Chinese State-Backed Crypto Is About to Launch

[Jating]

Don't you find it insane that the biggest crypto exchange such as binance are own by Chinese yet they ban BTC?
Those ban orders are just for the public notice but in reality its not really ban, there are several Chinese parents I see wearing shirts with the logo of BTC in my kids school.
If they are going to be releasing State-backed crypto then good, I'd like to see how US and other governments will try to stop them from doing so.

Because Chinese are one of the early adopters of bitcoin, remember they still command the majority of mining power. There are still Chinese crypto back-up exchanges as of the moment, but it doesn't mean that they will change their stance on bitcoin.

This newest strategy of Chinese government might result in another hot trend globally. Government-backed crypto currencies. Personally, such government-backed crypto currencies, when widely launched, will boost the crypto ecosystem to all time high level, that we all have never imagined.

I doubt that, Maduro Petro didn't bring any hype, Russian's Crypto Rubble, the same. Russians didn't support it because of the huge tax. So I don't think that it will boost the crypto ecosystem.

It is great news that China is going crypto but I see a huge potential threat for all crypto currencies, because if each county would release their own digital crypto backed by something, why would they need to accept crypto currencies?

The reason why governments are creating their own crypto is for tax purposes only. But they can't really stop crypto because it has taken off and I don't think that their population will support their own country's token.

[sjbi]

First of all the news that China is going to launch its state-backed stable digital currency is good for the entire crypto community. This news will help make cryptocurrency more stronger and stable. Second, China is more clever when it comes to business and trade. So China never wants to miss the chance of taking leverage from this innovative and lucrative cryptocurrency. They banned bitcoin to issue their own currency.

[Msworld83]

This will be a great move for crypto if China eventual launch its cryptocurrency , that will create another level of adoption in the industry and every other country will follow one after the other as this has really done a great thing in making life more meaningful and decentralized for privacy in ones life.

[barbara44]

One thing I don’t get about these their own cryptocurrency is why they would choose to use the same name as ripple, and I think if this is not a mistake from this article, that would be the first place where they would shoot themselves in the leg because many people will take the coin for ripple and then buy more of ripple rather than buying their own coin which will create lots of demand for the ripple coin.

Whatever coin they have created will only be within their country because it will not cross the international level as no one would believe in the coin, they would simply just take it as a centralized coin which us exactly what it would be, so why would people choose centralization over decentralization of bitcoin.

[Jating]

For Chinese to release their own cryptocurrency that means they wanna compete with US, it seems like a good stuff for crypto world because there will be influx of money Into their own cryptocurrency and thereby increasing the entire market mcap

They have been in competition with the US already, even prior to the release of crypto.

First of all the news that China is going to launch its state-backed stable digital currency is good for the entire crypto community. This news will help make cryptocurrency more stronger and stable. Second, China is more clever when it comes to business and trade. So China never wants to miss the chance of taking leverage from this innovative and lucrative cryptocurrency. They banned bitcoin to issue their own currency.

This will be a great move for crypto if China eventual launch its cryptocurrency , that will create another level of adoption in the industry and every other country will follow one after the other as this has really done a great thing in making life more meaningful and decentralized for privacy in ones life.

I don't understand why the two of you says that it will be great for the crypto community. This is a state back up crypto and wouldn't used outside the border of China. And I don't think that other countries will follow, because most countries prepare fiat. Besides, Chinese government are threaten by the Libra coin, so they quickly wanted to release their own coin before Facebook does to get back into control again.

[Jating]

Banning BTC is just a rumour I believe. Surely bitcoin poses a severe threat to the market and is a severe competition but, I don’t think the Chinese government will ban it. About the new coin, I think it will be similar to the Libra and will be functioning as a stable coin rather than a trading coin like bitcoin, but we have to wait and see until further info is revealed.

Surely, but it there is a smoke there's a fire. China has been floating this news this year so don't be surprised if they pull the plug on all bitcoin miners in their country.

China is indeed accelerating the launch of its own cryptocurency after Libra will be created by Facebook. Regarding the relationship with XRP, I think China's crypto will be different from XRP because the Chinese cryptocurrency is backed up by the Government while most of the XRP supply is still held by the owner

XRP is expanding as far as China so it could very well be a competition and yes the only difference is that this supposedly coin is back up by the state, but I still think it will compete with XRP as well.