China tokenizing their currency a good idea i think

[Deborah Christine]

Correct me if I am wrong but wasn't the Chinese government against crypto a few years back? Does this mean they will lift the crypto ban that they imposed during that time?

Yes you are right before in 2017 China banned bitcoin but in November 2018 China lifted the ban and bitcoin became legal and has been recognized as a legal asset that can be owned, transferred and used as a means of payment in China from then until now.

[jmigdlc99]

China tokenizing their currency. There are other countries that will follow. What’s going to happen is that there’s not going to be a competition between digital and non-digital currencies. Every currency will be digital says Pompliano, a partner at digital assets investment firm Morgan Creek Digital and a former product manager at Facebook, what do you guys think? this thus makes sense to me

Full news is right here
https://dailyhodl.com/2019/09/27/crypto-heavyweight-urges-us-government-to-tokenize-the-us-dollar-immediately/

Great find, that is definitely good news for the crypto world because it shows real world crypto adoption is increasing. When real world crypto adoption increases, then for sure the value of crypto, in general, not just bitcoin but all altcoins as well, are positively affected.

So yeah, that makes complete sense to me too. Go China finance!

[Emilyp]

Does this make cryptocurrency legal in China?
if other countries can get to tokenized their currencies just like China cryptocurrency will be widely known and readily accepted by merchants. Kindly answer this what happens to their fiat currency or will both fiat and token be used in the country?

[NathanJB]

China tokenizing their currency. There are other countries that will follow. What’s going to happen is that there’s not going to be a competition between digital and non-digital currencies. Every currency will be digital says Pompliano, a partner at digital assets investment firm Morgan Creek Digital and a former product manager at Facebook, what do you guys think? this thus makes sense to me

Full news is right here
https://dailyhodl.com/2019/09/27/crypto-heavyweight-urges-us-government-to-tokenize-the-us-dollar-immediately/

My apologies but this idea of the Chinese government tokenizing their currency has more ulterior reasons than what could be read through the news and watched through the television.

While it is true that the future of currency is digital currency, the tokenization of the Chinese Yuan is definitely a move to counter the rising popularity of digital currencies such as Bitcoin, Ethereum, Ripple, and other cryptos in their own land. The Chinese government, instead of adopting these already existing cryptocurrencies, made one for their own so that they will have a complete control over it. China would never allow a foreign or any cryptocurrency to dominate their domestic day to day economic activity over which they do not have any kind of power or authority.

[betty11]

It's okay, they will need to draft regulatory frame too for people to be properly guided on its usage and ways of doing business. China certainly doesn't want to watch cryptocurrency for others to dominate. Let me see how old rival the USA responds to this.

[Ucy]

This one interests me the most.

What we’re going to have is a competition of monetary policy. And if all of a sudden China has a digital yuan and [the US] doesn’t have a digital currency, it will be much more accessible for people to buy the Chinese yuan in other parts of the world than the US dollar.https://dailyhodl.com/2019/09/27/crypto-heavyweight-urges-us-government-to-tokenize-the-us-dollar-immediately/

I guess a country launching its own token and benefitting massively from it will encourage other nations to do thesame. I wonder what Blockchain they will use for this though... a public Blockchain or private Blockchain? Public Blockchain is more appropriate for government in my opinion.