China Government Cryptocurrency

[mahilchii]

This is really a great news for the crypto users as China government has new plans for it's country. But the thing is could this impact other sources??? Undoubtedly China is a biggest economy in the world when it comes to trading therefore this new crypto might be a impact in my opinion. Finally there is a new competitor in the market is good to hear, let's wait and see how it works.

[Twinkledoe]

I think it's good news that the Chinese government will launch its own digital currency with the adoption of blockhchain.
If this affects the price in the crypto market it will be better as long as the Chinese government does not control its entire cryptocurrency because global crypto has its own way so that this can also be influenced by the Chinese digital currency itself.
If it involves large banks and online stores in China, it will be easy for many people to shop and shop there.

They are believers of the famous motto - if you can't beat them, join them. Remember, at one time, they banned the use of crypto, but no matter what strict regulations they have, they won't fully control the use of crypto. So they realize that maybe just ride the crypto revolution, at least have a control of its usage if they will create their own digital coin aside from the other benefits that they can get from its utilization.

[Ethereums]

I remember it called digital YUAN when it launched it will take AliPay and another payment processor as their partnership for media grab attention.
Soon paper cash will be replaced in China may be, since the president known as person who taking great movement on technology such as blockchain.
As far as I remember many exchanges been hunting down there and this movement could be a sign that gov want to rule it out.
But speak of freedom it will be none if this applied since they will be monitored it heavily I presume.

[Xcode7]

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralized and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

The worst possibility is when one day China monopolizes cryptocurrency. I think we should examine very well the intentions and objectives of the Chinese government to do this, which is feared the effects of what China is doing have a negative impact on cryptocurrency, and if it has an impact on cryptocurrency then it will also affect us all.

[Jpt]

I think China is becoming flexible towards cryptocurrency and blockchain of late. Reports say that China is planning to issue its own digital currency. If the report is to be believed, the level of mass adoption of cryptocurrency is widening. So I believe cryptocurrency will be widely accepted across the globe gradually.

[slaman29]

Guys, remember this is just a digital version of their national currency, just like a lot of countries already have. The ONLY thing that makes it crypto is that it is probably using some form of blockchain technology, therefore, cryptography using a blockchain method.

It doesn't make it anything like Bitcoin or other alts!

[barabarian1]

I don't think cryptocurrency made by the Chinese government will have too much impact on the crypto market. because crypto cryptocurrrency made by this government will definitely be fully controlled by the Chinese government. but of course the presence of Chinese cryptocurrency will make the crypto market more crowded because we know that China is the country with the largest population in the world.

[Amel]

Guys, remember this is just a digital version of their national currency, just like a lot of countries already have. The ONLY thing that makes it crypto is that it is probably using some form of blockchain technology, therefore, cryptography using a blockchain method.

It doesn't make it anything like Bitcoin or other alts!

Yeah, I know that, the adoption is more like technology owned by bitcoin, not the system that is run by bitcoin. But in my opinion this is also quite good for a country in the future development of technology, especially in the financial sector. Although maybe most crypto fans are disappointed with this because it's not decentralized, but we also need to respect that a country also has the right to develop its technology because I'm an IT expert myself.

My view as an IT, this is very good in the development of currency technology in the future, I hope this can be developed throughout the country. Currency now needs more modern development.

[Xie89]

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralized and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

This will only be a bad name in cryptocurrency. This will change the connotation of cryptocurrency. In the past, cryptocurrency is almost taken as equal to decentralization, transparency, freedom, etc. This crypto by china will be anything but those mentioned features. Let the chinese people decide which is better to use, although it is really difficult for them to choose as they are inside an authoritarian country.

This! Thanks for being one of the persons actually thinking about this instead of only thinking in terms what it means to crypto alone..

[Pinkris128]

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralized and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

It's true that China government started to create their own cryptocurrency like facebook's libra coin because started to adopt blockchain technology in their country, but they still banned bitcoin mining in their country. China's coin will also be centralized and i think only people in china can only use their own crypto.

