Chinese State-Backed Crypto Is About to Launch

[Jating]

Chinese State-Backed Crypto Is About to Launch, Community Expects XRP Volume to Surge

The central bank of China (PBOC) plans to finally release its own government-backed crypto soon after several years of preparation. Citing one of the top officials in the People’s Bank of China, Bloomberg reports that the PBOC is about to release its own state-supported crypto after five years of research and all other preparations.

https://news.u.today/news/chinese-state-backed-crypto-is-about-to-launch-community-expects-xrp-volume-to-surge

Do you think that with the release of their own crypto, is China going to ban bitcoin for good. I think this year alone there was a hint that they are going to ban bitcoin mining because of the harmful effect it did bring to the environment. However, I seriously doubt that it is the main reason though, they wanted to eliminate bitcoin because they want to have their own state sponsored crypto.

I'm not really sure though about XRP, why would the volume surge as the article suggested. It could be a competitor to them in the long run.

[timmmers]

And what about cryptocurrency regulations in China?
They can hold cryptocurrencies, but they can´t trade and mine them? 

[accounting 181293]

And what about cryptocurrency regulations in China?
They can hold cryptocurrencies, but they can´t trade and mine them? 

this is the problem. why hold crypto if you can't make a profit. but there is still a possibility that China will change the regulation. so this becomes a reality there might be a serious challenger to bitcoin in the future.

[senin]

Finally, the Chinese government decided on something and showed at least some real attitude towards cryptocurrency. Since China has always sought its way of state development, I expected about such a step from this government. It was also predicted that the Chinese government should respond to the possible emergence of a stable Libra coin, which would be serious competition for China.
I am quite positive about the appearance of such a coin in China. However, more information is needed on such a coin. Most likely, it will be a stable coin, fully secured by the Chinese yuan.

[Febo]

Do you think that with the release of their own crypto, is China going to ban bitcoin for good.

You cant ban Bitcoin. But Trump might force taxes on China crypto currency

[betty11]

I don't think they are going to ban bitcoin since their currency is just another stable coin. They are trying to move ahead of the Libra coin still facing hurdle in the US senate. Don't know how the US financial intelligence will respond to this yet.

[SolarWindMiningCompany]

Chinese State-Backed Crypto Is About to Launch, Community Expects XRP Volume to Surge

The central bank of China (PBOC) plans to finally release its own government-backed crypto soon after several years of preparation. Citing one of the top officials in the People’s Bank of China, Bloomberg reports that the PBOC is about to release its own state-supported crypto after five years of research and all other preparations.

https://news.u.today/news/chinese-state-backed-crypto-is-about-to-launch-community-expects-xrp-volume-to-surge

Do you think that with the release of their own crypto, is China going to ban bitcoin for good. I think this year alone there was a hint that they are going to ban bitcoin mining because of the harmful effect it did bring to the environment. However, I seriously doubt that it is the main reason though, they wanted to eliminate bitcoin because they want to have their own state sponsored crypto.

I'm not really sure though about XRP, why would the volume surge as the article suggested. It could be a competitor to them in the long run.

I wasnt quite amazed to learn the news that China has been developing its own crypto and blockchain in the private while issuing ban and strict regulations to cryptocurrency participants in the country. All indices points towards a global cryptocurrency adoption and I am sure America is ready to embrace it as well irrespective of their media play

[Bananington]

I strongly believe these are mere rumours and not official news. Do you think it will be so easy for China to launch a state backed crypto without having other world authorities countering them? Also, China still has strict regulations and restrictions on crypto, so why will they bring forth their own crypto. Talking about banning Bitcoin in China, it's old news but doesn't necessarily mean that Chinese people  don't hold, trade or mine crypto. There is nothing anyone can do at this point to stop BTC.

[Juggy777]

Chinese State-Backed Crypto Is About to Launch, Community Expects XRP Volume to Surge

The central bank of China (PBOC) plans to finally release its own government-backed crypto soon after several years of preparation. Citing one of the top officials in the People’s Bank of China, Bloomberg reports that the PBOC is about to release its own state-supported crypto after five years of research and all other preparations.

https://news.u.today/news/chinese-state-backed-crypto-is-about-to-launch-community-expects-xrp-volume-to-surge

Do you think that with the release of their own crypto, is China going to ban bitcoin for good. I think this year alone there was a hint that they are going to ban bitcoin mining because of the harmful effect it did bring to the environment. However, I seriously doubt that it is the main reason though, they wanted to eliminate bitcoin because they want to have their own state sponsored crypto.

I'm not really sure though about XRP, why would the volume surge as the article suggested. It could be a competitor to them in the long run.

