China to have their own digital currency based on blockchain technology

[thewalkinggoat]

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[jan.nicolas]

I think that China will be the most advanced country in relation to crypto currency, because despite the fact that China is constantly threatened by the fact that it will soon block the crypto currency, but it still creates a lot of its projects, including NEO

[Rejinx]

We need to wait for the appearance of this crypto currency on the stock exchange and immediately buy. I'm sure it will grow in value. At least the first time

[Tony116]

I think that this is only a rumor. Ideas about the national crypto currency arose last year. But nobody realised this idea in reality. I think that this idea will not be succeed due to centralisation. I will not have confidence in such a currency.

[Crypdon]

Although it will be centralised which is not ideal, it is a huge step forward for the crypto industry. There was a big dump when China said they will ban crypto, but now if they embrace it the market should pump upwards. NEO will do well after this announcement as they always follow the rules and might even get state sponsorship.

[Spaffin]

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.

In any case, let China create such a national centralized crypto currency, and we'll see what will come of it and how it will benefit, especially outside of China. And it turns out that the Chinese government talks about it for too long, and such a centralized coin has not been issued for a long time. The best way to prove the uselessness of a centralized digital coin is to show its inconsistency.

[Johnnywelsh]

I think it's good for crypto, China do tend to take a western tech or product and put their own version of it out thats government managed. Look what they do to the Facebook and Google clones and they're doing well. It in no way impacts the original product but does promote it's adoption to Chinese users.

[Vinowe]

This is a logical step on the part of the Chinese authorities, they are trying to control the financial market of the country, this is their only opportunity.

[bitkanu]

This is a logical step on the part of the Chinese authorities, they are trying to control the financial market of the country, this is their only opportunity.

Agree with that basically china always trying to create their own things just like facebook replaced by Weibo and they making their own virtual currencies does make sense seeing that they always do this.
However, it will also bring positive side to the blockchain technology as it means that the technology recognised to be useful that government want to use it. but however, it's kinda complicated to things how china will centralize something that's decentralised like blockchain technology, time will tells.

[aces777]

I think it's good for crypto, China do tend to take a western tech or product and put their own version of it out thats government managed. Look what they do to the Facebook and Google clones and they're doing well. It in no way impacts the original product but does promote it's adoption to Chinese users.

For once there will be some originality from china, most of its techs are normally duplicate and second best to the western tech. Maybe thats the reason why China has been hostile to other cryptos,lets wait and see.

[Ricsung]

I think it's good for crypto, China do tend to take a western tech or product and put their own version of it out thats government managed. Look what they do to the Facebook and Google clones and they're doing well. It in no way impacts the original product but does promote it's adoption to Chinese users.

For once there will be some originality from china, most of its techs are normally duplicate and second best to the western tech. Maybe thats the reason why China has been hostile to other cryptos,lets wait and see.

In terms of technical communication, China has been in a relatively conservative stage, so it will cause some self-appointed things to come out.

[cryptohunter]

Just cutting themselves off from free trading with the rest of the globe.

China coin can only ever be china coin.
Bitcoin (real decentralised crypto) can be global coin (excluding china)

seems to me china is not doing the right thing here especially since they already had bags of decentralised crypto and infastructure there.

Seems self destructive.

I understand banning ico if they believe a lot of their citizens getting scammed and value extracted from them

But banning btc or ltc there seems strange.  Should have just put some reasonable tax on the profits made there.

[VSOP_VSOP]

I think that China keeps the most advanced technologies, it is a rapidly developing country. And this is not surprising after they made such a breakthrough in the economy.

[zerrtty]

In China, everything happens under government control. The centralized currency contradicts the concept of the crypto-currency, which consists in decentralization. I think such a project has the right to exist, but it is unlikely to be popular in the world of crypto-currency.

[tsmmyth]

With China involved, anything is possible, i no longer get surprised with the kind of things that happens down there, the country has a lot of potential  and innovative minds, there were suspicions that they banned BTC to pave way for a more local technology, this might just been the case

[iTradeChips]

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.

Right, based on many observations and my own observations also is that the actions of the Chinese government in the last few years when it comes to crypto is enormously antagonizing to the point one can feel that cryptos are not welcome in the Middle kingdom. Now that seems to change because of this and it needs to be seen where this will lead.

[kingsmanpower]

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 do not think it's good
E-money should not be set aside for development organizations and government to manage.

[ucsteddy]

China is a big market in the world, and China's interference in electronic money will contribute to future growth.

[taguig]

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.

If this the only thing that can make them embrace and become open in blockchain technology, then we must support this, China is a big country and one of the reason why Bitcoin is very popular, they have control on some mining company.

[Crown1]

I've always been curious about the centralization of token, so people with power can modify the data at will, so it's a terrible thing.
So this has nothing to do with blockchain and decentralization.