Bitcoin Forum

Source: chinese text https://www.reddit.com/r/CryptoCurrency/comments/835vc2/china_will_have_its_own_digital_currency_based_on/

What do you think? I think more real world block chain application is always a good thing, we'll see how the currency turns out though.

Something centralized, that is useless for crypto world. All be in one base and can be changed/baned with the government.

I don't think centralized cryptocurrency can make much of a difference for China. Cryptocurrency should be decentralized by itself, rather than controlled by a government.

These Chinese people making the calls regarding cryptocurrencies are pretty much messed up in the head. First, they ban all Bitcoin and altcoin exchanges in an attempt to become some sort of regulating entity and now they are making their own blockchain backed altcoin. Expecting this to be a big failure as the communist government will be in firm control of this currency, making it highly centralised.

Who cares about their coin? they have slowed down our market a year ago because of their total ban! people doesnt care about this crap they are too centralized ,being a communist country makes that project worthless because im sure the government of china will try to manipulate it ,so i dont really care about their business.

Country issued crypto are nothing more than digital version of hyper centralized Fiat that can be manipulated by the government.
Not something for people to invest in; just like Tether.

We already know the Chinese bank is developing its own digital currency. And we all know it should be quite different from cryptocurrency which we like, they're just replacing paper money with digital currency, which is still centralized.

As far as I understand any government would have an interest in blockchain technology, but you have to take into account that it should be centralized, because government likes to control.

This was totally expected and being centralized, under total control of the government. The Chinese really know how to make a statement after putting the world in flux.

No way people would bite the bait,anything from the government would be centralized especially from china? a communist government? that is pure dictatorship if you know china really is they like to be in charge most of the time  ::) so im sure people would know that this is something that we shouldnt be supporting to.

I really wonder the use case of all this... for sure they will raise some money since they will find the chickens thinking to profit from a solid country but, at the end of the day, you are sending money to politicians

It is obviously showed  that the Chinese government's approach to manipulating the fiat and controlling the trend of crypto. We know people are aware of this Chinese system but how can other Chinese people who are interested in investing not be so familiar or deep in the crypto world

Mainstream adoption is great for blockchain, but coming at the expense of having that blockchain being centralized? That is not a price that is worth it, and this may not fail per se but it isn't in the spirit of crypto. My last concern remains with the Chinese people, please don't adopt this bullplop!

You don't need blockchain technologyy to have a digital currency, I think most of these Central governments are playig with the idea of digital currencies but not just know how this will pans out, because they have printed alot of currency out of thin air it will be a very serious issue on open blochain tech

Well, maybe we will see a new Ripple. China is a very big player on the market. If the government stops permanently banning everything and will provide some rules, and not just a ban, then this will be a positive trend in the market. The development of the economy (don't talk about cryptocurrency) in China is an example of imitation.

This project surely going to be centralized like XRP and USDT that is why people wont invest to this coin if ever it will be released,government backuped cryptocurrencies will always be regulated because that is how the government works,i dont really think this will make much difference from the existing centralized coin like XRP.

You guys are living in a fantasy.  Most of these guys fumble over themselves to send in passports (KYC) to strangers to make a quick buck and cry for the government to protect them from scammers.  99% of the up and coming snowflakes want daddy to protect them.  Just read these boards for a while.  The original movement for a secure and private non banking world is over not because of powerful governments or bankers but because of our own weak sheep needing protection.  The people in charge figured this out a long time ago and hold most of us hostage with the neutered populace.  The blockchain will be used to control you and your funds and to make sure you pay your taxes.  You can't hide from the blockchain.  It retains everything.  Snowflakes will cry about scammers till the govt comes in and saves (enslaves) us.

Wont be a good thing because if they have created a cryptocurrency for their country surely it will be 100% centralized they shouldnt be doing that in our community XRP and USDT is enough blacksheeps from our community these centralized coins shouldnt be supported by our community because we are here for the freedom of transacting anonymously,not a good thing to have. ::)

Logical move from their side. They don't want to lose control over money circulation inside and out of the country. The more Bitcoin and altcoins being used by the citizens the higher the chances of loosing that control. That's the reason they're trying to totally ban crypto or at least regulate it somehow. Once they make their own national, controlled by the government, crytpocurrency, they'll ban all the other crypots and say something like 'If you want to use cryptocurrency in everyday life - no problem. The only thing - you have to use our national one. The others are illegal'

Centralization of cryptocurrency defeat the purpose in all ways, an idea crypto should be decentralized I.e no control whatsoever from the government.

china news = boring now.

they are no longer in the crypto party. Somebody keep them from interrupting from now on.

