[2017-02-24]As Bitcoin Surges To Record High, China Prepares Its Own Digital Cur

[Kemarit]

After assembling a research team in 2014, the People’s Bank of China has done trial runs of its prototype cryptocurrency. That's taking it a step closer to becoming one of the first major central banks to issue digital money that can be used for anything from buying noodles to purchasing a car. At the same time as it builds up its own capabilities, the PBOC is increasing scrutiny of bitcoin and other private digital tenders. It doesn't want a bitcoin bubble to blow up. And since currencies have historically been issued by the state, not private players, it doesn't want to cede the cryptocurrency space to companies it has no control over.


Link: http://www.zerohedge.com/news/2017-02-24/bitcoin-surges-record-high-china-prepares-its-own-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

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[TraderTimm]

No need to include all the tracking crap -- http://www.zerohedge.com/news/2017-02-24/bitcoin-surges-record-high-china-prepares-its-own-digital-currency <-- This works just fine

Thought experiment time.

Lets say the People's Bank of China does release a cryptocurrency. This gets people used to using it, in addition to the steps needed to sync to the national blockchain. As this occurs, existing Chinese Bitcoin users start educating the people that are using ChinaCoin about Bitcoin.

An interesting economic shunt starts taking place. Value from the bad centralized system starts flowing into the global good system. The Chinese government isn't pleased, and after some attempts to regulate, shut down their coin.

Then you end up with a bunch of Bitcoin users that wouldn't have existed in the first place, all paid for by efforts of the PBOC.

I say, go ahead, it should be highly amusing.