China to have their own digital currency based on blockchain technology

[Xioma]

Source: chinese text https://www.reddit.com/r/CryptoCurrency/comments/835vc2/china_will_have_its_own_digital_currency_based_on/

What do you think? I think more real world block chain application is always a good thing, we'll see how the currency turns out though.

[Vit83]

Something centralized, that is useless for crypto world. All be in one base and can be changed/baned with the government.

[xiaohang07]

Source: chinese text https://www.reddit.com/r/CryptoCurrency/comments/835vc2/china_will_have_its_own_digital_currency_based_on/

What do you think? I think more real world block chain application is always a good thing, we'll see how the currency turns out though.

I don't think centralized cryptocurrency can make much of a difference for China. Cryptocurrency should be decentralized by itself, rather than controlled by a government.

[13abyknight]

These Chinese people making the calls regarding cryptocurrencies are pretty much messed up in the head. First, they ban all Bitcoin and altcoin exchanges in an attempt to become some sort of regulating entity and now they are making their own blockchain backed altcoin. Expecting this to be a big failure as the communist government will be in firm control of this currency, making it highly centralised.

[cryptomarijuana]

Who cares about their coin? they have slowed down our market a year ago because of their total ban! people doesnt care about this crap they are too centralized ,being a communist country makes that project worthless because im sure the government of china will try to manipulate it ,so i dont really care about their business.

[JuniAiko]

Source: chinese text https://www.reddit.com/r/CryptoCurrency/comments/835vc2/china_will_have_its_own_digital_currency_based_on/

What do you think? I think more real world block chain application is always a good thing, we'll see how the currency turns out though.

Country issued crypto are nothing more than digital version of hyper centralized Fiat that can be manipulated by the government.
Not something for people to invest in; just like Tether.

[kreja]

We already know the Chinese bank is developing its own digital currency. And we all know it should be quite different from cryptocurrency which we like, they're just replacing paper money with digital currency, which is still centralized.

[Drunkenhorse]

As far as I understand any government would have an interest in blockchain technology, but you have to take into account that it should be centralized, because government likes to control.

[sourish]

This was totally expected and being centralized, under total control of the government. The Chinese really know how to make a statement after putting the world in flux.

[sycaburatan]

No way people would bite the bait,anything from the government would be centralized especially from china? a communist government? that is pure dictatorship if you know china really is they like to be in charge most of the time   so im sure people would know that this is something that we shouldnt be supporting to.

[maurobiasolo]

I really wonder the use case of all this... for sure they will raise some money since they will find the chickens thinking to profit from a solid country but, at the end of the day, you are sending money to politicians

[raymondsamillano]

It is obviously showed  that the Chinese government's approach to manipulating the fiat and controlling the trend of crypto. We know people are aware of this Chinese system but how can other Chinese people who are interested in investing not be so familiar or deep in the crypto world

[hodlftw]

Mainstream adoption is great for blockchain, but coming at the expense of having that blockchain being centralized? That is not a price that is worth it, and this may not fail per se but it isn't in the spirit of crypto. My last concern remains with the Chinese people, please don't adopt this bullplop!

[thepo1m]

You don't need blockchain technologyy to have a digital currency, I think most of these Central governments are playig with the idea of digital currencies but not just know how this will pans out, because they have printed alot of currency out of thin air it will be a very serious issue on open blochain tech

[TheAlchemist]

Well, maybe we will see a new Ripple. China is a very big player on the market. If the government stops permanently banning everything and will provide some rules, and not just a ban, then this will be a positive trend in the market. The development of the economy (don't talk about cryptocurrency) in China is an example of imitation.

[totnaksquad]

You don't need blockchain technologyy to have a digital currency, I think most of these Central governments are playig with the idea of digital currencies but not just know how this will pans out, because they have printed alot of currency out of thin air it will be a very serious issue on open blochain tech

This project surely going to be centralized like XRP and USDT that is why people wont invest to this coin if ever it will be released,government backuped cryptocurrencies will always be regulated because that is how the government works,i dont really think this will make much difference from the existing centralized coin like XRP.

[wills1717]

You guys are living in a fantasy.  Most of these guys fumble over themselves to send in passports (KYC) to strangers to make a quick buck and cry for the government to protect them from scammers.  99% of the up and coming snowflakes want daddy to protect them.  Just read these boards for a while.  The original movement for a secure and private non banking world is over not because of powerful governments or bankers but because of our own weak sheep needing protection.  The people in charge figured this out a long time ago and hold most of us hostage with the neutered populace.  The blockchain will be used to control you and your funds and to make sure you pay your taxes.  You can't hide from the blockchain.  It retains everything.  Snowflakes will cry about scammers till the govt comes in and saves (enslaves) us.

[cryptomema]

Wont be a good thing because if they have created a cryptocurrency for their country surely it will be 100% centralized they shouldnt be doing that in our community XRP and USDT is enough blacksheeps from our community these centralized coins shouldnt be supported by our community because we are here for the freedom of transacting anonymously,not a good thing to have.

[khendjer]

Source: chinese text https://www.reddit.com/r/CryptoCurrency/comments/835vc2/china_will_have_its_own_digital_currency_based_on/

What do you think? I think more real world block chain application is always a good thing, we'll see how the currency turns out though.

Logical move from their side. They don't want to lose control over money circulation inside and out of the country. The more Bitcoin and altcoins being used by the citizens the higher the chances of loosing that control. That's the reason they're trying to totally ban crypto or at least regulate it somehow. Once they make their own national, controlled by the government, crytpocurrency, they'll ban all the other crypots and say something like 'If you want to use cryptocurrency in everyday life - no problem. The only thing - you have to use our national one. The others are illegal'

[Kemileye]

Centralization of cryptocurrency defeat the purpose in all ways, an idea crypto should be decentralized I.e no control whatsoever from the government.