Shouldnt be called as  cryptocurrency because cryptos should always be decentalized,what a communist government dictatorship of this country is making my ass twist,greedy government will always find their ways to control the whole country and all the people,if i were living in that horible country i will surely migrate with my family atleast from the countries with less cryptocurrency regulations.

Not going to happen,cryptocurrencies should always be decentralized,making centralized cryptocurrencies like XRP and USDT are insane and it shouldnt be supported by the people because cryptocurrencies are created to eliminate centralization of the currencies,clealy these people are making us fools because we are here because of the freedom of trasacting with anonymity not for another centralization.

I think that you can not trust the news from China. until they became a fact of course. there is information that the Chinese government often invent news that would manipulate certain circles within the country.

since banking system and goverments understood that they can not ban crypto

they accepted that crypto blockchain is the future, and they re trying to be active player in the cryptomarket

ripple is one the examples

but china goverment trying to have a centralized system, which is against the nature of crypto

i dont think, many people will accept this, can be a dead project

Not going to be eay, because people in our community doesnt want to have another centralized coin,XRP and USDT is enough garbage to our decentralized community,these projects shouldnt be supported because cryptocurrencies are created for a total decentralization not to create another centralized system like what these banks has.

Its not a good thing to have another centralized coin in the market,XRP is enough blacksheep in our community,government centralization is the one of the reason why satoshi created bitcoin,are we going to oppose his work? cryptocurrencies should always be decentralized this would be another centralized coin that we shouldnt be supporting.

I don't know how they are going to do that when China is banning cryptocurrency.

Not going to be effective becaus cryptocurrencies should always be decentralized china will make another shitcoin like XRP,so i dont think people will bite the bait,people are here for the decentralization not for another centralized digital system,china wont create a cryptocurrency they will make another digital fiat like what we are using in visa and mastercard.

I don't think it's a good thing!

China's central bank is studying what it calls its "digital cryptocurrency" to allow Chinese investment to buy its own digital currency. This is an act to prevent the Chinese from buying other digital encryption money!

Nothing new,china is a communist country and communist country will find its way to control the citizens,for me this project should be allowed to be accepted in our community because it will just another XRP and USDT which are very centralized coin and only those few people who created these coins are going to win,china wont create a cryptocurrency because it will be the same sa the ones we are using in visa and mastercard digital fiat currency.

It's could translate to something real world.

But I see it more as just another reincarnation of their fiat currency. Pretty much no value whatsoever because it's not really decentralized by any means. By the looks of it they'll retain the control of the issuance of this crypto.

Is this a good thing for them? Absolutely. And they get to use superior technology that is irreversible. But it doesn't really make sense to invest in a centralized crypto project, unless you are looking to invest in the Chinese economy.

The thing is china wont make any difference to creditcard and debitcard digital fiats,because if china will control it it wont be categorized as a cryptocurrency because as far as i know cryptocurrencies are meant to be decentralized,involvement of any government  would clearly say it is centralized coin which is like XRP and USDT that shouldnt be called as cryptocurrency.

not really a good news for cryptocurrency. Cryptos was made for decentralizing technology its not about government controlling a certain crypto. It's a fiat that is covered by the name cryptocurrency. whats news to that?

Its not a good a idea to have another centralize coin,China was well known in copying everything in this world,might be the reason why cryptocurrencies would look like a joke in the world,decentralized communinty which has centralized currency ?? are you kidding me ? it shouldnt be considered as a cryptocurrency just like XRP and USDT or Tether which are being backuped by the central banks.

With all the replies regarding being centralized, what are the options for a Country to have its own blockchain-based digital currency?
I have mentioned this before: Create their own cryptocurrency or make use of the existing Digital Currencies.

A potential national currency needs to ne Centralized governed by them, whether you like it or not it will be centralized.
Why do people complain, will they use it? If they came from China, it may just replace Yuan not the digital currencies that they are hodling.

Yes it is, I don't know why most of the replies are negatives.
No cryptocurrencies were harmed or altered, a new unique one just added.

I think China intends to study a centralized block chain token, but this is no different from XRP, so I am not very optimistic about China's digital currency.
Because the most important thing about the blockchain is fragmentation.

China has always wanted to control the cryptocurrency itself, but it has been tried and failed, but we can know that China supports the blockchain.

