China's plan to sideline bitcoin

[bbc.reporter]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.



The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.

The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.

Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin

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[davis196]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

[squatter]

The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

I've been hearing rumors about the PBOC's planned digital currency since 2016, if not earlier. If they really believe they can "sideline" Bitcoin this way, they're sadly mistaken. They seem to think the draw of cryptocurrencies is merely about digital payment systems, but it's about much more than that -- financial sovereignty and censorship resistance, to name a couple things.

[Herbert2020]

i don't get how this is related to bitcoin! centralized currency (including fiat) is never going to have any effects on a decentralized currency such as bitcoin. in fact the design of bitcoin is in a way that it is not affected by them.
so the Chinese bank/government creating a centralized token is like them printing more fiat and will not change how people treat bitcoin. and unless they go at it with a full on ban of bitcoin nothing will change.

[Kakmakr]

GovCoins are very different to coins like Bitcoin and these coins are doomed to failure by design. You cannot expect people to trust a currency, where every single transaction they make, can be traced. <Even cash gives more financial privacy than that.>

These governments can even "block" individual transactions or reverse transactions from specific addresses, which is not possible with cash transactions. Why would people willingly give up their financial freedom to support these types of coins?

[Pursuer]

China or better said news from China has always been weird towards bitcoin so this doesn't seem to be a new thing either. not to mention that plans for creating a government coin is nothing new either and China is not the only neither the first country to do this!
considering Chinese banks have been banned from using bitcoin ever since 2012-2013 it is time for them to start doing something. and that thing seems to be them creating their own centralized token.
it won't change anything with bitcoin's adoption in China though

[apilpirman.bisnis]

Last month I got news about China want to allowing back bitcoin as transaction payment, I don't know is true or not because China have banned bitcoin first last one years, will be got positive news for China want to legal bitcoin again?

[BuyBuyBitcoin]

Nobody is stupid enough to trust a government released crypto.

If anything they all add value to bitcoin as a decentralized store of wealth.

Check the Petro and see how many people in Venezuela still buy bitcoin... there is a reason....

[bbc.reporter]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

Agreed. The Chinese government, never. However, the Chinese people, yes. I reckon that they have the most reasons to use bitcoin because of their restrictive government.

[KingScorpio]

bitcoin isnt great for china either, urban chinese will see their ressources wasted, for the miner aristocacy.

[gentlemand]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.

And every other dunderhead poster here thinks the same thing. The number of threads that mention 'bankcoin will KILL Bitcoin' when all it will be is an infintely more toxic version of what there is already.

Combine China's social credit with this and they will have an absolute stranglehold over every conceivable aspect of everyone's lives. The 'enemies of the state' will find life totally unliveable.

In this scenario BTC would be a potential out, but even then if all the economy is Chinacoin and any traceable interaction between that and BTC happens then there goes the social rating of anyone who touches that too. It's going to be nightmarish and it's only just warming up.

[0t3p0t]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

I agree with you mate. China wants to control everything their people, they even trying to control neighboring countries and the world militarily and economically. The downside of it's own creation of this "ChinaCoin" might not becoming a trend even on their own country because enthusiasts, the people, investors and the cryptocurrency community  won't be hoarding that coin due to it's centralized features. We are here living in this decentralized industry where have the full control of our own assets not to be fooled what China is now trying to do. We started with Bitcoin so I think our future relies on it and no centralized digital money could give us financial freedom.

[bbc.reporter]

@gentlemand. However, I reckon the existence of restrictive bankcoins will also give more reasons for bitcoin and other open cryptocoins to exist. We should support chinacoin's development hehehe!

[gentlemand]

@gentlemand. However, I reckon the existence of restrictive bankcoins will also give more reasons for bitcoin and other open cryptocoins to exist. We should support chinacoin's development hehehe!

That's a bit selfish of us. Everything possible should be done to resist them. I don't think enough people can be bothered to think through the implications. Even in 'free' countries people are fucked by their credit scores. When someone can trace every penny of your expenditure things will get a whole lot more alarming.

[btc-room101]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.



The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.

The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.


Jack Ma is now high-tech admin of china communist party, jack ma owns +90% of all crypto mining, & pools on earth, richest man in China, and now head of tech for CCP.

So what's the point of this OP? To distract? To suggest that they don't already own 100% of the crypto-universe?

The CCP already owns BTC, and has owned it 5+ years past. The CCP owns all alt-crypto mining hw & pools as well, the chinese cannot lose this game.

It's clear that BIS has designated China as NWO post USD collapse.


Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin

[btc-room101]

China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.

bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning

[Hunnykaushal31]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.



The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.

The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.

Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin

If they want to run it as per their standards then what is purpose of Decentralize 

[sehoon]

Wait, a digital currency for China? And the purpose of this is to protect China from foreign technologies? If I were a Chinese citizen why would I even bother using this digital currency? Of course I'll just do usual things when I do shopping because it does not make any difference because the government is still in control of it.

[Dana-pasar]

bitcoin will not be stopped, although China rejects the existence of bitcoin because it can destroy their business between countries, but China will never be able to stop it

[darklus123]

I've already expected this kind of act from the chinese government. We know how they act in terms of controlling power.

 
That's abit selfish of us. Everything possible should be done to resist them. I don't think enough people can be bothered to think through the implications. Even in 'free' countries people are fucked by their credit scores. When someone can trace every penny of your expenditure things will get a whole lot more alarming.

Exactly but since i don't want how the chinese control there people it is still better to never be involved with that digital currency when they will launch that one

[betty11]

The Chinese Central bank body is very funny, but their people own a lot of bitcoin and use them too. Why do they feel is owned by others and controlled by a foreign country? I know they understand the bitcoin has no central issuing and controlling authority. At the end, they will still return to the bitcoin when all has been said and done. China government need to stop the real enemy of the people and not bitcoin,

[suzanne5223]

bitcoin isnt great for china either, urban chinese will see their ressources wasted, for the miner aristocacy.

I see no reason why bitcoin is not great for the Chinese because the national crypto currency which their government is planning to create will surely be centralized and bitcoin was the true decentralized coin. However, the last time I checked this forum member who reside in China are in charge in exchange crypto to fiat before their place ban of bitcoin.

[dothebeats]

If they have the great firewall implemented when the internet was booming, they can also have their own coin to control and monitor people's spending! Strict domestic policies on China have helped the nation progress to where it is right now. Not that I'm a supporter of such but whatever works for them is good, albeit somewhat disregarding their own citizen's opinion regarding the matter. This, I think, would just be another version of a stablecoin but backed by the government's own fiat. A centralized coin is a no-no for me, but if it works for China, then good for them.

[musharaf]

this will be a breaking news for some time but with time things will become normal and banks of the world will be ready to accept decentralized currency but i think then it will be centralized because they will hold a good reserve so they can also affect the demand and supply of it, China can now not ready to accept it but later they may be the first one to launch it in banks.

[cry023]

According to bloomberg news they have said When Satoshi Nakamoto introduced Bitcoin to the world in 2008, . Ten years on, the Chinese government is adapting the ideas behind Bitcoin to do the exact opposite.The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others. China banned cryptocurrency exchanges and initial coin offerings last year.

[timerland]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.



The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.

The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.

Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin

Interesting read. I think that it is only a matter of time before all countries go cashless, and replace bills and coins.

However, it is also a reason why cashlessness isn't necessarily always going to be a good thing. Even though blockchain technology could be utilized to create this currency ledger which will replace paper based currency, it doesn't mean that it is decentralized at all.

Quite the opposite, it allows further direct control of the economy by the central bank, and a track record of every single transaction that is ever made. Even though this kind of electronic currency would most likely be competition with the third party online payment processors within the country right now, I don't think that it would pose any direct competition with bitcoin. Bitcoin is decentralized, while this is still fiat, just in a different form. And long term investors who need a safe haven will understand that just because something is electronic, doesn't mean that it is a good long term store of value in bitcoin.

[KingScorpio]

I've already expected this kind of act from the chinese government. We know how they act in terms of controlling power.

 
That's abit selfish of us. Everything possible should be done to resist them. I don't think enough people can be bothered to think through the implications. Even in 'free' countries people are fucked by their credit scores. When someone can trace every penny of your expenditure things will get a whole lot more alarming.

Exactly but since i don't want how the chinese control there people it is still better to never be involved with that digital currency when they will launch that one

the banks have, to a huge extent, also in china, centred the entire economy on themselver, causing insecurity for the others, it will be a miracle if they can get away with that, by simply creating cryptos on themselves.

[darklus123]

the banks have, to a huge extent, also in china, centred the entire economy on themselver, causing insecurity for the others, it will be a miracle if they can get away with that, by simply creating cryptos on themselves.

I don't think so, if I am not mistaken from what the article says. It was the government or might be a company that is highly governed by the chinese authority who is responsible for the said act.

Upon Looking this picture it is a clear and obvious message that this kids wanted to feed up to those who were in power. That everyone has the right to do what they want as long as it abides the laws that can't harm humanities.

[TBboys]

It’s very hard for ordinary people to understand China, it’s like a completely different planet and way of thinking.

