China's Central Bank planning Fraud coin

[Bitcoinpro]

until I see some evidence otherwise, there is a long history of

Fraud in the Cryptocurrency scene and its mildy safe to

assume  the Chinese central bank is planning a Fraud coin


http://money.cnn.com/2016/01/21/technology/china-digital-currency/index.html?iid=hp-stack-dom

[Saint-loup]

until I see some evidence otherwise, there is a long history of

Fraud in the Cryptocurrency scene and its mildy safe to

assume   the Chinese central bank is planning a Fraud coin


http://money.cnn.com/2016/01/21/technology/china-digital-currency/index.html?iid=hp-stack-dom

It seems they are ready to launch it now

China’s central bank digital currency is “ready” after 5 years of development

A senior official at China's central bank announced at the China Finance 40 Group meeting today that the country will soon roll out its central bank digital currency (CBDC.)

Mu Changchun, Deputy Chief in the Payment and Settlement Division of the People’s Bank of China (PBOC,) stated that the CBDC prototype exists and the PBOC's Digital Money Research Group has already fully adopted the blockchain architecture for the currency. China's CBDC will not rely entirely on a pure blockchain architecture, as this would not allow the currency to achieve the throughput required for retail usage.

According to Changchun, the currency has been in the research and development phase since 2014. At the meeting on Saturday, he said, "People's Bank digital currency can now be said to be ready."

The CBDC will employ a two-tier operational structure, per Changchun:

"The People’s Bank of China is the upper level and the commercial banks are the second level. This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the acceptance of digital currency."

https://www.theblockcrypto.com/tiny/chinas-central-bank-digital-currency-is-ready-after-5-years-of-development/

[rdluffy]

Oh, China again 

China bans BTC
China bans miners
China is thinking to use BTC
China is lauching a coin
China....


This soap opera never ends, I'm tired of see this China news, it's so confusing,  and with this comercial "war" against US will be very bad to everyone

[avikz]

until I see some evidence otherwise, there is a long history of

Fraud in the Cryptocurrency scene and its mildy safe to

assume  the Chinese central bank is planning a Fraud coin


http://money.cnn.com/2016/01/21/technology/china-digital-currency/index.html?iid=hp-stack-dom

Add India to the list as well. Because India has drafted a bill to ban crypto assets in India and paved the way for Indian Central Bank to create a digital version of its native currency called "Digital Rupee". It is the mindset of the orthodox and fascist governments worldwide. They don't want their people to enjoy the benefits of cryptocurrency and have additional channels to earn money to live a comfortable life. What they want is "Absolute governance"!

News reference: https://news.bitcoin.com/complete-indian-cryptocurrency-draft-bill-leaked-experts/

Sadly, as a common person, we will have to face the wrath of government if we don't follow the rules! 

[mk4]

Oh, China again 

China bans BTC
China bans miners
China is thinking to use BTC
China is lauching a coin
China....


This soap opera never ends, I'm tired of see this China news, it's so confusing,  and with this comercial "war" against US will be very bad to everyone

I mean, what do you expect from China. It's pretty obvious what they want. They realized they can't control bitcoin, so they launch a coin whereas they can have total control of. They want total control over everything, next thing you know they want to control the period schedules of their women.

[bitsurfer2014]

I may not call it a Fraud coin since I understand that China did really understand the power of cryptocurrency and has obvious motives such as economic and political dominance and I think it will be their best weapon to topple down the mighty U.S. dollar being the number one international currency that has vast influence on almost all sectors of the society. In relation to China's aggressiveness right now on international affairs, I guess it will be one of their main tool to fulfill their ambition to become the worlds leading economy in the near future. Imho.

[Jating]

I may not call it a Fraud coin since I understand that China did really understand the power of cryptocurrency and has obvious motives such as economic and political dominance and I think it will be their best weapon to topple down the mighty U.S. dollar being the number one international currency that has vast influence on almost all sectors of the society. In relation to China's aggressiveness right now on international affairs, I guess it will be one of their main tool to fulfill their ambition to become the worlds leading economy in the near future. Imho.

I think they really know what power it can bring to their people that is why they decided to make a u-turn against bitcoin in 2017. They don't want to give the control of people, and we all know that bitcoin gives financial freedom and as early as this time they want to stop it.

I read that since Libra or Facebook is thinking of releasing their own token, China immediately went back to the drawing board and wanted their state sponsored token to release the soonest. But so far, we haven't seen any state back up coins being successful, so let see how China will do with their own crypto.

