China's Central Bank Will Look To Issue Its Own Digital Currency ASAP

[ArpFlush]

China’s central bank, the People’s Bank of China (PBOC) announced today that it will make the necessary moves to work toward issuing a digital currency, as soon as possible.

https://www.cryptocoinsnews.com/china-digital-currency/

[Amph]

it will not compete with bitcoin as many think because it will be centralized, so there are more chances that it will actually help bitcoin to grow

[DimensionZ]

The Chinese are saying that the digital currency will reduce tax evasion, money laundering and other criminal acts but the banks will have a bigger control over the money supply and circulation. I think it's a double-edged sword and has advantages and disadvantages just by reading that article.

[ArpFlush]

it will not compete with bitcoin as many think because it will be centralized, so there are more chances that it will actually help bitcoin to grow

That's my idea too. But it's also good to spread awareness in China about crypto's and Bitcoin in general.

[Lutzow]

it will not compete with bitcoin as many think because it will be centralized, so there are more chances that it will actually help bitcoin to grow

That's my idea too. But it's also good to spread awareness in China about crypto's and Bitcoin in general.

That's great, it will spread further awareness to those who's on the outside looking in because they now have the confidence if it'll be coming from the bank. Then if they want the decentralized version then they go look for Bitcoin. This will drive price boost further

[randy8777]

it will not compete with bitcoin as many think because it will be centralized, so there are more chances that it will actually help bitcoin to grow

well, bitcoin and other crypto currencies make people in china interested in it, which might trigger some people to get their cash out of the country in a fast and easy way. by creating their own digital currency they might try to get people to use that instead of bitcoin and other crypto currency. it's just speculating, but a fair possibility. bitcoin will always be different as the chinese digital currency will be ruled with iron fist.