To be exact, it should be hard for ordinary people to understand Chinese government. Many decisions made by the Chinese government are puzzling. They always like to solve problems in a closed space, lack communication with the world, and always try to put their willingness to impose on other countries.

[bbc.reporter]

@TBboys. However, China has become the most promising country that will takeover America as the greatest super power nation of the world. Their middle class is growing while America's middle class is shrinking.

I reckon China will be the no.1 in economy, technology and in military by 2050.

[r32godzilla]

That would bring no difference to the present situation.Such a digital coin issued by the chinese government would be definitely decentralised and so no crypto investors would show interests in buying such coin.

Rather it could be used for inter banking transactions and it does not make any sense for china to issue such a digital coin.Instead it could regulate and allow the crypto environment to exist.

[sinkfish]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.



The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.

The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.

Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin

lets just say RMB goes digital in short.

[ShadowBits]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.



The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.

The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.

Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin

What ever would they plan to do and if they try to get rid of crypto in their society, there would always be something that would happen and crypto will still be used all over the world and no one can stop it.

[Slow death]

the People's Bank of China's does not appear to understand what the cryptospace is

Oh they understand very well, that's why they are implementing these measures. Dude this is not about economics or about protecting your citizens or about money laundering or about terrorist financing ... The Chinese government is headed by a group of people who want to keep in control of the entire population, bitcoin has a very ideology different from the ideology of the Chinese government.

I reckon China will be the no.1 in economy, technology and in military by 2050.

And on that day the forest of Africa will not exist, the sky will be black and without some bird because all birds will be dead, the oceans will be without octopus, squid, fish, seafood, scorpions and snakes will be in the extinction because of these Chinese and many Asians that fish and destroy nature aggressively. china is colonizing Africa indirectly, and this is because many African governments are run by  shit people and corrupt people

[Biet12]

Bitcoin is not suitable for China, because China does not like to join a system that is regulated by other parties, while what he always hopes for is having a system that can be controlled by their own country

[Stac]

Since the year 2009 Bitcoin was introduced by  Sathosi Nakamoto  the intention was  a digital decentralized currency that has to be operated without a third party interference . For the last  ten years China was trying to adapt these ideas behind Bitcoin, and the block chain technology, and also China planned to introduce their own digital  centralized currency. No one understand why the Chinese Government has stopped the use of Bitcoin .Most of the Bitcoin can be found in the hands of  the Chinese government. The Chinese government  may be trying to have a supremacy towards all digital currencies and make them centralized even though it is a difficult task for a decentralized currency like Bitcoin .The Chinese government wants to have control over the whole population but the ideology of Bitcoin is entirely different from the ideologies of Chinese government China doesn't like to be ruled or regulated by others decision they have their own decision so that is the reason for their plan to sideline Bitcoin.

[bbc.reporter]

the People's Bank of China's does not appear to understand what the cryptospace is

Oh they understand very well, that's why they are implementing these measures. Dude this is not about economics or about protecting your citizens or about money laundering or about terrorist financing ... The Chinese government is headed by a group of people who want to keep in control of the entire population, bitcoin has a very ideology different from the ideology of the Chinese government.

I reckon China will be the no.1 in economy, technology and in military by 2050.

And on that day the forest of Africa will not exist, the sky will be black and without some bird because all birds will be dead, the oceans will be without octopus, squid, fish, seafood, scorpions and snakes will be in the extinction because of these Chinese and many Asians that fish and destroy nature aggressively. china is colonizing Africa indirectly, and this is because many African governments are run by  shit people and corrupt people

Yes they might understand, but it appears that they have underestimated it extensively, that is why I reckon that they might not have fully understood it yet hehehe.

In any case, read their plan to sideline bitcoin. Whoever proposed it does not understand bitcoin.

[BrewMaster]

it is starting to turn into a trend where every country starts creating their own coin. it is just so simple to do so that they all want in because there is a lot of money in doing something like that and not even the government is going to overlook such large amounts of money.
but i don't think it has anything to do with "sidelining bitcoin" though. they want the control over a cryptocurrency which is the hype of our age and as i mentioned there is a lot of profit.

[Ziskinberg]

That's not new, China is banning crypto because they want to create their own.
But we have the freedom, we can choose anything we want and I believe crypto is more beneficial to the people as it's more transparent and decentralized.
If we let the government again to manage us, it's like we letting ourselves to be controlled by them again, let's fight for freedom by protecting our interest.
I'm glad I'm not in China but I'm afraid our government might take this kind of harsh action.

[bbc.reporter]

it is starting to turn into a trend where every country starts creating their own coin. it is just so simple to do so that they all want in because there is a lot of money in doing something like that and not even the government is going to overlook such large amounts of money.
but i don't think it has anything to do with "sidelining bitcoin" though. they want the control over a cryptocurrency which is the hype of our age and as i mentioned there is a lot of profit.