[fiulpro]

U don't seriously think that any coin that the government plans is going for the benefit of people , if you think that then it is completely ignorant , Government is always manipulative and whatever they do .. the think about their own country first , not the individual investors.
This is exactly what we should expect from China ... Whatever coin they are planning to launch , we should be beware of it ever coming in our way .
They might even breach our privacy .. no one knows .

[NeuroticFish]

They might even breach our privacy .. no one knows .

They can do whatever they want, since Bitcoin-like coins are not as fungible as the paper money. That's from tracking to blacklisting certain money and other things we didn't think of yet.
They can issue the money without the costs of the banks.
Of course they can play the value of the coin as they want, since it's theirs and it's not backed.

[Saint-loup]

U don't seriously think that any coin that the government plans is going for the benefit of people , if you think that then it is completely ignorant , Government is always manipulative and whatever they do .. the think about their own country first , not the individual investors.
This is exactly what we should expect from China ... Whatever coin they are planning to launch , we should be beware of it ever coming in our way .
They might even breach our privacy .. no one knows .

In fact I think it's better for people to use a state crypto currency than using banks. At least with crypto currencies they are their own bank, and they don't need to trust and depend on some commercial and financial establishments. Bankers can start to cry, if it's not bitcoin, it will be another crypto currency, but the end of their world is approaching.

[Slow death]

Did anyone doubt that the chinesses would create their own shitcoin? They are expert in Copy/Paste anything that is created or invented by other countries. If someone creates a teleport machine, china will not use it, they will prefer to create their teleport machine with another version (maybe worse or better, but surely Copy/Paste). Which leads me to ask the following:

- Now that they will create their shitcoin, how will the bitcoin situation in china look? Will they allow bitcoin to compete with your shitcoin? or are they still afraid of bitcoin being accepted more than their shitcoin?

[YuginKadoya]

U don't seriously think that any coin that the government plans is going for the benefit of people , if you think that then it is completely ignorant , Government is always manipulative and whatever they do .. the think about their own country first , not the individual investors.
This is exactly what we should expect from China ... Whatever coin they are planning to launch , we should be beware of it ever coming in our way .
They might even breach our privacy .. no one knows .

In fact I think it's better for people to use a state crypto currency than using banks. At least with crypto currencies they are their own bank, and they don't need to trust and depend on some commercial and financial establishments. Bankers can start to cry, if it's not bitcoin, it will be another crypto currency, but the end of their world is approaching.

I guess that would be the case if every country would have its own Cryptocurrency and using their control over it and it can be the doom for fiat money if all country would implement and would change it to cryptocurrency that is established by each country,

I guess China is thinking of controlling and being the first country to establish its own cryptocurrency just like Bitcoin did in the past they might become a bigger country that has a cryptocurrency of their own that have a much higher price, Well, they are preparing for this 5 year from now so it  might work well, but I am not so sure about that only time can surely tell.

[Artemis3]

U don't seriously think that any coin that the government plans is going for the benefit of people , if you think that then it is completely ignorant , Government is always manipulative and whatever they do .. the think about their own country first , not the individual investors.
This is exactly what we should expect from China ... Whatever coin they are planning to launch , we should be beware of it ever coming in our way .
They might even breach our privacy .. no one knows .

In fact I think it's better for people to use a state crypto currency than using banks. At least with crypto currencies they are their own bank, and they don't need to trust and depend on some commercial and financial establishments. Bankers can start to cry, if it's not bitcoin, it will be another crypto currency, but the end of their world is approaching.

Depends, if not decentralized, as most States like it, then its the State assuming the role of bank, not you. They made sure to do that in Venezuela with the Petro Fraud coin.

For communists following the manifesto, it makes perfect sense. The State is supposed to end all banks and be the only bank...

And i think that's a step backwards, not forwards. If they do copy Bitcoin or straight adopt it, then yes, else, no. If they do copy Bitcoin, you have to carefully inspect what changes they have made, and often, they love to not respect the rules of free open source software (go sue them if you can), so the keep the changes hidden (In Venezuela it even violates a law made by themselves, but they don't care). So assuming they are transparent and release the code and all its changes, we can then make an educated opinion for the new State altcoin and its worthyness.

It always depends, but more often than not, it ends worse. Its best if they just adopt Bitcoin or at lease one of its closest clones.

