Bitcoin Forum

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

I think they would support their coin very good. We will see this coin in the top 50 in the market if they are doing it good. A lot of miners are from China and they have good farms.

They also mine Bitcoins i have seen on some newspapers that they have a huge farm with coolers to get coins.

There is vast difference between coin created by government and bitcoin, all government issued coin (if they will issue one in future) will be centralized and will be in full control of the government which is just like virtual bank balance we have right now so pretty much useless.

Bitcoin is decentralized, anonymous, limited and self sustaining that's why it is most valuable coin out there.

So what? They wouldn't be the first country that is trying to introduce the coins sponsored by government but that doesn't mean that people will use it and that it will be successful. Just the opposite, people are usualy avoiding government sponsored cryptocurrencies. So even if that happened chinese people would still use Bitcoins, you don't have to fear.

If China have his coin? They already have his coin like most of countries.

Would they need BTC? It's not China who need, it's people who decided to use since it's better money than fiat. If China creates a cryptocurrency it will not be decentralized since they want to have control on it. So people would still prefer bitcoin.

i think they would still use bitcoin as an investment since the Chinese are the opportunity grabbers they couldn't missed it or ignore it and also bitcoin could give them astronomical profits and they already have established businesses with bitcoin just like asic miner manufacturing, exchanges and mining farms. if the Chinese government create a centralized coin, it will just like banks and fiats that can be fully controlled or manipulated so, creating centralized cryptocurrency will be useless.

If china gets their own coin, obviously the coin would be utilized under china government's rules and legalization.
Users will definitely be interested with that coin because it might have low volatility and more stable than bitcoin.
However, bitcoin is having qualities of being much profitable, so bitvoin would have also its followers.

I think 1.3 billion people is enough to support their coin. And if 1.3 Billion people will support their coin, there is a high probability that, that coin will have a  huge value in the future. Meaning, that coin China made will be profitable. But China is going to have a big problem in implementing this kind of coins because their government already put different regulations regarding the use of cryptocurrencies.

China’s central bank is going digital.

After assembling a research team in 2014, the People’s Bank of China has done trial runs of its prototype cryptocurrency. That’s taking it a step closer to becoming one of the first major central banks to issue digital money that can be used for anything from buying noodles to purchasing a car.

For users transacting over their smartphones or laptops, a PBOC-backed cryptocurrency probably wouldn’t seem much different to existing payment methods such as Alipay or WeChat. But for sellers, they would get digital payments directly from the buyer, lowering transaction costs as the middleman is cut out of the process.

At the same time as it builds up its own capabilities, the PBOC is increasing scrutiny of bitcoin and other private digital tenders. It doesn’t want a bitcoin bubble to blow up. And since currencies have historically been issued by the state, not private players, it doesn’t want to cede the cryptocurrency space to companies it has no control over.
Chinese people have embraced online payments for just about everything. To buy a can of Coke, thirsty commuters scan QR codes on their smartphones rather than feed coins into a vending machine. At Lunar New Year gatherings, money is exchanged via a few presses on a smartphone instead of crisp notes handed over in red envelopes.

All of that poses a challenge to the PBOC’s status as the central bank of both the digital and physical realms. So if you can’t beat them, join them.
"Getting to know more precisely how much banks lend, where the money goes and the pace of credit creation is key to curbing money laundering and making monetary policy more effective," said Duan Xinxing, vice president of Beijing-based OKCoin Co., one of the country’s biggest bitcoin exchanges. Issuing digital currency will make it easier for the PBOC to monitor risk in the financial system and track transactions economy-wide, he said.

OKCoin is among cryptocurrency exchanges that has recently taken steps to halt bitcoin withdrawals amid efforts to clamp down on capital outflows.

In January 2016, the PBOC said it will have its own cryptocurrency "soon," but there has still been no formal start date announced. In the meantime, there’s been strong advocacy from senior officials, including Fan Yifei, one of the PBOC’s deputy governors.

PBOC makes the case for taking the lead on digital currencies

It’s not just China that’s heading away from cash. Late last year, India’s Prime Minister Narendra Modi scrapped 86 percent of notes in tender in a bid to target corruption and push the use of digital payments. Bank of Canada, Deutsche Bundesbank and the Monetary Authority of Singapore are examining digital currencies.

Printing money and combating counterfeiters is expensive for a country of 1.4 billion people, especially the costs of managing circulation and transactions. Adding digital currency to cash in circulation can improve the speed, convenience and transparency of transactions.

