China launching its own crypto currency ?

[haseeb ahmed]

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

[1714906028]

1714906028

[1714906028]

1714906028

[1714906028]

1714906028

[1714906028]

1714906028

[xSkylarx]

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

Only citizen's of China will benefit to it and I don't think it can be used outside the country or used for trading. If it can't be used globally then it won't affect the crypto market. Their own cryptocurrency is centralized just like facebook's libra coin so ethereum and bitcoin will still remain the top cryptocurrencies for me.

More info about China's own crypto currency here: https://www.forbes.com/sites/rogerhuang/2019/08/14/chinas-digital-currency-is-unlikely-to-be-a-cryptocurrency/#3fcfdd036a52

[ashmodeus]

I think this is only for a single competition between China and Libra.
on the technological features side, China claims they are better.
but yeah, as long as they are centralized, I don't think it will have an impact on cryptocurrency.
source : https://www.coindesk.com/new-head-of-chinas-digital-currency-says-it-beats-facebook-libra-on-tech-features

#edited.

[1Referee]

Scary times for Chinese citizens. At first they might not realize that with how used they are to platforms such as WeChat and AliPay, but they're definitely going to notice when people are being censored when sending money to recipients the government doesn't like. Another thing is that they can easily analyze your spending behavior to either sell it to third parties or abuse it themselves.

People in China should do everything they can to buy themselves as many Bitcoins as possible locally while physical cash is still a thing. Bitcoin will be the only bit of financial freedom that they have left.

As for the impact on crypto, I think it will be negligible at first, but may prevent future adoption from Chinese citizens if every single mainstream exchange ends up on their blacklist.

[Lucius]

Scary times for Chinese citizens.

I think the Chinese live in fear too long time, and that this is not something they should be too afraid. Communism is the main power governing the country, and it is logical that they want complete control over finances. They ban BTC to prevent people to become too financially independent, now they move to next step.

People in China should do everything they can to buy themselves as many Bitcoins as possible locally while physical cash is still a thing. Bitcoin will be the only bit of financial freedom that they have left.

Maybe they should do that, but how they will sell BTC in future if CP is have full control over new digital currency and trading is forbidden? Only way would be to travel outside China and sell some BTC for fiat, and spend it there for some service or to buy some things.

[ashmodeus]

Maybe they should do that, but how they will sell BTC in future if CP is have full control over new digital currency and trading is forbidden? Only way would be to travel outside China and sell some BTC for fiat, and spend it there for some service or to buy some things.

it will be the worst thing ever , everything gonna track,controlled and it's a doom to who living there.
but wait a moment, calibra will be similar like that,right ?
creating a fully centralized over world.

[romero121]

China launching its own cryptocurrency looks to be a plan to restrict people from using other cryptocurrencies particularly bitcoin. This will help the citizens of China, same time they'll get into restrictions. This won't help with the cross border transactions, already there were few countries that have established their own cryptocurrency.

What the people outside China look this is same as that of looking a bank. What services we get will be done through this, and governments will have the complete control of the funds.

[Renampun]

Maybe they should do that, but how they will sell BTC in future if CP is have full control over new digital currency and trading is forbidden? Only way would be to travel outside China and sell some BTC for fiat, and spend it there for some service or to buy some things.

it will be the worst thing ever , everything gonna track,controlled and it's a doom to who living there.
but wait a moment, calibra will be similar like that,right ?
creating a fully centralized over world.

In the past,
large countries considered cryptocurrency as a threat and a shortcut to crime such as money laundering & corruption.

now the trend is different,
at this time, the trend that is being created by the US and China is creating a fully centralized over the world.

IMO, this is not bad, it will instead make the cryptocurrency adopted in bulk.

[avikz]

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

Lol! No effect will come to the main crypto market! I am not sure about the correctness of this news thought! Because I am not able to find any credible news source that supports this news. I will be glad if you can redirect us to a reference.

But if in reality China plans to launch their own crypto, it will just a digital version of their own fiat currency which literally will have no relation with main crypto market! Even India is planning to launch their own crypto in coming years, but none of them will have any impact on the crypto market!

[Mahanton]

I think this is only for a single competition between China and Libra.
on the technological features side, China claims they are better.
but yeah, as long as they are centralized, I don't think it will have an impact on cryptocurrency.
source : https://www.coindesk.com/new-head-of-chinas-digital-currency-says-it-beats-facebook-libra-on-tech-features

#edited.