China state bank crypto won’t find any takers and soon it’ll disappear from the market, this attempt by China won’t impress bitcoin holders. It’ll be a sad move from China if they ban bitcoins all of a sudden, but I hope the markets will be ready as and when it happens and not bleed like last time China announced negative news for bitcoins. Xrp and this new Chinese crypto are not related to each other, and if China bans bitcoins it’ll ban Xrp too it seems to me that the author has not done his research well.

[enhu]

Don't you find it insane that the biggest crypto exchange such as binance are own by Chinese yet they ban BTC?
Those ban orders are just for the public notice but in reality its not really ban, there are several Chinese parents I see wearing shirts with the logo of BTC in my kids school.
If they are going to be releasing State-backed crypto then good, I'd like to see how US and other governments will try to stop them from doing so.

[martychubbs]

Chinese are allowing holding crypto but not to sell or trade with them. Then what is the point of keeping them in the first place? Surely, I believe their rules will change as they will soon come to realize this.

[torrantz]

When China has made its own social media platform and that country has already banned all of the social media that has made by western companies like twitter and facebook. (weibo)
I thought that the same thing will happen with its own crypto and maybe china will be banning another crypto-like bitcoin or something else.

[Twinkledoe]

Finally, the Chinese government decided on something and showed at least some real attitude towards cryptocurrency. Since China has always sought its way of state development, I expected about such a step from this government. It was also predicted that the Chinese government should respond to the possible emergence of a stable Libra coin, which would be serious competition for China.
I am quite positive about the appearance of such a coin in China. However, more information is needed on such a coin. Most likely, it will be a stable coin, fully secured by the Chinese yuan.

So this is the reason they want to ban crypto, because they are cooking their own coin. Maybe, they want crypto users to use their coin and not the existing ones. It is only a matter of time how are they going to market this coin to their public. So after all, banning the usage of crypto is just for a show...

[nemey]

So finally, they will have their own cryptocurrency? So far, China is well-known as a country that bans crypto in their country. Probably, it is prepared for their own. Well, with several years of preparation, I think that the coin may be one of the promising cryptocurrencies. But, will it be accepted in the global world? So curious about it, how they manage and control the crypto later.

[Zidan Bst]

I think Chinese release their own cryptocurrency is to compete with US America.
Because,those two state is compete in goods trade a long time ago.

[Jating]

And what about cryptocurrency regulations in China?
They can hold cryptocurrencies, but they can´t trade and mine them?  

They have a love-hate affair with crypto, but I do believed that they are going to regulate in, but not bitcoin though.

You cant ban Bitcoin. But Trump might force taxes on China crypto currency

Ahh, the political effect of bitcoin.  

I don't think they are going to ban bitcoin since their currency is just another stable coin. They are trying to move ahead of the Libra coin still facing hurdle in the US senate. Don't know how the US financial intelligence will respond to this yet.

We will see about that, but so far the signal that they are giving us lead me to believed that they will give bitcoin a hard time. Because of the freedom it will give to their population, not good for the government if that will happen in the future. Just look at what's going on in Hong Kong right now.

China state bank crypto won’t find any takers and soon it’ll disappear from the market, this attempt by China won’t impress bitcoin holders. It’ll be a sad move from China if they ban bitcoins all of a sudden, but I hope the markets will be ready as and when it happens and not bleed like last time China announced negative news for bitcoins. Xrp and this new Chinese crypto are not related to each other, and if China bans bitcoins it’ll ban Xrp too it seems to me that the author has not done his research well.

We already move past the point wherein every news coming from China will affect the market negatively. XRP is an altcoin, China embraces altcoin more than bitcoin.

[tranthidung]

Chinese government control all aspects of life in that nation, from financial to political. Government also control Chinese central bank and government can ask Chinese central bank release any policies for their political interests. That nation is totally different from the USA or most of other developed Western nations, where they have separations of Power (includes legislative, executive and judicial institutions) under their local governments.

I seriously think that Chinese government will move farther by using their governmental-backed crypto as one of their coming weapons to fight against the USA in their escalating trade war.

This newest strategy of Chinese government might result in another hot trend globally. Government-backed crypto currencies. Personally, such government-backed crypto currencies, when widely launched, will boost the crypto ecosystem to all time high level, that we all have never imagined.

[bartolo]

I strongly believe these are mere rumours and not official news. Do you think it will be so easy for China to launch a state backed crypto without having other world authorities countering them?

They don't need the opinion of any world leader since that coin they will create will be surely used only in Chinese territory, they will not even allow people to send it away from the country. They say they have been working in this coin for years but we know this is their response to Libra project.

[confreslamp]

It is great news that China is going crypto but I see a huge potential threat for all crypto currencies, because if each county would release their own digital crypto backed by something, why would they need to accept crypto currencies?

[tycsols]

Personally i like competition and this is epically big news, because all major countries will follow China and launch their own crypto coins, this will both directly and indirectly boost crypto market as general and real cryptos like btc will lead the value race by growing rapidly so really great times ahead.