However, it is their idea to sideline bitcoin, because why don't they support the use of bitcoin?

It goes back to the question, does China understand what bitcoin is, if their idea of a coin is to be centralized and closely overlooked and controlled by the government?

[pooya87]

it is starting to turn into a trend where every country starts creating their own coin. it is just so simple to do so that they all want in because there is a lot of money in doing something like that and not even the government is going to overlook such large amounts of money.
but i don't think it has anything to do with "sidelining bitcoin" though. they want the control over a cryptocurrency which is the hype of our age and as i mentioned there is a lot of profit.

However, it is their idea to sideline bitcoin, because why don't they support the use of bitcoin?

It goes back to the question, does China understand what bitcoin is, if their idea of a coin is to be centralized and closely overlooked and controlled by the government?

that is how all the governments think. it is not just Chinese government that you are singling out in the whole world. every one of them want to have full control over the circulating money in the country and never like things such as bitcoin that are disturbing it.

[Buttermellow]

I do not understand why a crypto that will going to be an alternative for fiat would be dangerous as what OP stated. I did not read the reason behind this except that only an image was shown showing people that has a placards for the freedom for cryptocurrency. This would be good but the risk is always there but to the extent as what OP has stated. 

[Sadlife]

Those token is what i hate to buy, chinese government has been an asshole lately colonizing islands banning products from the US, banning Philippine products even banning visitors from US and PH and lastly banning ICO. No one would definitely buy the token that's centralized and created to exploit and manipulate people.

[NJB18]

I do not understand why a crypto that will going to be an alternative for fiat would be dangerous as what OP stated. I did not read the reason behind this except that only an image was shown showing people that has a placards for the freedom for cryptocurrency. This would be good but the risk is always there but to the extent as what OP has stated. 

It's dangerous when people care so much on privacy. China as always wanted things to be on their way and everything under their control.

[malphite534]

bitcoin will not be stopped, although China rejects the existence of bitcoin because it can destroy their business between countries, but China will never be able to stop it

Because bitcoin has a huge money of investment to they like it to stop bitcoin to focus in their investment business to avoid investing in cryptocurrency.

[arpon11]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.



The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.

The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.

Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin

It is better for the market if China stay away from it at this moment as all the actions pboc actions against bitcoin has been bringing the market down.  If China introduce they own coin which they desire to have complete control over I don't think that is different from fiat and if the pboc did not have confidence on blockchain technology why not just keep using their current currency instead of intruding another digital currency.  I just go through the article and it seems in days to come people will start to interpret it in other to be able to influence the current price.

[Viceroy]

Let's face it - they have the right for doing so. I can't imagine what government
would like the idea of not controlling money. We need some fresh brains in the government first, then we can talk about decentralization.

[Halmater]

While such an initiative attempt would allow the bank and government to more strictly control on the financial system in the short term, such initiatives will increase the interest and power of bitcoin in the crypto currency markets and they will casuse an increase on price of bitcoin in the long term.

[juragane]

Wait, a digital currency for China? And the purpose of this is to protect China from foreign technologies? If I were a Chinese citizen why would I even bother using this digital currency? Of course I'll just do usual things when I do shopping because it does not make any difference because the government is still in control of it.

the Chinese government wants full control of their currency, this is understandable because China is conducting a trade war with America. So the Chinese government is still putting aside bitcoin from entering their country, but we can see the Chinese government is starting to adopt their version of Blockchain. In the future, China can dominate crypto currencies.

[budi691]

The Chinese Central bank body is very funny, but their people own a lot of bitcoin and use them too. Why do they feel is owned by others and controlled by a foreign country? I know they understand the bitcoin has no central issuing and controlling authority. At the end, they will still return to the bitcoin when all has been said and done. China government need to stop the real enemy of the people and not bitcoin,

maybe they want to disturb small-scale bitcoin owners, but with the strategy only those who have. bad concept, China tries to influence many parties with the development of bitcoin, but they themselves breed bitcoin for themselves.

[Blockchainer06]

China is not only ready to issue digital currency, but also has figured out how to issue, manage, settle accounts, and even how to establish the interaction between digital currency and various currencies. More importantly, these technologies have applied for patents, that is to say, they have been formed and protected. The next step is to apply for practical applications.

[kxz1498]

They want to make sure the currencies didn't bubble maybe.

[kelz1]

Any coin supported by china has to be regulated, hence there are two options. One is create their own coin like petro, or make a centralised one like ripple. Neo is regulated so it could do well there in place of bitcoin

[eaLiTy]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.

