China can easily launch a coin while Facebook is having a hard time

[cryptothreads]

Facebook is also easily launched libra but it's struggling with people acceptance because big investors still see cryptocurrency is a bubble.
China will easily launch a coin but we still don't know people acceptance, will the coins grow or people won't use it because it's regulated and controllable by the government.

In my opinion, China will be easier to succeed in this matter because this is a big country and does not depend much on other countries so the issuance of coins will be very good for the development of this country. There are not too many people who object to this proposal and will soon be officially informed. I think Libra of Facebook will never appear because this project is under US government control so the success rate will be very low.

Of course, any country wants to do this but if your country depends on many other countries, coin issuance will never happen.

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[Ferris419]

I don't think China would launch their native token, we are just talking about possibilities, nothing more! Because I haven't seen any strong news about this case. But it's true that if China wants they can easily launch their token, and facebook's Libra has nothing to compare with China Coin! Because it's the government, who set the rules for people! But in Libra, they have to obey the regulations of congress! So, it won't be easy for facebook!

[Bitcoinjheta]

Facebook is also easily launched libra but it's struggling with people acceptance because big investors still see cryptocurrency is a bubble.
China will easily launch a coin but we still don't know people acceptance, will the coins grow or people won't use it because it's regulated and controllable by the government.

China can easily launch there coin because they know what is best for there people who loves doing crypto. And i believe these are widely accepted and supported by Chinese people for the benefits of there country as well even if other countries will not but still they can have manage it well.

[SamboNZ]

I don't think China would launch their native token, we are just talking about possibilities.

No you are just unaware and dont read previous replies. Its already confirmed the bank of China is already developing their digital yuan and it may launch soon. President Xi has stated that they will adopt this kind of technology in the finance.

[takngantuk]

yes you're right China is being supported by the government, maybe this is what distinguishes it from the Libra project. When Facebook was looking for support, China began developing crypto coins that would shake the world. but even so until now it seems that the country is still anti-bitcoin. this might be a dilemma for all of us. We hope there is a new season, but when there is hope. hope that's not good ...

[Nivia1st]

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

all this about jinping, some time ago he said blockchain is very important. and I think this is the beginning of opening crypto for mass adoption. but that's the only thing I know when China later issues its own coins, it's not a crypto because of the centralization. but despite all that one jinping I have begun to soften and pay attention to crypto.

[judeafante]

I don't think China would launch their native token, we are just talking about possibilities, nothing more! Because I haven't seen any strong news about this case. But it's true that if China wants they can easily launch their token, and facebook's Libra has nothing to compare with China Coin! Because it's the government, who set the rules for people! But in Libra, they have to obey the regulations of congress! So, it won't be easy for facebook!

They already started their plan and they are motivated to create one if we based it in their announcement, it's a matter of finally confirming and laying up the framework which is just a matter of time, this should be fast because it comes from the head of state of China, there will be no opposition.

[p2pclub]

I don't think so. Because they were communist, that means they will try to protect their own money. So, you really think about 2 money in one country, really?

Take a look, why does he need to do that?

[blckhawk]

The US Government hasn't release a statement yet of supporting blockchain as future means of payment, while on the other hand, China already did, and this isn't anything surprising. I could however have some worries when China's plan succeeded and all-out ban of anything related to other cryptocurrencies, including bitcoin, would happen. A large percentage of current mining pools are located there and it would take some time relocating to another country, and would possibly slow down transactions in the BTC network and also the hash rate.

[BartS]

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

China does not have any problem releasing their own coin because they are a government, Facebook is a private company and governments are not going to allow a private company to try to break their monopoly.

Facebook is learning the hard way why bitcoin is decentralized, no one can stop bitcoin because there is no central authority and there are not some servers to confiscate to destroy the coin, at this rate it is difficult for me to believe Facebook will release its Libra coin at any point in the future.

[Wintersoldier]

Facebook is also easily launched libra but it's struggling with people acceptance because big investors still see cryptocurrency is a bubble.
China will easily launch a coin but we still don't know people acceptance, will the coins grow or people won't use it because it's regulated and controllable by the government.

