the title and posts, most of them don't understand and don't want to spend their precious time understanding things as there is no financial gain in it.

No, it's a lost battle, and although I often try to talk some sense into people I haven't managed to succeed even while trying to make a few users understand that Africa is not a country but a continent. More subtle things like the difference between a company and a country, between blockchain and bitcoin? No....impossible.

Quote from: jseverson on October 30, 2019, 02:43:03 AM

Quote from: trumpman on October 29, 2019, 02:59:36 AM

Well, this certainly sounds bullish

I'm assuming you meant bullish for Bitcoin, but...why?
~
That being said, I've always been curious why countries want to create new digital currencies when fiat could basically act the same way.

The word was actually bullshi....
As for the second part, yeah, this is the real discussion we should have! Why?

One reason I have in mind is absolute control, far more intensive that with digital money.
Other it would be that they could extend this control if their coin is used in foreign countries, but I really doubt anyone would agree with this. Imagine a hotel in Egypt getting his dcep account frozen because a Chinese guy was angry there was no chocapic for breakfast.

jseverson

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Quote from: trumpman on October 29, 2019, 02:59:36 AM

Well, this certainly sounds bullish

Hopefully we will see other countries following but.. China coin for now will do. Feels like the last months of 2019 will be quite interesting..Fingers crossed!

I'm assuming you meant bullish for Bitcoin, but...why? This has nothing to do with Bitcoin at all, and since it's a direct competitor to the CCP's pet project, its release could be the trigger for a full crypto ban in China. Given how speculators overvalue market developments in China, things could be very bearish very quickly.

That being said, I've always been curious why countries want to create new digital currencies when fiat could basically act the same way. This could end up being good for crypto in the long run as states set up infrastructure (and people's mindsets) needed for the propagation of digital payments. We'll see what happens with China I suppose.

AGroose

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If this happens another bull ran is provided to us. And after that, Chinese projects will begin to grow very quickly, once it has already happened - https://neironix.io/news/numbers/analiz_kursa_bitkoina_na_29_oktyabrya_konsolidatsiya_rinka_na_fone_sluhov_o_zapuske_natsionalnoy_kriptovaluti_kitaya
And after this, we will see bitcoin by 100,000 dollars

hello_good_sir

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Quote from: joniboini on October 29, 2019, 02:29:35 AM

Out of gazillion possible names, they chose DCEP. Never imagined I'd say this but Intel Core naming was much better.

Quote from: Argoo on October 29, 2019, 01:19:16 AM

Apparently, we are talking about the same stable coin, but for some reason with a different name.

Different name with more or less the same purpose. It's the same state-controlled, centralized, not sound money.

To be fair though, DCEP is fairly easy to pronounce for most people and it's a fairly memorable name, but not sure why it's standing for "digital currency electronic payment" which just sounds like a pile of random words. Still better then the random names from intel though, lol.

Has anyone actually taken a look at what the coin looks to solve/work with? From the tweet, it looks like

Quote

At the same time, DCEP can achieve real-time collection of data related to money creation, bookkeeping, etc, providing useful reference for the provision of money and the implementation of monetary policies.

This is actually pretty interesting - but how? How is a digital currency going to help in aspects of monetary policy? Will there be a remote control that the Chinese government can hit and it just adds a couple of new rules to the coin, doesn't like something that would be very welcome then.

Kakmakr

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Quote from: AniviaBtc on October 29, 2019, 02:10:38 AM

Quote from: Kakmakr on October 29, 2019, 01:54:23 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. Roll Eyes

We all know that China has a biggest population around the world. As they made their own cryptocurrency, they will not allow any other currency for their own citizen to use such as bitcoin and any other decentralized technology. They will only use their own currency just for them to grow what they invented.

I agree that the reason they made this digital currency is to get the ownership and wealth of the people that they controlled. This is their technical way on how they will control their people and corrupt their country.

+1 for your signature campaign, because you basically just repeated what I said and added nothing to this conversation. Roll Eyes

When there is a discussion like this, you try to add something different to the discussion and not something that you read in previous posts.

I should just report your post as Sig spam and be done with it, because I cannot see how you get paid for repeating what other people have said. Roll Eyes

Quote from: hello_good_sir on October 29, 2019, 02:24:50 AM

Quote from: Kakmakr on October 29, 2019, 01:54:23 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. Roll Eyes

I mean it is China, not sure what was really expected, they are literally famous for snooping on their citizens and being extremely controlling over them and whatever they do (look at the firewall thing).

It's still pretty decent for the market as a whole, obviously, their project isn't really bitcoin-related, it's more related to blockchain technology and basically cloning their own currency and putting it on a blockchain for easier use and to make it better for the future.

I have no doubt that every single coin from that blockchain is going to be easy to track and it'll end up with a lot of their citizens getting stuff traced back to them.

Here we go again, same story... rinse and repeat! Cmon guys, be creative and post something original and something constructive that would add value to the discussion. Angry

huu78

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It greatly impacts Bitcoin and cryptocurrency. Last month Bitcoin and Altcoin experienced poor prices on market exchanges because of the many bad news that happened.
And then there was news from China that said the government would adopt a blockchain that resulted in bitcoin increase yesterday. Hopefully, other countries follow it and we don't need to be over to the cryptocurrency in our own country.

