China’s Cryptocurrency 'Protects' Legal Currency Yuan

[andrea1234]

China's passive digital currency will apparently bear "similarity" with Facebook's own cryptocurrency, and aims to protect China's 'financial independence', according to a senior at China's central bank.

[crazy-pilot]

It has always been more interesting to me to observe the Chinese cryptocurrency than the Facebook coin. I think China will come to world domination in the field of cryptocurrencies. The Chinese economy is very strong and their financial capabilities and goals will lead them to success.

[tsaroz]

It has always been more interesting to me to observe the Chinese cryptocurrency than the Facebook coin. I think China will come to world domination in the field of cryptocurrencies. The Chinese economy is very strong and their financial capabilities and goals will lead them to success.

Chinese have a great potential but their society and economy still is a very closed one. The Chinese government would need much more effort and money just to maintain it's power over the population in coming decade.
China has a lot of blockchain developers and experts but they can't work freely in their own country.
Chinese are one of the largest investor for bitcoin and other crypto as they don't trust their government with their money.

[Alisha FR]

It has always been more interesting to me to observe the Chinese cryptocurrency than the Facebook coin. I think China will come to world domination in the field of cryptocurrencies. The Chinese economy is very strong and their financial capabilities and goals will lead them to success.

absolutely right, at this time China is one step ahead in terms of cryptocurrency, they created various Exchange, Coin, and started to create a Crypto-based Yuan currency, one of them by using a stable DAO platform, in this case they seemed to want to conquer world trade by using crypto , I think with the use of Crypto-based yuan, China will rival the USD as the strongest base in cryptocurrency.

[audaciousbeing]

China's passive digital currency will apparently bear "similarity" with Facebook's own cryptocurrency, and aims to protect China's 'financial independence', according to a senior at China's central bank.

That is the main goal of any currency which has the backing of the government and the moment that cannot be guaranteed, the essential objective of the entire thing has been defeated. Making this statement is just to send a message to every crypto enthusiasts not be over joyed and thinking since the government is going digital, its creating room for cryptos like bitcoin and other independent cryptos but know this, its still our Yen that is changing form and every control currently present now, is very much available if not more than because with cash, some money can be lost in transit don't expect that in this new dispensation.

[pawanjain]

China supporting cryptocurrencies could be the next big thing for the crypto community since we all know how big is it's contribution towards crypto.
The China ban on crypto did shake up the market but then the price has recovered quite a lot. Now since China has decided to back cryptocurrencies it can really be a huge thing.

[omone1]

I am watching how this will eventually end, China has the population to dominate and the market to proof something. How their Stable coin is going t fair is what I don't know yet. If the west is going to accept it or not and how they intend to convince their Asia nations about it too. It will be a real game changer.

[prehisto]

China's passive digital currency will apparently bear "similarity" with Facebook's own cryptocurrency, and aims to protect China's 'financial independence', according to a senior at China's central bank.

What?!
You just took some quote of some news article and posted here?
No reference no context, nothing. It would be interesting to see more information and understand what exactly this is about.

[pishite]

China's passive digital currency will apparently bear "similarity" with Facebook's own cryptocurrency, and aims to protect China's 'financial independence', according to a senior at China's central bank.

They are interesting guys, at first they forbid mining and cryptocurrencies, and now they decided to create their own digital yuan. They will make a coin without any problems, since they many talented software engineers. I wonder if they are nationalizing any cryptocurrency in order to use its blockchain, for example, the tron or neo.

[disconnectme]

I don't know why people are bent on promoting some of these Fiat Dgital currencies, I don't see how exchanges will list them, we need more decentralized table coins like MakeDAO, to be sincere I like what they have done, though there are some flaws but just shows that it could work, so let's promote products like this and make the space better

[Chemcrier]

China is on a fast track to Cryptocurrency adoption, from being against crypto to being pro crypto in the space of a few months, this is like an exact replica of what Facebook did, recently read the news about Tether minting a stable coin backed by the Chinese Yuen as well.

[CryptoBry]

China's passive digital currency will apparently bear "similarity" with Facebook's own cryptocurrency, and aims to protect China's 'financial independence', according to a senior at China's central bank.

China is hoping that the use of cryptocurrency will eventually lead them to worldwide financial domination as they can eventually get away from the powerful influence of other big countries especially the United States. However, the road to success for this endeavor will never be a smooth one and there will always be challenges and obstacles ahead. It would be interesting to watch how China will be using this tool to advanced its global ambition to be the next super-power replacing USA.

[NavI_027]

Is this digital currency of China is accessible for Chinese citizens only or will also be a sort of usual crypto which would be enlisted in exchanges? If the case is the first ones, then it will not be a threat for btc at all .

The China ban on crypto did shake up the market but then the price has recovered quite a lot. Now since China has decided to back cryptocurrencies it can really be a huge thing.

Probably because the last time China announced that they will ban ICO in their country, the market was devastated making all price turn red (it was on the early 2017 AFAIR). This only means that the influence of China here in crypto sphere was so strong.

[Viceroy]

I believe China is a pioneer in adopting everything to do with crypto. I just wish it would show to other countries that crypto is a good thing.

[btc-facebook]

China is a country with a very large population, even they are also able to compete economically with other countries, do not be surprised if even the government begins to save and secure China's financial economy. and cryptocurrency is that alternative.

[herurist]

If China uses cryptocurrency as an economy in its government then I'm sure this will bring benefits to us, I know China is a big country with strong finances.

[#Darren]

I cannot get why there are so much centralised coins from all over the world want to get into crypto. Facebook with its Libra, China with its digital Yuan and Binance is doing the same. As far as, I know the community does not support such coins at all.

[r32godzilla]

It is nice to see that all goverments want to protect us before instability or various fraud.
But the opposite is true, they want to protect themselves from being replaced. Finally they realize the power of cryptocurrencies, mass adoption could happen. 

[jazmuzika217]

I think Chinese government have a very bright point in doing their own crypto. Because it can be more easy for their country to use one and own crypto. But as an investors it is an disadvantage if you are in China because you don't have no choice to use other crypto except their own contry's crypto. But the good thing is when you are Chinese and you are transacting using own crypto the acceptance on using on it is not a problem you can have a smooth transactions.

[Menawi12]

China's passive digital currency will apparently bear "similarity" with Facebook's own cryptocurrency, and aims to protect China's 'financial independence', according to a senior at China's central bank.

I think this coin will be different from those issued by Facebook because cryptocurrency issued by the Chinese government is guaranteed by the government directly and is also used domestically. Libra coins are more global in nature but are issued by private parties which can disrupt the existence of the government in the monetary sector