China is going cashless with more centralization

[jseverson]

Don't they already pay for stuff using chat apps? Alipay and WeChat? China is basically paving the way for every government's wet dreams, total control of money. Since these app also collect your data, they'd know what stuff you are buying, who you are socializing with, etc. Big Brother ain't far behind.

Yep, this is true. You can't really expect anything less out of a totalitarian country. China wants total control, and Bitcoin is a threat to that. No wonder they've been so anti-crypto recently. I used to wonder why they were trying to restrict mining considering it brings money in and not out, but I didn't look at it from a control angle. It might be better for them to move out now to reduce the impact of a seemingly inevitable ban.

There are also talks about banning Huawei and ZTE technology from government contracts in the US right now because of their close ties with the Chinese Communist Party. It's pretty ridiculous.

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[CryptoBry]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

This must be all part of the overarching economic vision set forth by the leadership of China as it seeks dominance and full leadership of the global economy. There is no question that China will soon be the top economy displacing the fooled and sluggish USA and Europe. Soon all countries of the world would be under the great influence of China and since it will have the money it can do anything and everything it wanted to in the international scene. we are already witnessing how this country can be good in one side but bully on the other side.

[Kakmakr]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

They find ways to create a competitive GovCoin <Private Blockchain technology> and they give that their full support. At the same time, they ban other Crypto currencies, to eliminate the competition. Viola! They have control again and they can track all transactions, done by every citizen in their country. <Expect this technology to be stripped of all anonymity>

The Chinese has not dominated almost all global commodities and markets, because they are fools. They have done this, with calculated strategies, with perfect precision.

[likeBTC]

A lot of people have always been saying that China was the first country that wanted to centralize everything, their monetary system, and everything, i saw a lot of videos on the internet, and maybe it seems to be a conspiracy, but for me, it is really happening.

[Idrisu]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

That is one of the disadvantages of communist government, they always love decentralized system and hate decentralized system. The idea of going cashless is a good one but p2p this the best system and that is what they regulatory agency are fighting to kill.  The populace should be concerned about this and the earlier they come back to cryptocurrencies the better.

[ganlianshifu1]

The main purpose of modernization and concentration is to better supervise! Good supervision can better control! Some of what they do is to regulate the country's finance and prevent capital flight! Recently, bitcoin has been removed from the country, this is a very obvious signal!

[blueteam09]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

This certainly does not happen because so many people hate using technology so cash still exists. Many people do not have the ability to own smartphone so this will not become a reality.

[frowsiter]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

That will work promptly for the future and at anytime because centralised systems are always perfect. As they form the part of regulations there is trust and surety of everything. The funds are faster because in the long term their systems would have evolved to higher dimension. As in case of bitcoin we are developing but the field is still new and there is no way one can stop it. Its just matter of time when centralised procedures will also take the leap and who knows at that time China will jump in again and will start growing the P2P platform for their sake.

In case of government controlling the money, they will also have chance to do so with decentralised platform by implementing partial regulations. Well, if government took that seriously then we can think about that.

[Mometaskers]

Don't they already pay for stuff using chat apps? Alipay and WeChat? China is basically paving the way for every government's wet dreams, total control of money. Since these app also collect your data, they'd know what stuff you are buying, who you are socializing with, etc. Big Brother ain't far behind.

The Chinese government seems to be active lately about his monetary issues and is doing everything to control how money flows in its jurisdiction but hope he will not drive away foreign investors by his nosy policies in recent times.

Since when have they not tried to have a strict control of their finances. But China Uncensored was right, these payment options took off in China because unlike in the US, they were not into using credit cards. Unless they can prepare for it, getting rid of cash might make it harder to attract tourists, especially if you would require them to download those same apps the CPC use to spy on its citizens.

I wonder how things would have turned out if Alipay was successful in acquiring Moneygram though, if the US gov't would take hints into further centralization. After all when it comes to being nosy, these two are en par with each other.

[Hydrogen]

I see some people saying centralization is better, it gives more control! (There's no denying that.)

However, to successfully innovate and progress, people need a certain degree of freedom. They need to be able to exercise their imagination, their creativity to invent new things which advance civilization and society forward.

Nations like china are not known for inventing or creating things. Maybe they lack the freedom to do so? They do well when they counterfeit the inventions of other countries. They pirate DVD's, CDs, games and "borrow" a lot of patented and copyrighted intellectual property. They have ever gone so far as to steal stealth and drone technology from the USA which they incorporated into their own defense programs. However, it might be fair to say their progress is hampered by the state's overbearing and controlling nature which inhibits the type of innovation that the united states has historically been known for.

There aren't many chinese who start a business in their garage which goes on to become the next google or apple. Perhaps the state's "control" prevents that type of innovation and progress?

[francojon]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Yep, that is the problem with China really, everything is controlled and it has to be in the hands of "loyal" people. As a westerner I dislike the system, but I have to say that it does seem to work reasonably well in the last decades. That is, if you don´t consider global warming and heavy pollution in the equation.

[pinkflower]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

They find ways to create a competitive GovCoin <Private Blockchain technology> and they give that their full support. At the same time, they ban other Crypto currencies, to eliminate the competition. Viola! They have control again and they can track all transactions, done by every citizen in their country. <Expect this technology to be stripped of all anonymity>

What then would be the difference between that and CNY? No Bitcoiner would be stupid enough to convert their BTC to a Chinese Govcoin that is controlled by a government and that does not give cross border payment properties like BTC.

[alani123]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

This must be all part of the overarching economic vision set forth by the leadership of China as it seeks dominance and full leadership of the global economy. There is no question that China will soon be the top economy displacing the fooled and sluggish USA and Europe. Soon all countries of the world would be under the great influence of China and since it will have the money it can do anything and everything it wanted to in the international scene. we are already witnessing how this country can be good in one side but bully on the other side.

This could be trusted. It was recently on the news that AliPay's parent company tried to buy MoneyGram, a US based remittance company with branches. All over the world. US regulators shut down their bid in fears of national security. I am not American but I know that if my country had such big companies my government wouldn't give a rip about them being sold to communist state business es. It's one of the few times I see regulation sounding reasonable. Hopefully this will help crypto with its share in the market.

[Kakmakr]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

They find ways to create a competitive GovCoin <Private Blockchain technology> and they give that their full support. At the same time, they ban other Crypto currencies, to eliminate the competition. Viola! They have control again and they can track all transactions, done by every citizen in their country. <Expect this technology to be stripped of all anonymity>

What then would be the difference between that and CNY? No Bitcoiner would be stupid enough to convert their BTC to a Chinese Govcoin that is controlled by a government and that does not give cross border payment properties like BTC.

It would be focussed on "Chinese citizens Only" as a replacement for their local fiat currency. Many countries are looking for a replacement for Cash, because Cash is too anonymous.

This is not a new concept, https://cointelegraph.com/news/danish-central-bank-to-digitalize-national-currency

The challenge will be to give rural areas some sort of connectivity and even electricity to enable this as a currency. They will most probably do something similar to M-Pesa, that will ran on centralized mobile networks. 

[audaciousbeing]

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Even if I have been critical of the Chinese government concerning their attitude to bitcoin but this is not something China does not have monopoly over because its gradually the same thing in all the countries. One thing that we need to understand is that every country will adopt any technology in its financial industry so far its still keep the AUTHORITY OF THE STATE no matter how insane that technology is.

Over here, mobile payments is even more pronounced than credit cards of a thing because we actually moved passed credit card era. Now you can do practically everything via your mobile phone and now we are now going cardless to withdraw from the ATMs but would not adopt bitcoin that gives the freedom.