The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals.  The PBOC declined to comment.

Bitcoin started as a noble cause which could take power away from the government with transparent transaction which cannot be edited, this was the biggest fear i had, if some countries take this noble concept and start their own private currency which could dent the privacy of every citizen as they will be having more power and could control everything and China being a dictator regime it is easy for them to implement these things as the voice of the citizens would not be heard, it is nothing but a centralized structure and they are planning to mine fiat currency without the expense of printing the fiat currency.

[qiman]

I am not surprised that there will be a digital form of Renminbi, it ss natural to have China move towards blockchain technology and want to control it and give it out to its people in the way it feels it is healthy too. Also decentralization of money feels like a very Alien thing to Chinese, although Chinese love digital currencies, playing the stock markets, gambling, speculating and also being 1st tier innovators in this field. I do not think the PBOC will get rid of Bitcoin but it will probably want to introduce all the cool technology associated with the blockchain and Ai, as China has a huge potential to create the fastest AI datacenters in the world with a population of over 1.4 billion RENS.  . The Chinese now are not content with just emulating others, they want to be no 1 in innovative tech, you just need to visit Shenzhen to see how huge tech is over there.

[bbc.reporter]

China found another reason to create their coin.

However, how would a Chinese state run coin help to stop the devaluation of the Yuan? It would only help if the People's Bank of China were to prevent their citizens from using bitcoin and altcoins.

Nothing will change. The users will always look for the right tools for their needs.



China’s central bank is developing a state-run cryptocurrency in response to Facebook’s Libra

China’s stance towards Bitcoin, and cryptocurrency in general, has been hostile—and understandably so. China tightened capital controls in the wake of a shock yuan devaluation in 2015 and has continued to implement measures to mitigate capital flight out of the country. Some of these measures include increased disclosure requirements for buying foreign currencies and tightened restrictions on corporate investments overseas.

Now, Facebook’s Libra with its base of 2.4 billion monthly active users, poses another threat to Chinese capital controls.

Considering Facebook is beholden to pressure from U.S. policymakers, it is in China’s interest to ensure Libra does not take hold in the country. Facebook’s services are already blocked in China and it’s unclear whether users outside of Facebook will have incentive to adopt Libra.

With approval from the State Council, the PBOC is working with market institutions to create a central bank cryptocurrency. A digital currency similar to Facebook’s could help China’s central bank maintain control over its economy.

Such an asset would pose few benefits for holders over the country’s already ubiquitous WeChat and Tencent digital payment options. Meanwhile, the black market trade of Bitcoin in China continues to thrive

Read in full https://cryptoslate.com/chinas-central-bank-is-developing-a-state-run-cryptocurrency-in-response-to-facebooks-libra/

[aad140386]

I think that the reason for such actions by the Chinese authorities is that for many years they tried to integrate the yuan into the system of international payments and thereby expand the use of the yuan throughout the world. For the yuan already sell gold, metals, oil and so on. The International Monetary Fund began to use the yuan as one of the reserve currencies. Bitcoin can destroy all the long-term work of the Chinese authorities on the integration of the yuan in the global financial system.

[Spaffin]

I think that the reason for such actions by the Chinese authorities is that for many years they tried to integrate the yuan into the system of international payments and thereby expand the use of the yuan throughout the world. For the yuan already sell gold, metals, oil and so on. The International Monetary Fund began to use the yuan as one of the reserve currencies. Bitcoin can destroy all the long-term work of the Chinese authorities on the integration of the yuan in the global financial system.

The fact is that the cryptocurrency is a real competitor not only to the Chinese yuan, but also to other currencies, including the dollar.  It is not for nothing that there is still very strong debate in the world regarding the legalization of cryptocurrency, because many governments believe that cryptocurrency can undermine their domestic economy.

[enhu]

Its their government, I'm not surprise if this will still get support from its people. Chinese are patriarchal and will follow what their government says like how a son obeys the father. Those few who will oppose are soon going to see that is for their country's welfare and will soon anyhow. But then they will find a way around, they are good at it. Outwit this system of theirs just so they can play BTC casinos. 

[jameswell]

China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.

bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning

Hahaha, Bitcoin fall below ripple, dude are you serious?

[rodel caling]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

Yeah exactly Agree china is one of the most biggest bitcoin mining provider before. But suddenly it so very surprising government quick it to ban all crypto related transaction and mining. Because china want to create their own digital currency.

[Glutius]

China back in 2017, before bitcoin reached its maximum of $ 20,000, many times changed its opinion about cryptocurrencies. They like to scare people with their prohibitions, but then, after just a few weeks, everything is canceled. Think about it, China is one of the first countries in the world in the economy. There not fools sit.

