China’s Digital Fiat is Not a Crypto ??

[SamboNZ]

Can't we called a centralized currency found on internet a crypto?

Of course not.
Paypal, alipay, and other centralized e-currencies arent being runned on a blockchain.
Up until now there is no info regarding if China will run the digital yuan on a blockchain.

[7788bitcoin]

Paypal, alipay, and other centralized e-currencies arent being runned on a blockchain.
Up until now there is no info regarding if China will run the digital yuan on a blockchain.

Paypal and Alipay are just money transmission platforms and they are not even a currency, hope you are not aware of that. All they do is to take your fiat currency and help you to transmit without you going to the bank and you only need blockchain if you are having your currency to track every transaction, coming up with a digital yuan is a different thing and coming up with a blockchain based yuan is a different thing, not sure whether the Chinese government is plannning something like that.

[SamboNZ]

Paypal, alipay, and other centralized e-currencies arent being runned on a blockchain.
Up until now there is no info regarding if China will run the digital yuan on a blockchain.

Paypal and Alipay are just money transmission platforms and they are not even a currency, hope you are not aware of that. All they do is to take your fiat currency and help you to transmit without you going to the bank and you only need blockchain if you are having your currency to track every transaction, coming up with a digital yuan is a different thing and coming up with a blockchain based yuan is a different thing, not sure whether the Chinese government is plannning something like that.

Yes, i am aware but we are talking about the money and not the platform and he was reffering to "internet money"
you can already store money in paypal and alipay making the money a e-currency.
I want to point to him that crypto is running on a blockchain while these centralized currencies doesnt need blockchain to run.

[7788bitcoin]

~snip
Yes, i am aware but we are talking about the money and not the platform and he was reffering to "internet money"
you can already store money in paypal and alipay making the money a e-currency.
I want to point to him that crypto is running on a blockchain while these centralized currencies doesnt need blockchain to run.

These platforms just provide digits and nothing else and once you withdraw they will send the remittance to your bank account. You can have centralized currency in the blockchain too, Ripple is one such currency, USDT also runs in the blockchain but they are all centralized currency and in the future we might see more centralized currency, saying this for your clarification .

[NathanJB]

No, not a cryptocurrency of course. It is a digital currency but never a cryptocurrency. China's digital fiat is a fiat currency. It is still the old renminbi in new clothes. Nothing has changed except that instead of being represented and spent by way of paper bills and metal coins, it is already in digital codes. But the value, the system that rules it, and all the rest of the features are still fiat.

[SamboNZ]

-snip-

I guess my definition of cryptocurrency is different what i knew was it should be decentralized and people cant freely add/remove coins.
The decentralization makes cryptocurrency unique which makes it different from other currencies

Yeah, i dont consider ripple, tether, and stablecoins as crypto since they can add and remove.

Clarification
You can use the money in alipay and paypal to pay for goods, services, and bills its not just for remittance.

[sana54210]

No, not a cryptocurrency of course. It is a digital currency but never a cryptocurrency. China's digital fiat is a fiat currency. It is still the old renminbi in new clothes. Nothing has changed except that instead of being represented and spent by way of paper bills and metal coins, it is already in digital codes. But the value, the system that rules it, and all the rest of the features are still fiat.

If that is the case, then I think that china is as confused as the rest of the nations that don’t know what to do again to bitcoin after they must have realized that there is no way to kill bitcoin and having realized how people are so much in love with bitcoin usage including their own citizens also.

If they know what they are doing, they will not be creating any digital currency again for their coin when they already have some digital payment method already put in place like Alipay and WeChat. They need to stop hating bitcoin and stop wasting money creating a currency they know will not work. There is need for them to support bitcoin being a decentralized coin and has not negative effect on their already existing fiat because bitcoin only came to serve as an alternative.

[7788bitcoin]

~snip
I guess my definition of cryptocurrency is different what i knew was it should be decentralized and people cant freely add/remove coins.
The decentralization makes cryptocurrency unique which makes it different from other currencies

I did not understand what you mean by freely add and remove coins, but the true meaning of decentralization means that the nodes will be distributed throughout and not just by having a few servers mining here and there, bitcoin network is a truly decentralized network as it is spread around globally.

Clarification
You can use the money in alipay and paypal to pay for goods, services, and bills its not just for remittance.

So what do you call paying for goods and service  . It is just a third party payment platform and they do not have their own token or coin, you store your fiat currency in the platform and spend accordingly.

[uray]

Up until now there is no info regarding if China will run the digital yuan on a blockchain.

It is possible that the Chinese government will put the digital Yuan on the blockchain simply because it is easy to monitor the flow of money and to have more transparency and they like to have a complete control over their citizen and with the recent economic cold war between US they will come up with something that could challenge these restrictions.

[Google+]

I think that digital currencies from China such as the USD are making blockchain projects by producing USDT whereas for China I feel almost the same as that, if China can make such blockchain projects then a trade war can occur in the cryptocurrency world with and can provide price movements high at the exchange place.

[Bitcoin Seller]

No, not a cryptocurrency of course. It is a digital currency but never a cryptocurrency. China's digital fiat is a fiat currency. It is still the old renminbi in new clothes. Nothing has changed except that instead of being represented and spent by way of paper bills and metal coins, it is already in digital codes. But the value, the system that rules it, and all the rest of the features are still fiat.

They say, it will be like Facebook Libra, so, it will be a stable coin. However, most people take FB coin as cryptocurrency, so the new Chinese digital money can be also defined as crypto. China supposes that their virtual money will be the best answer to Libra and they take it as a part of the USA/Chinese struggle. They are sure, if Libra is finally, prohibited, they will certainly win this round.