China Creates Currency to Cancel-out Cryptocurrency

[Darooghe]

Yes, China is going to make own Cryptocurrency except without any of the features that make cryptocurrency useful. completely censored, completely controlled, completely infinite supply. it's just digital Crypto that's pegged to their fiat. Nothing really different from any fiat in the world like USD with the added convenience and cheap transaction fees that Blockchain technology offers.

In my opinion this is strictly a big brother play by the Chinese government. This goes along with their implementation of national ID cards and social credit system. Now every citizen will be assigned a wallet on their blockchain and every purchase will be monitored by the government. the government will try to sell this by saying it will combat corruption and money laundering but make no mistake, its big brother to the next degree.

[xiboothrezi]

I see it as a preventive measure to protect its citizens who use cryptocurrency with the guarantee of a centralized system from the government. There is nothing wrong with that, however, the Chinese government is very concerned about the adoption of the blockchain. So there is nothing to worry about, on the contrary, this could be a turning point that opens the eyes of the world to be more open to cryptocurrency, moreover, China is one of the influential countries.

[redsun114]

The same way you see this and have knowledge of this is the same way that we also know what the plan of china is in cryptocurrency and because of the knowledge of it that people have already, that would make this coin not to really get much attention no matter what they try to do.

There is no doubt that it will actually be used, there is no point deceiving ourselves, it will be used, but we cannot completely rely on it as much as we will rely on coins that are decentralized like bitcoin, and news spread faster than anything, no matter the new person that is coming into the market, if china thinks they are the target, those new people will always know about bitcoin which they cannot be kept away from it, and I doubt if anyone that understand bitcoin would want to rely on china cryptocurrency.

[adzino]

A government coin? Lol, it is probably going to be some centralized shitty coins. China is such a control freak, I doubt they will give any kind of financial freedom to their people. Making a centralized crypto currency that has no privacy, is heavily regulated and gives no freedom makes no sense at all. I mean like what's use of even making it? It becomes just the same as those digital wallets like Paypal and shits.

[styca]

I don't know, I kind of see the Chinese stuff as good news. anything that boosts blockchain boosts crypto, stuff like this is all part of the road to mainstream adoption. I would take the fact that they see blockchain as a big deal as a huge plus point for crypto. In the past crypto has struggled to be taken seriously, now the Chinese are putting it centre stage.

[enhu]

I don't know, I kind of see the Chinese stuff as good news. anything that boosts blockchain boosts crypto, stuff like this is all part of the road to mainstream adoption. I would take the fact that they see blockchain as a big deal as a huge plus point for crypto. In the past crypto has struggled to be taken seriously, now the Chinese are putting it centre stage.

That's true. This will boost every thing related to blockchain specially cryptocurrencies.

The digital currency that their government is creating only for them and the Chinese, its not surprising at all since governments will most likely not adopt to decentralize one like BTC. But I think developing and using blockchain will make BTC and all other crypto be widely available for the all of the Chinese. I don't expect many countries will follow what the Chinese are doing but having their own doesn't mean Canceling-out Cryptocurrency.

[pedpedped101]

The government of China has seen the rate at which cryptocurrency is being accepted by many people from different countries of the world, including the citizens of China. So, they might of thought of what could be done to utilize the opportunity in bringing in more development to their country, as well as the growth of their economy.

[Aabcde]

I think even though China issued its own digital currency, bitcoin is still the star. Because China only uses blockchain technology to digitize its FIAT, which means users are limited to their own country. And it is definitely stable, which does not provide any profit for traders. Differences with bitcoin whose fluctuations are very clear. So everyone can benefit according to their analysis.

[gabbie2010]

If china creates their own cryptocurrency I believed its for a purpose I won't agree this gonna cancel bitcoin and the other cryptos after successfully launching I hope its gonna be trade-able with the likes of BTC, ETH, LTC, BCH and other major cryptos thus another profit making coin for crypto traders hopefully it volume traded daily will be huge based on the enormous population of China although centralized that shouldn't pose any threat to bitcoin.

[cryptothreads]

I think even though China issued its own digital currency, bitcoin is still the star. Because China only uses blockchain technology to digitize its FIAT, which means users are limited to their own country. And it is definitely stable, which does not provide any profit for traders. Differences with bitcoin whose fluctuations are very clear. So everyone can benefit according to their analysis.

I think this will be mentioned a lot in the near future because if China can issue its own coin to the country it uses, this will be very special. Currently, no country can do this and this is probably the first country to lead the trend of cryptocurrency development. I personally support this decision of the Chinese government and hope this will happen in 2020.

Of course this coin will not be comparable to Bitcoin because this market is largely dependent on the value of this coin so any coin appearing in this market is altcoin.