"Cutting costs is an obvious benefit, but the impact of shifting to blockchain-based digital money from the current payment structure goes beyond that," said Larry Cao, director of content at the CFA Institute in Hong Kong. "There’s a potential you can pay anybody in the system, any bank, and any merchant directly. Blockchain will change the whole infrastructure. This is revolutionary."

Blockchain is basically a digital ledger that contains the payment history of each circulation of the unit. If the PBOC’s version is widely adopted, that would challenge existing intermediaries such as banks and payment services like Alibaba affiliate Alipay and Tencent’s WeChat -- two leading online payment networks.

"I won’t say banks and payment companies will disappear, but their role would definitely change," said William Gee, a risk assurance practice partner at PwC China in Beijing. "They need to find their new role in the new payment ecosystem, and we will probably see some innovative business model in this sector."

Real-time data

For the PBOC, using blockchain, the technology that underpins the digital currency bitcoin, will allow it to trace transactions and collect "real-time, complete and authentic" data to compile precise monetary indicators such as money supply growth, OKCoin’s Duan said.

"The transparency of economic activities in every corner in the country will significantly improve," Duan said. "The central bank will have unprecedented knowledge of how the economy runs."

So instead of relying on monthly surveys of businesses, or collations of spending from the statistics authority, the PBOC and therefore the government would have real-time readings on the pulse of consumers. Policies could then be fine tuned on a day-to-day, even hour-to-hour basis, giving an unprecedented level of precision to monetary management.

A PBOC research paper last year outlined how digital money could work:

The PBOC creates cryptocurrency and transfers it to commercial banks when more liquidity is needed
Consumers would top up digital currency from modified automated teller machines or from bank tellers and store it in a crypto wallet on their mobile phone or other device
For purchases, consumers wire from their person wallet to the merchant’s account
The merchant deposits the cryptocurrency into their commercial bank account
The cryptocurrency would be part of the overall money supply, replacing part of the outstanding paper tender, a separate paper published in the central bank’s magazine said in September.

"Talking about the impact of digital money now is like trying to predict how the Internet would transform lives in the 1980s," OKCoin’s Duan said. "We know it’s going to be huge. It has the potential to change the entire economic infrastructure. We’re just not sure about when and how."

— With assistance by Yinan Zhao, and Lulu Yilun Chen

Do you think that NEO will become the national crypto currency of China? Or will the Chinese government create some kind of new crypto currency?

I am not sure about this news and Don't sure to NEO national crypto of china. But where from you get the news? any primary link or source name? I think It will be published if the news was real.  So we need to see the next.

Yes, decentralization is the key feature af almost all cryptocurrencies from the fiat! But could we tell nowadays that Bitcoin is so decentralized and is not under control of some groups of people, which
unires in mining pools?
Also I coud not imagine that bitcoin will be the widespread payment currency in the furture, because of all issues with its low speed transactions and high rate fees!
But it iss still very valuable in our minds because this is the coin than creates blockchain!

If China made their own coins then China has a potential to circulate his coin all over the country very easily and for that they can go by book or off book. If China decides to circulate its own coins then may be they will ban all other crypto currencies and so i think they don't require BTC there

clam down guy , i am from china and i never hear about that neo will become the nationaly crypto currency .and the government also still not

have a plan to creat an new coin .Just rumors.

oh no..................

It would be big but at the same time it would be a mess since they would control it and they would be probably against converting it in another coins for global trading. But also, is totally possible, some countries are studying seriously the possibility to adopt BTC as their secondary coin or even to make their own coin over the actual paper that they're using now.

If China got their own coin, it won't be fully decentralized so some -maybe lots of- people will continue using Bitcoin.

Also it won't be universal, why would someone from USA would want to buy China coin?

It's just the only stable currency in China that I know. I read a couple of months ago about the talks between the developers of NEO and the government. Sensational news I have not seen lately. And if the news comes out, the price will soar into the sky. I just want to invest in NEO. Therefore I asked experienced residents of the forum about this currency.

No matter how many times you ram these points home, very few people here seem able to understand it.

A countrycoin would make the case for Bitcoin 10x more compelling than the current banking situation. They could reverse, freeze, delete, inflate, debase, all from the comfort of their own offices. Their control over everything would massively increase with a countrycoin.

China can make its own coins right away. But only in china. Without the ability to circulate around the world, such coins would not be appreciated. The number of people is only a base, and the number of people in India is quite large, and it is going to overtake china. But the population quantity is not equal to the population quality.

