China to digitalize Renminbi through blockchain

[Tipstar]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

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[BRE]

Could we call it a cryptocurrency?

It basically breaks with all the philosophy that this movement represents, since it attempts against a democratization of the monetary system... and although it has technical similarities I wouldn't call it a cryptocurrency.

[Shova]

Could we call it a cryptocurrency?

It basically breaks with all the philosophy that this movement represents, since it attempts against a democratization of the monetary system... and although it has technical similarities I wouldn't call it a cryptocurrency.

I don't see new tokens being any different than the so called digital renminbi. Except for the involvement of the government which makes it much secure than being issued by some exchanges. But in my opinion, none of these centralized blockchain should get the name cryptocurrency.
In my conclusion, satoshi wanted cryptocurrency to be anonymous and decentralized but we are moving away from both of those features.

[lobat999]

Could we call it a cryptocurrency?

It basically breaks with all the philosophy that this movement represents, since it attempts against a democratization of the monetary system... and although it has technical similarities I wouldn't call it a cryptocurrency.

I don't see new tokens being any different than the so called digital renminbi. Except for the involvement of the government which makes it much secure than being issued by some exchanges. But in my opinion, none of these centralized blockchain should get the name cryptocurrency.
In my conclusion, satoshi wanted cryptocurrency to be anonymous and decentralized but we are moving away from both of those features.

Technically speaking, If I'm not mistaken, I think that if they did implement it using blockchain technology and uses similar cryptographic algorithms within it, then we can call it cryptocurrency whether its publicly issued or not.

[Falgorn]

If the Chinese yuan was simply digitized, it would be like the creation by the Chinese government of its stable coin. However, they significantly changed this process, hiding from the public information on the conduct of transactions, which is an integral part of the operation of any cryptocurrency. I would not consider such a coin as ordinary cryptocurrency. This coin significantly distorts the principles of decentralized cryptocurrency, although it will operate on the basis of blockchein technology.

[martychubbs]

In general, I like this news, because it means that large financial players like China recognize cryptocurrency. But I think that this can not be called a real cryptocurrency.

[serjent05]

In general, I like this news, because it means that large financial players like China recognize cryptocurrency. But I think that this can not be called a real cryptocurrency.

Then what is real cryptocurrency for you? 

I believe this kind of news gives a positive impact to Bitcoin and other cryptucrrencies.  This news simply acknowledge that there is an actual or real need for innovations on financial technology. 

If the Chinese yuan was simply digitized, it would be like the creation by the Chinese government of its stable coin. However, they significantly changed this process, hiding from the public information on the conduct of transactions, which is an integral part of the operation of any cryptocurrency. I would not consider such a coin as ordinary cryptocurrency.

It is issued by the government, what else would we expect?   As much as possible they will control it.  HIding information to the public serves several purposes.  I bet China does not want the world to see how much they manipulate their own cryptocurrency.  And that aside, the security of their economy is also lies on that blockchain.

This coin significantly distorts the principles of decentralized cryptocurrency, although it will operate on the basis of blockchein technology.

That is the reason why it is called centralized cryptocurrency.

[Akpuv]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

Hmmmm. I think the Chinese are also beginning to lean towards cryptocurrency. If they claim they have banned cryptocurrency as reported in different media, then why are they now planning to use the blockchain with their local currency?

[CryptoBry]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.

https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

Yes, it can still be called as cryptocurrency but since it is fully controlled by the Chinese government and not decentralized then it would better to just call it as digital renminbi or eRenminbi. Since the Chinese government has no love for bitcoin the original cryptocurrency and the pioneer of this technology but is actually harboring the idea of making its own, I am sure that soon this can be declared to be the one and only recognized cryptocurrency in the whole China and the government will surely promote its use and acceptance globally. Still, this can be in line with the desire of the government to soon get away from the use of the US Dollar for international commerce transactions and the establishment of the greater Silk Road project.

[pushups44]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

We are going to see the increased tokenization of assets, and currently most fiat currencies are digital or virtual, as when we use debit and credit cards. The centralized nature of the Renminbi keeps it from being a true cryptocurrency.

[tsaroz]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

Cryptocurrency is going to advance whether people and governments like it or not and the advancement can come from everywhere.
Though Chinese Peoples bank's development is oriented towards replacing other anonymous crypto as the sole payment system but it would again bring new technology and interest as well as adoption of cryptocurrency. Hence, its a good news for cryptocurrency enthusiast and market around the world.

