Bitcoin Forum

That news new for me, unfortunately I was not aware about that China is going to launch their own official crypto-currency. Just read a tweet on cnLedger (https://mobile.twitter.com/cnLedger/status/1157306757921685505) that China speeding up research about thier own official crypto-currency. However, I think it will be another strong altcoin if really China like to launch their official crypto-currency.

I don't know where they are getting their inspiration from creating their own when they are banning Bitcoin, if you want to get support, first you need to support Bitcoin because this is the frontrunner of Cryptocurrency, not create your own coin to beat or replace Bitcoin.

Looks like all big countries are entering the coin race, usa is coming up with libra, although it is not official American coin but it will eventually be under the control of US govt and authorities, similarly India is planning its official coin and now China is coming forward, i may be wrong but with this pace it is highly expected that Russia, UK, Eurozone and gulf region may come up with their official coin soon, these will be massively positive developments for crypto market in the end.

Why do you think China's own Cryptocurrency will be a strong Altcoin?

The US has banned more than 80 percent of the products produced by China. China's economy is more dependent on the US than any other country or continent. It is struggling, like any other country whose economy was completely dependent on the US. They had to do something and that is why they are now concentrating more on Asia.

They have a decreasing population, which means less efficient and cheap workers. They are going down badly, even the LOCAL government knows that. They had to find a solution for the future. Which has led them to work on their own native crypto?

One word - Bad Idea to launch country-specific crypto. It will be a failure. No, one wants a government controlled cryptocurrency. ;D

       They must have their own crypto currency since China is a big country and lot of people already understand crypto and surrounded by country that really adapt bitcoin like Japan and Korea and also other neighboring country .

It might just be a rumor mate. Do you really believe that china would create their own cryptocurrency after the big fight they have given to bitcoin?Even if they create any digital coin, it might not be cryptocurrency because the true crypto should be a decentralized coin, but I am not sure that none of these countries like china is ready to give their citizens the freedom of having a decentralized transaction. What I learnt was that they were going to make their currency digital, but it cannot be in form of crypto.

If the rumor is true, their coin will really be successful because they have very high population to see to that and china has a way of imposing things on their citizens, so they would just impose the use of it on their citizens which will give the coin a great volume.