China central bank going to release their own digital currency good for bitcoin?

[Dtbgba]

China central bank, aka the central bank of the People's Republic of China hosted a public conference in Beijing Today.

They talked about how good digital currency is with few experts from China central bank & Citibank & Deloitte Consulting LLP.
Therefor they are going to release their own digital currency (used blockchain technology ofc) in order to reduce bank's cost and reduce Money laundering, tax evasion etc..

Chinese think it's good for bitcoin, so they pumped bitcoin back to $420 today, what do you think?

http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3008070/index.html

January 20, 2016, People's Bank of China digital currency seminar held in Beijing. From the People's Bank, Citibank and Deloitte digital currency expert, respectively, on the overall framework of digital currency currency evolving national digital currency, encryption currency issued by the State and other topics of discussion and exchange. People's Bank of China Governor Zhou Xiaochuan attended the meeting, so is the People's Bank of China Deputy Governor Chair Fan Yifei. Relevant research institutions, major financial institutions and advisory bodies of experts attended the meeting.

The meeting pointed out that with the development of information technology and mobile Internet, cloud computing Trusted controlled, secure storage terminal evolution, block chain technology worldwide payment undergone tremendous changes, the development of digital currency is central Bank of currency and monetary policy has brought new opportunities and challenges. The People's Bank attaches great importance from 2014 onwards set up a special research team, and in early 2015 to further enrich the power of digital distribution and business operations monetary framework, the key technology of digital currency, digital currency issued and outstanding environment, digital currency legal issues facing the impact of digital currency on economic and financial system, the relationship between money and private legal digital distribution of digital currency, digital currency issuance of international experience conducted in-depth research, has achieved initial results.

The meeting held that China's current economy under the new norm, explore the central bank issued digital currency has a positive practical significance and far-reaching historical significance. It can reduce the traditional distribution of digital currency note issue, the high cost of circulation, improve convenience and transparency of economic transactions and reduce money laundering, tax evasion and other criminal acts to enhance the central bank's money supply and currency in circulation control, better support economic and social development, the full realization of inclusive finance help. Future, digital currency issuance, circulation system also helps build our new financial infrastructure construction, further improve China's payment system, improve payment and settlement efficiency, promote economic quality and efficiency upgrades.

The meeting urged the People's Bank of digital currency research team to actively absorb the important results and practical experience of digital currency research at home and abroad, continue to advance on the basis of preliminary work to establish a more effective organizational guarantee mechanism, to further clarify the strategic objectives of the central bank issued digital currency and do key technologies, multi-scene digital currency research applications for the early introduction of digital currency issued by the central bank. Design of digital currency should be based on economic, convenience and safety principles, and ensure the application of low-cost digital currency, wide coverage, digital currency payment instruments with other seamlessly, enhance the applicability and vitality of digital currency.

The People's Bank in advancing digital currency research work with relevant international agencies, Internet companies to establish a communication link with the domestic and foreign financial institutions, traditional card-based payment institutions were widely discussed. At home and abroad to participate in discussions of attention to this work, and related research on expert theory, practice and exploration and development path with the people in the banking system conducted in-depth exchanges. (END)

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[MatTheCat]

China central bank, aka the central bank of the People's Republic of China hosted a conference in Beijing Today. They talked about how good digital currency is with few experts from China central bank & Citibank & Deloitte Consulting LLP. They are going to release their own digital currency in order to reduce bank's cost and reduce Money laundering, tax evasion etc..

Chinese think it's good for bitcoin, what do you think?

http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3008070/index.html

Code:

January 20, 2016, People's Bank of China digital currency seminar held in Beijing. From the People's Bank, Citibank and Deloitte digital currency expert, respectively, on the overall framework of digital currency currency evolving national digital currency, encryption currency issued by the State and other topics of discussion and exchange. People's Bank of China Governor Zhou Xiaochuan attended the meeting, the People's Bank of China Deputy Governor Chair Fan Yifei. Relevant research institutions, major financial institutions and advisory bodies of experts attended the meeting.

The meeting pointed out that with the development of information technology and mobile Internet, cloud computing Trusted controlled, secure storage terminal evolution, block chain technology worldwide payment undergone tremendous changes, the development of digital currency is central Bank of currency and monetary policy has brought new opportunities and challenges. The People's Bank attaches great importance from 2014 onwards set up a special research team, and in early 2015 to further enrich the power of digital distribution and business operations monetary framework, the key technology of digital currency, digital currency issued and outstanding environment, digital currency legal issues facing the impact of digital currency on economic and financial system, the relationship between money and private legal digital distribution of digital currency, digital currency issuance of international experience conducted in-depth research, has achieved initial results.

The meeting held that China's current economy under the new norm, explore the central bank issued digital currency has a positive practical significance and far-reaching historical significance. It can reduce the traditional distribution of digital currency note issue, the high cost of circulation, improve convenience and transparency of economic transactions and reduce money laundering, tax evasion and other criminal acts to enhance the central bank's money supply and currency in circulation control, better support economic and social development, the full realization of inclusive finance help. Future, digital currency issuance, circulation system also helps build our new financial infrastructure construction, further improve China's payment system, improve payment and settlement efficiency, promote economic quality and efficiency upgrades.

The meeting urged the People's Bank of digital currency research team to actively absorb the important results and practical experience of digital currency research at home and abroad, continue to advance on the basis of preliminary work to establish a more effective organizational guarantee mechanism, to further clarify the strategic objectives of the central bank issued digital currency and do key technologies, multi-scene digital currency research applications for the early introduction of digital currency issued by the central bank. Design of digital currency should be based on economic, convenience and safety principles, and ensure the application of low-cost digital currency, wide coverage, digital currency payment instruments with other seamlessly, enhance the applicability and vitality of digital currency.

