China's plan to sideline bitcoin

[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,

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[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?