The Fiat Digital currency is coming to Chinese people.

[nicemycoin]

They will have new digital currency. So what? I don't seew any problems with that. The thing is that Chinese are very engaged with digital currencies and have put all their efforts with it. Now they are also trying to involve the government. But I don't think this will influence Bitcoin.

Agree with you,even better news for Bitcoin

[Wind_FURY]

Ok, so China is planning a "digital Yuan". My question is this, how is it different from the current system of fiat money? Nothing. It is the same and the clearing is still done by banks and the central issuer of this is still the Central Bank of China. This is in no way comparable to Bitcoin and Proof of Work which, in my opinion, is its greatest feature. All settlements are done in the network without need of third party trust.

[TastyChillySauce00]

really agree with "Anti-corruption With Blockchain Tech" hope my government could implement it too
the reason why i'd really agree with this is because as you see from example when some ICO project got pretty decent amount of bitcoin which is about thousands and after the ICO ends,the investor could always watch where the funds will be moved,hence they could asking what's going on with the fund and the reason of movement,it could prevent corruption at 100% rate indeed

[JeffBrad12]

They will have new digital currency. So what? I don't seew any problems with that. The thing is that Chinese are very engaged with digital currencies and have put all their efforts with it. Now they are also trying to involve the government. But I don't think this will influence Bitcoin.

Agree with you,even better news for Bitcoin

In my mind, if it was decreasing the hash domination was held by the China miners. I may think also it can give advantages for bitcoin. 
This not a big problem for bitcoin, bitcoin will be spreading around the world and hash 51% attack will disappear, I hope it.
This will give a big impact for Chinese miner but not for bitcoin.

[mindrust]

It won't make a difference for the Chinese people. It is just a credit card what they are making. Because it is centralized like fiat. Hell they even named it " the digital fiat". No need to re-invent the wheel, mastercard/visa did it long time ago.

As you see, this is what makes bitcoin beautiful. It is decentralized (i have doubs for the future but unless it is proven, it will stay decentralized) Whatever do Chinese or Swedish or any other gov come up with an idea of a digital currency, it will be centralized. They have no power to make the otherwise. The Power of being powerless. Bitcoin has no government, only the power of the people.

[Positid]

It won't make a difference for the Chinese people. It is just a credit card what they are making. Because it is centralized like fiat. Hell they even named it " the digital fiat". No need to re-invent the wheel, mastercard/visa did it long time ago.

As you see, this is what makes bitcoin beautiful. It is decentralized (i have doubs for the future but unless it is proven, it will stay decentralized) Whatever do Chinese or Swedish or any other gov come up with an idea of a digital currency, it will be centralized. They have no power to make the otherwise. The Power of being powerless. Bitcoin has no government, only the power of the people.

I completely agree with your, the government always want in control and though how good the system they will come up, they cannot still eliminate bitcoin as we are decentralized here people wants freedom and does not want to share their information with the government.

[nicemycoin]

It won't make a difference for the Chinese people. It is just a credit card what they are making. Because it is centralized like fiat. Hell they even named it " the digital fiat". No need to re-invent the wheel, mastercard/visa did it long time ago.

As you see, this is what makes bitcoin beautiful. It is decentralized (i have doubs for the future but unless it is proven, it will stay decentralized) Whatever do Chinese or Swedish or any other gov come up with an idea of a digital currency, it will be centralized. They have no power to make the otherwise. The Power of being powerless. Bitcoin has no government, only the power of the people.

I completely agree with your, the government always want in control and though how good the system they will come up, they cannot still eliminate bitcoin as we are decentralized here people wants freedom and does not want to share their information with the government.

As we all know,Here the digital fiat currence is compared with paper fiat currency,paper currency have a mass of disadvantages— high cost,corruption,crimes...

[Shiroslullaby]

Something like this may actually bring more users to bitcoin, because it will make more people familiar with the idea of digital currency.
Bitcoin won't suffer because people will still use it as a speculation investment and a safeguard against fluctuation in the price of local currency.

[talkbitcoin]

Ok, so China is planning a "digital Yuan". My question is this, how is it different from the current system of fiat money? Nothing. It is the same and the clearing is still done by banks and the central issuer of this is still the Central Bank of China. This is in no way comparable to Bitcoin and Proof of Work which, in my opinion, is its greatest feature. All settlements are done in the network without need of third party trust.

of course it is not going to be even remotely close to bitcoin because it is centralized to begin with.

but the first part is also my question too. what is the point of creating this "digital currency or altcoin" of theirs instead of using fiat? i can see why banks want to use blockchain technology in their internal systems to increase security, speed  and other things but i don't see why they would want to make a centralized altcoin for their national currency?