I think eventually other countries will follow. Venezuela has their own currency and if it is successful then other countries will follow. This is why regulation is needed so mainstream adoption can follow. People shouldn't fear laws and regulations as it could be a game changer, only scammers should be worried

Centralized System to be implemented in cryptocurrency I think it is possible and it already exists altcoin for example ripple coin, if in clay is definitely safer because it is protected by government and more controlled. but such a ripple increase is also not too volatile and tend to be more stable. if it is made in trading I think that is not the right choice.

I don't like the Chinese government's digital encryption currency!

I think this digital cryptographic currency is difficult to circulate internationally, probably only in China.

So what is the special significance of this digital cryptographic currency?

What are you saying? That was definitely not the topic.
Please refrain from replying to international boards if you can't understand the discussion.

China is trying to make one of the alternative financial and banking systems. If they get it or not, we'll see. So far this is just a statement.         

I think China will not go away from the innovative blockchain technology, and cryptocurrency. What China is trying to do is stop flowing its money away into other countries by banning crypto trading. China is trying to bring in money by introducing its own altcoin. After all, no country or government like china can be abstained from such new and good technology. 

Actually this is the first things ive heard thats in my news feeds or other news site about cryptocurries that the government  of china probihiting to operate all foreign ICO into there country because they want to make or develope there own coins  for the used of there fellow chinese countrymen ,thats the reason why also the bitcoin price now is consecutive  dropping and while  maintaining  sometimes its stability to the blockchain market.

Quite probably China just wants to switch the free market crypto-exchange under its control. I don't think that's right.      

I don't see how a centralized coin released by a government can change anything. In fact, why do they need a blockchain?

I think it's necessary to buy, the Chinese often changed the situation on the crypto-currency market very much, and their own crypt will cost a lot

I think very few of China will buy government issued digital encryption currency!

Because they're issuing digital encryption money to control investors' money!

I'm not sure that the centralized crypto currency is a minus. There are also pluses, for example, a price that will be well controlled and it will not fall below the intended level.

Good for them. At least they will leave bitcoin and other crypto currencies alone. I don't know how popular their "centralized" digital currency is going to be but i am sure they will be able to fool their people easily. On the bright side, at least people will get to know more about blockchain technology!

Of course, all national crypto-alyuts will be centralized, states can not issue decentralized digital coins. However, I recently read in the news that China is not in a hurry to create its own digital coin. While we do not see how effective or useless national centralized digital coin. Only Venezuelan Petro appeared, but there immediately appeared problems with the legislature, which recognized this coin as illegal. However, we need experience in the operation of such centralized coins. If they fail, this may indicate that the most effective crypto currency can only be decentralized.

Although all there is nothing bad in countries having their own cryptocurrency based on Blockchain technology,  China always like having things solemnly created by them. They have their own social media like wechat and their browser Baidu  which they approved  after banning  the popular facebook, twitter and telegram.

First of all we should really understand that we are talking about the china here the only country which has shaken the world of crypto currency more than many times and that is also with its banning melodrama. Do you guys really think that they are planning on doing something their own in the world of crypto currency. Why would they even go for it if they dont like it. First we need to know whether this news is really true or not. If they are making it on the blockchain and if it is centralised one then I dont think it will contribute to the bitcoin or any other crypto projects that we have today. So whether it comes to existence or not it doesn't matter unless it has purpose to contribute to the blockchain or bitcoin.

I don't see any advantages. How does the national crypto currency differ from the fiat currency in digital form? The government will control the national crypto currency and this kills decentralization and anonymity. This contradicts the principles of the crypto currency.

In the beginning everything is to deny and then want to issue their national crypto, just realized that made a mistake and are now trying to get a hold of your cake)

I'm not sure)
This is good or not?

Government having direct influence on crypto is not a good idea. Cryptocurrency should not have the control of single body, instead, it should be decentralized.

It's a typical of China. We know that China restricts for some digital product, such as Facebook, Blackberry Messenger, Whattsapp, YM, etc. In other side, they have own to substitute, such as QQ mesenger, WeChat, etc. In a fact, they use their product and develop it. And for new Chinese digital currency; even it seem as centralized, it will used by them. How much? It depends for demand. It will grow in China only.

This is something interesting, these Chinese are good fellows of course,they all forbid that I come up with their own technologies on the cryptocurrency, they are great manipulators of the cryptocurrency market.

