China Will Be The First Country To Have Its Own 'Bitcoin'

[Cryptic 0]

I think that's the reason why they ban some cryptocurrency from their country, because they want that the only crypto that their citizen would use is their own crypto, since they have a big population it is a good move to increase the demand and also the price of their own crypto. I think China stepping up their game, in many ways to compete with BTC and other crypto.

[Irungu 4299]

We cannot say its own bitcoin but its own crypto currency ,and they have been thinking of it for a while now and the truth is there has been some of this cases that people usually dont get what this is what we have there are so many ways to which  we need to work and put together everything in the same kind we have to really put up and work and put up a good chance we are walking with , China loves being ahead and its important this is what we have today 

[cryptovlek 2597]

China is a superpower and like America and Russia they can have a strong digital currency but it will not be Bitcoin and they don't want to create another currency giving complete freedom to the user, they want limited freedom instead.

[Jromz 2158]

China has certainly made good advances in developing a national digital currency, based on blockchain. However, this can't compare to bitcoin due to its centralized nature. Sweeten has also been making important improvementss towards the development of its national cryptoccurrency, e-krona.

[Ponnnu 962]

China is a super power nation, so it has the potential and power to make major decisions in world economy. If china creates its own bitcoin, then the whole chinese population will start using bitcoins and digital currencies. So it will be very beneficial and successful for China. And other nations will start using bitcoins, by seeing the performance of bitcoin in china. Now some countries are restricting digital currencies, their mindsets will definitely change when china creates bitcoins.

[VijithaVarghese 1994]

Thank you for sharing this information mate. It's quite an interesting content. I think this would be real competition for other currencies since China has trend setting skills of succeeding in whatever they do . They have a large number of members who can really make the bitcoin operation a success.

[Syedbesharat 5423]

After USA, Russia, China is biggest economic and strong country who can generate unique crypto at huge scale. We can expect chines to establish Similar project like BTC for local or for international payments. Because they have full control over country economic and use iron hand rules for policies implementation. Last year they use crypto for rewarding soldiers .

[matias estigarribia 1605]

I do not think it is its own bitcoin as you say in the title, but China has already launched the digital Yuan and tests are being carried out in some cities. Surely the Chinese will exist and in some years the currency will become more popular.

[guatazoo 7150]

I don't know how this would be work for china to have their own bitcoin, why they wasn't create any new coin different to bitcoin and give it big airtime in order to become better than bitcoin. 

[Waqar Qainth 0]

China is one of the country that support crypto currencies. It would first country that will it's own bitcoin currencies.

Bitcoin will be very helpful to China because china is more developed country. China is trading in all over the world. So bitcoin currency will be successful in China. 

[kryptonick 2659]

It will not be Bitcoin but this China digital currency will create better terms for the chinese government to organize the economy. Since it will all be in their system control it will probably remove all corruption and limit illegal actvities. I hope it will be used wisely and for the better of their economy but I regret the China ban on Bitcoin and hope this will be lifted too.

Edited November 8, 2020 by kryptonick

[Onden 2098]

I think cryptocurrencies that are made in China will not affect existing cryptocurrencies such as bitcoin, ETH. It's like a stable and centralized digital currency, we need bitcoin for investment and trading. So I don't think this project will be as successful as bitcoin. Of course other countries will follow, but with their own currencies.

[leakydonney 1402]

On 12/30/2019 at 8:07 AM, Afrizal rahman said:

While many other countries still oppose the existence of digital currencies such as Bitcoin and Libra, China is preparing to become the first country to release a domestic digital currency.  Its development is closely watched by the world financial services industry.
Although this project has some similarities with the Facebook Libra currency, it seems like China's digital currency allows Chinese policy watchdogs to closely monitor the flow of money they have today.
Will China be the first country to create Bitcoin and is it able to compete with other coins.
 