Having their own crypto coin for improving their economy is a pretty smart move . But the support will only be shown by natives .
Obviously China's population will somehow strengthen their local coin ( even though a lot of population includes elderly ) . But the support that is with bitcoin cannot be shaken by any other local coin . The main proof is the rise of bitcoin even after the China ban . But if every country starts making their own crypto coins then that might be a reason of big concern for sure.

I didn't mean the Chinese government, I meant the Chinese miners.  It would still be decentralised, just largely around China.  Has there been any attempts?

There are quite a few alts that I've never heard of that were huge in China. But I don't think there'll ever be such a thing as a crypto that sticks entirely to only one country. If there's action then everyone will want in no matter where they are.

And there are now no reliable Chinese markets so something China focused wouldn't get too far.

because need to accept of all people the bitcoin as new digital cryptocurrency the goals of bitcoin to become famous in worldwide to chnge the fiat money being decentralized currency, the other people especially the banks owner hate bitcoin because threat to banks if bitcoin accept of intire world. and for china if want to create own coins have disscusion for that every nation or states have right to create own currency.

Many countries are currently running their own digital currency. Ecuador, Tunisia have introduced digital money in 2015.
Senegal, Sweden, Estonia are also planning to have their own blockchain secured currency.
The People’s Bank of China said it was exploring the possibility of the national digital currency, and that it would be introduced soon.
Other countries want to use the digital currency alongside their existing currencies, but china may replace their paper tender in the country like India did in 2016.
If china introduces its own cryptocurrency then it would gain popularity in their country only.
Because one thing is sure that it will be centralised in nature not like bitcoin.

You are right the bitcoin is now increasing because the bitcoin has a lot of the investors and today no country can overcome the bitcoins place because the demand of the bitcoin is very high and people who are using the bitcoin are making the use of the bitcoin as the world currency so I have heard about the ban of the bitcoin in the china so I hope the bitcoin will not lose the value if the person will use the other coin.

Let them introduce their own crypto currency ,if it may supported by government or not , l'm sure that they can't beat bitcoin because the current studies says that bitcoin is the best crypto currency in the crypto market.So I am sure that bitcoin  will never give up before the China's introduced crypto currency.

They dont want to createa new coin, they want to be the owners of bitcoin, and of the entire market. They are so greedy and this is why they have created all this mess of bitcoin cash, the halving, the forks, bitcoin gold - segwitx2 and a lot of other things that made it possible to dump the whole market for more than 30% in just a day, so they could replace bitcoin. But they were not able to do it, because we are so strong and bitcoin cash was not going to win this battle.
They dont want to have their own crypto, they just want the king, bitcoin.

That is a big possibility that a government like China will introduce a bitcoin of they’re own and be supported by the people on that country that is a given reality. Is it good to bitcoin? Yes, then it will be the end of China interfering on bitcoin investments. That is better and I don’t see any bad consequences to it on bitcoin price.

Most likely, 10 % will still or assuming will invest or transact with bitcoin. They can’t control 1.3 billion people(if this is correct) that has different mindset and with the technology usage that can either hide one’s personal identity, the position of the government will always be on those who follow them and punish those weren’t.

Which coin do you think the people and miners are going to choose to use? The one that will be controlled by the government or the decentralized one that has became the most popular Cryptocurrency. Obviously they will still continue to use BTC, even if it's banned, people are still going to find a way to use it.

People outside from China don't care if they produced their own cryptocurrency, it is used internally and a state controlled cryptocurrency and most people will not allow to control their cryptocurrency by the government. Even if China has an approximate 2 Billion potential users, if their coins are not tradeable then it is considered as shit coins.

This is entirely possible because China is a country that has always had its own meaning. There are already a lot of china coin present in the crypto market. The coin is well developed.

if the middle of country has a special centre
bitcoin quantity are being used at the world of multicast
if they have a same currency, it is a great for both and them :-X :-X :-X

There will be a chance to legalize digital currency if they will have own token because they will support their own coin and it can regulate by the government

China has its own coin. The first is the anchor. Pretty proud of NEO and NEO as ETH. But due to the law prohibiting ico from China so investors do not like NEO. China may soon come out with a penny for China to manage

If china created their own coin i think some citizen of china still gonna use bitcoin, being decentralized of bitcoin is why so many people have it if china created their own coin it will never be the same, bitcoin's decentralization i think is the reason why china banned bitcoin  because they can't control it so they just prevent it to make their own coin i think it will not be accessible as bitcoin.

they may not necessarily have such a huge amount of money and they should not use bitcoin for that would be because they are rich in china because china is the richest and most populated country in the world where they have not bitcoin needed abroad and banned bitcoin in china but if china comes with their own coin they will never break the bitcoin because I have all bitcoin users together.