Basically if China easily launch their coin, the main users will be Chinese as well. I hardly stand on believing that they will turn their fiats to cryptocurrency in the latter future. In terms of Libra coin, as soon as there will be a "thing" that will drive its market adoption, it can surely become widely accepted, plus, if facebook use their own platform to advertise it, more and more people will adopt to it and use it eventually.

[bittraffic]

The difference is that Facebook has the shady past about privacy and plans it to be used in many countries while China kept their dirty secrets all the time for their own. Xi Jinping's coin are only meant to be used in China as far as I know so its just in their system alone not for everyone like their own fiat and very centralized too. Facebook coins is for all users and can open pandora's box if not controlled, the regulators hate Zuckerberg and its likely doomed to die.

[tinyteapot]

Facebook is a registered company that is registered in the USA and subjected to tax and regulations.
US Congress has asked Facebook to pause development on its Libra cryptocurrency because the lawmakers needs more time to investigate the ramifications of the company’s actions.

China on the other hand is a sovereign state, independent from foreign influence.

It shall be easier for china to create their coin since it is a sovereign state but facebook require to pass through the congress in order to implement their coin.

[robelneo]

The difference is that Facebook has the shady past about privacy and plans it to be used in many countries while China kept their dirty secrets all the time for their own. Xi Jinping's coin are only meant to be used in China as far as I know so its just in their system alone not for everyone like their own fiat and very centralized too. Facebook coins is for all users and can open pandora's box if not controlled, the regulators hate Zuckerberg and its likely doomed to die.

That is China's plan but unless they release their own whitepaper we still don't know if they are going to use it only in China, but China is everywhere they have stakes everywhere, every country has a Chinatown.
There's a possibility that the coin will not be within the confines of China and it will become borderless, again unless they release their whitepaper, if it has one, we can only guess.

[tenakha]

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

Libra and the Chinese government are not competing with each other. That is why Libra's issues are not an advantage for China. These two coins will help us no more than mass adoption. Indeed, I think that will be enough for us, we will do the rest ourselves. Already both will be coins managed by someone, which is not what we want.

[NeuroticFish]

What's your thought on this?

Comparing apples with oranges will return nothing relevant.

Libra is the project of some (western) companies; they have to convince regulators in order to avoid fines and bans in various countries. They want to work with Western banks, so they need to be clean.

The Chinese coin will be launched in China. They don't have to ask anyone what to do in their country, they are the government and the regulators there. And they are "the board" for the bank too. Whether the coin will be traded outside China is another interesting matter.

In the western world I expect the Chinese coin be either not traded, either be treated like Tether's little cousin. I think that FB wants more than that for Libra (!)

[pawanjain]

First of all, nobody can guarantee whether China will launch their own coin or not.
Secondly, the comparision between Facebook's Libra and China's cryptocurrency is completely different since one is going to be used at a global level while the other is rumoured to be used at national level.

[senne]

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

China is creating state sponsored cryptocurrency. It will be regulated by Chinese government just like fiat. You are not forced to buy that currency. Though it will be widely accepted throughout China and will have its use case as payment ecosystem. Just like exchange currencies. You can still buy Yuan and no regulations are needed for that. Whereas Libra is company owned and not regulated. Giving a company which has been involved in privacy related crimes, so much power over payment ecosystem isn't a very good idea.

[beerlover]

The difference is China is a nation, facebook is a company. Facebook can't launch their own currency whenever they want because they would have to face US congress and explain what they are doing with Libra and they need to convince Libra to congress and so forth, after that is all said and done they would have to convince other nations to accept as well so that they can make it work there as well so their system would work.

On the other hand, China is a whole nation, and not just any nation it is the biggest economy in the world and they are super rich and run by dictatorship so they can create any coin they want, they can delete all cash from existence in their nation and just use crypto if ever want to, it is all their power to do whatever they want and they have nations they control which would be forced to use their crypto as well if they wanted to.

[Rebisco]

It is simple because of the regulations in their country. In china, the government itself are favor to launch a coin while the Facebook is having a hard time because of the regulations that should be followed. There are people who are not favor to libra coin and that's why the process are so slow.