Bitcoin Forum

They could simply block all other coins beside the new digital Yuan - China is already beyond cashless so it would be an easy task to implement that on any Tencent app

https://cointelegraph.com/news/wechat-invests-70-billion-in-fintech-including-blockchain-and-ai

What do you folks think?

China is already blocking all other coins. But still China remains a lurcative market for new and old cryptocurrencies. Their is a large P2P market in mainland China which are fueled by merchants and who are in association with exchanges in Hong Kong and Taiwan. CCP knows about it but doesn't bother to crackdown on it as it's predominant.

It is no problem if China blocks all coin because cryptocurrency is not just for China, but crypto is for all country and all people who want to use crypto. So people don't have to follow China if they don't want. People will be free to use crypto or China digital Yuan, and let people choose what they want. I think the other country will also want to have their digital currency as China if China succeeds to use their digital currency.

The digital Yuan can compete with the existing cryptocurrencies in China, but it cannot dominate all cryptocurrencies in the global arena. the important thing why cryptocurrencies are thriving till today because it was decentralized while the digital Yuan is not it's obvious it was controlled by a centralized entity like the Chinese Central Bank (CCB) so I think the investors are still considering Bitcoin, Eth and other cryptocurrencies over the digital yuan.

They blocked social media sites and that's why blocking any other thing such as cryptocurrencies is easy for them. They are a communist country so they can do whatever they want, let what they want to enter, ban what they want to ban and block apps that they want.

It's starting to connect at a fast pace.

https://www.forbes.com/sites/rogerhuang/2020/05/25/china-will-use-its-digital-currency-to-compete-with-the-usd/#4d13eddd31e8

They are aiming to be the strongest country.
Correct, because of the pandemic they are now pushed to do everything quickly.
Digital money will help a lot to avoid contact.
I won't oppose this since it is for the people of their country.

But, the sound of selfishness is there. Keyword: Control.

Chinese government is synonymous to an oppressive regime that gives no place to privacy. Though the digital yuan is a move against privacy but it's a revolutionizing advancement in e-commerce. The world is certainly going to be divided into two economic blocks as the trade cold war intensifies, digital yuan would be an advance weapon for China against US block.

I agree tsaroz, this new china coin is a centralized project from the government to have control over the people involved in this crypto world. Sad but true.

I think Venezuela was the first country doing this, they launch petro, but to get the core you have to fill a form in a gov page. So, is not an option for people who doesn't live in that country.

Thats the thing about China, they wanted to conquer all over the world. This new project their aiming is surely a rival to lots of cryptocurrency projects including big fish such as bitcoin and ethereum. China made belief the people that they are supporting blockchain, but adopting it is some sort of hidden agenda to replace this market for their own benefit. This move is likely predicted already by experts and lets just hope that this will not a reason to shift investors on btc to this new project their planning to deploy.

Digital yuan is a centralized stable coin and i think even the china blocked all of crypto and it will not give a lot of impact. People can still access crypto. Remember when so many exchange sites in china got halted and the majority of chinese crypto users move to the south korea exchange sites.

China can try but I don't think they will eliminate all other coins effectively. Take China's ban on gambling as an example, no casino and gambling business in China so Chinese just do it elsewhere. Macau, Sihanoukville, Philippine become casinos and gambling hubs for Chinese instead. Same with trying to replace crypto coins with digital Yuan.

Never expect even a single thing for china in term of crypto, not to mention that the decentralized nature of crypto is totally against their ideology, it only make sense for them to ban every crypto out there except theirs. although if it turns out to be wrong that will be a better outcome.

Not blocking I believe what they wanna do is pair the coins to Yuan instead of USD in their own market. You don't have to go to the Chinese exchange if you don't like it but just like Binance, the Chinese exchanges are the only exchanges that might have liquidity you need.

 Certainly all coins are available to anyone as long as you can afford to buy but having a digital yuan on your portfolio must be convenient.

This is one of the strategies from developers following have many fuature advantages in applications created such as social media networks and microblogging, email, media and entertainment portals, music, games and others using one user ID and they have great support from the Chinese government. The Chinese government itself does not necessarily provide opportunities to outside investors without cooperating with local companies. A good policy and strong analysis so everything is easily controlled.

In my opinion key success factor according, is from the side of the monthly users who are relatively high in using the application and I am still very sure that the dominant people are still looking Bitcoin, Eth they choice and other all coin/token.

China always wants to assert its position, especially with new technologies like blockchain. I would not be surprised if they continue to invest more money

China always has the reasons to make the crypto holder or player worry about future markets and conditions. Well, it is also the same when we know that more than 50% of miners come from China and when the China government controls all miners and take them for the government, the Bitcoin will be under the control of China. This news can also make us worried.

However, beyond that, we need to understand that crypto does not only depend on China. During this time we are served with a variety of news from the media that makes us worried and then panic. Maybe this is one of the goals. It may be true that China will have a high influence on the development of crypto, like this news. however, I'm personally not sure if crypto will really go down because of the digital currency Yuan. If China government forbids people to have cryto other than the digital Yuan, then the effect is on the market that might be down. But this also won't last long because I'm sure other countries also have a big enough influence to keep convincing that the crypto world is fine. And I'm also not sure if the community will really only focus on 1 cryptocurrency.

well, I'm used to when China has started to do that, they always think about technology and always develop new technology, maybe China can master cryptocurrency and maybe China can make its own cryptocurrency, but I'm sure it will not be possible to destroy the price of bitcoin.