I wont be surprised if other countries would create their own and would join up the bandwagon of creating centralized coins either just joining up the hype
or would truly trying to compete with others.Just like on what majority is telling here,i don't see a reason for this one give out some significant effect on the cryptospace.
They have their own market vicinity though but as an investor it isn't bad to consider on throwing up some few dollars to this one.Even we do hate centralization but for
the sake of making profits it is a considerable step to take on.

[senin]

I do not see anything wrong with the creation by the Chinese government of its own CBDC coin. It will be a very peculiar and seems to be stable coin with several levels of anonymity. Something like I expected from the Chinese government, they always looked for their own development path. Talking about the Libra coin simply accelerated the appearance of almost the same Chinese coin. I do not think that it will mainly be used for internal use. It will be very convenient for citizens of all countries who are now trading with various business structures in China.

[BitHodler]

I do not see anything wrong with the creation by the Chinese government of its own CBDC coin. It will be a very peculiar and seems to be stable coin with several levels of anonymity.

Governments issuing their own coin/token do that because it offers them more control over the money supply than ever before, so where did you read that it is going to offer people several levels of anonymity?

If you think logically, it doesn't even make sense with how governments want to trace every single trail of your transactions, so from there it's going to be an anti privacy rather tool rather than a privacy enhancing tool.

If you also add that China is slowly but surely becoming a digital surveillance country where the government spies on its people in every single corner of the street with facial recognition and such, then you'll know that privacy isn't going to be present.

[dengpei]

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

If they go ahead with their coin, its likely going to be a stable coin like Facebook's Libra. Its effect on the crypto market is not something that we can understate because its likely going to bring crypto to the mainstream everywhere else in the globe. The Chinese coin is likely going to ride on the success of  WeChat which already is a major payment gateway in China and given that the coin will be state-backed in a closed dictatorship kind of society scale and adoption will be fast. 1 billion people are no joke when they come onboard as users.

[Kakmakr]

Well, I think the people of China should be more worried about this, than being worried about the anti-extradition bill protests. Fiat currencies gave the Chinese citizens some financial anonymity, because cash still has an element of anonymity. If the coins and the cash was not marked or recorded, it would be difficult to follow it's path through the financial system.

Now with centralized Crypto currencies like this, government can follow every token and they can even block transactions or color code or blacklist some of these tokens, so that people cannot use it. They can reverse transactions and they can seize people's wealth.

It is also easier for them to manipulate the supply, because they have full control over the protocol and the development of the software.  

[michellee]

China wants to replace the presence of bitcoin with its own cryptocurrency. I don't think that can replace bitcoin as if their currency is in under cryptocurrency, and then they need to follow bitcoin. Maybe that will help their people but to compete with the other coins, it's not easy. I think it will be difficult because right now, many other coins have to try to survive. And soon, there will be many other new coins that will release on the market. But I don't know what kind of technology from the China cryptocurrency.

[goldade]

Since the cryptocurrency is will be country-based,  then it will be centralized. Unlike bitcoin,  the cryptocurrency will be regulated by the government and will be within confines of the country. 
This, however, will have no effect on the cryptocurrency market generally as it is more or less a national currency, only that it is digitally oriented.

[gantez]

People talk about restrictions or not using bitcoin when China create there coin but IMO, I don't think any of that would happen. What I foresee is healthy competition from altcoins.

[rosezionjohn]

If centralized cryptocurrency like Libra has an effect on the market, then another centralized cryptocurrency backed by PBOC can do the same. Based on some reports, they have been planning this for a long time https://www.bloomberg.com/news/articles/2016-01-21/chinese-central-bank-studies-prospect-of-own-digital-currency

 

[Lucius]

it will be the worst thing ever , everything gonna track,controlled and it's a doom to who living there.
but wait a moment, calibra will be similar like that,right ?
creating a fully centralized over world.

Libra is something different, it is Facebook project of creating world stable coin pegged with national fiat currency. If you want to buy something with Libra, you will just link your bank account with Libra wallet and convert fiat to Libra coin, then pay for goods or service with this coin. But Libra is still just idea, which would have to be approved by many countries to become successful. Even USA and EU do not like Libra project, and I doubt that it will come to fruition in a quick and easy way.

China is just one country under full control of Communist Party, and communism represents a power that does whatever it wants, there is no opposition or debate about things, people do not matter or influence decisions. Because of that it is very easy to implement anything, and new digital currency is done deal if China really wants to do it.

[figmentofmyass]

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

Only citizen's of China will benefit to it and I don't think it can be used outside the country or used for trading.

"benefit"? lol, all this will accomplish is more surveillance and censorship of chinese peoples finances. any kind of central bank issued "cryptocurrency" is bad news for the population. it's the polar opposite of cash. china is moving towards a new totalitarianism and this appears to be one of the methods.