JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP"

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Quote from: wozzek23 on November 06, 2019, 12:31:15 AM

I don't think they are trying to replace the fiat system, that would not make any sense if they do it. And I thought they were against cryptocurrencies? Maybe they did all that because they know that without banning every other crypto there will be no chance for their state backed crypto to gain people's interest. But, with what they have done they will be able to get people's interest to the new cryptocurrency they have developed.

As for replacing fiat, that's not going to work. Some people make cryptocurrency seem like it's the solution to the economic problems we are having, while that's not the truth. If the world should switch to crypto i don't see any difference between what will happen to it than fiat, it's still going to face the same problems and maybe worse. It's best that we continue to make use of fiat. Everyone still have their own opinion.

There’s no mention about eliminating fiat in the OP and I doubt that they would do that since it has its own convenient usage. I think it is much wiser to have both fiat and the cryptocurrency as part of the commerce of the Chinese people or other countries as well who are planning to do the same. It has its own respective conveniences in using fiat and cryptocurrencies.

I think that the Chinese government are still testing the waters after banning Bitcoin before launching their own cryptocurrency.

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I don't think they are trying to replace the fiat system, that would not make any sense if they do it. And I thought they were against cryptocurrencies? Maybe they did all that because they know that without banning every other crypto there will be no chance for their state backed crypto to gain people's interest. But, with what they have done they will be able to get people's interest to the new cryptocurrency they have developed.

As for replacing fiat, that's not going to work. Some people make cryptocurrency seem like it's the solution to the economic problems we are having, while that's not the truth. If the world should switch to crypto i don't see any difference between what will happen to it than fiat, it's still going to face the same problems and maybe worse. It's best that we continue to make use of fiat. Everyone still have their own opinion.

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Quote from: exstasie on November 04, 2019, 05:13:42 PM

Quote from: Mometaskers on November 04, 2019, 03:18:51 PM

snip

I think that's pretty much the plan. Completely phase out paper money for this crypto. Together with the extensive surveillance and social credit, the government gains near complete control of people.

Exactly, hence all the "blockchain not Bitcoin" language. DCEP will give them much more control over their currency than traditional CNY ever could. That includes cutting off access to crypto exchanges and other capital control measures.......

An authoritarian's wet dream. Even currently they already have a lot of restrictions when it comes to use of CNY with plenty of regulations concerning withdrawals. This would make control of personal finance pretty much total. I can't see why some people see this as a positive development.

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Quote from: X-ray on November 04, 2019, 09:07:27 PM

Quote from: karanggatak on November 04, 2019, 08:41:56 PM

whereas before the Chinese government banned the use of bitcoin. but now it will instead make its own crypo currency. maybe China has realized that cryptocurrency and blockchain are new breakthroughs in the financial system and technology. and many benefits to be gained when we can apply blockchain and crypto technology well. we can reduce the use of fiat money. and in my opinion the presence of DCEP coins is also to rival facebook libra coins. because both are included in the stable coin. and I don't think the presence of this DCEP coin will have an impact on the price of bitcoin.

Stablecoin is like a money generator meanwhile bitcoin is an uncontrollable currency and that's bad for the government more specifically a more restrictive government. Even facebook has seen the potential behind any stablecoin and it is to be expected if China is trying to compete in that field, with the (might be coming) cancellation of Libra due to the harsh government backlash China might take up huge portion of the overall market share for its own DCEP if released internationally otherwise it'll only be available for Chinese people and maybe to fulfil the desire of chinese people towards cryptos.

That's why they can't regulate Bitcoin as they will have no control of it, which is on our part is a good thing, as we don't want to be controlled by someone, the disadvantage is that you will lose your fund if you don't know how to handle it and no once can protect your investment.

China was for sure have seen the advantage of blockchain, they just don't want their country to be involved in Bitcoin as they didn't develop it, they want to benefit with crypto at their own interest so they made their own coin.