[Alphagog]

really agree with "Anti-corruption With Blockchain Tech" hope my government could implement it too
the reason why i'd really agree with this is because as you see from example when some ICO project got pretty decent amount of bitcoin which is about thousands and after the ICO ends,the investor could always watch where the funds will be moved,hence they could asking what's going on with the fund and the reason of movement,it could prevent corruption at 100% rate indeed

The problems with that kind of arrangement is that the transparency can be abused and good people will suffer.

[prabowo96]

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

It have something with bitcoin, if this system can be more secure for the people, they will stop to use bitcoin a little also the government can ban the bitcoin and control all transactions of this digital currency.

So at the end of the day the bitcoin price and adoptance goes to the ground.

[MingLee]

Eh... Seems like a push that is going to fail, along with every single other government-sponsored attempt at getting users of Bitcoin back onto the government's side. It's a hilariously bad attempt at trying to look "hip", if you can excuse the analogy.

Let me know when there's a serious competitor to Bitcoin being sponsored by a government, because so far they're grasping at straws trying to tap a demographic that doesn't trust the government.

[Amph]

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

well it may have an impact if people on china find that this new centralized alt issued from the government is better suited for them to handle, and they would decrease the demand on bitcoin

[Wind_FURY]

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

well it may have an impact if people on china find that this new centralized alt issued from the government is better suited for them to handle, and they would decrease the demand on bitcoin

Oh really? I do not think so. The Chinese demand for Bitcoin is mostly speculative and they treat more like a commodity than a currency. Maybe even most of their Bitcoins do not leave the exchanges because they are trading them back and forth for profits in fiat. Nothing will change except for major efficiencies in the CNY fiat system. Bitcoin will be Bitcoin, fiat will be fiat.

[Slark]

Seriously, until proven otherwise I will think that huge anti corruption argument we are being served here is one big lie.
Digital FIAT is nothing more than another even more extreme way to control people's lives.
It is ideal solution which help in a fight against political opponents of a regime and simply erase funds of troublesome individuals.
If you think it is created with the idea of fighting crime and corruption - think again. I am sure that people in charge can find a way to stay corrupted with or without it.

[nicemycoin]

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

well it may have an impact if people on china find that this new centralized alt issued from the government is better suited for them to handle, and they would decrease the demand on bitcoin

Oh really? I do not think so. The Chinese demand for Bitcoin is mostly speculative and they treat more like a commodity than a currency. Maybe even most of their Bitcoins do not leave the exchanges because they are trading them back and forth for profits in fiat. Nothing will change except for major efficiencies in the CNY fiat system. Bitcoin will be Bitcoin, fiat will be fiat.

Agree +1,Bitcoin will be Bitcoin, fiat will be fiat.

[nicemycoin]

Seriously, until proven otherwise I will think that huge anti corruption argument we are being served here is one big lie.
Digital FIAT is nothing more than another even more extreme way to control people's lives.
It is ideal solution which help in a fight against political opponents of a regime and simply erase funds of troublesome individuals.
If you think it is created with the idea of fighting crime and corruption - think again. I am sure that people in charge can find a way to stay corrupted with or without it.

Do you have a better way ?

[rajasumi3]

It will be nothing like bitcoin. There will be a system like blockchain and there will be credit cards and debit cards and there will be no use of cash at all .it will be totally controlled by the government.

[Doamader]

Sure isnt a problem for bitcoin, a centralized coin will always be controlled by the governement and banks, this should help crypto world, since it will expose the digital currencies for free. The coin can be a huge sucess, as become another problem to handle, but Chinese people does know how to make something work, if they offer some share interest for their coin they will get investors, soo lets wait and see what they really wanna to do.

[mrkevio]

It will be nothing like bitcoin. There will be a system like blockchain and there will be credit cards and debit cards and there will be no use of cash at all .it will be totally controlled by the government.

It will be something like Bitcoin but in their own total control: taxable, traceable, non-anonymous. They'll probably advertise it as being the safest one out there because the government's the only one that can access to such information, but that's exactly what I'm trying to run away from.