Coming Soon: China's Own Cryptocurrency

[Vishnu.Reang]

The Chinese central bank announced many months ago that they are going to launch a CNY-based stablecoin. But no progress have been made on that regard, probably due to lack of interest from the users. The government is aware that cryptocurrency users are using the stablecoin loophole to convert crypto to fiat (and vice versa). So they want the traders to use the government approved stablecoin.

[jazmuzika217]

All we know that China is one of the most powerful country all over the world so I think there is a big possibility that they already study and have enough knowledge about crypto that they are cooking right now. I hope it will not the same as facebook coin that there is so many good publicity but in time that they launched it they faced so many problem.

[antsam]

I'm not surprised. China is one of the leading countries in terms of technological innovation. China is a top country today because it embraced technology with open arms. And crypto being a seemingly new and experimental technology (in some some cases) is quite innovative. The technology behind the blockchain ledger is superb. I think that's why China has reconsidered their stance on Bitcoin/Cryptocurrencies. But we should remember that if China creates a cryptocurrency, the government will be heavily involved with it. It's a win win for us Crypto enthusiasts as China will open the doors for more exposure and adoption should they carry on with their plans

Because the Chinese Government saw that they could not control crypto without mastering it so they jumped in and created their own crypto currency. Certainly the Chinese government will tightly control but it will make the reputation of crypto increasingly go up

Actually China is not keen to give their full support on cryptocurrency but the technology behind it which is the Blockchain, they are creating their own digital currency wherin they have full authority because they knew that Bitcoin and other cryptocurrency cannot be controlled due to its nature of being a decentralized system but they see the big potential on Blockchain technology that will boost their financial system.

Yes, the Chinese government is quite smart and sees great opportunities to improve their economy using the blockchain and cryptocurrency

[NathanJB]

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 is conquering the globe with its cheap labor not with their digital fiat. Their cheap labor has attracted the biggest companies and factories around the world to put up their manufacturing sites in China. The country may be a superpower but look at their people? Many of their citizens are dirt poor in a rich land. They are becoming slaves whose hard labor the country is selling so that it will grow richer and richer. Nobody is afraid of this country's digital fiat.