Chineese people are dying for bitcoin I can tell you that.  ;D

whenever a country talks about getting their own cryptocurrency, it is exactly the same as them printing more money (physical cash). it is a centralized and fully controlled and limited to one country currency.'
now you are comparing this to bitcoin which is a decentralized and global an not controlled currency with a limited supply. i am sure a country-coin will be limitless like their fiat and they will be issuing new tokens whenever they want just like how they print money whenever they want.

In every country there's a lot of coin in china there so many and they a big investor and a good project coin.

Everyone and every country can release their own coin, but the most important question is whether they are going to get users or any support, without any users the coin will just useless and worth nothing, and coin that come out from the government is not decentralize

Yeah it's all about the users who support a certain coin. It's not necessary that every alt will be successful nor can we say that every alt could be unsuccessful. The coins success is measured by the number of its users. Bitcoin is successful because it has a global support without a label of any country. If China introduces it's owner cryptocurrency it is not even sure that all the Chinese will support it and surely the many people will ignore it due to the fact of Chinese label on it.

If the Chinese government issues its own crypto currency, I think it will not have much significance in the world of crypto currency. Since it will be fully centralized, it is likely to be used primarily domestically. It is unlikely that international treaties will be concluded with its use. the Chinese market is, of course, huge and this crypto currency will be able to find its place, but for the economy as a whole it will not matter much.

I agree with everyone saying what matter is not who owns the country, but rather how much trust people place in the currency... However, don't you think that a certain country (especially a powerful one like China) standing behind a currency would increase its legitimacy for the average person, so that it would increase the coin's popularity and take rate? The average person is skeptical about cryptocurrencies anyways, a country standing behind one may make it easier for them to buy into the system.

They can try. But it will be centralised. So what is the point. The idea behind bitcoin is decentralisation. China making their own will just be RMB on blockchain. It has no store of value as they can make more.

So forget that idea. It will never be good.

Bitcoin it's like a gold, if China will get their own cryptocurrency, bitcoing will go up 100%

A government issued coin <GovCoin> will be no different than fiat currency. The government will manipulate it and they will make sure that every citizen is linked to a specific address. This will destroy anonymity and it would be even worst for the people who will be forced to use that currency.

Do not think for one moment that the Chinese government will allow a decentralized/unregulated currency like Bitcoin, forever?

I think it's very good for bitcoin advancement in the future Because China is a country that has big capital to create various projects that will emerge later and will create opportunities for anyone in job search and income each month.

China has a huge potential of human strength and they use it in their own production. the government could have made its own coin, which would have had a successful growth.

That's assuming that the potential users would even consider using their own coin.

The big thing that you likely aren't considering about all of this is that just because there is a potential market, it doesn't mean much when you consider that a lot of Chinese involved in Bitcoin use it as a means of escaping their national currency (which is often getting devalued). Having a currency that is just mirroring their own currency, in an inverse relationship, with no hope of moving it out of their own currency and into, say, USD, that would not be acceptable for ma lot of them.

If china got some sort of currency then it will be totally in the hand of china government and they will look after it but as for bitcoins is concerned its totally decentralized and no one about each other but having trading and investing in it

I doubt this would work. Cryptocurrencies aren't like Social Media or any other Centralized sites. Real Cryptos aren't controlled by any country or region. Most countries governments especially China could be quite emotional when it comes to companies owned or controlled by another country.

Eventually every country will make it's own cryptocurrency as they can't control these. Government's will never approve decentralized currency as they'll be in trouble is something happens to their economy.

Yes possibility is there because there is huge number of farm in china but it will be totally different from bitcoins because if china do so it will be regulated by the china government and check balance after each user will be there but in the case of bitcoins it is not that so and its the world first decentralized digital currency.

What are you referencing? Is there an article you can link?

When you say "China got their own coin" you are literally not saying "China got Bitcoin". But then you say "Would they need BTC?"

A lot of governments are setting up their own blockchain based currency. It's kind of funny, technically they're hard forking their own fiat currency! Hahaha.