Shenzou

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Well this doesn't' come to my surprise at all, ever since they started talking about regulating crypto, since it is highly popular there, it was obvious that they wanted to get into it, and i am actually surprised why they haven't done it long time ago, because if people use bitcoin in china they are not controlled by the government which is known for blocking and preventing anything that is not Chinese, and by making this digital they would try to control the crypto market in china, but i am sure that many people would just not use it since it defies what crypto is about.

yoseph

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Quote from: hello_good_sir on October 29, 2019, 12:40:20 AM

6 years... Damn, I can't believe they've been looking at blockchain and cryptocurrencies since late 2013, I don't believe they got interested in crypto-currencies since fairly early on, before all the ICO's and bull runs.

It's pretty solid proof that China is completely adopting this new cryptocurrency technology then, they have been very lax with crypto-currency in recent years and it looks like they want to develop an ecosystem that could possibly replace fiat, and their "DCEP" being at the top of it.

I can't wait for it to launch! Countries are definitely going to follow suit with this now.

This actually makes sense and it totally adds up when they decided to to ban all bitcoins and crypto related exchanges so that they are going to have an already made market for their very own cryptocurrency.But the main question is whether it's going to be tied to their local currency just like PAX.

Mahanton

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Quote from: ecnalubma on October 29, 2019, 12:33:22 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?

They can create all they want but this one isnt really that different to fiat or simply means they are just making e-fiat on the process.

Question, how this do affect bitcoin and cryptocurrencies? Nothing! It has nothing to do with it.This is just simply a country turning their fiat to e-fiat.

Cnut237

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Quote from: stompix on October 29, 2019, 04:41:39 AM

Oh yeah, this is good for Bitcoin!
I mean, what could go wrong with China launching a centralized stable cryptocurrency and on the next obvious step as they do with everything (social media, news, tv station, banks, eCommerce shops) obliterate any alternative that is not under their control!
Trust me more than ever, nothing good for Bitcoin comes from China!

I do kind of agree with this, but at the same time the fact that China is pushing ahead is sure to trigger some alarm bells in the US and other big economies, and it could lead to a new wave of crypto development across the globe.

Lucius

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Quote from: stompix on October 29, 2019, 04:41:39 AM

Trust me more than ever, nothing good for Bitcoin comes from China!

Try to explain this to some average forum user who lives in the belief that the price of Bitcoin has gone up since the Chinese president mentioned the blockchain. Many identify Bitcoin and blockchain as one and the same thing, which of course is completely wrong. We can go even further with the opinion that the Bitcoin will be destroyed if China bans mining.

These are all utter nonsense that survives thanks to the media constantly repeating them in the absence of some better news. Chinese digital currency does not change the status of Bitcoin in that country, nor is China the first country to plan or have already released digital cryptocurrency.

Quote from: https://en.wikipedia.org/wiki/Digital_currency

In March 2018, the Marshall Islands became the first country to issue their own cryptocurrency and certify it as legal tender; the currency is called the "sovereign".

The Bank of Canada have explored the possibility of creating a version of its currency on the blockchain.

The Bank of Canada teamed up with the nation’s five largest banks — and the blockchain consulting firm R3 — for what was known as Project Jasper. In a simulation run in 2016, the central bank issued CAD-Coins onto a blockchain similar Ethereum.[41] The banks used the CAD-Coins to exchange money the way they do at the end of each day to settle their master accounts.

The Dutch central bank is experimenting with a bitcoin-based virtual currency called "DNBCoin".

At least they could have put some effort into the more original name, DCEP already exists

electronicash

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its more than 5 years that they have been watching how the new technology can be used to their advantage but some are still backing away from it. i wanna see it live already. its not going to destroy BTC or replace but the Chinese are more likely to make it easy for their citizen to be part in crypto while their government still not encouraging. but the way of regulating these crypto users are through their own coin.

Ridwan Fauzi

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Yeah I think that thing should be done by all countries if they aren't there will fall behind. I remember when facebook will launch their own cryptocurrency and there are many countries who scared that this thing will disturb their economic situation especially for their money fiat. So as, there is someone who give a solution to create their own cryptocurrency who backed by their money fiat.

The solution is really good, because their citizen will only use their own cryptocurrency which regulated by them and they don't have any fearful to their economic condition. Sooner I guess there will be many countries who take a decison such chinese government. Indeed, need a more times to take brave decisions. Because the system is still new by demand of it is really high.

cutesgirl

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Quote from: ecnalubma on October 29, 2019, 12:33:22 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.

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?

China have giving green lamp for bitcoin become legal transaction for few days later after China president's announce to make bitcoin as legal payment transaction, they want to give good respond for bitcoin become legal transaction and investment assets, its the way how China want to increase their economic and get best thing for the future with their country after adopting bitcoin.

Topic: JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP" - page 3. (Read 710 times)