How China's Plans to Launch Its Own Currency Might Affect Bitcoin

[Amph]

its not a blockchain currency..

if you actually read it.. its actually the same currency they have already. they are just trying to get rid of the paper side to be purely digital..

so dont confuse it to be a blockchain altcoin or anything relevant to cryptocurrencies. mainly the banks want to expand the debit card usage to the entire population so that they can do away with bank notes

then nothing to worry about, if it is only an enhancement of their current fiat system, and it does not make sense for them to use blockchain, if they are not hindering the adoption of bitcoin

it would be better to embrace bitcoin itself and regualte it

[Bitcoinpro]

China’s central bank, the People’s Bank of China (PBOC) has revealed that it is in discussions to launch its own digital currency. What does this mean for Bitcoin?

From the statement, it is clear the PBOC understands the digital global landscape and how the emergence of new technologies will shape the future. This move seems to be an attempt to become the reserve currency of the new digital world.

https://www.cryptocoinsnews.com/chinas-plans-launch-currency-might-affect-bitcoin/

It means you are good at reading the FUD machine

[teilwalL05]

Well if china's total population for bitcoin will only use their own crypto and not gonna get busy with bitcoin it might affect bitcoin indeed but if they continued to use bitcoin in my opinion they will still do it will keep on rising and besides bitcoin is stable for them to open up a new and newbie crypto right?

[Rescue Squad]

Well if china's total population for bitcoin will only use their own crypto and not gonna get busy with bitcoin it might affect bitcoin indeed but if they continued to use bitcoin in my opinion they will still do it will keep on rising and besides bitcoin is stable for them to open up a new and newbie crypto right?

The Chinese mining farms have invested too much into mining hardware to fosake the cryptos so early.

[DimensionZ]

The Chinese banks maybe want to have a better control over the currency so they are going to improve the digital transactions makes sense to me.

[SFR10]

This might have a negative effect on BTCitcoin if all those mentioned in the article happens which I doubt since they wouldn't be leaving all those for nothing therefore more alternatives would come out if these happen. Alternative chip manufacturer and exchanges would surely replace those so if ever there would be any effect, it would be temporarily one that gets recovered in little time.

[btcxyzzz]

What a bullshit. No better reserve than Bitcoin - decentrally issued, open-sourced, with problems-yet-to-be-solved, but still the best. I won't underestimate the power of mainstream media in combination with sheeple, but this just can't be anything else other than Fiat 2.0 scam.

[Kprawn]

I cannot see why countries would want to develop their own "digital currency" if they can get a free ride on the biggest and most secure network on this

planet.  Bitcoin has a very good track record and these countries does not have to pay for developers to maintain these networks and for hardware

to be bought to process the transactions. The only insecure part of Bitcoin are these 3rd party services. {MtGox & Cryptsy etc. etc.} Those services has

nothing to do with the protocol and how it functions. They are going to spend millions to mimic a system that are already developed and are free to use.

[BTCBinary]

Even if they decide to design their own national crypto, bitcoin would still rule.
The big advantage of bitcoin is decentralization and any other crypto coin designed by a government will never offer that possibility.

[calkob]

I agree with Franky. If its not blockchain technology then its not threat whatsoever to bitcoin.

Even if it is a blockchain crypto it is unlikly to be a threat to bitcoin because it will be highly controlled and regulated. if anything it would bring new recruits to bitcoin who have not heard of it before.  andreas antonpolus made a cracking speech on regulated and controlled blockchains.  https://www.youtube.com/watch?v=810aKcfM__Q

[BigPig89]

Any speculation when China might launch its alt coin would it be mined or have a set amount.

[Snail2]

Even if it's not using blockchain technology a state owned "official" digital currency going to increase awareness and acceptance for all digital currencies. So I think we can see this as good news.

[~Bitcoin~]

I agree with Franky. If its not blockchain technology then its not threat whatsoever to bitcoin.

No threat to bitcoin than. And it is for sure no any bank will use blockchain technology to create digital currency.

[Goms]

All right I get the idea that the whole world is going cashless and China does not want to be left out of the movement. What I do not understand is why   the rich countries want to completely wipe out bank notes? Are the authorities trying to monitor every single transaction made worldwide?

[Blind Legs Parker]

I agree with Franky. If its not blockchain technology then its not threat whatsoever to bitcoin.

No threat to bitcoin than. And it is for sure no any bank will use blockchain technology to create digital currency.

It's just different. Alipay is an extremely convenient way to avoid a lot of hassle due to having cash money in one's pocket while at the same time having all the qualities and drawbacks of fiat. Everyone has been using it in China for years now. Very different from bitcoin but not exactly "not a threat" either.

[talkbitcoin]

every day there is a new thing coming out and claiming to (or media claims to) have an effect on bitcoin and be the bitcoin replacement. there are altcoins, bank and financial groups creating blockchains,...

but i think they are all just altcoins that can not grow big enough to be considered a competition. besides if China or any other group creates such a thing it will only be used locally (like only in China) and never be used all over the world like bitcoin does.

[tiggytomb]

its not a blockchain currency..

if you actually read it.. its actually the same currency they have already. they are just trying to get rid of the paper side to be purely digital..

so dont confuse it to be a blockchain altcoin or anything relevant to cryptocurrencies. mainly the banks want to expand the debit card usage to the entire population so that they can do away with bank notes

Yes, and moving one step closer towards a cashless society.

[Slowturtleinc]

Would anyone outside of China seriously invest in this currency,their own people would be highly skeptical of it as well.
They could wipe it out with a flip of the switch and it would be a classic pump and dump,with out the dump! More like grab.

[andrew24p]

There is nothing to worry about. Many Chinese are in bitcoin because they tired of capital controls, devaluation of their money and the government's control on their lives. The new digital currency they proposed fixes none of those problems. In fact it makes it easier to devalue, better at capital controls and better at monitoring their citizens.

[Iseecookies]

Has China done any business venture that was not self serving? They would treat this like monoply money and cheapen cryptocurrency in the process.
Offering product cheap to encourage use, just like how they pay a large chunk of tourists way to encourage travel.