These moves are kind of ploys to get citizens to subscribe to the fiat backed blockchain based currency. It's really no different than the fiat currency. But it gives the government visibility into every transaction, supports their will to get rid of paper money, and potentially offers a small investment opportunity (although this last point depends on whether these governments are issuing a finite supply of coins or if they'll be able to increase the money supply as they do for fiat currency.)

Every country already owns its own "Cryptocurrency", it's called Online Bank. trillions of dollars of citizens wealth are controlled by those "Nationalized Cryptocurrency banks"
By the way, as soon as any crypto becomes Centralized , it ceases to be called a Cryptocurrency.

After seeing benefits and success of cryptocurrency not only china but many other economically developed countries Sweden, Canada started their own digital currency. Chines government is not yet confirmed this news but Central Bank of China  has already developed its crypto and tests are going on. Cryptocurrency may get supported by blockchain, it has the potential to decrease the rates of fraud and counterfeiting, which would be of service to the government’s attempts to reduce corruption and fraud, hacking, money laundering etc. Chinese crypto get regulated by its government, so it will not affect Bitcoins popularity

If they have their coin based on the population there then its no different than what is currently obtained with their fiat currency because it will only be used within their jurisdiction and the moment they allow it to be traded to BTC and vice versa, it then means that they are back from where they started from.

China is a trailblazer country that I believe rather than going that way, they would prefer to expand their control towards that direction and if that won't work, they would rather ban everything all together.

I think China already have their own coins just like other countries. And I'm positive that those coins are decentralized which means they have control over it. So if you are asking if they still need BTC then my answer is yes. Well, their citizens do and I'm pretty sure some of them really have btc in their stash. Who could resist owning btc right now, right? China is all about having control so of course there will be people there who is tired of being manipulated and maybe that's the reason why there are China town all over the world. Citizens choosing to live far away from their homeland as much as possible.

I think its not about that anyone can make crypto because it’s not easy job to make crypto and then keep maintain its high price bitcoin is actually decentralized and it’s not going to easy to defeat bitcoin is going to do hard work in market and it keep its price maintain with high price and bitcoin is such a challenger currency in market.

I don't think that it will be big thing because already such types of news are coming from.many countries  , here the recent example of the country India , who gaves the official statement through a newspaper that they will launch their own coin Laxmi
, So here I think china is also looking to do the same thing .
But here I don't think that we should have any thoughts about the future of the bitcoin , Because government owned coins will be fully traceable by them , so people will still use bitcoin only as an priority.

It's not coin related but ...
http://www.wired.co.uk/article/chinese-government-social-credit-score-privacy-invasion (http://www.wired.co.uk/article/chinese-government-social-credit-score-privacy-invasion)

Even if china launches its own coin,still it would not have any impact on bitcoin since bitcoin is already not dependent on china for its progress.

If the chinese government thinks that if they introduce their own coin,then all the bitcoin holders would shift to their coin,then they would have to get seriously upset.Bitcoin holders would not switch to the new coin since the new coin would not at all be a decentralized coin and it would be fully controlled by the government.Also,it would not be giving such huge profits like bitcoin.So,the chinese investors are not fool enough to buy such government issued coin instead of bitcoin.

Bitcoin is decentralized, if they are going to do it they are against first rules of bitcoin. If one government is going to do this it'll not have enough interest for people.

the key of bitcoin was to be decentralized, without rules that nobody can have control on it. If China government is going to do this it ll be betrayal. And I am sure thet people will not show interest for this coins.

Even if China would release their own cryptocurrency it would differ from Bitcoin. It wouldn't have a fixed supply and it would centralised. So there's no point for them to replace their fiat with cryptocurrency. As far as I know, cashless transactions thanks to Weechat are widely used in China so it won't be difficult to introduce it.

You do not understand, why people would need bitcoin in the first place with so many currencies in place? And yet we see bitcoin gaining more and more popularity, why? Because people are slowly realizing that a fiat currency is nothing but a fraud, even if China created their own currency it will have the same flaws as their fiat, so bitcoin will keep being as popular as ever.

There's no problem if they will release their own coins besides they already banned bitcoin so it will not affect the market of bitcoin anymore. China is well known in copying things so I will not be surprise if they will did this but I don't think their coin can sustain the market especially that the growing demand in bitcoin almost lose the value of all other alts

If they release their own coin then it will serve them right because they have always frowned on bitcoin and i don't expect such a coin to travel beyond the Chinese borders because the same will be accorded to them in kind what they did to bitcoin.

