A central bank is running its own cryptocurrency

[finorthsss]

The bloomberg news confirmed that the central bank of China is running a trial of own prototype cryptocurrency , what is the purpose of such action? is this the first country who make such move? Is this a good news to the cryptocurrency market?

[wilhb81]

The bloomberg news confirmed that the central bank of China is running a trial of own prototype cryptocurrency , what is the purpose of such action? is this the first country who make such move? Is this a good news to the cryptocurrency market?

I saw the news in Bloomberg as well. Actually, I'm not surprising with the central bank of China action. The objective of doing this - the Chinese government can easily control the cryptocurrency market inside the region. It's best for their own country monetary policy (at least for the government, not sure about the citizens)

[Flor1982]

The bloomberg news confirmed that the central bank of China is running a trial of own prototype cryptocurrency , what is the purpose of such action? is this the first country who make such move? Is this a good news to the cryptocurrency market?

I saw the news in Bloomberg as well. Actually, I'm not surprising with the central bank of China action. The objective of doing this - the Chinese government can easily control the cryptocurrency market inside the region. It's best for their own country monetary policy (at least for the government, not sure about the citizens)

We really don't know what behind of this creating of their own currency but i believed that they will try to take over the digital currencies not only in their region but in the whole world in which they have already a huge percentage of the world economy. Remember that they have tried to manipulate bitcoin before but they failed and now they will just create a new coin using their advantage of worlds economy to create name in the market with the possibility of surpassing bitcoin in the future.

[tomahawk9]

The bloomberg news confirmed that the central bank of China is running a trial of own prototype cryptocurrency , what is the purpose of such action? is this the first country who make such move? Is this a good news to the cryptocurrency market?

They're not the first country to do so. If I remember correctly, the central bank of uruguay launched a pilot program of their own digital cryptocurrency where 10k mobile phone users will be able to test this digital currency for 6 months. Also, Russia has been on the talks about creating their own cryptocurrency though I don't know if they actually released some sort of prototype.

is it good to the crypto market? it's hard to say, i mean, why should the crypto market care about having yet another cryptocurrency? (especially one controlled 100% by a central bank) the only people who could benefit from this cryptocurrency are the people in china, so I fail to see how it could have an impact in the global crypto market.

[Empiretoken]

  Some central banks have already started researching their own digital coins. last week, those in the United Arab Emirates and Saudi Arabia announced a partnership to issue a cryptocurrency for cross-border trade.

[SparkSun]

Not only Chaina but also many other banks has already started this kind of pilot projects. This is just beginning!!!!)
One day without bitcoin we can't think about world economy.  So its a positive signal for bitcoin