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Quote from: karanggatak on November 04, 2019, 08:41:56 PM

whereas before the Chinese government banned the use of bitcoin. but now it will instead make its own crypo currency. maybe China has realized that cryptocurrency and blockchain are new breakthroughs in the financial system and technology. and many benefits to be gained when we can apply blockchain and crypto technology well. we can reduce the use of fiat money. and in my opinion the presence of DCEP coins is also to rival facebook libra coins. because both are included in the stable coin. and I don't think the presence of this DCEP coin will have an impact on the price of bitcoin.

Stablecoin is like a money generator meanwhile bitcoin is an uncontrollable currency and that's bad for the government more specifically a more restrictive government. Even facebook has seen the potential behind any stablecoin and it is to be expected if China is trying to compete in that field, with the (might be coming) cancellation of Libra due to the harsh government backlash China might take up huge portion of the overall market share for its own DCEP if released internationally otherwise it'll only be available for Chinese people and maybe to fulfil the desire of chinese people towards cryptos.

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whereas before the Chinese government banned the use of bitcoin. but now it will instead make its own crypo currency. maybe China has realized that cryptocurrency and blockchain are new breakthroughs in the financial system and technology. and many benefits to be gained when we can apply blockchain and crypto technology well. we can reduce the use of fiat money. and in my opinion the presence of DCEP coins is also to rival facebook libra coins. because both are included in the stable coin. and I don't think the presence of this DCEP coin will have an impact on the price of bitcoin.

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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?

The introduction of DCEP by China can mark a new timeline in the history of cryptocurrency though many will surely question this latest addition to the roster because definitely this is a state-sponsored and controlled digital currency. This is not actually the first as we already have the Petro by the government of Venezuela which failed to make a big fire and a noticeable splash in the global market. I am sure that before coming to this launch, China bureaucrats planned well for the success of this digital asset and they can easily command all the resources available on their hands to make sure that the whole world notices.

So how will this directly and indirectly affect Bitcoin? I am sure we are already speculating whether DCEP can be positive or negative to Bitcoin. In case, this digital currency can also be available in the normal cryptocurrency exchanges, this there is a possibility that this will in fact be helping Bitcoin and vice versa. There is really a huge market all waiting to tap in the whole of China (as well as millions of Chinese overseas) for cryptocurrency but its development is very hampered with the decision of the government in 2017. Now, am hoping that the China government will be using this platform as a pretext to open up the country for Bitcoin.

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I think all developing countries that can receive a lot of the technology created should be able to follow what the Chinese government is doing because basically blockchain and bitcoin technology can be used for many developments that can make the country more advanced and more developed.

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Quote from: Mometaskers on November 04, 2019, 03:18:51 PM

I wonder how they will implement this if they still have their fiat. I'm assuming it can only be bought using their fiat so that eventually DCEP can replace it.

I'm not thrilled. If China succeeds in doing that, other governments could follow suit.

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.

I think that's pretty much the plan. Completely phase out paper money for this crypto. Together with the extensive surveillance and social credit, the government gains near complete control of people.

Exactly, hence all the "blockchain not Bitcoin" language. DCEP will give them much more control over their currency than traditional CNY ever could. That includes cutting off access to crypto exchanges and other capital control measures.......

Mometaskers

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I wonder how they will implement this if they still have their fiat. I'm assuming it can only be bought using their fiat so that eventually DCEP can replace it.

I'm not thrilled. If China succeeds in doing that, other governments could follow suit.

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.

I think that's pretty much the plan. Completely phase out paper money for this crypto. Together with the extensive surveillance and social credit, the government gains near complete control of people.

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Quote from: Apened on November 01, 2019, 08:17:39 AM

Im. Reply to the OP, i don't think that China is working on it within the past 6 years in my opinion.

Given the crypto scene began to grow earlier in the decade and also the country here is China, it could possibly be a case of a team studying crypto over the years and giving the government inputs on how they could use it. A big factor here would be the currency getting tied up with the social credit system in China which is known to involve every citizen of the country and again, a leverage to monitor the entirety of the nation's (partial?) economy.

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Quote from: tambok on November 02, 2019, 09:09:29 AM

Quote from: Kevondo on November 02, 2019, 09:02:32 AM

Quote from: Oneandpure on November 01, 2019, 09:21:52 AM

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.