Well I think it will not work like bitcoin because bitcoin is decentralized and there a lot of things which bitcoin keep hide so bitcoin is not an ordinary currency and I don’t think so any other crypto can replace bitcoin because bitcoin know how to keep it self-stable with high price in market so no need to worry about any other coin in market.

It doesn't matter if they create their own coin, in the end it will be centralized and the one who want a decentralized one will choose bitcoin. It's not the first time some country want to create their own crypto currency, they are free to do that but the only user will be that country civilians and not the people from other country because they will choose something better.

China will not create a own coin!!!!!!!!!!!!!!!!!!

They just recognize one of the coins and will control it

I am sure it wll be NEO

I think they still need BTC. Even if their potential users are so big with the issuing of new coins there will be no problem. Bitcoin is currently going to be the main coin of coins circulating in the market.

I would say there will always be some kind of relationship between national cryptocoins and btc. China (and most likely also other countries) will surely control miners and it's even question if algorithms will be compatible or not. So it will influence the btc but on a smaller scale.

I think that if China got their own currency it will take too much time for people in the rest world to accept and regularize that currency because there are many currencies in the world which still did not get registration and is not known to the people rather those currencies are there in the market for a long time. That’s why I am suspicious about Chinese currency if they create their own besides bitcoin. Bitcoin is world acceptable currency and no other currency can replace it.

I also think BTC will always be interconnected with all othe cryptos.
And not only China mostly all countries have possibility of having their own coin, and they all will be connected.
Bitcoin will always be there.

Correct, why would anyone want to change their bitcoin for that centralized coin, this is what many governments do not understand they think they are going to fool people by just creating their own crypto with all the old flaws of fiat, people do not want that, people want to be free from their control and that is why bitcoin is being chosen over all the fiats of the world.

I figure that a lot of the bitcoin miners are probably somewhere in China,  so this might actually be very bad for bitcoin if that happened because they might start mining it instead.  It won't be that bad though,  as it will just be another altcoin,  but it would definitely have some importance as the official cryptocurrency of China.

I will not affect bitcoin demand if ever China will have their own coin. As expected they banned bitcoin for this purpose.to have control over cryptos and penetrate their earnings making their own coin will not harm bitcoin and aside from that I don't think their coin can remain strong in crypto currencies especially if other countries will not support their coin with regards to trading and acceptance.

Well, if China got their own coin, it wouldn't possible that they would be using it since China is a country that uses digital/ online transactions. Just like the richest man on China, and that is Jack Ma. If he's going to consider their own coin for his online shopping business, that would be a big hit.

If they created their own crypto then it will be just like their national currency, no one uses the Chinese currency out of China so it will only be a local coin, I know that I would not want to hold such a coin for even a second, and taking into account the draconian control of the people the Chinese want to have it is unlikely that foreigners are going to be allowed to hold it either.

It may definitely add a certain degree of usability versus their regular currency, but that's not even the point. Bitcoin offers a constantly increasing market, and the most important aspect is that it allows us to store value outside the governmental and banking system. You can spend your value whenever you want, where you want, and at whatever quantity you want -- no one can block anything, and you don't have to justify anything. From there it's safe to say that even when they enjoy a great level of in-country usage, these national digital currencies will never be a threat to Bitcoin or basically any other crypto currency.

If China has their pennies then it is a barrier to bitcoin in the Chinese market, bitcoin will take the lead. >:( >:( >:(

Just in case China will be having their own coin I guess it will not mean that they will no longer use bitcoin because for sure they will be having an exchange for bitcoin especially now that tge value is really high. In terms of bitcoin demand I don't think it will be affected even if China has large population because bitcoin is a global currency so for sure many people will still use bitcoin

Yes, the currency that's been created gets used within the country letting people use it for transactions within the country. For cross border transactions surely there is a need for a common platform. Bitcoin will serve as the common platform and will get used. Upon this reason, China creating its own digital coin won't affect bitcoin as well altcoins big.

Since China banned crypto it would be counterproductive to create their own coin. The goverment does not even have a need for this. They pulled the plug on crypto and the rest of the world survived it.

I think it's a great idea that China use their own crypto currency. It can be a thing if pride as well. I'm just not sure I'd the government would like it so much seeing as they communistic and everything. If that can be overcome then maybe china will mostly mine their own currency while the rest of us handle Bitcoin mining. I have no idea what that would do to mining difficulties though.