[oneman12]

I think China is on the way of accepting BTC.  I've heard that they want to launch their own cryptocurrency. And i suppose that China is ready to become Bitcoin friendly.

[Artemis3]

Nobody is stupid enough to trust a government released crypto.

If anything they all add value to bitcoin as a decentralized store of wealth.

Check the Petro and see how many people in Venezuela still buy bitcoin... there is a reason....

Petro failed because its fully controlled by the government, even its price is fixed to whatever they feel like, thus repeating the same mistake they did to the (currently) worst fiat on this planet. You can only handle petro in a single State owned web page located in Venezuela, one of the countries with the worst internet connectivity of the hemisphere. And apparently its nodes don't fare any better, rumor says they are located within the same data center.

Nobody can own nodes, nobody can own wallets, nobody can audit the source code (contradicting their own law). It is known they took Dash's code and changed it to suit their whims...

Even though the government wants people to use it, merchants don't bother. Again it needs connectivity, and Venezuela's internet infrastructure is garbage. Most payments are done using debit card (iso7816) using an old fashioned keypad system that uses modem dial up connection to send and verify each transaction...

And each customer makes the pad dial up again, and again. Line busy? too bad, keep trying... I don't think many people here even know what a dial up modem is... They connect at 1200 or 2400 bps, VERY old fashioned, as in 80ies technology...

[Maotezi]

I think that in the near future, China will be very friendly with Bitcoin because one such force will not be able to escape the popularity of bitcoin.

[PointHope]

I think that in the near future, China will be very friendly with Bitcoin because one such force will not be able to escape the popularity of bitcoin.

They're to have to at some point, as BTC becomes the global reserve 'gold standard' for honesty, accountabilty and permissionless p2p transactions.

[bryant.coleman]

The PBOC coin will remain as a shitcoin, which will be hardly used by anyone unless the Chinese government pushes it down the throat of all the citizens. First of all, the Chinese Yuan is one of the most manipulated currencies in the world. Every now and then, the government devalues the currency, and therefore it is foolish to have your savings in the form of CNY. The problem in China is that there are few assets to invest in, which are not manipulated.

Now coming to the PBOC token, it will be a centralized currency similar to Ripple (XRP). The authorities will be able to freeze the funds and seize the tokens from anyone, with flimsy justifications. Worse still, it will be highly susceptible to inflation, as it is pegged against the CNY (during the last one and half years, CNY has lost 10% of its value against the United States Dollar).

[yazher]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

I agree with this statement not only they don't want to adopt foreign technology, but even Facebook is also banned in that country and many more things. I guess they want some exclusive rules with their country and they don't want other counties to influence them on something.
That's why they have this kind of hatred about bitcoin because it has not came from their country.

[lixer]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

I agree with this statement not only they don't want to adopt foreign technology, but even Facebook is also banned in that country and many more things. I guess they want some exclusive rules with their country and they don't want other counties to influence them on something.
That's why they have this kind of hatred about bitcoin because it has not came from their country.

They have hated for another person's project but then they want their own project to be accepted, this is one reason why they are having issue with the united states. No one is even imposing the technology of bitcoin on them, but they should allow people to be the one to choose at their own free will and not impose things on people.

The day they ban whatsapp from their country, I was a bit baffled and I wonder the kind of bondage they do put their citizens! They are not different from north Korea. I have this tablet that I brought from there, till now, everything that I tried to do to get Google play to work on it is to no avail. If they want to create their own stable coin, they are free, but they should at least allow their citizens to have the freedom to choose which one they will be using.

[wxxyrqa]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

I agree with this statement not only they don't want to adopt foreign technology, but even Facebook is also banned in that country and many more things. I guess they want some exclusive rules with their country and they don't want other counties to influence them on something.
That's why they have this kind of hatred about bitcoin because it has not came from their country.

They have hated for another person's project but then they want their own project to be accepted, this is one reason why they are having issue with the united states. No one is even imposing the technology of bitcoin on them, but they should allow people to be the one to choose at their own free will and not impose things on people.

The day they ban whatsapp from their country, I was a bit baffled and I wonder the kind of bondage they do put their citizens! They are not different from north Korea. I have this tablet that I brought from there, till now, everything that I tried to do to get Google play to work on it is to no avail. If they want to create their own stable coin, they are free, but they should at least allow their citizens to have the freedom to choose which one they will be using.

Guys, I want something. You paid a little attention to the history of the development of the Chinese economy.  The Chinese government has always supported national industries and businessmen who brought money to their treasury and no one forbade the use of plagiarism and other people's technologies to develop their economy.  There are much more Chinese products around the world than the products of other countries combined.  Based on this, I believe that they will always use even foreign technology for their own benefit.  Even today, almost 70% of the entire Bitcoin Speed ​​Hash is processed by Chinese miners.  Therefore, I cannot be so categorical in this matter.

