China Moves Closer to Issuing Blockchain-based Currency

[BobK71]

Another important thing to note is that Bitcoin is sometimes called gold 2.0.

It is indeed preferable to gold from the standpoint of governments outside the US.  No currency can (directly or indirectly) peg itself against gold and achieve stability without a big devaluation of that currency against gold, as compared to today's gold price in that currency.  Devaluation would be embarrassing to the currency's issuer.

Gold is still much more expensive than Bitcoin, and any big purchase would make it even more expensive.

With Bitcoin, the embarrassment can be swept under the rug by saying we're not pegging against a non-state money for stability; we're just moving to a modern, electronic infrastructure for our monetary system.

[andrei56]

Chinese Central Bank gave many reason for developing their own cryptocurrency like lower operating costs, greater efficiency, and better control of illicit money flows. But what I believe is that they are bringing their own cryptocurrency because of the increasing popularity of bitcoin. It is like if you can't beat them, join them.

What they do not understand is that attitude will legitimize bitcoin even more in the eyes of the people and investors, since they will see bitcoin is way better than this crypto created by the Chinese simply because it was not created and controlled by any government, so in a way in their attempt to try to discourage bitcoin adoption are only going to help bitcoin even more.