[nutriagrigia]

if they will do this it will be very good. Many people will understand that there is nothing wrong with cryptocurrency and they should not be afraid to invest. most likely for some time, the appearance of such a cryptocurrency will dump prices for bitcoin and other altcoins, but after a few years people will realize that centralized coins are dangerous and they will all start buying bitcoin

[oktana]

from what I read they will continue to concentrate on the payment media through the official application, so that their use is only for direct payments electronically and lock other options.

Although they use blockchain technology, that does not mean that their coins will be focused on trading on common crypto exchanges, it will not have a real impact on the crypto market, except for rumors of news developments regarding the use of their technology.

[romero121]

These steps forward by the Chinese government to have their own cryptocurrency supported by leading business firms will surely have a positive impact on the crypto market. It is believed that the usage of bitcoin and other cryptocurrencies from China will gets lowered, but it won't happen. People always will have the State backed cryptocurrencies an alternate to bitcoin, which will not affect the market circulation of Bitcoin.

[semobo]

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralized and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

If they got success with adoption the more countries will likely follow this but most countries will not get success in the adoption as long as they are democratic.

Will have no effect on the decentralized market!

[cryp24x]

Eventhough there are so many people who thinks that Cryptocurreny in China is not that good thing. I think we should focus on what Cryptocurrency can do to China and make them more powerful. That way, more people will open their mind and hearts that Crypto will help them in many ways.

[Obito]

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralized and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

I think it will be like a stable coin, (correct me if I'm wrong), so it will be completely competing with other stable coins or Libra, if they are going to release it this year.

The most closes conclusion yet I am not certain if it will be a stable coin by any chance. Having 4 major companies involved does sound a great deal out there. I think it is going to be a big shot by China having not just a big but a real deal companies. Anyway it is still long way to go to be in effect, and we will see if it would work efficiently.

[Febo]

China is planning to launch their crypto currency, with attention to distribution and adoption, since they are involving all four major banks in the country, two major e-commerce websites Alibaba and Tencent and UnionPay as online payment provider for all four state banks involved in the project

crypto will be centralised and controlled by the state, but high level of acceptance shall be expected

plan is to launch it no later than 2020, november 11, according to latest news, will be interesting how this is going to influence crypto markets this year

Yup this and Libra is what most people are most interested in to see this year. Of course there will not bee seen much invocations. But still there is an anticipation.

[electronicash]

Actually it is good for a country to make its own crypto. Aside from making it easier to save money in the future, you don't need to bother paying with your ordinary wallet.
I came to think, if DCEP can be owned by anyone other than in China, maybe later DCEP can gradually control the world economy? We know that China is actively becoming a leader in all aspects.

but it requires adjustments that may take a long time for everyone in the country to use crypto and begin to leave fiat. indeed the benefits are also great, and banks of a country will be greatly helped by the existence of this technology. but the success of a country's crypto is how it is used by all people.

majority of the places in the mainland as far as i know is already cashless. people in china are using phones to but things they need at home. the beggars in china are even using alipay to accept few change from passersby - and i'm not kidding i saw this on facebook video.

digital currency and cryptocurrency will likely go together in china after all they do have exchanges there. confusing as they are that btc is banned, people are into BTC.

[batang_bitcoin]

If they will create pairs with bitcoin or any other altcoin there will be an influence on it. But if the main purchase will only go with Chinese Yuan to Digital Chinese Yuan, I don't think that there will be an effect from it. Because we all know that it's just going to be digitalized money from them and making it look like crypto so that people will also adopt it. The digital payments were already adopted on China with Alipay and other known payments so this could be an upgrade for them.

[VeeTeaSee]

im really afraid of this kind of moves, since there is a probability of 50% 50% that it will be interopable with other cryptos or people will be forced to move their wealth from crypto to the centralized coin...