[iparktur]

China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.

bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning

Hello  btc-room101 !
I would like to speak privately with you.
Is it possible?
If "YES" - send me PM  pls.

[Reatim]

China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.

bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning

Hello  btc-room101 !
I would like to speak privately with you.
Is it possible?
If "YES" - send me PM  pls.

Are you that serious dude?you really need to bump this thread just to ask that Private conversation when you can just simply send Him Pm?i don’t know if this is funny or irritating lol 😂

Anyway to OP’s thread ,I wanna  ask also.

How did you know about that 95% of bitcoin  ownership of China ?just now that I saw something interesting because while they are banning bitcoin and yet they’re holding this huge amount !?

[iparktur]

China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.

bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning

Hello  btc-room101 !
I would like to speak privately with you.
Is it possible?
If "YES" - send me PM  pls.

Are you that serious dude?you really need to bump this thread just to ask that Private conversation when you can just simply send Him Pm?i don’t know if this is funny or irritating lol 😂

Anyway to OP’s thread ,I wanna  ask also.

How did you know about that 95% of bitcoin  ownership of China ?just now that I saw something interesting because while they are banning bitcoin and yet they’re holding this huge amount !?

He is denied access to receive  PM.
I can’t send him anything

[cutesgirl]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

China want to control their own coin with never giving space for bitcoin become most transaction payment in China, when bitcoin become very popular transaction they banned bitcoin, now they want to create technology become competitor for bitcoin where want to replace bitcoin with their own cryptocurrency and give space for every people with get higher profit later.

[Kambal2000]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

China want to control their own coin with never giving space for bitcoin become most transaction payment in China, when bitcoin become very popular transaction they banned bitcoin, now they want to create technology become competitor for bitcoin where want to replace bitcoin with their own cryptocurrency and give space for every people with get higher profit later.

I used to think that Bitcoin was created by China, that they intercepted the race for Bitcoin. But it turns out that this is not so. Or maybe China is considering just the second option, as a backup, if they do not win the race for Bitcoin ?!

That was my first impression too and while I am here in forum and doing my research, I found out that they are even against crypto and they banned mining in their country. But, at the back of that we don't know, if they are just doing it to make people panic, so that they can buy more, or that they wanted to do mining only on their own benefit.

[sapnu]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

China want to control their own coin with never giving space for bitcoin become most transaction payment in China, when bitcoin become very popular transaction they banned bitcoin, now they want to create technology become competitor for bitcoin where want to replace bitcoin with their own cryptocurrency and give space for every people with get higher profit later.

I used to think that Bitcoin was created by China, that they intercepted the race for Bitcoin. But it turns out that this is not so. Or maybe China is considering just the second option, as a backup, if they do not win the race for Bitcoin ?!

This will be a having a great impact on cryptocurrency maybe more investors will come and get their own bitcoins and then invest it in some upcoming projects, we know that china is a big country. As we continue supporting it and promoting it there is still a lot of help but if that plan is true, it makes a big impact on the market. I know that china banned bitcoin for some reasons but if this happens maybe they want to create their own crypto, I also think that bitcoin originates in china. They banned bitcoin and banned any transaction about cryptocurrency, maybe they want to create their own and compete with other cryptocurrency and that is only based on my own opinion. Maybe they want to create innovated blockchain technology that helps everyone, we cannot tell if it only happens.

[7788bitcoin]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.

You started this thread almost an year ago and the Chinese bank is yet to come up with their coins but the government always have a strong grip on the citizens and they like to control them and with an oppressive government like them they do not like to give any freedom and the bitcoin market gives them the freedom to trade and it is not surprising that they want to take control over that.

[Youghoor]

Personally, I think its too late for the Chinese government to introduce its own cryptocurrency with the aim that this will prevent people from adapting to the use of technologies like Bitcoin. The blockchain technology is been used in every corner of the world. Companies are now using blockchain technology to keep and store their data since it is quite easier to retrieve info at any moment in time. Moreover, bitcoin does not need the approver of any government before people can use it.

[mohdk52]

China has plans, but most likely not for bitcoin, but for its cryptocurrency

[TheGreatPython]

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.

You started this thread almost an year ago and the Chinese bank is yet to come up with their coins but the government always have a strong grip on the citizens and they like to control them and with an oppressive government like them they do not like to give any freedom and the bitcoin market gives them the freedom to trade and it is not surprising that they want to take control over that.

