China launching its own crypto currency ?

[DarkIT]

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 ?

You mean the Chinese gov is going to launch the crypto currency. So I thik that currency will be totally centralized controlled by their Gov. And don't worry about the massive population of China. Maybe they are one sixth of the total population of the earth but that does not make any sense that the crypto market is going to affected if all of them start adopting that.

of course, they will control the crypto they make. moreover I hear that china making stable coins that will compete with libra. but, from the information that I got, libra's support is stronger than crypto that will be made by China.

China has a large population, and when every Chinese citizen is required to use their own crypto compared to other crypto, I think the development of cryptocurrency that they make will become a popular crypto

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[Viscore]

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 ?

You mean the Chinese gov is going to launch the crypto currency. So I thik that currency will be totally centralized controlled by their Gov. And don't worry about the massive population of China. Maybe they are one sixth of the total population of the earth but that does not make any sense that the crypto market is going to affected if all of them start adopting that.

of course, they will control the crypto they make. moreover I hear that china making stable coins that will compete with libra. but, from the information that I got, libra's support is stronger than crypto that will be made by China.

China has a large population, and when every Chinese citizen is required to use their own crypto compared to other crypto, I think the development of cryptocurrency that they make will become a popular crypto

China will have their own centralized cryptocurrency so it will still be controlled by the government and even the Chinese people are required to use it, it's popularity will definitely not affect bitcoin. It's usage is only limited to the Chinese or even the near countries unlike bitcoin that is globally competitive. So even if China is a very progressive and has a huge population, it won't still make a big impact on bitcoin knowing it cannot be traded unlike what bitcoin is capable of.

[SquallLeonhart]

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 that will happen, the no. 1 who will get benefits on it are the citizens of China of course.
But it will be controlled by their government for sure, due to it will be regulate in the end. the government won't
allow to be happen without the benefits they could get from it. But as of the moment, it is still not implement right?

We don’t even ,ind regulation now, because with regulation, it would be hard for scammer or hackers to scale through, one of the countries that is really  trying in eliminating corruption from their country is china, although there is still corruptions there, but it cannot be as much as it will be in other countries. If china creates their currency, before we condemn it, we will just wait a little and then see what they have to offer the public through the own technology just like every other altcoins has.

The only coin that I know that china coin cannot compete with is bitcoin, because even if people would use china coin, they would still like to use the most popular one also which is bitcoin, except maybe china will place a ban on btc which I believe it is impossible.

[Greed Dev]

I think the Chinese government has seen the benefits of cryptocurrencies, the internet and their technology is also developing so cryptocurrencies are easy to follow. So they applied it by giving out their own cryptocurrency (their own centralized currency) for easy control and future development. With a crowded market like China, I think cryptocurrencies will grow very strongly, which will help them become the No. 1 power in the world as they wish, a powerful country in all aspects. However, everything is still in their plans, we still need more time and information from them.

[STT]

China has a large population, and when every Chinese citizen is required to use their own crypto compared to other crypto, I think the development of cryptocurrency that they make will become a popular crypto

I think it becomes a contradiction when we say China will require its crypto to be used, that doesnt represent capitalism its just an enforced digital currency and likely to be centralized and dictated by the communist central party on the citizens.   Capitalist economies are always from the people upwards not top down, the means of production is owned by the people not the government as is familiar in fascist or nationalist type governments.    
   We've forgotten what capitalism is perhaps but we should draw the line now in called some blockchains as crypto when they arent such as Ripple which is just a company not a free means of distribution.   If China has a blockchain it wont do anything but convey communist orders from the high command of the party and military that controls that country, it will be far inferior to anything of independent worth.

[Quidat]

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 it will be like Libra , which have rumors that can cause identity revelations for users then that's likely a China thing tats why they decide to create their own cryptocurrency, they may put many restrictions on it or limited only in their country. I hope it will give a better market once released if they will not limit their operations in different exchanges and applications. It's a good news to many Chinese who really long to enter cryptocurrency legally.

We cant consider for it to be called as a cryptocurrency yet it would really be a heavily centralized one,knowing China where they do love
to control all sorts of things.They have created their own choice which clearly means that they dont like on following other crypto as well where
they dont have the power or the control of.Instead they do make on their own to implement such lacking things on the current crypto market.
I doubt that this wont release on public and would just be focusing for their own economy but we know on how China handle out things specially it do
follows capitalism.

[Btcvilla]

Maybe incorrect or miss information do you get with China launching his own cryptocurrency, about on 2016 China is the only one country support bitcoin become higher price but suddenly without have any reason they banned bitcoin in their country, all of project have connection with bitcoin closed and banned all of ICO.

[jakoylantern]

Yes, China will launch there own cryptocurrency but only for its people. For me, its a little effect of the crypto market, it won't be a big deal. Also, its capability and ability are not the same as bitcoin; we know that our transactions can be seen, but there is still the anonymity because of the codes, but in China's cryptos the government can see or will have access to all data on the transactions. Also, most Chinese are using the digital currency to their state, so it's not a big deal for them.

[Moiyah]

It has bigger effect only in the cryptomarket of China, a cryptocurrency which will be launched by PBOC which controlled by their own government which became centralized. People of China departed their freedom to their own private life and it becomes a secret inspection in discharging digital resources. China believes that if they involve to the world of the crypto, there country will go to the flow of progression and development of the technology. And at the same time it becomes a stronger, well-built currency.

