China launching its own crypto currency ?

[senne]

Because of many benefits that comes with cryptocurrency, sooner or later every country is going to bring its own. The ease of payment, the security and the transparency of the transactions will help in curbing the illegal activities to a good extent. China was working on bringing their own digital currency controlled by the central bank since a few months and finally it's being rolled. But I still feel the use will be limited because a lot of Chinese population is digitally illiterate.

[Arsenyo]

Even if China is a very progressive and has a huge population, it won't affect he main crypto market as it will be a centralised one and the Chinese people may even reject this crypto. But still there is not enough information about it to make some judgments.

[Fredomago]

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

It's not appealing knowing that there's central control over the entire system. Crypto lovers hate centralized market. It is only favorable to the people in the country that it's supporting. Aside from that, the mass adoptions for this centralized coin will not be appreciated that much. The good catch though is China, having the largest population,  have the capabilities to hype the project and bring attention to this planned project.

[Pab]

It will not affect in any way positive or negative.It will be not really crypto but rather digital Yuan
One of the main cryptocurrency condition is decentralization .Crypto has not be issued and owned whatever way.Even ico tokens are not real crypto
It is good move from China fastest and cheapest transaction will benefit his trading

[Xxmodded]

Did you give me source link about China want to launching new own cryptocurrency? I get many topic talking about China want to adopt own cryptocurrency without give source link its true or not, because bitcoin and altcoin ever get bad thing with China have been banned last three years ago and stop for all ICO.

[Shinpako09]

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 ?

We don't know until we got there but I guess since it's centralized, the effect won't be that much. Most still prefer decentralized so maybe their coin won't become a hit or threat outside or maybe even inside China. Even with their big population, not all were going to adopt it especially it's centralized. Being decentralized is a big deal for investors since no one on top is in control. Capital and ROI is much secured.

[Sahyadri]

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

It's not appealing knowing that there's central control over the entire system. Crypto lovers hate centralized market. It is only favorable to the people in the country that it's supporting. Aside from that, the mass adoptions for this centralized coin will not be appreciated that much. The good catch though is China, having the largest population,  have the capabilities to hype the project and bring attention to this planned project.

I highly agree with you. One of the reason behind grabbing a huge support from people is the decentralized nature of bitcoin and other crypto coins. No one really likes the idea that someone can control his financial asset. Moreover, such coins can never get worldwide acceptance from the community. Only local people will indulge into it and even in that case not all of them will go for centralized coins.

Exactly, the central bank bringing their own digital currency isn't a big news in any way. Sooner or later, everyone country would need a digital currency with the growth of technology.  It would have mattered if they were pushing decentralized currency and were working towards its adoption. Cryptocurrencies picked up the pace because they gave an alternative form of monetary system which was out of the control of central authorities. We need that idea to be stronger.

[fullhdpixel]

It will not affect in any way positive or negative.It will be not really crypto but rather digital Yuan
One of the main cryptocurrency condition is decentralization .Crypto has not be issued and owned whatever way.Even ico tokens are not real crypto
It is good move from China fastest and cheapest transaction will benefit his trading

You are very much close to the truth here mate, most altcoins that you see are not true representation of decentralization, and the only true decentralize coin that we see is the bitcoin itself as there is no ownership of it, but you see most of these countries that are working on their own cryptocurrency, they are typically just creating a digital version of their coin, which will never operate the way that bitcoin operates, so even if they create their own coin, people will still use it and then still use bitcoin too.

Bitcoin may not be an agreed global currency, but it will take the position of being a global currency within us because that is what majority of us will actually be using more for many of our transaction than any of the cryptocurrency coin they might claim to produce.

[Google+]

If China has made its own cryptocurrency then I think its cryptocurrency might be just like Altcoin because it certainly can only be used in China and is different from some other cryptocurrency coins, what frightens me is that they manipulate prices and volumes to attract foreign investors so that they will create unhealthy price conditions.

