If china got their own coin?

[thirdprize]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

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[Rienair]

I think they would support their coin very good. We will see this coin in the top 50 in the market if they are doing it good. A lot of miners are from China and they have good farms.

They also mine Bitcoins i have seen on some newspapers that they have a huge farm with coolers to get coins.

[Catmony]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

There is vast difference between coin created by government and bitcoin, all government issued coin (if they will issue one in future) will be centralized and will be in full control of the government which is just like virtual bank balance we have right now so pretty much useless.

Bitcoin is decentralized, anonymous, limited and self sustaining that's why it is most valuable coin out there.

[bitbunnny]

So what? They wouldn't be the first country that is trying to introduce the coins sponsored by government but that doesn't mean that people will use it and that it will be successful. Just the opposite, people are usualy avoiding government sponsored cryptocurrencies. So even if that happened chinese people would still use Bitcoins, you don't have to fear.

[Zorbak]

If China have his coin? They already have his coin like most of countries.

Would they need BTC? It's not China who need, it's people who decided to use since it's better money than fiat. If China creates a cryptocurrency it will not be decentralized since they want to have control on it. So people would still prefer bitcoin.

[lighpulsar07]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

i think they would still use bitcoin as an investment since the Chinese are the opportunity grabbers they couldn't missed it or ignore it and also bitcoin could give them astronomical profits and they already have established businesses with bitcoin just like asic miner manufacturing, exchanges and mining farms. if the Chinese government create a centralized coin, it will just like banks and fiats that can be fully controlled or manipulated so, creating centralized cryptocurrency will be useless.

[TheCoinFinder]

If china gets their own coin, obviously the coin would be utilized under china government's rules and legalization.
Users will definitely be interested with that coin because it might have low volatility and more stable than bitcoin.
However, bitcoin is having qualities of being much profitable, so bitvoin would have also its followers.

[Eraldo Coil]

I think 1.3 billion people is enough to support their coin. And if 1.3 Billion people will support their coin, there is a high probability that, that coin will have a  huge value in the future. Meaning, that coin China made will be profitable. But China is going to have a big problem in implementing this kind of coins because their government already put different regulations regarding the use of cryptocurrencies.

[trucdev88]

China’s central bank is going digital.

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.

For users transacting over their smartphones or laptops, a PBOC-backed cryptocurrency probably wouldn’t seem much different to existing payment methods such as Alipay or WeChat. But for sellers, they would get digital payments directly from the buyer, lowering transaction costs as the middleman is cut out of the process.

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.
Chinese people have embraced online payments for just about everything. To buy a can of Coke, thirsty commuters scan QR codes on their smartphones rather than feed coins into a vending machine. At Lunar New Year gatherings, money is exchanged via a few presses on a smartphone instead of crisp notes handed over in red envelopes.

All of that poses a challenge to the PBOC’s status as the central bank of both the digital and physical realms. So if you can’t beat them, join them.
"Getting to know more precisely how much banks lend, where the money goes and the pace of credit creation is key to curbing money laundering and making monetary policy more effective," said Duan Xinxing, vice president of Beijing-based OKCoin Co., one of the country’s biggest bitcoin exchanges. Issuing digital currency will make it easier for the PBOC to monitor risk in the financial system and track transactions economy-wide, he said.

OKCoin is among cryptocurrency exchanges that has recently taken steps to halt bitcoin withdrawals amid efforts to clamp down on capital outflows.

In January 2016, the PBOC said it will have its own cryptocurrency "soon," but there has still been no formal start date announced. In the meantime, there’s been strong advocacy from senior officials, including Fan Yifei, one of the PBOC’s deputy governors.

PBOC makes the case for taking the lead on digital currencies

It’s not just China that’s heading away from cash. Late last year, India’s Prime Minister Narendra Modi scrapped 86 percent of notes in tender in a bid to target corruption and push the use of digital payments. Bank of Canada, Deutsche Bundesbank and the Monetary Authority of Singapore are examining digital currencies.

Printing money and combating counterfeiters is expensive for a country of 1.4 billion people, especially the costs of managing circulation and transactions. Adding digital currency to cash in circulation can improve the speed, convenience and transparency of transactions.

"Cutting costs is an obvious benefit, but the impact of shifting to blockchain-based digital money from the current payment structure goes beyond that," said Larry Cao, director of content at the CFA Institute in Hong Kong. "There’s a potential you can pay anybody in the system, any bank, and any merchant directly. Blockchain will change the whole infrastructure. This is revolutionary."

Blockchain is basically a digital ledger that contains the payment history of each circulation of the unit. If the PBOC’s version is widely adopted, that would challenge existing intermediaries such as banks and payment services like Alibaba affiliate Alipay and Tencent’s WeChat -- two leading online payment networks.

"I won’t say banks and payment companies will disappear, but their role would definitely change," said William Gee, a risk assurance practice partner at PwC China in Beijing. "They need to find their new role in the new payment ecosystem, and we will probably see some innovative business model in this sector."