I confused with China government where last three days they have made announce for listing and adopting bitcoin as legal transaction payment where announce by China president, but last day I got news correct or not with China announce for banned bitcoin as transaction and investment assets, will China playing with bitcoin issues and get profit with bitcoin moment with lower and higher price?

First of all, china understands the true power of bitcoin and blockchain technology. Secondly, it was blockchain that has been recently praised by the Chinese president and this resulted in an increase in the value of bitcoin. The central bank of china is working on its own digital currency. The most important thing that you need to know is, china wished and tried to take control of bitcoin but failed.

China has been so competitive in all aspect, they really want to be the number in everything, they like Bitcoin, they love the idea of blockchain but what they can't accept is that USA has control over it and we all know that USA is their biggest rivalry. So, instead they develop their own crypto for their own benefit.

China become most competitive country how to increase their economic digital currency, they are looking many way how to make their country on the top with giving space for bitcoin and altcoin legal currency payment, after announce by China president now they have adopt new coin for listing to their public, not only China citizen invest with new china coin but many investor in the world will invest there.

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Quote from: Periodik on October 30, 2019, 10:34:06 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.

Unlike many projects that we see in the market a government cannot really rush the creation of its own cryptocurrency, as you say it is probably going to take them a few years before we get to see what the Chinese government has developed and the characteristics of their coin, but if the coin they create is as restrictive as I believe it will be then no investor is going to want to hold those kind of coins.

It seems that governments are unable to grasp that the success of bitcoin comes from the freedom it gives to the people, we are not going to use a cryptocurrency just because it is approved by any government, we will use a cryptocurrency because it benefits us and not them.

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Quote from: Kevondo on November 02, 2019, 09:02:32 AM

Quote from: Oneandpure on November 01, 2019, 09:21:52 AM

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.

I confused with China government where last three days they have made announce for listing and adopting bitcoin as legal transaction payment where announce by China president, but last day I got news correct or not with China announce for banned bitcoin as transaction and investment assets, will China playing with bitcoin issues and get profit with bitcoin moment with lower and higher price?

First of all, china understands the true power of bitcoin and blockchain technology. Secondly, it was blockchain that has been recently praised by the Chinese president and this resulted in an increase in the value of bitcoin. The central bank of china is working on its own digital currency. The most important thing that you need to know is, china wished and tried to take control of bitcoin but failed.

China has been so competitive in all aspect, they really want to be the number in everything, they like Bitcoin, they love the idea of blockchain but what they can't accept is that USA has control over it and we all know that USA is their biggest rivalry. So, instead they develop their own crypto for their own benefit.

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Quote from: Oneandpure on November 01, 2019, 09:21:52 AM

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.

I confused with China government where last three days they have made announce for listing and adopting bitcoin as legal transaction payment where announce by China president, but last day I got news correct or not with China announce for banned bitcoin as transaction and investment assets, will China playing with bitcoin issues and get profit with bitcoin moment with lower and higher price?

First of all, china understands the true power of bitcoin and blockchain technology. Secondly, it was blockchain that has been recently praised by the Chinese president and this resulted in an increase in the value of bitcoin. The central bank of china is working on its own digital currency. The most important thing that you need to know is, china wished and tried to take control of bitcoin but failed.

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Do you realize that China has been linked with this system for a long time, amazing, now they have come to the point and Blockchain is the main thing for them in recent time, so they are going to create an own digital currency, I think this spet is really fruitful for the whole economic system, Now another country will come to this stage and in this way, this system will get improved and reliable on the whole world, so it's clear that China is in the full swing towards blockchain system, and it's a huge positive impact over the whole globe because all over the world, people will see a government's new step regarding cryptocurrency.

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Quote from: Oneandpure on November 01, 2019, 09:21:52 AM

I confused with China government where last three days they have made announce for listing and adopting bitcoin as legal transaction payment where announce by China president, but last day I got news correct or not with China announce for banned bitcoin as transaction and investment assets, will China playing with bitcoin issues and get profit with bitcoin moment with lower and higher price?

