Topic: JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP" - page 4. (Read 710 times)
October 29, 2019, 06:53:15 AM
It's been long coming, China have been on test of digital currency over the years. The last week's announcement by Xi about Blockchain support in China is a precursor for the launch of their digital currency. It's a very good development, even though it's not Bitcoin being used but it still affects the crytpo space positively.
October 29, 2019, 06:13:20 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?
The Bank of England has also been testing a digital pound.
The real question is: will people use these coins? Or will they stick to either Visa/Mastercard movement of fiat, or existing cryptocurrencies.
October 29, 2019, 05:38:38 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 not only china that is interested to launch its own government-backed digital currency. But for now, china is the one that is very vocal about it. Or it might be that the news publications are very interested about the development in china more than in other countries. This is not china's original move. The appreciation of blockchain is already voiced by a lot of countries.
If china will finally release its state-backed digital currency, those who own china-based or chinese-controlled tokens should be worried a little. They cannot compete a coin which has the backing of state itself.
October 29, 2019, 05:38:29 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!
If the trends favor crypto market it will going to be bullish but due to the fact that it's another centralized project we can't assure what will be the actual 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!
impact of this china coin inside crypto industry.
This will have nothing in common with real crypto
Indeed! The nature of this project is the direct opposite, centralized system where everything will be tracked down and controlled by single state. October 29, 2019, 04:56:36 AM
so this issue is true. the cryptocurrencies launch by the Chinese Central Bank will be a pioneer for many countries I believe,
especially Asian countries that have partnered with them a lot.
This is not a joke, they are now trying to rival the US for economic problems. I look forward to trump's response to this launch.
especially Asian countries that have partnered with them a lot.
This is not a joke, they are now trying to rival the US for economic problems. I look forward to trump's response to this launch.
October 29, 2019, 04:41:39 AM
Out of gazillion possible names, they chose DCEP. Never imagined I'd say this but Intel Core naming was much better.
I wonder how this sounds in Chinese, any audio or video on it other than that Twitter cause I can't get that to play!
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!
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!
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!
But it will be interesting to watch the markets, supposedly the pump was because of China...then what should follow is...
October 29, 2019, 04:36:18 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?
Its actually a long one coming and for those who have been following the turn of events, you will not be surprised. Just recently I had read about the Leader giving some accolades to blockchain, I just know its a prelude to something coming and now this is it right in our face and its a good development. The shame is on countries that decide to outrightly ban when China was attacking from all sides without even bothering to understand how they can harness the potentials of blockchain, now I wonder how they would feel that China is like 10 steps ahead into the future.
October 29, 2019, 04:35:06 AM
This will have nothing in common with real crypto
October 29, 2019, 04:12:03 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?
Yes, I think this is good news, and other countries will follow. It is the same with companies as with countries - it only needs one to adopt crypto, and the rest can either follow the same path or else get left behind.
Crypto offers such huge advantages over existing solutions, so whoever (country or company) adopts it will be at a competitive advantage. Whoever doesn't adopt it will therefore be at a disadvantage.
It only takes one big economy to take the first step. I'm sure others will follow.
October 29, 2019, 03:24:24 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?
This might be a negative news for bitcoin and other cryptocurrencies if China launched this digital currency as most people might dump crypto and switch to this newly developed digital currency and there are possibility that China might impose overall ban on crypto and mining to give a push to their digital currency. This is just my opinion.
October 29, 2019, 03:23:07 AM
Well, this certainly sounds bullish
An obvious next step should be to allow proper exchanges in China so they can sell this... thing for Bitcoin and western money.
But we already know that China, by its declarations and actions can be the biggest Bitcoin price... manipulator.
October 29, 2019, 03:21:14 AM
I suppose China's cryptocurrency, if ever they got to release it was designed in order to have a strong foothold in cryptoshere! Imagine if they got to achieve mainstream adoption and China will have more influence in global economy and trade in a borderless fashion without being hindered by grip of U.S. dollar.
As what I've said before, once this becomes realized, I think economic superpowers would also want to have their own cryptocurrency and this could lead to a global crypto race with unknown repercussions!
As what I've said before, once this becomes realized, I think economic superpowers would also want to have their own cryptocurrency and this could lead to a global crypto race with unknown repercussions!
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!
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!
October 29, 2019, 02:54:18 AM
Well most of us already saw this coming. With how much China has been in the forefront of cryto and all. I never expected the planning and researching to have taken 6 years though.
With how much China wants to be in control of basically everything about their citizens, creating their own crypto shouldn't be that surprising. What I'm curious now is what would happen to the BTC miners inside the country since I'm sure China wouldn't want said miners to be mining BTC or adoting BTC instead of their own coin or otherwise said as DCEP.
With how much China wants to be in control of basically everything about their citizens, creating their own crypto shouldn't be that surprising. What I'm curious now is what would happen to the BTC miners inside the country since I'm sure China wouldn't want said miners to be mining BTC or adoting BTC instead of their own coin or otherwise said as DCEP.
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.
Different name with more or less the same purpose. It's the same state-controlled, centralized, not sound money.
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.
October 29, 2019, 02:27:00 AM
-snip-
Or maybe the usage and adoption is just a smoke screen, the main reason could be that its easier for the government to track, monitor, and study their citizens financial history.There must be a command that enables them to freeze, move and retrack funds.
October 29, 2019, 02:24:50 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.
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 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'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.
October 29, 2019, 02:10:38 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.
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.
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.
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.
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.
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