Bitcoin Forum

January 20, 2016, People's Bank of China digital currency seminar held in Beijing. From the People's Bank, Citibank and Deloitte digital currency expert, respectively, on the overall framework of digital currency currency evolving national digital currency, encryption currency issued by the State and other topics of discussion and exchange. People's Bank of China Governor Zhou Xiaochuan attended the meeting, the People's Bank of China Deputy Governor Chair Fan Yifei. Relevant research institutions, major financial institutions and advisory bodies of experts attended the meeting.

The meeting pointed out that with the development of information technology and mobile Internet, cloud computing Trusted controlled, secure storage terminal evolution, block chain technology worldwide payment undergone tremendous changes, the development of digital currency is central Bank of currency and monetary policy has brought new opportunities and challenges. The People's Bank attaches great importance from 2014 to set up a special research team, and in early 2015 to further enrich the power of digital distribution and business operations monetary framework, the key technology of digital currency, digital currency issued and outstanding environment, digital currency legal issues facing the impact of digital currency on economic and financial system, the relationship between money and private legal digital distribution of digital currency, digital currency issuance of international experience conducted in-depth research, has achieved initial results.

The meeting held that China's current economy under the new norm, explore the central bank issued digital currency has a positive practical significance and far-reaching historical significance. It can reduce the traditional distribution of digital currency note issue, the high cost of circulation, improve convenience and transparency of economic transactions and reduce money laundering, tax evasion and other criminal acts to enhance the central bank's money supply and currency in circulation control, better support economic and social development, the full realization of inclusive finance help. Future, digital currency issuance, circulation system also helps build our new financial infrastructure construction, further improve China's payment system, improve payment and settlement efficiency, promote economic quality and efficiency upgrades.

The meeting urged the People's Bank of digital currency research team to actively absorb the important results and practical experience of digital currency research at home and abroad, continue to advance on the basis of preliminary work to establish a more effective organizational guarantee mechanism, to further clarify the strategic objectives of the central bank issued digital currency and do key technologies, multi-scene digital currency research applications for the early introduction of digital currency issued by the central bank. Design of digital currency should be based on economic, convenience and safety principles, and ensure the application of low-cost digital currency, wide coverage, digital currency payment instruments with other seamlessly, enhance the applicability and vitality of digital currency.

The People's Bank in advancing digital currency research work with relevant international agencies, Internet companies to establish a communication link with the domestic and foreign financial institutions, traditional card-based payment institutions were widely discussed. At home and abroad to participate in discussions of attention to this work, and related research on expert theory, practice and exploration and development path with the people in the banking system conducted in-depth exchanges.

Source: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3008070/index.html

http://www.reuters.com/article/us-china-currency-digital-idUSKCN0UY1JT

I can confirm this from PBOC official website. It put more emphasis on a Cash-Less/Internet-base system. Blockchain was mentioned, and sure it will be digital currency. However I doubt that the issuing will be free to the Internet. They will have the right on hand.

china has always been a driving force of the digital currency, though dichina circulation of bitcoin is not legalized, but the rapid development of bitcoin really there. and now digital currency  will be held in beijing.

It'll be a PoS coin in my opinion.

In my opinion it will be like the tether coin used by some exchanges as a USD token. I don't know the specifics of how it works, but I think it's centrally controlled and has a fixed value against the dollar. The PBOC could control the supply of a coin like that, printing mor or withdrawing some when it suits it.

No way. LOL.

issuance will obviously be controlled by the PBOC.

pos coins is the best way for them to issue a cryptocoin, you really think that they will deploy an exa of hash power, and create another network akin to bitcoin, thisis the real no way

more like the distribution will be like a pos coin but based on your job earning, like they do today with fiat

Uh, money today is not distributed based on your job earning o_O are you high?

And when did I ever say they will make another bitcoin? I said they will CONTROL issuance. Which is obviously not bitcoin. Think more like WoW gold or Ripple.

obviously, distributed in the sense that they will give you money because in change you work for them, but instead of fiat they would give you this new pos coin

you said that it will not be a pos coin not bitcoin, and i said that pos coin is the best choice for them

China's financial and payment institutions should not accept Bitcoin as legal tender, Chinese authorities said on Thursday, warning of the risks related to the digital currency. China has decided to ban all financial and payment institutions from establishing any Bitcoin services, as the digital currency carries high risks, the People's Bank of China (PBOC) said in a notice released Thursday. The PBOC, China's central bank, said in the notice that Bitcoin "is a virtual product, does not carry equal legal status as fiat

There is no way a PoS coin will work. Its absolutely not possible. They need to be able to control it and add in whatever amount of new coins they want any time they want. they're not going to let a random farmer's savings grow just like that.

It should be obvious that China will do away with paper money within the next decade.

They won't have to make many changes, the vast majority of transactions in developed countries across the world are digital/electronic transactions already. Credit cards, wires, ACH, etc.

Sweden is already basically there (cashless). The Chinese government supports it as it allows them more control over individual and corporate finances.

I almost never use cash, myself. It is all credit cards, auto-billing and wires. None of this requires a new currency.

Cashless for this circumstance is still based on centralized fiat money. All of the transactions are recorded at their data centors. Banks still have tangible reserve like gold, cash notes or any other resources to back it. Its concept is totally different from digital currency like bitcoin.

It is very old news. I only saw the article posted on the op from PBOC on Thursday.They endorsed the advantages digital currency has brought to us, not mentioned any warning, or risks. If it is like you said, please give me the links.

man, they are issuing it themselves, you see in the alt section soem random dude making a pos coin, why a government can not follow that approach?

they can control it easily, by premining 100% of the total supply and then distrubute it like i've said above, basically they pay your wage with this coin instead of fiat

China is trying to use it for what it has came. They are driving force on it as digital currency for the use of being worldwide ecurrency. It is not bad in it that bitcoin remain virtual currency. The powers must have to work for its easy use and I think it must be the actual issue.

I think it would be like a POS coin,centralization of power, strict supervision, in case the funds are not clear flight, money laundering, etc., the government always need to do so

Look at it from the Chinese perspective .... They like to be in full control. {Just use the internet firewall as a example} Here we have a technology that offer them a option to

eliminate the anonymity of cash and give them more control to follow every transaction made with whatever token they choose. This is more or less what Alt coins like Ripple are

offering the US government. You as a individual still have the option to use Bitcoin to circumvent these invasive controls.  ;)

the seminars only topic is Bitcoin, the mining giants are obviously

about to sieze power off the Chinese Govt who are a bumch of

fkn clowns

Yes, bitcoin can track every transaction, but bitcoin is anonymous, registered domain name in China to the real name information, I do not think the Chinese government will make it anonymous

china always have many way to lead technology in Asia,and now they will expand bitcoin and becoma the strongest power in bitcoin technology in Asia,good luck for chinese.

Is anyone aware of the progress of it? Has PBOC started to work on their own blockchain?

If China was to create a digital currency its would most likely create a off market due to people not trusting a currency the government could grab or wipe clean at any moment.
I know this is something China would love but I do not see it working,when they are having so many issues with bringing religions under the system,you add currency and it could create a division or headache.

If Chinese introduce their own cryptocurruncy,how will it effect bitcoin?will it give bitcoin a run for its money or will it make Bitcoin more popular?