Coming Soon: China's Own Cryptocurrency

[dothebeats]

They might create their own cryptocurrencies but I doubt that it will get much traction frlm outside China. We all know that people still believe in the power of USD and that’s unlikely to change. Meanwhile this is China’s attempt into convincing people that they deserve the number one spot: by embracing innovation and other options rather than getting stuck in the old ways, all the while ignoring the merits of bitcoin and other pioneers in the field. Though no official announcement has been announced for a crypto Yuan or whatever, it seems like they are heading towards that direction after Xi Jinping expressed his support on blockchain tech.

[BChydro]

So what if there is no anonymity in China. In general, in the world there is practically nothing anonymous. At the moment, it is almost impossible to use and cash out money from cryptocurrencies without leaving any traces. But China is a huge country in which a huge number of people live and if most of them start using cryptocurrencies, this will give a huge impetus to the development of the cryptocurrency sphere.

The reason for the Chinese leader to embrace blockchain is to get rid of the transaction anonymity and that is the sole reason they will be planning to implement blockchain is to monitor each and every transaction made by their citizens and some have mistook including you that they are planning to implement and legalizing bitcoin and other crypto but that is not the case.

[desticy]

So far these are just words.

The Chinese themselves said that in the coming year one should not wait for the release of their currency, therefore this could well be a political move aimed at provoking the Americans in retaliatory action.
Therefore, I would not rush to conclusions because everything can be what it seems. However, the fact that so much is said about cryptocurrency currency at such high international levels is probably good.

Perhaps the Chinese will develop cryptocurrency and the Americans will try to regulate it as much as possible, which can lead to very interesting things.

[alyssa85]

Has it been announced officially that the digital currency that will be released by Chinese central bank will be a cryptocurrency? Or is it merely an insinuation since China is positive about blockchain? I'll like to see a link to this news if it's legit. Nevertheless, even if it's crypto, definitely it's going to be a stable coin pegged to their FIAT currency and also highly centralized for easy tracking on how citizens spend their funds.

The only thing I could find is the follows:

https://cointelegraph.com/news/china-warns-against-cryptocurrency-speculation-amid-blockchain-hype

As Reuters reported on Oct. 29 quoting local news outlet the People’s Daily, Beijing’s previously-announced support for blockchain should not be read as support for crypto.

The People’s Daily is a publication under the direct control of the ruling political power, the Communist Party of China.

“Blockchain’s future is here but we must remain rational,” it wrote. The publication continued:

    “The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

The veiled warning comes days after Chinese president, Xi Jinping, publicly pledged to make the country the world’s number one blockchain environment in a speech.

His words came along with China signing a new so-called “crypto law” governing various aspects of blockchain technology, to enter into force in January.

No idea what they mean by "the world's number one blockchain environment". It could be that they allow developers to code, that they allow mining, or that they are issuing their own coin.

We won't know for sure till January and the legislation is introduced.

[Leyss]

The Chinese government is doing everything right, there they primarily care about the interests of their own state. This position has brought China into a superpower with a powerful economy, using the most advanced technologies. The appearance of their national stable coin CBDC is a very timely and necessary step for the development of China. In my opinion, this coin will be much more useful and promising than Libra would be. China's stable coin has a great future. At the same time, it is also a good step towards the recognition of the entire cryptocurrency.

[redsun114]

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

And so? If china creates cryptocurrency, would they now impose the use of the currencies on us, they can impose it on people like you who have absolute no idea of why bitcoin is totally different from their own cryptocurrency. The fact that china is creating cryptocurrency does not mean I should be fidgeting or jubilating because I would still not see what advantage it will have over bitcoin.

First, china will never create a currency that will be volatile which makes it very useless to people, its regulation will surely make it more of a stable coin, and when we talk of stable coin, we all know what we need stable coin for and we all know what we need volatile coins for, both are not same function. If china like crates their currency, watch and see how it will still be flogged by bitcoin.

[Thomas-s]

Latest news from china indicates that bitcoin is not supported as cryptocurrency and the massive restrain is still upheld. This may not have a immediate reaction on bitcoin price but some china cryptocurrency may have monitored support. Other distracting news says whales are responsible for the price surge which I consider a lie, cause I dont understand the coincidence.

news from china does not say anything specifically about bitcoin. China now wants to be the first in the field of blockchain and they will launch or have already launched their own currency. time will pass and people will understand that there is no currencies that will work except bitcoin and then there will be a new era of bitcoin. but for this, we must be very patient

[nicecrypto]

All that fuss of banning crypto, all the negative news always coming from them is for China to have their own crypto, at least now we know why they are so strongly against btc, good luck with their centralized crypto I hope the citizens will enjoy it.

[Pearls Before Swine]

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential.

No, I don't think there's any great potential for financial progress if *any* gov't creates a centralized cryptocurrency.  The only reason to do that would be so that the gov't can track every single financial transaction its citizens make, so that they have complete control.  They can call it a cryptocurrency, but it isn't one in the true sense of the word.  Nobody will be mining it and the gov't will hold all the keys.

Does that sound like a good thing to you?  And it doesn't matter if it's China or the U.S., any gov't trying to create their own crypto will be trying to further repress its people.