[ecnalubma]

The Chinese government wants full control of their people no wonder that they ban Bitcoin. China can be considered a modern hermit country, they don’t want to be influenced by the outside world as a result they are providing everything for their people to gain full control. Creating their own cryptocurrency can’t hurt Bitcoin that much what else can we expect since its already banned and Chinese miners flew away from their country already.

[Pearls Before Swine]

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.

Thanks for the link, which I've snipped from your quote.

Even if this won't be used outside of China I would not discount its effect, just like I wouldn't downplay the effect of Libra on the crypto market even if it never gets used for anything that isn't facebook related.  The truth is that none of us know what kind of impact these things will have on the overall enthusiasm for bitcoin and other cryptocurrencies.  The more the better I say.

what frightens me is that they manipulate prices and volumes to attract foreign investors so that they will create unhealthy price conditions.

That's the truth.  I would not put it past china to draw in foreign investors to artificially bloat the market to their advantage.  They seem to have a culture of counterfeits that probably extends into things like crypto as well, and I don't say that to disparage them.  Its the fault of the gov't in my opinion and not the citizenry.

[Murat]

It's true that China has adopted a digital payment system and the Chinese central bank who leads the monetary policy announces its own cryptocurrency about to be launched, I think this initiative only was taken for removing the pressure on Chines Yuan, but it's only for their people use, and I think When this initiative solely towards the competition with Libra, This is just the competition between China and USA, Not more than that. Honestly saying that It just the digital version of Yuan not like cryptocurrency at all, It must be centralized and controlled by its monetary system. from my observations, the Chinese digital payment system would bring a positive mindset towards the people only, Nothing else. so don't this news too lightly or too seriously, it may bring anything or nothing.

[Arsenyo]

It will not affect in any way. I think the Chinese government will control the turnover and flow of currency so that it does not go beyond the bounds of their Internet. And the rest of the crypto world was always worried about the growth of BTC, and won't change. Only this matters.

[joinfree]

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!

Here is the source of this information mate, but you are right though. i don't see how this would affect the entire cryptocurrency market as this currency i am sure is going to be regulated by the government. They should have opted to adopt the use of bitcoin or any of the major cryptocurrencies. This would have been better!

[Xxmodded]

China have many investor and I think if launching their own cryptocurrency many China people want to join and invest with their own cryptocurrency, when bitcoin become legal in many investor from China invest with bitcoin and altcoin, they make many altcoin kinds with ICO project investment and become success if China have own cryptocurrency.

[Webetcoins]

yes you are right China is trying to become new super power and they are trying to get into each and everything regarding business, world business etc. They are not ready to skip any chance of becoming world power. Crypto currency is the new trend of investment and business. China is going to launch this currency to gain power in crypto currency world.

[barbara44]

How can you not see a negative affect here? Are you from Chinese government?

We are talking about a country that literally kills a person and all of his family if they spoke against the government. They are worse than mafia and they control EVERYTHING in their country, they are not a communism, they are a dictatorship that makes everyone work for the government.

If they ever go for a crypto of their own or a blockchain project of any kind they will literally take control of it and run that project all their own without any decentralization. The whole point of crypto is decentralization where the central banks and governments could ruin fiat but we would have crypto to run away to, that won't happen with china, they would try to censor even the spending habits of people if they succeed.

[TrevorS]

China is one of the most centralized countries in the world, it is obvious that their cryptocurrency will not differ much from Libra, and will provide a full range of identification services for its users. 
First of all, it will be used as an additional means of control. I do not think that this will somehow negatively affect the market.

[nasipadang]

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 ?

As it is reported that China makes digital currency, here has a central digital concept, just like libra. Regarding the benefits I think it is intended for the citizens of China because digital currrency is expected to replace the yuan by developing digital concepts and technology, and not for common digital currencies like bitcoin and altcoin. There is probably no effect on bitcoin because they are predisposed countries, so I don't think it's possible to pair cryptocurrency like bitcoin and ethereum.

[Colt81]

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 ?

The only impact that i see is that chinese people will only invest in their own cryptocurrency that every citizen in china will have the same and only cryptocurrency. Chinese government will assume that they could beat bitcoin and other altcoins, so that their cryptocurrency will have the better value.