China's latest statement is not for bitcoin, but they focus on blockchain technology and their own cryptocurrency, this is more analogous to: China knows they cannot block bitcoin in their country, and they take decisive steps to defend the value of the yuan from crypto activity in a manner thorough. They wrap it still in the form of a bitcoin ban corridor as a form of prevention, they continue to prepare the appropriate pattern.

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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.

I confused with China government where last three days they have made announce for listing and adopting bitcoin as legal transaction payment where announce by China president, but last day I got news correct or not with China announce for banned bitcoin as transaction and investment assets, will China playing with bitcoin issues and get profit with bitcoin moment with lower and higher price?

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Im. Reply to the OP, i don't think that China is working on it within the past 6 years in my opinion. Somehow it might ne true, i'm just neutral here and if ever DCEP is their new digital currency i'm sure those countries that knows cryptocurrency will soon make their own digital currency to be specifically use in that particular country.

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Quote from: smyslov on November 01, 2019, 12:52:48 AM

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.

Bitcoin as a currency and blockchain has to be taken as two different technological innovations and the Chinese government is not planning to accept the currency aspect of the technology but they are taking the blockchain aspect and they will be creating their own centralized currency on top of the blockchain and they will not allow a competitor like bitcoin to be traded in Chinese exchanges.

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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.

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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?

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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

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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?

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.

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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?

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.

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Quote from: Kemarit on October 31, 2019, 06:39:35 PM

Quote from: Periodik on October 30, 2019, 10:34:06 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.

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.

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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.

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Quote from: Periodik on October 30, 2019, 10:34:06 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.

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.

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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.

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 Tongue

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

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.

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

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..?

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Quote from: SaShiRaJaVu on October 31, 2019, 01:06:33 AM

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?

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.

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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?

It is not surprising that China is one of the first to act in this regard.

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.

posi

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

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?

Firstly, the article is some how miss leading because the national crypto coin which the Chinese government are planning to create name is yet to be release to the public while digital currency electronic payment (DCEP) is the name giving to team in charge of coin creation.
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.

barabarian1

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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

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.

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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?

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.

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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.

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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.

huige007

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Quote from: ufaiz50 on October 30, 2019, 11:21:30 AM

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.

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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.

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Quote from: senne on October 30, 2019, 06:18:54 AM

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.

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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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.

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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.

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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.

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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.

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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.

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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.

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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.

Willitivity

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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.

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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?

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.

NathanJB

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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?

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.

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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!

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
impact of this china coin inside crypto industry.

Quote from: oxgroth on October 29, 2019, 04:35:06 AM

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.

Apes

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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.

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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.

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!

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!

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...

audaciousbeing

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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?

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.

oxgroth

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This will have nothing in common with real crypto

Cnut237

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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?

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.

Wysi

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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?

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.

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

lobat999

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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!

trumpman

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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!

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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.

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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.

SamboNZ

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

hello_good_sir

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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.

AniviaBtc

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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.

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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

blckhawk

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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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I just can’t understand. Previously, there was information that the People's Bank of China, using commercial banks, plans to launch the CBDC national stable coin, which has also been developed for about five years. Is it the same coin or not? Apparently, we are talking about the same stable coin, but for some reason with a different name.

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Quote from: Beparanf on October 29, 2019, 12:46:56 AM

They planned it long, that's why when China announces it they already take advantage on launching their digital currency as being talked of the town now. I just hope no more banning in China since Chinese are known to be risky in terms of businesses and using blockchain for them will benefit them once it became fully operational. But we will never know unless they officially released it soon.

with this news , china proved has high interest in blockchain and digital currency like cryptocurrency.hopefully they will not banning again cryptocurrency in their country.now chinese citizen could comfortly invest in this market without any worries.and crypto market get positive affect from this.we need more good news, especially from china as trigger.

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They planned it long, that's why when China announces it they already take advantage on launching their digital currency as being talked of the town now. I just hope no more banning in China since Chinese are known to be risky in terms of businesses and using blockchain for them will benefit them once it became fully operational. But we will never know unless they officially released it soon.

hello_good_sir

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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.

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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?

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