Bitcoin Forum

The Fiat Digital Currency is in developing in China by Central Bank.

http://www.bitbh.com/new/detail/4551 (http://www.bitbh.com/new/detail/4551)  Steadily push forward The legal Digital Currency

http://www.bitbh.com/new/detail/4555 (http://www.bitbh.com/new/detail/4555)  Anti-corruption  With Blockchain Tech

The Bitcoin price has been pumped up to 5400CNY  after these news realeased.   ;D




I don't think so,and most of the Chinese communities have the same idea with me.
For the Fiat digital currency will help Bitcoin promoting better and faster.As we all know,Bitcoin is not illegal in China.

About"promoting better and faster"
I mean, Bitcoin is not well known by most of the people by now,but if the fiat digital coins launched by more and more central banks,the digital currency will be more easier to be known by the people all over the world.

As we all know,Here the digital fiat currence is compared with paper fiat currency,paper currency have a mass of disadvantages— high cost,corruption,crimes...

Translated to read what was written and it looks like they are trying to make centralized digital currency using blockchain tech just like bitcoin but with complete control of government. I don't think this will have any effect on price and don't know how you are relating this news to current price pump.

Sounds like a terrible idea. Why the hell ?? Just why ? This is really stupid and I hope it fails.
It will fail because that is one of the most terrible ideas I have heard lately. Centralizing something that is made to be decentralized and outside the powers of government to liberate the people. Obvious communist china shithole will want control like it does with everything.

couldn't fully understand the articles , but in general I'm not sure if such move can help bitcoin or not
I have also read the Sweden is going to create a new system of payments called Ekrona , but in the article that I read there is no mentioning of blockchain or cryptocurrency so maybe Sweden is thinking different
anyways let's hope for the good  :)

It will have a massive influence in the price, if this does happen. Just a week or two ago, we saw bitcoin being dumped, when rumours were

spread that China will be banning Bitcoin. If they develop this Blockchain technology and still allow for Bitcoin to be used, the price will still

decrease, because Bitcoin will lose market share.  ::)

I knew that after the rise of bitcoin many government will come to adopt digital money system instead of paper currency. Just wait and see another 10 years there Erik be atleast 50 countries with digital money system and may be after 50 years paper currency will get vanished

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

If it receives a legal tender status, many people in China will dump BTC for it.

As far as it being Centralized,
every rational person knows that BTC has already been Centralized to Chinese mining pools for over a year.


 8)


 

I reckon the Chinese government will try and push their own digital currency that will be heavily controlled, i hope the Chinese people will see through that and continue to use bitcoin

chinese people are getting lot and lot advance by time but can this decision trun ijto a harmful one if they are unable to control their newly made cryptocurrency and if they did succeded into controlling it then what is the diffrence between banks and their cryptocurrency?

it will make all crypto currency adoption easier and ad  legitimacy. Even though the govs will try to demonize bitcoin.  This is a good thing either way you look at it. Not saying it wont be without bumps but overall it is a plus.

I don't think so,and most of the Chinese communities have the same idea with me.
For the Fiat digital currency will help Bitcoin promoting better and faster.As we all know,Bitcoin is not illegal in China.

I don't quite agree with you,The bitcoin influence is so weak currently,Bitcoin will be benefited by more and more digital currency emergence,no matter it's a Fiat digital currency or altcoin.

this is not a new thing, for as far as i remember a long time ago there was talk about some countries (i remember specifically China) wanting to make their owncryptocurrency aka altcoin. and although that would just be an altcoin and would have no relation to bitcoin but it is a big step for bitcoin since it makes it look a lot better, more legit and more people will start investing and using bitcoin.

and i believe that is one of the reasons why bitcoin price has jumped!

There were the same news about Sweden and now China.

Maybe the central bankers are going to hit bitcoin with fiatcoins very soon.

And how the fiat currency will help bitcoin "promoting better and faster"?

If that was becoming the opposite things for Bitcoin, what will you do?
The Chinese were making something and had purposed.
But where you are looking at the potential of that was helping the promotion of bitcoin. i don't see anything right now. Just the general purpose for to be a different thing for bitcoin.

yes. I agree with you . it must be controlled precisely and carefully. when not controlled then bad things can happen easily. the presence of a new digital currency will certainly change the financial system in the country of china.