[Aabcde]

I think even though China issued its own digital currency, bitcoin is still the star. Because China only uses blockchain technology to digitize its FIAT, which means users are limited to their own country. And it is definitely stable, which does not provide any profit for traders. Differences with bitcoin whose fluctuations are very clear. So everyone can benefit according to their analysis.

I think this will be mentioned a lot in the near future because if China can issue its own coin to the country it uses, this will be very special. Currently, no country can do this and this is probably the first country to lead the trend of cryptocurrency development. I personally support this decision of the Chinese government and hope this will happen in 2020.

Of course this coin will not be comparable to Bitcoin because this market is largely dependent on the value of this coin so any coin appearing in this market is altcoin.

Yes, I also strongly agree too with the Chinese president's decision to adopt the blockchain and launch DCEP. It will not be denied that if DCEP is successful, then other countries will follow it gradually. It won't be as easy and as fast as you would imagine, but it will definitely happen.
Hopefully, this will be a good start for the crypto world too. And the spread of crypto is also wider because of this issue, I'm sure.

[michellee]

Let them decide what they want to do. And if the Chinese government thinks that they want to create the new digital currency for their people, they will see if their people will interest or not. I don't think that that coin can compete with the cryptocurrency because they just follow what bitcoin and altcoin did, and if they want to compete, I think the coin from the Chinese government should compete with the stable coins first before they can compete with the bitcoin and altcoin. Unfortunately, we don't know what the purpose behind that plan is, and we could only guess without knowing the truth.

[coin-investor]

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.

So it's going to be totally centralized, so we can say that it will only work on China, but I'm thinking since this is Cryptocurrency, it could become borderless because there are a lot of Chinese around the world, how do they going to structure it, will it become available in exchanges outside of China, fiat and Cryptocurrency are totally different, if China becomes successful in implementing this, we may see a lot of countries following their lead or example.

[Google+]

I think this could be very bad information because if China does that there will be a cryptocurrency price manipulation that can make the cryptocurrency price collapse, because there will be a lot of price manipulation happening at the exchange place, the bank will support it because it will make many people go back to using the bank to save its assets.

[airdnasxela]

Obviously for China they won't adopt bitcoin and any other decentralized cryptocurrency. They want to control over their people and their money and at the same time be advanced when it comes to technology and in order to achieve that, creating their own centralized digital currency is a way. Now that the President of China already showed support with blockchain, it's more coming to reality. They could aim to surpass bitcoin in the future. It's possible...

[Blue_oxen]

Obviously for China they won't adopt bitcoin and any other decentralized cryptocurrency. They want to control over their people and their money and at the same time be advanced when it comes to technology and in order to achieve that, creating their own centralized digital currency is a way. Now that the President of China already showed support with blockchain, it's more coming to reality. They could aim to surpass bitcoin in the future. It's possible...

They are having a very clear plan to accept this market and hope that the issuance of new coins could go smoothly because China is a very strong country financially. I think this will be the next trend of this market because if many countries create their own coins, it will be very beneficial for this market and people will soon know about the existence of the crypto market. I am still waiting for that to happen but it will probably take a lot of time.

[Pamadar]

Obviously for China they won't adopt bitcoin and any other decentralized cryptocurrency. They want to control over their people and their money and at the same time be advanced when it comes to technology and in order to achieve that, creating their own centralized digital currency is a way. Now that the President of China already showed support with blockchain, it's more coming to reality. They could aim to surpass bitcoin in the future. It's possible...

Not  impossible to this kind of industry, if the president of china is really serious developing their own version of crypto surges will happen.
There's a big market where numbers of businesses that owned by those Chinese billionaires if most of them support the president then
expect for more success to happen.

We are not sure if what the real intention of this Chinese leader we can only speculate and anticipate what can be the impact.

[masterrex]

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.

Well if china believes that it was effective Let them try with its own experiments, I think the chinese people are not dumb to believe and notice what was the true cryptocurrency and what is not. I hope in the long run bitcoin and other cryptocurrency will continue to shine in chinese investors.

[robelneo]

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.

We are moving to a different scenario now, something we have never seen in the last nine years but bound to happen, there are predictions in the past that Facebook and some big countries will adopt Cryptocurrency, and now it's happening, in the next two years things will be different and the landscape will become different, we will actually see country using blockchain and crypto as a replacement or co -exist it with their own currency.

[DabsPoorVersion]

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.

Well if china believes that it was effective Let them try with its own experiments, I think the chinese people are not dumb to believe and notice what was the true cryptocurrency and what is not. I hope in the long run bitcoin and other cryptocurrency will continue to shine in chinese investors.

That's right. After their adoption, they are free to do what they want.
China is really good when it comes to creating something new, this may turn into a positive thing in cryptocurrency, we're just speculating something bad about it. This is the solution they have foreseen to turn everything into their advantage. After adopting blockchain technology, and now they are really maximizing its use.