China launching its own crypto currency ?

[electronicash]

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

Thanks for actually providing the link. I'm just curious though how it would go with this setup, with China having an official crypto that is only usable within its borders and then a separate fiat which it uses for trading with the world.

centralize. maybe they even see their database and call each and everyone to hand out their digital yuan wallet address    its a scary thing but they'd get use to it.
the aim still is to get out of china and move somewhere else to be a merchant. that's what every china man wants to do unlike jacky who got so lucky.

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[shield132]

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 ?

Don't know exactly what will happen around crypto but according to one news if they are going to be competitors of facebook's Libra, it makes everything clear, very wise turn from china, they want to ruin USA's economy. At first it was Huawei's scenario, now currency, imagine if china decide to not let applr and others produce things in china, it will skyrocket technology prices in USA and will make it almost impossible for simple guy to buy tech and other needed things. I think china's aim is that and they want to attack with full forces and be ready for contr attack from USA.

[ChuckBuck]

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 ?

I have read this news here: https://www.forbes.com/sites/rogerhuang/2019/08/14/chinas-digital-currency-is-unlikely-to-be-a-cryptocurrency/#1f1678236a52

There are many issues analyzed in that article. The release of a crypto currency for this billion-people country may sound good, but in fact, this coin is only beneficial for China, it cannot be as influential as bitcoin or ethereum, etc. It just stopped at "ambition".

[auntyjmary]

The Chinese government is really strict when it comes to issues that has to do with the economy. The introduction of any cryptocurrency by the Chinese government would easily be manipulated by the central government hence it would be very difficult for the outside world to enjoy such  cryptocurrency which is not decentralized.

[ChuckBuck]

The Chinese government is really strict when it comes to issues that has to do with the economy. The introduction of any cryptocurrency by the Chinese government would easily be manipulated by the central government hence it would be very difficult for the outside world to enjoy such  cryptocurrency which is not decentralized.

I think no one wants to enjoy a money with no potential except the Chinese, large population may be an advantage, but it can not help this coin has the power to control the market. I still don't appreciate this currency, wait and see how it will form. I bet it will take a lot of time.

[Reid]

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.

Oh this could really happen.
How much you are spending will be seen transparently. Scary.
In their country it will be a big deal because of their type of government.

A communist is way too different than a democratic government. I think we know why Yao Ming have his own channel there.
The higher amount of money you profit the higher they will take from you. That is equality for them .
Don't really like it but somehow they are in success.
This is also why a lot of Chinese people are doing businesses outside their country. To avoid those kind of financial system and also because of the strict policies.

Their token might only be a way for them to avoid bitcoin and look at how much money in stash their people have.

[Rahman11]

I think it’s can't did any effects over global crypto-currency market because it’s centralisation, we can't will able to use it! So, normally other crypto-currencies will still being with  normal values!

[Danslip]

The Chinese government is really strict when it comes to issues that has to do with the economy. The introduction of any cryptocurrency by the Chinese government would easily be manipulated by the central government hence it would be very difficult for the outside world to enjoy such  cryptocurrency which is not decentralized.

I think no one wants to enjoy a money with no potential except the Chinese, large population may be an advantage, but it can not help this coin has the power to control the market. I still don't appreciate this currency, wait and see how it will form. I bet it will take a lot of time.

I remember the KEY project which claimed that the Chinese government supports the project. This project was based on the smart AI system for all boards of the technology, to be honest, every investor dreamed to buy the cheap tokens before it gets sold by the other investors after getting listed on the exchanges. The AI is the specific industry for China and these guys took advantage of the false rumors. The other examples are also actual but the investors don't believe easily to the every said word. Chinese government has already considered the given arguments but the competition among projects is in another level in my opinion.

[imstillthebest]

I think it’s can't did any effects over global crypto-currency market because it’s centralisation, we can't will able to use it! So, normally other crypto-currencies will still being with  normal values!

so it is really a centralized coin?  if it is then your right .  centralized coin dont have any known effect to the decentralized one.  it has been proven before after the release of many centralized coins within the crypto category. 

many country have already represent thier own crypto but some are not centralized and some are now widely being used thesedays.  . 

i like the fact that some countries are not contented with fiats anymore . crypto is really the future. we can only be shocked one day that fiats are now already replaced by cryptos

[Natalim]

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 ?

It's impossible for China to launder their own money if they are issuing their own cryptocurrency, they are doing this to avoid money laundering because the coins is coming from them, and therefore they can monitor them.

Anti money laundering law is design by the regulators and since they issue their own, they will design it in accordance with the compliance of the Anti money laundering law because they they aren't stupid to issue a coin that will give them a headache.

[SquallLeonhart]

I remember the KEY project which claimed that the Chinese government supports the project. This project was based on the smart AI system for all boards of the technology, to be honest, every investor dreamed to buy the cheap tokens before it gets sold by the other investors after getting listed on the exchanges. The AI is the specific industry for China and these guys took advantage of the false rumors. The other examples are also actual but the investors don't believe easily to the every said word. Chinese government has already considered the given arguments but the competition among projects is in another level in my opinion.