They will have new digital currency. So what? I don't seew any problems with that. The thing is that Chinese are very engaged with digital currencies and have put all their efforts with it. Now they are also trying to involve the government. But I don't think this will influence Bitcoin.

Nothing bad or good, just the Chinese citizens gets the access to use their country's fiat currency in digital form. It doesn't be compared with bitcoin, because that has got a central control which our bitcoin doesn't have. Everyone wish to be anonymous, but china using Blockchain technology and creating their own digital coin won't be a big issue for bitcoin as well altcoins growth.

I mean, Bitcoin is not well known by most of the people by now,but if the fiat digital coins launched by more and more central banks,the digital currency will be more easier to be known by the people all over the world.

Agree with you,even better news for Bitcoin ;D

Ok, so China is planning a "digital Yuan". My question is this, how is it different from the current system of fiat money? Nothing. It is the same and the clearing is still done by banks and the central issuer of this is still the Central Bank of China. This is in no way comparable to Bitcoin and Proof of Work which, in my opinion, is its greatest feature. All settlements are done in the network without need of third party trust.

really agree with "Anti-corruption With Blockchain Tech" hope my government could implement it too
the reason why i'd really agree with this is because as you see from example when some ICO project got pretty decent amount of bitcoin which is about thousands and after the ICO ends,the investor could always watch where the funds will be moved,hence they could asking what's going on with the fund and the reason of movement,it could prevent corruption at 100% rate indeed

In my mind, if it was decreasing the hash domination was held by the China miners. I may think also it can give advantages for bitcoin. 
This not a big problem for bitcoin, bitcoin will be spreading around the world and hash 51% attack will disappear, I hope it.
This will give a big impact for Chinese miner but not for bitcoin.

It won't make a difference for the Chinese people. It is just a credit card what they are making. Because it is centralized like fiat. Hell they even named it " the digital fiat". No need to re-invent the wheel, mastercard/visa did it long time ago.

As you see, this is what makes bitcoin beautiful. It is decentralized (i have doubs for the future but unless it is proven, it will stay decentralized) Whatever do Chinese or Swedish or any other gov come up with an idea of a digital currency, it will be centralized. They have no power to make the otherwise. The Power of being powerless. Bitcoin has no government, only the power of the people.

I completely agree with your, the government always want in control and though how good the system they will come up, they cannot still eliminate bitcoin as we are decentralized here people wants freedom and does not want to share their information with the government.

As we all know,Here the digital fiat currence is compared with paper fiat currency,paper currency have a mass of disadvantages— high cost,corruption,crimes...

Something like this may actually bring more users to bitcoin, because it will make more people familiar with the idea of digital currency.
Bitcoin won't suffer because people will still use it as a speculation investment and a safeguard against fluctuation in the price of local currency.

of course it is not going to be even remotely close to bitcoin because it is centralized to begin with.

but the first part is also my question too. what is the point of creating this "digital currency or altcoin" of theirs instead of using fiat? i can see why banks want to use blockchain technology in their internal systems to increase security, speed  and other things but i don't see why they would want to make a centralized altcoin for their national currency?

The problems with that kind of arrangement is that the transparency can be abused and good people will suffer.

It have something with bitcoin, if this system can be more secure for the people, they will stop to use bitcoin a little also the government can ban the bitcoin and control all transactions of this digital currency.

So at the end of the day the bitcoin price and adoptance goes to the ground.

Eh... Seems like a push that is going to fail, along with every single other government-sponsored attempt at getting users of Bitcoin back onto the government's side. It's a hilariously bad attempt at trying to look "hip", if you can excuse the analogy.

Let me know when there's a serious competitor to Bitcoin being sponsored by a government, because so far they're grasping at straws trying to tap a demographic that doesn't trust the government.

well it may have an impact if people on china find that this new centralized alt issued from the government is better suited for them to handle, and they would decrease the demand on bitcoin

Oh really? I do not think so. The Chinese demand for Bitcoin is mostly speculative and they treat more like a commodity than a currency. Maybe even most of their Bitcoins do not leave the exchanges because they are trading them back and forth for profits in fiat. Nothing will change except for major efficiencies in the CNY fiat system. Bitcoin will be Bitcoin, fiat will be fiat.