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I think that China will be the most advanced country in relation to crypto currency, because despite the fact that China is constantly threatened by the fact that it will soon block the crypto currency, but it still creates a lot of its projects, including NEO

We need to wait for the appearance of this crypto currency on the stock exchange and immediately buy. I'm sure it will grow in value. At least the first time

I think that this is only a rumor. Ideas about the national crypto currency arose last year. But nobody realised this idea in reality. I think that this idea will not be succeed due to centralisation. I will not have confidence in such a currency.

Although it will be centralised which is not ideal, it is a huge step forward for the crypto industry. There was a big dump when China said they will ban crypto, but now if they embrace it the market should pump upwards. NEO will do well after this announcement as they always follow the rules and might even get state sponsorship.

In any case, let China create such a national centralized crypto currency, and we'll see what will come of it and how it will benefit, especially outside of China. And it turns out that the Chinese government talks about it for too long, and such a centralized coin has not been issued for a long time. The best way to prove the uselessness of a centralized digital coin is to show its inconsistency.

I think it's good for crypto, China do tend to take a western tech or product and put their own version of it out thats government managed. Look what they do to the Facebook and Google clones and they're doing well. It in no way impacts the original product but does promote it's adoption to Chinese users.

This is a logical step on the part of the Chinese authorities, they are trying to control the financial market of the country, this is their only opportunity.

Agree with that basically china always trying to create their own things just like facebook replaced by Weibo and they making their own virtual currencies does make sense seeing that they always do this.
However, it will also bring positive side to the blockchain technology as it means that the technology recognised to be useful that government want to use it. but however, it's kinda complicated to things how china will centralize something that's decentralised like blockchain technology, time will tells.

For once there will be some originality from china, most of its techs are normally duplicate and second best to the western tech. Maybe thats the reason why China has been hostile to other cryptos,lets wait and see.

In terms of technical communication, China has been in a relatively conservative stage, so it will cause some self-appointed things to come out.

Just cutting themselves off from free trading with the rest of the globe.

China coin can only ever be china coin.
Bitcoin (real decentralised crypto) can be global coin (excluding china)

seems to me china is not doing the right thing here especially since they already had bags of decentralised crypto and infastructure there.

Seems self destructive.

I understand banning ico if they believe a lot of their citizens getting scammed and value extracted from them

But banning btc or ltc there seems strange.  Should have just put some reasonable tax on the profits made there.

I think that China keeps the most advanced technologies, it is a rapidly developing country. And this is not surprising after they made such a breakthrough in the economy.

In China, everything happens under government control. The centralized currency contradicts the concept of the crypto-currency, which consists in decentralization. I think such a project has the right to exist, but it is unlikely to be popular in the world of crypto-currency.

With China involved, anything is possible, i no longer get surprised with the kind of things that happens down there, the country has a lot of potential  and innovative minds, there were suspicions that they banned BTC to pave way for a more local technology, this might just been the case

Right, based on many observations and my own observations also is that the actions of the Chinese government in the last few years when it comes to crypto is enormously antagonizing to the point one can feel that cryptos are not welcome in the Middle kingdom. Now that seems to change because of this and it needs to be seen where this will lead.

I do not think it's good
E-money should not be set aside for development organizations and government to manage.

China is a big market in the world, and China's interference in electronic money will contribute to future growth.

If this the only thing that can make them embrace and become open in blockchain technology, then we must support this, China is a big country and one of the reason why Bitcoin is very popular, they have control on some mining company.

I've always been curious about the centralization of token, so people with power can modify the data at will, so it's a terrible thing.
So this has nothing to do with blockchain and decentralization. ;D

I did not even doubt that the Chinese government would issue its own crypto currency. With such a dislike of the decentralized crypto currency, they have only one way - to issue their centralized crypto currency. True, it's been a long time already, but nothing has been heard about such a crypto currency. Apparently, they are very serious about this issue.

Not really a surprising thing. Anyone who knows how money and currencies work would know that the time of cash is numbered and cryptocurrencies are the next generation of currency. With china adopting this it will make them have a better adopted and better working cryptocurrency than the rest of the world when they finally realized that cash is dying out.

China is frustrating to fabricate sole of the modification bills and banking steps. If they arouse it or not, we'll examine. So long course of action this is honorable a statement

Government backed coins will be highly centralized and as such not of relevance to the crypto world. People will invest mostly for the sake of the money and the tech. However, core blockchain enthusiasts will shy away from it. Again, there's a huge doubt the Chinese government would consider issue it's own cryptocurrency.