China Eyes A State-Owned Cryptocurrency

[kassia]

What happened
Early September, China banned ICOs and cryptocurrencies. A month later, Chinese official Yao Qian reportedly called for a state-owned digital currency.

That’s weird. Isn’t it against the law?
Looks like it’s not. Banning ICOs and bitcoins under the flags of protecting people from scam risks, Chinese government was in fact clearing up the space for a state-issued alternative.

What now?
Now Yao Qian – who is the Director of the Digital Currency Research Institute under the People's Bank of China – claims that a state digital currency will help to stabilize domestic fiat. Sure, that could happen. But not for long – knowing the Chinese market, cryptocurrency has all chances to completely replace yuan.

What can we learn from it
⚙️   China will have not only its own internet, but its own digital currency. And the global cryptomarket loses 1.3B users.
⚙️   Chinese approach is an example of an concept turnaround – we all thought that cryptocurrencies were meant to decentralize the world and economy…
⚙️   The time of fiat is ending – and governments have to create new formats for interaction.

https://t.me/yoken/53

[1715158391]

1715158391

[1715158391]

1715158391

[Daniel 666]

What happened
Early September, China banned ICOs and cryptocurrencies. A month later, Chinese official Yao Qian reportedly called for a state-owned digital currency.

That’s weird. Isn’t it against the law?
Looks like it’s not. Banning ICOs and bitcoins under the flags of protecting people from scam risks, Chinese government was in fact clearing up the space for a state-issued alternative.

What now?
Now Yao Qian – who is the Director of the Digital Currency Research Institute under the People's Bank of China – claims that a state digital currency will help to stabilize domestic fiat. Sure, that could happen. But not for long – knowing the Chinese market, cryptocurrency has all chances to completely replace yuan.

What can we learn from it
⚙️   China will have not only its own internet, but its own digital currency. And the global cryptomarket loses 1.3B users.
⚙️   Chinese approach is an example of an concept turnaround – we all thought that cryptocurrencies were meant to decentralize the world and economy…
⚙️   The time of fiat is ending – and governments have to create new formats for interaction.

https://t.me/yoken/53

No i think only china banned Because to reduce price and make it up to moon .

price reduce to 3000$ and now more than 5700$

[Vaultbank.io]

I think a lot of countries are looking into this now. But it’s a big deal when China and Russia start talking about it

[Nalbo]

I think a lot of countries are looking into this now. But it’s a big deal when China and Russia start talking about it

Infact China and Russia are the top investing countries in cryptocurrency. They have most hashing power, most investment and most holdings.
Its a difficult period for cryptocurrencies but what the governments should know is they can't completely stop it.

[quantumcomputing11]

Zero surprises here, I was actually predicting that they would try to bring in their own state crypto. You knew that when they banned cryptos it wasnt to protect their citizens but rather to get a piece of the pie. At least now

the notion I had they were going to do this is confirmed.

[kassia]

What happened
Early September, China banned ICOs and cryptocurrencies. A month later, Chinese official Yao Qian reportedly called for a state-owned digital currency.

That’s weird. Isn’t it against the law?
Looks like it’s not. Banning ICOs and bitcoins under the flags of protecting people from scam risks, Chinese government was in fact clearing up the space for a state-issued alternative.

What now?
Now Yao Qian – who is the Director of the Digital Currency Research Institute under the People's Bank of China – claims that a state digital currency will help to stabilize domestic fiat. Sure, that could happen. But not for long – knowing the Chinese market, cryptocurrency has all chances to completely replace yuan.

What can we learn from it
⚙️   China will have not only its own internet, but its own digital currency. And the global cryptomarket loses 1.3B users.
⚙️   Chinese approach is an example of an concept turnaround – we all thought that cryptocurrencies were meant to decentralize the world and economy…
⚙️   The time of fiat is ending – and governments have to create new formats for interaction.

https://t.me/yoken/53

And here Russia goes https://bitcointalk.org/index.php?topic=2275190.0

[popcorn1]

It Wont work it defeats the object of a cryptocurrency ..
cryptocurrency is about freedom what's the point if your government can pull the plug?..
Plus wont be worth nothing in another country so flawed ..

Like imagine i own btc and war breaks out well i will still be rich in Holland ..
Not with your own countries crypto i wont..

Now if china said we will GIVE yes give for free half the crypto to Chinese people for free and the other half we will sell on ICO to other nations only and have a open market for 1 month of sale and then close sale and that would be the amount of chinese crypto for all the world..

And then we can all use that crypto then i suppose that would work..

But if the chinese do make there own crypto i expect it to be free so no chinese person can loose out..
A Chinese AIR DROP ..Nice..

Also if BTC keeps splitting it's dead i think it might already be dead after NOVEMBER not good because of to many splits and could have many many more to come..

The benefit is to all the big BTC WALLETS not the little guy but the big guy ..

I think another coin will wipe BTC out of the market because it killed it's self by to many greedy people ..


NO TRUST IN BTC ANYMORE...You could trust it BUT one day another split no good for any businesses ..

So i predict BTC IS DEAD .. It got STUPID..

I thinks might go up some more but i predict come after November people will be shifting to other crypto for use ..

I cannot believe you split BTC ..

Like taking a box cutter to the MONA LISA..
It was an original not no more.

And also who made people boss to change the rules without everyone's say so..

How many more splits plus will the big btc wallets be the ones that gain again..
Basically free money for the ones who already made millions and millions in free money..

2 dollars worth of btc when it first started you be a 1.5 million dollars or more worth in cash..
But the big wallets still want more..

When crypto started most would give loads away in air drops to get the ball rolling ..
Now BIG BTC wallets give themselves AIR DROPS ..CHEEKY  ..

So i predict BTC will drop like a stone after November because of the splits and the trust is GONE..