Seriously, until proven otherwise I will think that huge anti corruption argument we are being served here is one big lie.
Digital FIAT is nothing more than another even more extreme way to control people's lives.
It is ideal solution which help in a fight against political opponents of a regime and simply erase funds of troublesome individuals.
If you think it is created with the idea of fighting crime and corruption - think again. I am sure that people in charge can find a way to stay corrupted with or without it.

Agree +1,Bitcoin will be Bitcoin, fiat will be fiat.

Do you have a better way ?

It will be nothing like bitcoin. There will be a system like blockchain and there will be credit cards and debit cards and there will be no use of cash at all .it will be totally controlled by the government.

Sure isnt a problem for bitcoin, a centralized coin will always be controlled by the governement and banks, this should help crypto world, since it will expose the digital currencies for free. The coin can be a huge sucess, as become another problem to handle, but Chinese people does know how to make something work, if they offer some share interest for their coin they will get investors, soo lets wait and see what they really wanna to do.

It will be something like Bitcoin but in their own total control: taxable, traceable, non-anonymous. They'll probably advertise it as being the safest one out there because the government's the only one that can access to such information, but that's exactly what I'm trying to run away from.

It is the same as the digital cash. But as you said that it will be controlled by the government so no use of it as crypto as the currency will not have anonymous feature which the governments do not like.

This is very necessary for new digital generation . The crypto currency will replace all traditional currency in near future.
We are living in digital century and using smart devices so we can change conception of banknote.

It is not good at all. The fiat digital currency is centralized by the government and this will make a lot of difficulty for those who use Bitcoin in China. Many investors, I think, will have to face the problem that they may have to give up on Bitcoin due to some restrictions which are promulgated by the authorities ones.

The reason why China is proposing a fiat digital currency is not really to go against bitcoin but to destroy simply tax evasion, money laundering and forgery. Chinese Yuan will be finally replaced by a fiat currency and this signals that all taxes will be collected efficiently and syndicates who are doing money laundering will be caught easily. But even though they will have this fiat currency in my opinion they will still not give up on bitcoins since CHinese are businessmen and theres a ton of profit in bitcoins, it is their gateway in the international market.

This is awesome. Finally, this is what we are all waiting for: The Fiat Digital currency. The Chinese now can have faster transactions, more secure money. Now I really want to move to China and make a life there

Please do me a favor and stop generalizing your immature thoughts. I'm certainly not waiting for another version of fiat trash. Neither does the majority of the Bitcoin community.

Central banks all around the world are engaging in various centralized blockchain projects. However the whole concept of a centralized blockchain is idiotic: You can do the same with a traditional database at much better efficiency. They will just waste money for their overcomplicated Paypal-clones.

Bitcoin was invented to do away with the centralized fiat debt money scam.

ya.ya.yo!

Any country adopting a homegrown digital currency to replace their paper fiat is doing Bitcoin a great favor.

Government developed and implemented digital currencies, whether or not they use blockchain tech, will undoubtedly be fully traceable. That's great if you want to eliminate tax evasion and money laundering. It's very bad if you want to hide what you're doing.

There's always a percentage of a population that wants to do illegal, immoral or questionable things (drugs, prostitutes, illegal porn, guns, sex toys, etc.). When governments make their money anything less than anonymous certain people will flock to another form of currency. Bitcoin is currently the best choice available.

If 1% of Chinese are in the group above that's 10 million new users, 20% is 200 million and so on. If only 50% of the countries in the world adopted traceable money Bitcoin could potentially gain 700 million to a billion new users.

it is really a good news, but i do not think i need to go to china because my own country is going to accept bitcoin and hope that then people will start using bitcoin as fiat currency.

but the new fiat digital currency will be a competitor for bitcoin, not sure why bitcoin price will go up? maybe every country will have their own digital currencies and bitcoin serves like gold in cyber space? :)

This is not what a lot of us are waiting but it was obvious that it was going to happen eventually , this is just an attempt to do a magic trick and deceive the people once again, they are going to create a crypto backed by a government but they will be able to mine it at will and will know everything you do with your money.

I do not think that people will like any other crypto currency like bitcoin and they will also not adopt the government centralized currency as they want bitcoin because of its decentralization.