[target]

It has bigger effect only in the cryptomarket of China, a cryptocurrency which will be launched by PBOC which controlled by their own government which became centralized. People of China departed their freedom to their own private life and it becomes a secret inspection in discharging digital resources. China believes that if they involve to the world of the crypto, there country will go to the flow of progression and development of the technology. And at the same time it becomes a stronger, well-built currency.

To their economy. They'd surpass the all other countries who first adopted cryptocurrency. Once they have a government backed exchange, they may be able to trade BTC/Chinesecoin and can still monitor the citizen's wealth. This I think is a smart move for countries who wants to collect tax from digital currencies. Several projects in crypto are already backed by the Chinese government, should we expect some coins to prosper like the NEO?

[yoseph]

It has bigger effect only in the cryptomarket of China, a cryptocurrency which will be launched by PBOC which controlled by their own government which became centralized. People of China departed their freedom to their own private life and it becomes a secret inspection in discharging digital resources. China believes that if they involve to the world of the crypto, there country will go to the flow of progression and development of the technology. And at the same time it becomes a stronger, well-built currency.

I guess this was the reason why the decided to ban cryptocurrencies and clamped down on all crypto trading platforms. One thing am sure about is that their crypto isn't going to be decentralized since it's made by the government and also they should know that its not going to be anonymous knowing the Chinese government. In the end it might even end up like the crypto that the Venezuelan government created.

[teosanru]

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 ?

First of all such a Cryptocurrency wont be cryptic at all because china would definitely have control excess over all the transactions and KYC would be mandatory so instead of saying it Cryptocurrency it's better to say it a digital currency. Moreover china is popularly known for creating it's very own version of everything instead of using something created overseas. It might be the part of the make in China initiative or whatever. They have their own google, youtube, facebook and now Bitcoin. World won't be benefited much from it. All it would do is act as a gateway between fiat world and Cryptocurrencies for the chinese people as they would first have to buy these crypto in order to buy bitcoin which they currently can't.

[Genemind]

Been hearing this news for such a long time since China adopted the Blockchain technology. There will be positive effects but there will also be negative effects for most users even outside China. I'm sure that China would take full control of this currency. China is a business-minded country and we must all expect that their government will also take charge of handling it as well.

[Mumbeeptind1963]

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 ?

yes they are possible to make their own cryptocurrency, but the main people who can use that is only their citizen we all know that patriotism in china is very  strong, and there are many exchange that are made in china like bibox if I am not mistaken, there are so many more so maybe we don't need to worry about, it can help the market I think, chinese are business minded people.

[Natalim]

Been hearing this news for such a long time since China adopted the Blockchain technology. There will be positive effects but there will also be negative effects for most users even outside China. I'm sure that China would take full control of this currency. China is a business-minded country and we must all expect that their government will also take charge of handling it as well.

I don't see a negative impact here, it's an increase to the market in a bigger size since they are still launching a cryptocurrency which I think will be traded in the market. I think it's going to be a stable coin and this crypto market soon, will have a balance coins from stable and non stable coins.

Hopefully they will do that in the future as that action means they are pro crypto and maybe they will soon allow their people to trade with our crypto especially with bitcoin.

[blckhawk]

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 don't think it would be open to the market. It's probably only exclusive to China. Their government wants to control all since they are a communist country and so, they made their own cryptocurrency to use. They may have seen the potential of the technology but I don't think it would have great impact on the future of crypto. Maybe some investors from China would be restricted to their own crypto but that's just it. Maybe it would bring more people into cryptocurrencies. Bitcoin and altcoins would just continue as normal.

[Btcvilla]

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.

China want to be competitor for Libra coin for getting many investor for their own coin, they want get many investor left Libra coin and start investing with China own coin's, by the way until today China still not allowed using bitcoin as legal and banned for all ICO and IEO project investment there, Bitcoin have been banned last two years there.

[xabre]

Maybe just an issues China will added and have own cryptocurrency because China ever been banned bitcoin as legal transaction, will be after banned and get back again fro cryptocurrency for China?

[Driggers95]

If cryptocurrency will become a thing for each big countries then there is no doubt that the country of China will create their own cryptocurrency. Just like on what they are doing, the chinese government always want to fall all the things in their country under their own surveillance and they want to monitor the flow of all the things in their country so they will probably create their own version of cryptocurrency with their very own created features.

And because China only creates features that are appropriate and only used to monitor the flow of money in its country, very few people want to use and the value of this product is not appreciated, even if this product wants to enter the international market, it is very difficult when other countries are always very concerned about China, they will stop this product. Therefore, this information is only a small advertisement for crypto, it will not bring global influence and waste quite a bit of national resources

[iv4n]

In news we can see that bank of China is close to issuing its own cryptocurrency. Of course according to a senior officials, but without any names or any official announcements.
What that means? They will make their coins, centralized coin to be accurate. They will create it, distribute it, they will control it! For them as government this is a dream come true, they will have more control over the users, easier tracking, they will be able to see everything on their explorer, but who will be able to control them?
If China do this, they will be the pioneers, first government that fully adopted blockchain technology. It will be a good example for everyone else, that will give us insight how can some centralized cryptocurrency work and how will interact with other decentralized cryptocurrencies, or more important how will their system work with the other countries that doesn`t have their own cryptocurrency.
The world is changing, we are witnessing these changes and we can make predictions, but nobody can tell where are we going exactly.