The People's Bank in advancing digital currency research work with relevant international agencies, Internet companies to establish a communication link with the domestic and foreign financial institutions, traditional card-based payment institutions were widely discussed. At home and abroad to participate in discussions of attention to this work, and related research on expert theory, practice and exploration and development path with the people in the banking system conducted in-depth exchanges. (END)

Depends on whether you think competition for Bitcoin, is good for it, or bad for it.

Wonder what the Chinese Gov could do in order to ensure their crypto is favoured over Western alternatives such as Bitcoin....hmmm?

[Alley]

Bank issued digital currency?  Nothing could be further from bitcoin.  Basicly a digital yuan.

[Wapinter]

China central bank, aka the central bank of the People's Republic of China hosted a conference in Beijing Today.

They talked about how good digital currency is with few experts from China central bank & Citibank & Deloitte Consulting LLP. Therefor they are going to release their own digital currency in order to reduce bank's cost and reduce Money laundering, tax evasion etc..

Chinese think it's good for bitcoin, so they pump bitcoin today back to $420, what do you think?

http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3008070/index.html

If it is true,it is going to create great competion to bitcoin but in some ways it is also goin to help bitcoin get more acceptibility

[Amph]

it's the same shit as citycoin, nothing will change those coin will be centralized, akin to a pos coins that is distributed by a single entity and the value will be given by this entity

so i can not see how this is will be a competitor of bitcoin really, any centralized thing will not be a competitor of bitcoin

[thesonandheir]

Main difference is PBOC will want to print as many as they can. Which isn't possible in BTC.

[RodeoX]

Bank issued digital currency?  Nothing could be further from bitcoin.  Basicly a digital yuan.

Yes. Other countries have already tried this, like the Canadian "mint chip", but it lacks all the most important features of bitcoin. the value, production, and distribution are under central control. It can only be used with official permission and only for approved uses. It is not money, it is a useless coupon.

[spazzdla]

Main difference is PBOC will want to print as many as they can. Which isn't possible in BTC.

That is perfectly okay though, a gov wants to have control of it's money and uses Gold and Bitcoin to help back it.  This is AMAZING, AMAZING news.

One will hold BTC as they hold gold and use their countries cryptocurrency/paper currency to get paid and buy shit.

[kwukduck]

it's the same shit as citycoin, nothing will change those coin will be centralized, akin to a pos coins that is distributed by a single entity and the value will be given by this entity

so i can not see how this is will be a competitor of bitcoin really, any centralized thing will not be a competitor of bitcoin

Ahh yes.. centralized... can't have that... oh wait... bitcoin is centralized...

[sandiman]

Another way from Chinese government to get control over something that was slipping through its fingers.

Some people are not believing the latest national figures that Chinese government announced the beginning of this week. Thus, maybe getting control over what could be the future of currency could help them to remain opaque in the operations.

[Amph]

it's the same shit as citycoin, nothing will change those coin will be centralized, akin to a pos coins that is distributed by a single entity and the value will be given by this entity

so i can not see how this is will be a competitor of bitcoin really, any centralized thing will not be a competitor of bitcoin

Ahh yes.. centralized... can't have that... oh wait... bitcoin is centralized...

where is bitcoin centralized? mining, where, all pool are working alone and they ar enot mining 51%, farms? where? all farm are governed by their entity which has nothing to do with another farm, even between farm from the same country

[QuintLeo]

Given how little yuan is used outside of China, I don't see a "digitalised yuan" type currentcy being any real competition for Bitcoin.

 On the other hand, it does represent a strong INDIRECT endorsement of Bitcoin technology - as long as the Chinese don't decide to make competition with THEIR OFFICIAL digital currency illegal at some future point.

[kwukduck]

it's the same shit as citycoin, nothing will change those coin will be centralized, akin to a pos coins that is distributed by a single entity and the value will be given by this entity

so i can not see how this is will be a competitor of bitcoin really, any centralized thing will not be a competitor of bitcoin

Ahh yes.. centralized... can't have that... oh wait... bitcoin is centralized...

where is bitcoin centralized? mining, where, all pool are working alone and they ar enot mining 51%, farms? where? all farm are governed by their entity which has nothing to do with another farm, even between farm from the same country

Convince the operators of antpool and f2pool to change the system one way or another and there you have your 51%

[olloman]

[...]Therefor they are going to release their own digital currency (used blockchain technology ofc)[...]

since they precisely stated "digital currency" it is pretty clear that it is going to be centralized, hence not using blockchain technology, otherwise they would have used the term cryptocurrency

[tablemanic]

The Chinese market clearly interprets this as something very bullish and positive for bitcoin, and as the Chinese people understands their government and culture much better than us, I think it's safe to say that this is good for bitcoin.

[2015Bubble]

pre mine centralized shitcoin?
Where can I buy it? Cryptsy?

[jjacob]

The Chinese are buying bitcoins to circumvent capital controls.
That definitely won't be possible with the digital yuan.

[BlindMayorBitcorn]

No good puns yet? ChinaCoin is as far as I've got so far.

And I believe that's been taken.

[manis]

No good puns yet? ChinaCoin is as far as I've got so far.

And I believe that's been taken.

Chinkycoin has quite a few chinks in its armour.
It is destined to fail. 

[rezilient]

This is likely going to fail in my opinion, no other country would want to use it if its controlled by other country which it makes it useless. Try as they can they will not beat bitcoin maybe unless if they make it as a decentralized Crypto currency.