China is going cashless with more centralization

[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.

[ganlianshifu1]

Mobile payments in the cause of China's thriving thanks to the development of e-commerce, the use of mobile payment and offline local residents consumption habits have relations, the outbreak of the China mobile payment, also "played" policy support, the mobile payment industry is in rapid development!

[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?

[DIAH PERMATASARI]

it is worth the development of the world of crypto in china very rapidly once, as evidenced by the largest bitcoin mining in existence in china, trade sites also from there wow very amazing

[stompix]

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.

Replace China with Sweden:
http://www.bbc.com/news/business-41095004

Now, that isn't looking as bad as the previous, right?
Probably is because of the government in charge right? swedish vs chinese
So, each gets what he deserves for having stupid leaders in place.

it is worth the development of the world of crypto in china very rapidly once, as evidenced by the largest bitcoin mining in existence in china, trade sites also from there wow very amazing

There is no development in crypto in china. None.
All they have is cheap energy for mining and fake numbers on exchanges.

[splat44]

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.

There Communist government is controlling them because majority of people in China are new to this technology that's why governments will help their citizen to make a trasanction online and they control the circulation of money.

[phreakk]

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.

Replace China with Sweden:
http://www.bbc.com/news/business-41095004

Now, that isn't looking as bad as the previous, right?
Probably is because of the government in charge right? swedish vs chinese
So, each gets what he deserves for having stupid leaders in place.

it is worth the development of the world of crypto in china very rapidly once, as evidenced by the largest bitcoin mining in existence in china, trade sites also from there wow very amazing

There is no development in crypto in china. None.
All they have is cheap energy for mining and fake numbers on exchanges.

Gotta agree on that. China's government is very incapable and I definitely wouldn't want them to be able to access my funds if I were a wealthy person.
They know that and feel like they should keep control to avoid people going out into cryptos. A truly sad world it is.

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.

There Communist government is controlling them because majority of people in China are new to this technology that's why governments will help their citizen to make a trasanction online and they control the circulation of money.

Lmao... You really think the government of China is blocking cryptocurrencies just to help newbies? Nice idea, but that's definitely not even close to the real reason... Power is what makes them do it. Not the health & wealth of the population.

[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.

[szpalata]

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.

[SiberianWanderer]

Chinese communist government has total oversight of its citizens' every move with centralized cashless payments, monitoring of instant messaging and social media, censorship of internet, and requirement to input identity number in pretty much everything.
George Orwell's 1984 is a already a reality in China and that's why the government feels so threatened by decentralized crypto.

[Bobby park]

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.

There Communist government is controlling them because majority of people in China are new to this technology that's why governments will help their citizen to make a trasanction online and they control the circulation of money.

Later on, Chinese citizen will dominate cryptocurrency and build up different projects with innovations of blockchain technology. Somehow it seems like cryptocurrency is adapting in every corners of the world. A good news for crypto enthusiast because we will have more numbers of project to join specially China joined already the trends.

[player514]

Mobile payments in the cause of China's thriving thanks to the development of e-commerce, the use of mobile payment and offline local residents consumption habits have relations, the outbreak of the China mobile payment, also "played" policy support, the mobile payment industry is in rapid development!

What I find even more important is the availability of technology to the Chinese public. If you've ever been to China, there are so many advertisements for mobile phones and almost everyone in major cities have phones. To have that large of a population and give everyone a type of technological device to communicate with others is huge. These phones don't even lack in specs; they're pretty good overall.

Having that linking part to the entirety of the population definitely helps out. China is able to take advantage of this and even though they're very centralized in terms of everything their government does, their technological prowess is very impressive.

[Hydrogen]

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.

....

One question with china's strategy is whether their communist government can develop and manage an electronic payment system better than the private sector. This question also applies to socialist venezuela and other historical instances where similar things have been attempted.

Part of the reason venezuela isn't in the best shape economically involves their socialist state waging a war against all forms of capitalism in the country. This war destroyed jobs and drove private enterprise out of the country. The socialist state was unable to create jobs, distribute resources and create economic opportunity better than the private sector, and so we see the shape venezuela is in now.

It is possible we will see china make many of the same mistakes venezuela made as they seek to bring things like electronic payment directly under the state's control.

It may be that heavily centralized political structures like a communist government lack the competition necessary to run programs which are efficient. In the business world, it is survival of the fittest to a degree. Centralized states have no competition which could contribute towards them becoming wasteful, inefficient and dysfunctional.

[faithupgrade]

They just want everything in balance.  They would not banned the crypto as many high profile Chinese people are heavily invested in crypto,  that includes Chinese people in their government.

[bribed]

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?

Thats also true for the chinese government. But OP is right, the majority of the chinese citizens seem to more or less not care about those issues concerning their financial privacy or their personal privacy in general. Its just to hope that the chinese start to care about this at some point.

[pinkflower]

They just want everything in balance.  They would not banned the crypto as many high profile Chinese people are heavily invested in crypto,  that includes Chinese people in their government.

That statement is false until you prove it. Please provide us with the proper documents showing that high profile Chinese people are heavily invested in cryptocurrencies. You also say there are Chinese people in the government who are holding, meaning the members of the Communist Party of China?

You would get in trouble saying that if you were in their country.

[whirlcoin]

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.

Cashless transactions using fiat money over internet is not safe.Thats why the bitcoin was created so they have to understand the importance of cryotocurrencies.But China government doesn't want to make room for cryotocurrencies I don't know what is the main reason for oppposing decentralized economy in their country.

[sofi@]

No wonder China will make such move after deciding to banned bitcoin exchange in their country I am also expecting they will introduce their own currency to divert bitcoin market so that they will have full control over their crypto currency. I think one reason why many countries do not want legalization of bitcoin is because it is decentralized and like China sooner they will start creating their own cryptos.

[burner2014]

No wonder China will make such move after deciding to banned bitcoin exchange in their country I am also expecting they will introduce their own currency to divert bitcoin market so that they will have full control over their crypto currency. I think one reason why many countries do not want legalization of bitcoin is because it is decentralized and like China sooner they will start creating their own cryptos.

Thanks to bitcoin, they have come up with a good idea that will make sure they will be the first to do it, doing a cashless society is a great and less hassle, so I would love to do it as well in our country but I know that it will take time and it cost a lot of studies before it will implemented but when China finally do it then other countries will be open for this kind too.

[audrey12]

China study bitcoin very well that they were able to adopt such currency in their economy and the best thing that I think this country would be very proud of is that this is centralized that any transactions can be monitored and traced by their governments. The only problem I see is that I think having an own crypto currency will not help the economy of a certain country to grow because restrictions will take place unlike in bitcoin that is decentralized and available worldwide.