They will not just come up with their coin like that without really doing market survey to be sure that their citizens would not really disappoint them by rejecting to use the coin, which I know that even if they impose it on them, people would still prefer to use bitcoin because it is decentralized and really gives them the privacy and control over their own coin.

If they accept any coin that china provides, they will still be under the same bondage that they are with fiat, and who would not prefer a decentralized coin to a centralized coin because I can assure you that any coin that china will provide its citizen and the world at large would strictly be coin  they can have pure control over, which will make it very impossible for china coin to sideline bitcoin.

[Eclipse26]

Even in the very first place, it's unlikely for China to adopt bitcoin. Rather they're creating their own cryptocurrency. China always want to  control over their people. And as far as I know they wanted to lead in the cryptocurrency market which is somehow indirect saying they might compete with bitcoin in the future if they finally released their own digital currency. However, I don't know if they can really compete with bitcoin, although China is a big country. But obviously, they don't want bitcoin

[iparktur]

Even in the very first place, it's unlikely for China to adopt bitcoin. Rather they're creating their own cryptocurrency. China always want to  control over their people. And as far as I know they wanted to lead in the cryptocurrency market which is somehow indirect saying they might compete with bitcoin in the future if they finally released their own digital currency. However, I don't know if they can really compete with bitcoin, although China is a big country. But obviously, they don't want bitcoin

Name at least one country in the world that does not want to have complete control over its people.

[Eugenar]

I've already expected this kind of act from the chinese government. We know how they act in terms of controlling power.

 
That's abit selfish of us. Everything possible should be done to resist them. I don't think enough people can be bothered to think through the implications. Even in 'free' countries people are fucked by their credit scores. When someone can trace every penny of your expenditure things will get a whole lot more alarming.

Exactly but since i don't want how the chinese control there people it is still better to never be involved with that digital currency when they will launch that one

China will be very much affected as if one of the most  used power supplies are changed. In my opinion, parts on com vbirth ban cmy chigan  but I if wewill going to promote crypto, it wou'ld have for hi to hugs and we expect hat bitcoin creates the making of cryptocurrency. Bitcoin can either support to deny the claim. I am just making an inference from our project. CEO qustions didn't qualfy ang perperson,.As they need to own the account first.

[ILuckyGuyI]

This clearly shows that China really doesn't want to legalize cryptocurrencies because of their system. They intend to use a digital coin but they want to create of their own and make it controllable.

[Lizzylove1]

They will embrace bitcoin, it's just a public stunt. Looking at the development so far and how things have fared, they will have their own stable coin and still allow bitcoin to run. This market is a free market.

[iparktur]

Information from newspapers:

""Posted by: MAXIM BERKAL

Chinese leader Xi Jinping inflates Bitcoin prices

He called blockchain fundamental to the economy of China.

Speech by Chinese leader Xi Jinping boosted Bitcoin prices, CNBC reports. After a short-term fall on Saturday, October 26, cryptocurrency added more than 40% and reached $ 10,322 thousand. On Monday, the value fell slightly to $ 9,370 thousand.

The Chinese leader spoke positively about blockchain technology and called on his country to accelerate development in this area in order to take a leading position in the world in it. After that, shares of Chinese blockchain companies reached a maximum daily limit of 10%. ""

[Lmaooo]

"technology standart designed and contolled by others"
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

China want to control their own coin with never giving space for bitcoin become most transaction payment in China, when bitcoin become very popular transaction they banned bitcoin, now they want to create technology become competitor for bitcoin where want to replace bitcoin with their own cryptocurrency and give space for every people with get higher profit later.

I used to think that Bitcoin was created by China, that they intercepted the race for Bitcoin. But it turns out that this is not so. Or maybe China is considering just the second option, as a backup, if they do not win the race for Bitcoin ?!

This will be a having a great impact on cryptocurrency maybe more investors will come and get their own bitcoins and then invest it in some upcoming projects, we know that china is a big country. As we continue supporting it and promoting it there is still a lot of help but if that plan is true, it makes a big impact on the market. I know that china banned bitcoin for some reasons but if this happens maybe they want to create their own crypto, I also think that bitcoin originates in china. They banned bitcoin and banned any transaction about cryptocurrency, maybe they want to create their own and compete with other cryptocurrency and that is only based on my own opinion. Maybe they want to create innovated blockchain technology that helps everyone, we cannot tell if it only happens.

China failed woefully in trying to stop Chinese citizens from using bitcoin and other cryptocurrencies within China. I heard the Chinese people are using Virtual Private Networks (VPNs) to buy cryptocurrencies from abroad. China can never stop bitcoin and nor any other country in the world can stop bitcoin. Bitcoin was originally designed to survive such attacks by the governments.