China to have their own digital currency based on blockchain technology

[cryptohunter]

china news = boring now.

they are no longer in the crypto party. Somebody keep them from interrupting from now on.

[nakamote]

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'

Shouldnt be called as  cryptocurrency because cryptos should always be decentalized,what a communist government dictatorship of this country is making my ass twist,greedy government will always find their ways to control the whole country and all the people,if i were living in that horible country i will surely migrate with my family atleast from the countries with less cryptocurrency regulations.

[cryptotitan]

Not going to happen,cryptocurrencies should always be decentralized,making centralized cryptocurrencies like XRP and USDT are insane and it shouldnt be supported by the people because cryptocurrencies are created to eliminate centralization of the currencies,clealy these people are making us fools because we are here because of the freedom of trasacting with anonymity not for another centralization.

[sserge009]

I think that you can not trust the news from China. until they became a fact of course. there is information that the Chinese government often invent news that would manipulate certain circles within the country.

[skip60]

since banking system and goverments understood that they can not ban crypto

they accepted that crypto blockchain is the future, and they re trying to be active player in the cryptomarket

ripple is one the examples

but china goverment trying to have a centralized system, which is against the nature of crypto

i dont think, many people will accept this, can be a dead project

[cryptodrei]

Not going to be eay, because people in our community doesnt want to have another centralized coin,XRP and USDT is enough garbage to our decentralized community,these projects shouldnt be supported because cryptocurrencies are created for a total decentralization not to create another centralized system like what these banks has.

[bratbu]

Its not a good thing to have another centralized coin in the market,XRP is enough blacksheep in our community,government centralization is the one of the reason why satoshi created bitcoin,are we going to oppose his work? cryptocurrencies should always be decentralized this would be another centralized coin that we shouldnt be supporting.

[jhean_arcane]

I don't know how they are going to do that when China is banning cryptocurrency.

[habaratbu]

Not going to be effective becaus cryptocurrencies should always be decentralized china will make another shitcoin like XRP,so i dont think people will bite the bait,people are here for the decentralization not for another centralized digital system,china wont create a cryptocurrency they will make another digital fiat like what we are using in visa and mastercard.

[tanxingwo1215]

I don't think it's a good thing!

China's central bank is studying what it calls its "digital cryptocurrency" to allow Chinese investment to buy its own digital currency. This is an act to prevent the Chinese from buying other digital encryption money!

[cryptopusa]

Nothing new,china is a communist country and communist country will find its way to control the citizens,for me this project should be allowed to be accepted in our community because it will just another XRP and USDT which are very centralized coin and only those few people who created these coins are going to win,china wont create a cryptocurrency because it will be the same sa the ones we are using in visa and mastercard digital fiat currency.

[Yuuto]

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.

It's could translate to something real world.

But I see it more as just another reincarnation of their fiat currency. Pretty much no value whatsoever because it's not really decentralized by any means. By the looks of it they'll retain the control of the issuance of this crypto.

Is this a good thing for them? Absolutely. And they get to use superior technology that is irreversible. But it doesn't really make sense to invest in a centralized crypto project, unless you are looking to invest in the Chinese economy.

[kuratong]

The thing is china wont make any difference to creditcard and debitcard digital fiats,because if china will control it it wont be categorized as a cryptocurrency because as far as i know cryptocurrencies are meant to be decentralized,involvement of any government  would clearly say it is centralized coin which is like XRP and USDT that shouldnt be called as cryptocurrency.

[Achargeturry78]

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.

not really a good news for cryptocurrency. Cryptos was made for decentralizing technology its not about government controlling a certain crypto. It's a fiat that is covered by the name cryptocurrency. whats news to that?

[balisong]

Its not a good a idea to have another centralize coin,China was well known in copying everything in this world,might be the reason why cryptocurrencies would look like a joke in the world,decentralized communinty which has centralized currency ?? are you kidding me ? it shouldnt be considered as a cryptocurrency just like XRP and USDT or Tether which are being backuped by the central banks.

[nc50lc]

With all the replies regarding being centralized, what are the options for a Country to have its own blockchain-based digital currency?
I have mentioned this before: Create their own cryptocurrency or make use of the existing Digital Currencies.

A potential national currency needs to ne Centralized governed by them, whether you like it or not it will be centralized.
Why do people complain, will they use it? If they came from China, it may just replace Yuan not the digital currencies that they are hodling.

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

Yes it is, I don't know why most of the replies are negatives.
No cryptocurrencies were harmed or altered, a new unique one just added.

[Duzenn]

I think China intends to study a centralized block chain token, but this is no different from XRP, so I am not very optimistic about China's digital currency.
Because the most important thing about the blockchain is fragmentation.

[vdhsas]

China has always wanted to control the cryptocurrency itself, but it has been tried and failed, but we can know that China supports the blockchain.

[Crypdon]

I think eventually other countries will follow. Venezuela has their own currency and if it is successful then other countries will follow. This is why regulation is needed so mainstream adoption can follow. People shouldn't fear laws and regulations as it could be a game changer, only scammers should be worried

[dwiady]

Centralized System to be implemented in cryptocurrency I think it is possible and it already exists altcoin for example ripple coin, if in clay is definitely safer because it is protected by government and more controlled. but such a ripple increase is also not too volatile and tend to be more stable. if it is made in trading I think that is not the right choice.