Real-time data

For the PBOC, using blockchain, the technology that underpins the digital currency bitcoin, will allow it to trace transactions and collect "real-time, complete and authentic" data to compile precise monetary indicators such as money supply growth, OKCoin’s Duan said.

"The transparency of economic activities in every corner in the country will significantly improve," Duan said. "The central bank will have unprecedented knowledge of how the economy runs."

So instead of relying on monthly surveys of businesses, or collations of spending from the statistics authority, the PBOC and therefore the government would have real-time readings on the pulse of consumers. Policies could then be fine tuned on a day-to-day, even hour-to-hour basis, giving an unprecedented level of precision to monetary management.

A PBOC research paper last year outlined how digital money could work:

The PBOC creates cryptocurrency and transfers it to commercial banks when more liquidity is needed
Consumers would top up digital currency from modified automated teller machines or from bank tellers and store it in a crypto wallet on their mobile phone or other device
For purchases, consumers wire from their person wallet to the merchant’s account
The merchant deposits the cryptocurrency into their commercial bank account
The cryptocurrency would be part of the overall money supply, replacing part of the outstanding paper tender, a separate paper published in the central bank’s magazine said in September.

"Talking about the impact of digital money now is like trying to predict how the Internet would transform lives in the 1980s," OKCoin’s Duan said. "We know it’s going to be huge. It has the potential to change the entire economic infrastructure. We’re just not sure about when and how."

— With assistance by Yinan Zhao, and Lulu Yilun Chen

[pearlsome]

Do you think that NEO will become the national crypto currency of China? Or will the Chinese government create some kind of new crypto currency?

[sunno330]

Do you think that NEO will become the national crypto currency of China? Or will the Chinese government create some kind of new crypto currency?

I am not sure about this news and Don't sure to NEO national crypto of china. But where from you get the news? any primary link or source name? I think It will be published if the news was real.  So we need to see the next.

[coinlawyer]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

There is vast difference between coin created by government and bitcoin, all government issued coin (if they will issue one in future) will be centralized and will be in full control of the government which is just like virtual bank balance we have right now so pretty much useless.

Bitcoin is decentralized, anonymous, limited and self sustaining that's why it is most valuable coin out there.

Yes, decentralization is the key feature af almost all cryptocurrencies from the fiat! But could we tell nowadays that Bitcoin is so decentralized and is not under control of some groups of people, which
unires in mining pools?
Also I coud not imagine that bitcoin will be the widespread payment currency in the furture, because of all issues with its low speed transactions and high rate fees!
But it iss still very valuable in our minds because this is the coin than creates blockchain!

[Ayush rana]

If China made their own coins then China has a potential to circulate his coin all over the country very easily and for that they can go by book or off book. If China decides to circulate its own coins then may be they will ban all other crypto currencies and so i think they don't require BTC there

[Haslett5236]

Do you think that NEO will become the national crypto currency of China? Or will the Chinese government create some kind of new crypto currency?

clam down guy , i am from china and i never hear about that neo will become the nationaly crypto currency .and the government also still not

have a plan to creat an new coin .Just rumors.

[ractex11]

oh no..................

[MJunioR]

It would be big but at the same time it would be a mess since they would control it and they would be probably against converting it in another coins for global trading. But also, is totally possible, some countries are studying seriously the possibility to adopt BTC as their secondary coin or even to make their own coin over the actual paper that they're using now.

[efeaydin]

If China got their own coin, it won't be fully decentralized so some -maybe lots of- people will continue using Bitcoin.

Also it won't be universal, why would someone from USA would want to buy China coin?

[pearlsome]

Do you think that NEO will become the national crypto currency of China? Or will the Chinese government create some kind of new crypto currency?

I am not sure about this news and Don't sure to NEO national crypto of china. But where from you get the news? any primary link or source name? I think It will be published if the news was real.  So we need to see the next.

It's just the only stable currency in China that I know. I read a couple of months ago about the talks between the developers of NEO and the government. Sensational news I have not seen lately. And if the news comes out, the price will soar into the sky. I just want to invest in NEO. Therefore I asked experienced residents of the forum about this currency.

[gentlemand]

There is vast difference between coin created by government and bitcoin, all government issued coin (if they will issue one in future) will be centralized and will be in full control of the government which is just like virtual bank balance we have right now so pretty much useless.

Bitcoin is decentralized, anonymous, limited and self sustaining that's why it is most valuable coin out there.

No matter how many times you ram these points home, very few people here seem able to understand it.

A countrycoin would make the case for Bitcoin 10x more compelling than the current banking situation. They could reverse, freeze, delete, inflate, debase, all from the comfort of their own offices. Their control over everything would massively increase with a countrycoin.

[pootutus]

China can make its own coins right away. But only in china. Without the ability to circulate around the world, such coins would not be appreciated. The number of people is only a base, and the number of people in India is quite large, and it is going to overtake china. But the population quantity is not equal to the population quality.