China cryptocurrency

[Christineg5]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

[Kemarit]

As far as I can remember, there are numerous reports that it was scheduled to be released last month November. But we haven't heard anything yet. However, we all know that Chinese news should be taken with a grain of salt. Maybe they chooses to hold the release of their cryptocurrency for whatever reasons.

Or probably they have been testing it within their local banks and other industries and see how it goes. We may never know until they release their "official statement".

[avikz]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

No one really know how and when its going to happen, to be frank! China didn't yet announced anything about it! They have just indicated their interest on it and nothing else. There are a number of articles which talks about this matter. You can visit the below links,

https://cointelegraph.com/news/china-to-be-first-to-launch-digital-currency-says-think-tank-exec

https://qz.com/1747988/pbocs-digital-currency-has-yet-to-launch-bank-warns-of-frauds/

https://www.reuters.com/article/us-china-markets-digital-currency/chinas-digital-currency-not-seeking-full-control-of-individuals-details-central-bank-official-idUSKBN1XM0H2

Hope this helps!

[squatter]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

The irony is that China is probably developing this digital currency as a means to supervise and censor P2P transactions -- exactly what cryptocurrency is designed to thwart. The government seems particularly concerned about evasion of capital controls.

What sets it somewhat apart, however, are features that allow the central bank to track the movement of the currency and even supervise transactions.

The digital currency’s design seemingly provides Beijing with unprecedented oversight over money flows, giving Chinese authorities a degree of control over their economy that most central banks do not have.

The main motivation behind the project, market observers say, is China’s desire to protect its capital borders in the face of fears that newer global payment systems and advanced technology could facilitate illegal cash flows.

[CryptoBry]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

The irony is that China is probably developing this digital currency as a means to supervise and censor P2P transactions -- exactly what cryptocurrency is designed to thwart. The government seems particularly concerned about evasion of capital controls.

What sets it somewhat apart, however, are features that allow the central bank to track the movement of the currency and even supervise transactions.

The digital currency’s design seemingly provides Beijing with unprecedented oversight over money flows, giving Chinese authorities a degree of control over their economy that most central banks do not have.

The main motivation behind the project, market observers say, is China’s desire to protect its capital borders in the face of fears that newer global payment systems and advanced technology could facilitate illegal cash flows.

Under the government of China, anything can be turned into a tool that can be serving their own interest and goals. China is already investing a lot of time and resources for the development of the blockchain technology and how its many industries can benefit from the same technology and now it is also looking at how it can use cryptocurrency to make sure that its economy will be dominating the global scene one day. China has the vision and the political will as well as the immense resources to make things happen. This is one thing I admire with China. Soon it will have its own cryptocurrency and it would be an exciting to watch how the government can be using it for its own means and desires.

[Theb]

I don't think that the Chinese government are really focused on having their state-issued cryptocurrency first as the last time I checked they were more focused on the digitization of payments, and commerce since they want to take advantage of one of their biggest business inside the country which is Wechat's Wepay and Jack Ma's Alibaba which also has a payment system which is "Alipay", of course the secondary benefits from this digitization are the crypto industry inside China which is really big. Other news supporting what I am saying is that their Central Bank is also targeting to regulate STOs in their country which looking at the big picture I think they are just paving the way for the possibility of having their own state-issued crypto in the foreseeable future.

[imstillthebest]

I don't think that the Chinese government are really focused on having their state-issued cryptocurrency first as the last time I checked they were more focused on the digitization of payments, and commerce since they want to take advantage of one of their biggest business inside the country which is Wechat's Wepay and Jack Ma's Alibaba which also has a payment system which is "Alipay"

isnt that crypto and digitalization of payments are related to each other ? they can create thier own crypto along with their process of legalizing integrating it on wechat and alipay  .

  so that when they are approved by these companies , they would want their crypto to  be indorsed and to be used on those said platforms  . that sounds like a good news to me because they are still aiming to transform the old traditional way of paying into something that is digital and cashless  .

[Theb]

~snip~

isnt that crypto and digitalization of payments are related to each other ? they can create thier own crypto along with their process of legalizing integrating it on wechat and alipay  .

  so that when they are approved by these companies , they would want their crypto to  be indorsed and to be used on those said platforms  . that sounds like a good news to me because they are still aiming to transform the old traditional way of paying into something that is digital and cashless  .

