China Creates Currency to Cancel-out Cryptocurrency

[mustaqeemch6]

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

[mustaqeemch6]

I don't think that cryptos that are government run will ultimately be able to compete with cryptos that aren't government run. They do actually have a place in the world of innovation but I don't think they are actually direct competitors. They are simply in their own class of asset.

[javadsalehi]

Till now, every country has supported cryptocurrencies, has tried to trick people. Governments claim that they support cryptocurrencies, but in reality they want to control everything. They don't want bitcoin, they want a new controlled currency which is not technically a cryptocurrency.
Is there any link to an article or a news with more details of what China is trying to do?

[jazmuzika217]

I really don't understand why Chinese Government are so afraid in crypto's progress. All we know that China is a rich country and very progressive country,where most of our daily things that we used are coming from their country. I think the reason behind this is pride and ego because all we know that many country are already accepting and developing the use and featured of crypto like Japan that they can't do.

[Pecunia non olet]

Even you create better cryptocurrency, you can´t Bitcoin. Because Bitcoin´s power is in the real decentralization, Bitcoin is people´s money, not goverment´s money just like this CBDC. 

[coaprotet]

I also do not think that it would be a crypto currency. The same as Libra, such things have nothing to do with crypto, just another centralised digital coins that leave the full control by governments/companies to earn money.

[nxnqauff]

I don't whether they will be really successful on this currency creation. It's also not easy. Rest of the world should also accept. Otherwise they won't be successful.

[ALLAH 1]

I really don't understand why Chinese Government are so afraid in crypto's progress. All we know that China is a rich country and very progressive country,where most of our daily things that we used are coming from their country. I think the reason behind this is pride and ego because all we know that many country are already accepting and developing the use and featured of crypto like Japan that they can't do.

[pishite]

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

These guys can make an analog of Bitcoin. As time shows, the Chinese government has made great strides in blocking the Internet, they can also launch their own currency, thereby forcing the entire population of their country to use it. They can simply block Bitcoin. And if the predictions are true, then we will live in a chaos, and they are in harmony, as is well shown in the movie "Mortal Engines"

[kindbtc]

We should be mature enough to know that such fiat backed stable currencies are not direct competitors of real decentralized crypto, all these company or country backed coins are just controlled payment schemes that are fully tracked and checked by the respective people who create them, real crypto never has any threat from such coins.

[elisabetheva]

It is not an easy thing to be able to display crypto currencies, although we do not deny that China has become the most influential part directly with crypto.
but once again habits that have already happened will not be able to replace quickly, it needs sufficient process because habitualities affect too.

[Perfect35]

If this is true, then it's a trial which has no possibility of succeeding. I believe that those in the crypto space, most especially the Chinese would understand the implication of accepting such currency. Yuan that has been in use for quite some time now has gained a lot of recognitions and it will be hard for such new development to override it.

[stfN2128]

this doesnt surprise me. govs already noticed the power of a digital currency. but they don't want to lose the control, thats why the most govs doesnt like bitcoin as a currency. they have 0 control.
now they are issue a digital currency where they have the power and the control, people who don't think about the current money system wont think about the currency and just use it like their normal money. 

[InwardContour]

I've been seeing several rumours about China creating their own digital currency, some contradicting each other. Some sources claim that China will create her own crypto, others say China will create a centralized digital FIAT currency like mentioned on this post. Obviously the governments are scared of what crypto will turn out to be in future, imagine more and more people converting their FIAT to crypto, it means less control and monitoring of individual funds by the government, less tax paid to the government, and also a threat to FIAT. China creating a digital FIAT currency doesn't pose any threat to crypto in any way, it's just like saying Perfect Money will pose a threat to Bitcoin, which is never possible as earlier purported.

[keseoma]

that's totally different thing!

I'm from China and I know that !  Every country has their own policy on the crypto-currency, and the Chinese government don't support crypto-currency,  just like the gambling is illegal here too (Macao is special cos the historical reason) !

but they will use the new blockchain technology to rebuild the current bank transaction system, to make it faster, and more efficient!

That's not crypto-currency, it's centrallized digital-currency, all controlled by government!  

[torpedo]

Every country has its own tools for control. Hope that people are not stupid, and it's a new generation coming that'll change the situation.

[Ucy]

that's totally different thing!

I'm from China and I know that !  Every country has their own policy on the crypto-currency, and the Chinese government don't support crypto-currency,  just like the gambling is illegal here too (Macao is special cos the historical reason) !

but they will use the new blockchain technology to rebuild the current bank transaction system, to make it faster, and more efficient!

That's not crypto-currency, it's centrallized digital-currency, all controlled by government!  

The currency (if it really exists) its still fiat currency. probably digital fiat currency.

How is cryptocurrency used over there? Do people really still use cryptocurrencies in the  country? Has anyone been sent to jail for using cryptocurrency?

Not sure gambling is totally illegal over there. Lottery is gambling too: https://en.m.wikipedia.org/wiki/Gambling_in_China

[Herbert2020]

China Creates Currency to Cancel-out Cryptocurrency

lol. that sentence doesn't even make sense.
they either have to create a better decentralized currency like bitcoin to "cancel" it out.
or they have to make a better pump and dump centralized shitcoin than altcoins to cancel them out.
they won't do either of these ever!

The Chinese government is on a mission to keep people dependent on government-controlled currency.

people are already dependent on "government-controlled currency". that currency is called fiat. and that is not going to change.

when governments issue their own cryptocurrency it has nothing to do with "cancelling out" anything. it is about wanting to use the newer technology that has come along and increase their security, control and earning power.

[setialovers]

China Creates Currency to Cancel-out Cryptocurrency
The Chinese government is on a mission to keep people dependent on government-controlled currency.
China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency
in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent.
The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan,
with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.

The Chinese government has already looked at blockchain technology in issuing money and I think this is positive news. Cryptocurrency on the market today is difficult to be recognized as a means of payment by the government because it can interfere with the authority of the central bank, but cryptocurrency on the market can be used as digital assets

[Tylev]

We should be mature enough to know that such fiat backed stable currencies are not direct competitors of real decentralized crypto, all these company or country backed coins are just controlled payment schemes that are fully tracked and checked by the respective people who create them, real crypto never has any threat from such coins.

Therefore, supporters of a decentralized cryptocurrency have nothing to fear from stable coins. I’m even wondering how this Chinese CBDC stable coin will be received in China and other countries. It will be just a digitized yuan. The Chinese, in my opinion, will completely trust this coin and use it. Over time, it will spread to other countries with which the Chinese are now trading, and they are now trading very actively with almost everyone.