[Cosbycoin]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

Lol, I was waiting for this already and I know that the Chinese government will surely come up with something to create their own platform instead of dwelling on platforms that were not built by them, the Chinese has been known for this for a very long time now, they love to caught other projects off that is not theirs and replace it with theirs immediately and taking off access to those websites so that their citizens will not have access to them unless they make use of vps.

[muncuss]

It just a digital currency and i'll call it digital currency since nodes are controlled by major banks only

Hmmmm. I think the Chinese are also beginning to lean towards cryptocurrency. If they claim they have banned cryptocurrency as reported in different media, then why are they now planning to use the blockchain with their local currency?

Coz cryptocurrency have many benefit in it's form. They are dumb if they ignore its tech. put away volatility and it's good

[jcarlo]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

I think this could called cryptocurrency but centralized not decentralized like bitcoin. It still called fiat money because still controlled by central banks but i think its good start because government accepting this technology

[Serco]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

I think this could called cryptocurrency but centralized not decentralized like bitcoin. It still called fiat money because still controlled by central banks but i think its good start because government accepting this technology

no matter is it cryptocurrency or flat money.as long people bank of china disposed to adopt blockchain in their currency it be good news for us.this is the first stage for china to accept and legalize bitcoin then.hope there will next action from china government.

[Little Mouse]

Could we call it a cryptocurrency?

Cryptocurrency was created for avoiding centralization. In bitcoin, there is no central authority, it's nodes are maintained by general public like us. So, I don't think it will be a cryptocurrency.Rather it is the same as fiat or xrp.

[GregH37]

Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

Could we call it a cryptocurrency?

I think this could called cryptocurrency but centralized not decentralized like bitcoin. It still called fiat money because still controlled by central banks but i think its good start because government accepting this technology

no matter is it cryptocurrency or flat money.as long people bank of china disposed to adopt blockchain in their currency it be good news for us.this is the first stage for china to accept and legalize bitcoin then.hope there will next action from china government.

It is easier to always feel that every news we see online about blockchain adoption as being beneficial to us without fully confirming if the roadmap is really in conformity with what blockchain really stands from.

If you read their summary carefully, you will still see that it is going to be a selfish currency created for banks in china and government which doesn’t benefit the general public in any way as stated. I don’t see anything different in what they are creating to the normal digital payment using renminbi without blockchain, and it seems to me like they are just crating another ripple like coin.

[SirLancelot]

In general, I like this news, because it means that large financial players like China recognize cryptocurrency. But I think that this can not be called a real cryptocurrency.

If it is in digital form then it is a crypto currency and the authority people’s bank makes it a centralized crypto currency. It is great news for China and its people because Chinese Government banned the crypto assets and now the measures they are taking are very appreciable. The major key factors will be the same in this currency called Renminbi but the price movement will be different than the decentralized cryptos.

[Supercrypt]

Could we call it a cryptocurrency?

It basically breaks with all the philosophy that this movement represents, since it attempts against a democratization of the monetary system... and although it has technical similarities I wouldn't call it a cryptocurrency.

Any currency built on blockchain technology is basically supposed to be purely cryptocurrency, but in this case, since the coin is being proposed by government directly provided the source of the news we are being provided with is reliable and if the news is genuine, they will just create a stable coins which will operate in a centralized ways.

There will still be lots of limitation to it compared to other fully decentralized coins that has no influence of government; probably this is the only way they feel they can regulate cryptocurrency by creating one that will fully be functional in their country.

[martychubbs]

In general, I like this news, because it means that large financial players like China recognize cryptocurrency. But I think that this can not be called a real cryptocurrency.

Then what is real cryptocurrency for you? 

I believe this kind of news gives a positive impact to Bitcoin and other cryptucrrencies.  This news simply acknowledge that there is an actual or real need for innovations on financial technology. 

If the Chinese yuan was simply digitized, it would be like the creation by the Chinese government of its stable coin. However, they significantly changed this process, hiding from the public information on the conduct of transactions, which is an integral part of the operation of any cryptocurrency. I would not consider such a coin as ordinary cryptocurrency.

It is issued by the government, what else would we expect?   As much as possible they will control it.  HIding information to the public serves several purposes.  I bet China does not want the world to see how much they manipulate their own cryptocurrency.  And that aside, the security of their economy is also lies on that blockchain.

This coin significantly distorts the principles of decentralized cryptocurrency, although it will operate on the basis of blockchein technology.

That is the reason why it is called centralized cryptocurrency.

I agree with you, friend. Such news has a positive effect on bitcoin and other cryptocurrencies. However, for me, any cryptocurrency under state control is just digital money. Centralized cryptocurrency is just digital money and nothing more.