[Searing]

Well, this is interesting:

https://www.fxstreet.com/cryptocurrencies/news/china-is-banning-any-criticism-of-bitcoin-and-blockchain-technology-201910311837

It seems to be moving a lot faster than I anticipated on all this. I guess that BTC is being accepted as the 'bastard step-child' and ignored, probably, IMHO,

due to its 'store of value' aspects. (Anything to help lower the U.S. Dollars world dominance is also likely part of this).

So China, again IMHO, is likely looking at their Cryptocurrency, just like LIBRA, from a purely fast-moving electronic cashless cryptocurrency for buying

and selling stuff quickly with scaling. Bitcoin is accepted as the bastard step-child, in the store of value aspect, IMHO, and it helps in that role by

screwing over gold and the U.S. Dollar to boot.

Anyway, my take on the above. What do you all think?

later

Brad

[mickey_miner]

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

If China also quickly continues to develop in the same direction and can correctly apply new technologies associated with cryptocurrency, it will overtake the United States and become a world leader.

[target]

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

If China also quickly continues to develop in the same direction and can correctly apply new technologies associated with cryptocurrency, it will overtake the United States and become a world leader.

The trade war continues but this time this will be in the different dimension like blockchain world. If both of them just keep manipulating their currency, this time in blockchain the transparency will show which of them manipulates all the time. If they kept printing their bills all the time to shrink debts, minting coins in blockchain will be shown. Is US prepared to show transparency?

[Kambal2000]

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

If China also quickly continues to develop in the same direction and can correctly apply new technologies associated with cryptocurrency, it will overtake the United States and become a world leader.

The trade war continues but this time this will be in the different dimension like blockchain world. If both of them just keep manipulating their currency, this time in blockchain the transparency will show which of them manipulates all the time. If they kept printing their bills all the time to shrink debts, minting coins in blockchain will be shown. Is US prepared to show transparency?

China really wanted to compete in all aspect, they don't want to be defeated and they can't accept the fact that USA has a lot of control over Bitcoin as many USA citizens are holding it over them, so what they are doing is they are banning Bitcoin mining and Bitcoin itself to China as they are preparing for something bigger.

[cutesgirl]

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

If China serious for created their own cryptocurrency I think will bring positive respond with bitcoin at the future, we can't stop the power on China investor with bitcoin, just few minute after China president want to adopt bitcoin as legal transaction, bitcoin suddenly fly to higher price, how if China want to regulated and created their own cryptocurrency at the future?

[TWW]

This will be good when regulations strengthen the circulation of crypto in China. This is a big boost for the increasing demand for crypto because we know China is a big country which will certainly open the door to big investments as well. I hope this moment will get better and be the start of the season next year with many updates also that will occur. You can imagine if many updates in the market could be accepted by the market and made a very large adoption. next year might just be the year awaited.

[Bonenx14]

This will be good when regulations strengthen the circulation of crypto in China. This is a big boost for the increasing demand for crypto because we know China is a big country which will certainly open the door to big investments as well. I hope this moment will get better and be the start of the season next year with many updates also that will occur. You can imagine if many updates in the market could be accepted by the market and made a very large adoption. next year might just be the year awaited.

with the help of recognition from China it is actually already quite helpful, but if they will make new crypto it will be even better. might attract a lot of people in it to start switching to crypto technology, as long as it brings something positive there will be many who support China to develop its crypto

[spadormie]

I agree, China is currently working for their own cryptocurrency. And look on their opportunistic side, they are using this time when SEC is particularly busy with Libra. Also in the bright side, with China opening another coin in crypto, this could result into opening another investment to all of us. And as we all know, Chinese are good in businesses. Hope that they could be in this matter also.

[trauchot]

We have already seen what news from China is capable of for the cryptocurrency market, so that while China is very positive about the cryptocurrency, the cryptocurrency market will be able to start growing at some point and we will be able to see the new altcoin season, but so far we need to follow all the news from China to know what is happening in the field of cryptocurrencies.

[jootn2kx]

I know that some will be arguing that what China is cooking right now is not actually a real cryptocurrency due to its centralized and state-controlled nature. But what the heck, China is the next world superpower and it is seeing the vision of using cryptocurrency to further its entrenched economic position all the world.

I am seeing a great potential of this coming state cryptocurrency to be utilized in transacting business with China or in eCommerce department, and this is a huge potential. Jack Ma must already be thinking something how to exploit this great opportunity.

Are you seeing what I describe here? China is conquering the globe without using any sword...

China's cryptocurrency will definitely bring more awareness and show that using crypto is okay. However, yeah, that PARTICULAR cryptocurrency won't be even close to what crypto is and should be.

[AliMan]

I agree, China is currently working for their own cryptocurrency. And look on their opportunistic side, they are using this time when SEC is particularly busy with Libra. Also in the bright side, with China opening another coin in crypto, this could result into opening another investment to all of us. And as we all know, Chinese are good in businesses. Hope that they could be in this matter also.

Most Chinese businessmen is hardworking and motivated on their goals to achieve a good results on their business. This is a good factor that could bring more opportunities to anyone whose willing to dig deeper with cryptocurrency, more new developments could go beyond expectations as China's own crypto is having higher potential because of their growing population whose the biggest prospect of adoption.