[serjent05]

U don't seriously think that any coin that the government plans is going for the benefit of people , if you think that then it is completely ignorant , Government is always manipulative and whatever they do .. the think about their own country first , not the individual investors.
This is exactly what we should expect from China ... Whatever coin they are planning to launch , we should be beware of it ever coming in our way .
They might even breach our privacy .. no one knows .

Well, the government will ensure that their country will exist regardless of what will happen to its people.  So by implementing a digital coin, I think China, failing to control Bitcoin will go to something that they can control to fully utilize the effectiveness and benefits for their country.  In a government point of view, I will never make Bitcoin as my country's core cryptocurrency because it will de-estabilized the country's economy due to some people holding majority of it.  I can accept it as alternative but not the main cryptocurrency.  So I kinda understand why China creates its own.

[jerrison]

until I see some evidence otherwise, there is a long history of

Fraud in the Cryptocurrency scene and its mildy safe to

assume  the Chinese central bank is planning a Fraud coin


http://money.cnn.com/2016/01/21/technology/china-digital-currency/index.html?iid=hp-stack-dom

It is agreed by most individuals that most cryptocurrency projects are manipulated. there are no facts to these opinions and but then taking a closer look at the cryptocurrency space within the last two years, one is left with no other choice but to concurr to the fact that fraud exists within the space, but even at that I do no see a country as China participating in such as they already know the implications of such actions to their reputations and not even now that china is in a cold trade war with the USA

[Ozero]

The Chinese government is about to issue its own stable coin based on its yuan. I do not see anything bad and fraudulent in this. They have been working on this for the past few years and this decision was accelerated by Facebook's intention to issue a similar stable Libra coin, which would create serious competition for China's financial system. Therefore, the Chinese government is acting quite logically and predictably.

[Kakmakr]

Most "fraud" are commited with Fiat currencies and through the Banking system, so with China being a "Police" state, you would figure that a Blockchain based solution would offer them more control over the tracking of money in their country, thus reducing the fraud that are done with Fiat currencies.  

Their coin will be centralized and 100% controlled by the Chinese government, so it is exactly what they need to control the economy and the flow of money in their country.  

[mk4]

Why do you call it Fraud coin? In my opinion this is a great idea and China is doing the right thing

Why do you think it's a good idea? How do you think would the new "coin" benefit the people of China compared to just using CNY? China having their own coin is just going to increase their surveillance and control, which is almost never a good thing for the people.

[kryptqnick]

Oh, China again 

China bans BTC
China bans miners
China is thinking to use BTC
China is lauching a coin
China....


This soap opera never ends, I'm tired of see this China news, it's so confusing,  and with this comercial "war" against US will be very bad to everyone

I mean, what do you expect from China. It's pretty obvious what they want. They realized they can't control bitcoin, so they launch a coin whereas they can have total control of. They want total control over everything, next thing you know they want to control the period schedules of their women.

So true. China wants to benefit from new tech and remain a leader in this area, but it does not strike me as a country ready to give up some control and let people be free at least in some areas. So suppressing other cryptocurrencies and making their own seems logical. And another person mentioned that India seems to be taking the same approach. I don't know, I guess it's still better than relying on fiat, but I hope people won't give up on their freedom so easily and will be more demanding about the well-recognized cryptocurrencies or at least Bitcoin. Unfortunately, though, I bet most people would prefer governmental crypto rather than a free-market one because they want to see someone responsible, and the currency that is going to be stable.

[redsun114]

-snip-

Add India to the list as well. Because India has drafted a bill to ban crypto assets in India and paved the way for Indian Central Bank to create a digital version of its native currency called "Digital Rupee". It is the mindset of the orthodox and fascist governments worldwide. They don't want their people to enjoy the benefits of cryptocurrency and have additional channels to earn money to live a comfortable life. What they want is "Absolute governance"!

News reference: https://news.bitcoin.com/complete-indian-cryptocurrency-draft-bill-leaked-experts/

Sadly, as a common person, we will have to face the wrath of government if we don't follow the rules! 

Lol, if they are passing those bills to create a digital currency covert fraud, then they will be defrauding their citizens and some stupid gullible international investors which it would not be a bad idea for them to dupe them for something that I will call a little of their foolishness, because I don’t know what they do not understand about the system of bitcoin that it can be used anonymously no matter how much the government think they can clamp down on the users.

If china is coming with their crypto, then fine, if it is India, then fine, I just need them to take their eyes of bitcoin and leave it for many people who already believe in the system and would continue to use it forever. Bitcoin will still outshine any system they create whether they like it or not.