Yes they are related in some way but if you read the articles I have provided they are talking about it in a different way that when they say "digitization of payments" they are referring to what I have said WeChat Pay and Alipay at the moment. But since we are talking about digitization of payments I know that cryptocurrencies will also benefit from this since people will rely more on their phones to pay in their country. Other than that payment processors like Wechat and Alipay don't represent their own crypto but their own fiat currency which is Chinese Yuan like how Paypal has credits in USD so not all kinds of digitalized payments needs to be crypto as well.

[diazepam666]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

Chinese people giants are already in cryptocurrency industry and we people don't want to look what Chinese or their government gonna do. We need to empower our government to go higher in the crypto field.

Then investors and traders might know about these things we may check it on telegram groups to sneak more about it.

[CryptoBry]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

Chinese people giants are already in cryptocurrency industry and we people don't want to look what Chinese or their government gonna do. We need to empower our government to go higher in the crypto field. Then investors and traders might know about these things we may check it on telegram groups to sneak more about it.

In China, anything that can be of big help towards the overarching vision of global dominance economically and even politically you can be sure that the government will be interested on it. The reason why China is really into blockchain and possibly its own version of cryptocurrency is because they know this must be the future is and they don't want to be left behind they wanted to dominate on everything. While many countries are mired on their own problems and challenges, China is setting itself higher on the chain and we can see many manifestations of this orientation in years to come.

[hello_good_sir]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

I don't think that there is any official word from the Chinese government regarding this yet. It's all speculation.

However there is definitely interest on their part on pursuing such a program, because of the fact that Xi has publicly come out and endorsed blockchain technology (note: not decentralized cryptocoins by any means). We don't know yet whether or not that endorsement will come in the form of a national crypto (likely) and/or loosened crypto regulations for domestic businesses (also likely).

If anyone has official timelines then it would be interesting to see but to my knowledge there is none thus far.

[Argoo]

I don't think that the Chinese government are really focused on having their state-issued cryptocurrency first as the last time I checked they were more focused on the digitization of payments, and commerce since they want to take advantage of one of their biggest business inside the country which is Wechat's Wepay and Jack Ma's Alibaba which also has a payment system which is "Alipay", of course the secondary benefits from this digitization are the crypto industry inside China which is really big. Other news supporting what I am saying is that their Central Bank is also targeting to regulate STOs in their country which looking at the big picture I think they are just paving the way for the possibility of having their own state-issued crypto in the foreseeable future.

Zuckerberg, with his idea of ​​a global stable coin, Libra strongly pushed many states to create their own national stable coins. Among the first, the Chinese government announced this, which has already been working on creating its own stable coin over the past few years. The creation of this coin is financed by state and private banks. China was among the first to see the promise of combining its national money with blockchain technology. In addition, in this way, the government wants to distract the country's population from using a decentralized cryptocurrency, with which it is very difficult to fight.

[Getmon]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

Which specific info do you need? Everything can be read online.

My 2 sats on this though. It is not going to come out in 2020. And if it comes out it is not going to be the main currency that china will be using. Aside from that, I don't take this as a big deal. This is not even worth being called crypto; it only paints a bad color to the crypto name. Do not expect any transparent and decentralized features from a crypto made by a totalitarian country.

[coin-investor]

I heard that China is bringing out its own crypto in 2020.... please anyone with more info on that

No one really know how and when its going to happen, to be frank! China didn't yet announced anything about it! They have just indicated their interest on it and nothing else. There are a number of articles which talks about this matter. You can visit the below links,

https://cointelegraph.com/news/china-to-be-first-to-launch-digital-currency-says-think-tank-exec

https://qz.com/1747988/pbocs-digital-currency-has-yet-to-launch-bank-warns-of-frauds/

https://www.reuters.com/article/us-china-markets-digital-currency/chinas-digital-currency-not-seeking-full-control-of-individuals-details-central-bank-official-idUSKBN1XM0H2

Hope this helps!

It seems they are very serious in launching their own coin, and they did not set up a time table and they want to meet requirements, they are looking at the right time to launch their own coin, and of course, nobody can stop or oppose them just like what Facebook suffered in the hands of the congress, honestly it's much more interesting to see China launching their own coin than Facebook coin.