Quoting

 

The best thing about China's version of a sovereign digital currency called Digital Currency Electronic Payment (DCEP) is that, it doesn't depend on floating exchange rate that is determined by market forces. DCEP is introduced with the purpose of stimulating everyday banking activities including payments, deposits, withdrawals from a digital wallet and cross-border payments system that will  enhance it's role as an international payments currency if the government continues to reform the country’s financial markets and remove restrictions on capital flows.

[Kafon 0]

China is one of the countries interested in blockchain technology, and it is developing digital yen, as well as the founder of Facebook in the process of introducing libra coin, and this is a remarkable development that we are experiencing today.

[Sarahden111 1231]

Likewise, the European Union is studying the possibility of launching a cryptocurrency supported by the price of the euro and its price is fixed and it has its own blockchain to be transferred to it, but I do not think that such currencies will have the importance of Bitcoin or Ethereum in terms of the technological revolution, the inclusiveness and the multiplicity of its applications.

[ramsar 195]

On 12/30/2019 at 6:07 AM, Afrizal rahman said:

While many other countries still oppose the existence of digital currencies such as Bitcoin and Libra, China is preparing to become the first country to release a domestic digital currency.  Its development is closely watched by the world financial services industry.
Although this project has some similarities with the Facebook Libra currency, it seems like China's digital currency allows Chinese policy watchdogs to closely monitor the flow of money they have today.
Will China be the first country to create Bitcoin and is it able to compete with other coins.
 

Quoting

 

China is an economic and international superpower that has both human and financial capabilities. We will not allow it to be the world leader in everything, and what has been seen now in terms of sanctions and strangulation of the Chinese economy by America, except as a result of what I mentioned first in my response.
China is a technological power and it is one of the first and was one of the first in mining. Its people and its own population know the value of electronic currencies, and for this they were among the first investors in it
We return to the issue of their own currency. Yes, China will help this currency in running everything. It is one of the leading countries in surveillance technologies and what it includes from that now. It will invest in currencies and develop them more and more and this will benefit the world of digital currencies. Thank you for the topic and thank you for his wonderful presentation

[Izeal 4404]

If the government would regulate then it wont be bitcoin rather we can say them digital currency of their own currency. I think the government of china are thinking lot difference then what we think as the normal people and chinese people are very ahead in the technology and no one can challenge against them.

[Amiami 1362]

Actually, its currency is not intended to compete in exchanges against Bitcoin or other cryptocurrencies, the Chinese government project aims to monitor the monetary flow to know where citizens are spending money, they seek to analyze the market and obviously monitor,  It is a currency that in part goes against the neutrality of a person by taking away their privacy.

[scofield64 943]

I also read that China are in the process of creating their own cryptocurrency, if China successful create it's own currency, China will become the first country to create it's own cryptocurrency. 

[P A Ashif 2409]

I like one thing about China is that they values the creativity. Though their outside picture is not so good like some believe that China is best in blueprint making. And also we all are aware about Chinese governments doesn't give freedom to media. The chinese people though are connected to world through internet but still their are Barriers. YouTube like platforms are banned in china and copy of it is taken up by Chinese government. But when I see some of their creativity the reason for that also is its government. 

No doubt if China adopt Bitcoin first and launch it's own then their going to be future rulers.

[Razan alikac 1899]

The Chinese are among the most speculative people in Asia on cryptocurrencies, especially young people and business owners
 The Chinese financial markets benefit from the continuous expansion of their projects in digital currencies, and I think they will achieve great progress and success in this field.

[decemberends 1881]

This will be something if it was actuatlly released to the whole world and if its that way alot of interesting events will probably happen like as in alot as maybe alot of people will start gathering another new infos about and will find some truth inside.

[Abdul1168782 572]

I think that china is very fast in technology and all the things that are created in now a days and you are right that this can happen that china release it's own digital currency and if this could happen then many other countries do this.

[Zafar123 906]

China is preparing to become the first country to launch its own digital currency. China's central bank has released few details of its Digital Currency Electronic Payment (DCEP) project. Work on the project began five years.

[teebasas 3018]

I also recently heard that China will launch its own currency and I think this currency will be successful because China is one of the best countries to support the use of encryption and cryptocurrencies.