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Author Topic: China's central bank will issue digital currency  (Read 685 times)
hl5460
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January 21, 2016, 04:12:19 AM
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China's central bank will issue digital currency  (376 comments) in Chinese:
http://www.8btc.com/yanghang-shuzihuobi






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January 21, 2016, 04:13:14 AM
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https://www.cryptocoinsnews.com/china-digital-currency/

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January 21, 2016, 04:25:43 AM
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Hmmm.... Digital RMB... Interesting. Just wonder if the new digital currency be still under cross border capital control? Decentralised?

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January 21, 2016, 04:44:08 AM
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Thanks for sharing. You probably want to check out the reactions of Chinese to the news.

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January 21, 2016, 04:47:10 AM
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China's central bank will issue digital currency  (376 comments) in Chinese:
http://www.8btc.com/yanghang-shuzihuobi
digital currency has been around for decades.. if its on a computer.. its digital
no where in that link did it say blockchains will be used.. just that they are researching all avenues and all methods to secure digital currency.(paperless)

Quote
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, encrypted electronic money 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 participated in the study attaches great importance to this work and to theoretical research related experts, practical exploration and development path with the people in the banking system conducted in-depth exchanges.

basically waffles about concentrating on paperless currency, which can reduce costs by not having to circulate bank notes and allows the banks to reduce the risks of laundering etc.

good to see they are researching into blockchain technologies as possible solution.. but nothing has been said that blockchain technology is the decided solution..
so relax people.. there may be more future meetings where a solution is finally agreed.. but today aint it, as they are still researching

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January 21, 2016, 05:11:26 AM
 #6

Canada tried something similar to this with MintChip.The Royal Canadian Mint ended up halting development of its fledgling MintChip digital currency.Just recently on January 13, 2016, it was announced that MintChip would be sold to Toronto-based nanoPay which is interesting.
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January 21, 2016, 05:44:09 AM
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There are not many people that use Bitcoin in China, or any digital currency actually. This is not a very big deal.


 
 
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January 21, 2016, 06:01:41 AM
 #8

There are not many people that use Bitcoin in China, or any digital currency actually. This is not a very big deal.
Thats wrong man china has the largest user of bitcoin technology. The fluctuation in bitcoin value can be experienced when china market is low. Now users from European countries are mostly getting into it.

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January 21, 2016, 06:25:26 AM
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There are not many people that use Bitcoin in China, or any digital currency actually. This is not a very big deal.
Thats wrong man china has the largest user of bitcoin technology. The fluctuation in bitcoin value can be experienced when china market is low. Now users from European countries are mostly getting into it.

wrong
 there are less chinese people using bitcoin.

theres only 114 nodes. not 1900, not 5000
https://bitnodes.21.co/

also china doesnt have as many BUSINESSES that accept bitcoin..

so bitcoin USERS and BUSINESS is quite low in china.. the only thing that china has going for it is manufacturing ASICs warehouse and a couple miners.
yes i agree that there is alot of hashpower.. but hash power doesnt translate into high usage of the actual currency.

as for the price fluctuations.. anyone with just $20,000 can make the price move.. so imagine just one person with $500k doing it.
again china is not the world leaders of bitcoin so people should not sheep follow them

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January 21, 2016, 06:44:48 AM
 #10

There are not many people that use Bitcoin in China, or any digital currency actually. This is not a very big deal.
Thats wrong man china has the largest user of bitcoin technology. The fluctuation in bitcoin value can be experienced when china market is low. Now users from European countries are mostly getting into it.

wrong
 there are less chinese people using bitcoin.

theres only 114 nodes. not 1900, not 5000
https://bitnodes.21.co/

also china doesnt have as many BUSINESSES that accept bitcoin..

so bitcoin USERS and BUSINESS is quite low in china.. the only thing that china has going for it is manufacturing ASICs warehouse and a couple miners.
yes i agree that there is alot of hashpower.. but hash power doesnt translate into high usage of the actual currency.

as for the price fluctuations.. anyone with just $20,000 can make the price move.. so imagine just one person with $500k doing it.
again china is not the world leaders of bitcoin so people should not sheep follow them
Thats good to know about the real facts behind the bitcoin. So actually which country people are most involved in this.

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January 21, 2016, 07:05:45 AM
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Thats good to know about the real facts behind the bitcoin. So actually which country people are most involved in this.

america and europe have highest actual users and businesses.

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January 21, 2016, 11:59:35 AM
 #12

Regardless of it being relatively disappointing they didn't use the already-made cryptocurrency (i.e bitcoin) although how unlikely that is to happen, it is still nice to see this kind of adoption from the national bank of one of the biggest countries both in size, population and financial weight. Good step for electronic currencies in general.

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January 21, 2016, 12:07:20 PM
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Using Citibank and Deloittes as consultants, linking in fiat currencies, and attaching credit cards - that's not going to be a digital currency. They are probably trying to introduce a second fiat currency, so that they can put the new Renminbi on the gold standard. Smiley

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January 21, 2016, 12:12:12 PM
 #14

Quote from bitcoinvalues.net -

 The top 10 countries for BTC merchants’ adoption to date that make up Bitcoin Country are as follow: Italy, United States, United Kingdom, Finland, Australia, Singapore, Netherlands, Canada, Slovenia, and the most accommodating location of Bitcoin Country is Isle of Man.

I'm not sure of the date that was researched though.

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