Wait, I don’t get you, are you saying that there is nothing like china currency and some sort of project in china are the ones that claimed that china is backing them up? If that is what you are saying, then why has china not come up to deny that they are even associated or afflicted with the project, at least that is a fraudulent case to me, and if china had nothing to do with it, they would have openly denied it and come after the project that is making the claim.

I think that china really have their agenda, the last I heard of them was when there was plan to ban miners from china, and suddenly, I stopped hearing of the situation, and right form then, I know they were up to something, so I would not doubt if china is really planning to come up with their own cryptocurrency real because they meant to continue to be in control of their own currency.

[alexforneus]

China is launching fake crypto. Nothing more than PR and nothing useful for citizens of others countries

[cabalism13]

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.

And as additional to this not all chinese citizens will ever get a hold of technology especially this altcoin. Only big time goodies will be the ones who'll be using this, might also count other normal whose fond of using blockchain techs.

And besides, even if the other countries make a move just like what China did, we can't deny that this is just alts, Bitcoin will rest for eternity and I doubt some other coin will ever beat that coin. Its just a mother of all coins/tokens(crypto)

[Oilacris]

China is launching fake crypto. Nothing more than PR and nothing useful for citizens of others countries

What would you expect? China is been known to create everything according to their likes anytime.They create their own coin but this would only be good into its citizens.
So simply means that this is no different into a countries e-currency system which is heavily centralized.Dont know why they are tending to cover it up with having a name of crypto yet this doesn't fit out.

[cabalism13]

What would you expect? China is been known to create everything according to their likes anytime.

Definitely, same old story, another local product of China, who knows what will be the value of it, might even determine by Class. Only a few has been well made from China, I don't know if will do better on Crypto?

[target]

China is launching fake crypto. Nothing more than PR and nothing useful for citizens of others countries

What would you expect? China is been known to create everything according to their likes anytime.They create their own coin but this would only be good into its citizens.
So simply means that this is no different into a countries e-currency system which is heavily centralized.Dont know why they are tending to cover it up with having a name of crypto yet this doesn't fit out.

I have not read the news, there ain't an official news for this but if the currency is using blockchain, it can be considered cryptocurrency just as bloomberg said.. With blockchain though it can't be just for them alone, we might be able to use it too. The project will help China economy and maybe they aren't after all isolated when it comes to crypto.  Will Alipay die and all others because of this?

[Free1bitco.in]

What would you expect? China is been known to create everything according to their likes anytime.

Definitely, same old story, another local product of China, who knows what will be the value of it, might even determine by Class. Only a few has been well made from China, I don't know if will do better on Crypto?

Well, I never doubted China, if they made their own crypto, it might be able to compete with Libra. several articles have discussed it, even you can also find it now if you look for it.

in terms of influence, I think it can also have an influence on current prices. if it can make the citizens of China use cryptocurrency, it is most likely not only the crypto they made themselves that they use, but bitcoin, and also other altcoins, given that China has so many citizens.

[sana54210]

Centralized currencies never made it too big in crypto, I mean I know ripple is still big and even became second biggest for a long period but aside from ripple there are not that many centralized currencies that could become big.

I bet this is more about how China wants to control the crypto currency movements in their country like they love to control everything else so this will not even be a great crypto in the tech department let alone be great at marketing and the features. Let's hope that it gets more chinese people adopt bitcoin tho, that would be really a side help without China really wanting, if they focus people into their own crypto, some more may just leave and join bitcoin world that didn't before which would help us grow the price and mass adoption together.

[cabalism13]

in terms of influence, I think it can also have an influence on current prices. if it can make the citizens of China use cryptocurrency, it is most likely not only the crypto they made themselves that they use, but bitcoin, and also other altcoins, given that China has so many citizens.

Even if they havd many citizens it can't guarantee a stable coin for them not to mention the influence, in crypto altcoin values will depend on the market, even if they are said to be higher in value during ICO and IEO,... They will eventually fall below likenthe others.

[hulla]

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

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.

China’s crypto currency won’t have any immediate effect on the crypto market, because their crypto will be a centralised one and the Chinese people may even reject this crypto. However in the long run if their government withdraws cash and forces them to use their centralised coins only then crypto market may be effected. @1Referee you’re absolutely correct with your analysis that the Chinese government intends to keep complete tabs where their citizens are spending their money, and this wont bode well for the Chinese citizens.

I'm sure the crypto that will be create by the Chinese government will be centralized but I'm not sure if one of the purpose of the Chinese government creating their own crypto was to tab their citizens as you and 1Referee believe because the IMF boss have once advised all governments/central banks to create their own national cryptocurrency.
With that been said, the only effect the Chinese crypto will cause is more legalization of crypto and another government creating their own national cryptocurrency.