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

[Afrizal rahman 2636]

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

 

[Rahul21 626]

With China's digital currency, they can actually take first place in the country like Bitcoin.  And ideas like Bitcoin will go to China in the first place and will be able to compete with other currencies in their particular currency and move forward.

[Naga 1250]

15 minutes ago, 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

 

yea china made us happy with their announcement of adopting blockchain technology and made the price jump to 10 k but when we researched about it turns out they will issue their own coin and that coin will be centrlised coin and the Chinese government will use it to monitor its people money.

[Roomi 1119]

China playing a majot role in world economy. As in china us economic war there will be good chances of digital productions. So if china taking step then definitely usa will also take steps in this regard

[Afrizal rahman 2636]

3 minutes ago, Naga said:

yea china made us happy with their announcement of adopting blockchain technology and made the price jump to 10 k but when we researched about it turns out they will issue their own coin and that coin will be centrlised coin and the Chinese government will use it to monitor its people money.

So is that not going to make an impact on prices in Crypto, because China only makes Bitcoin for their own government.

 

8 minutes ago, Naga said:

yea china made us happy with their announcement of adopting blockchain technology and made the price jump to 10 k but when we researched about it turns out they will issue their own coin and that coin will be centrlised coin and the Chinese government will use it to monitor its people money.

So whether China makes Bitcoin by itself will not affect the price of Crypto. So China will only make Bitcoin to monitor people's money.

[Sshill 97]

wow... It is so awesome. like really many countries are banning cryptocurrency but China is something else. China could do anything really. i am happy about it and curious to know more about it. by the way thanks for the post. i was unknown about it

[Naga 1250]

10 minutes ago, Afrizal rahman said:

 

 

So whether China makes Bitcoin by itself will not affect the price of Crypto. So China will only make Bitcoin to monitor people's money.

i dont think the Chinese coin will be used much outside of china because nobody will trust his money with the Chinese government and china is not a fan of having its money distributed outside of china.

[Kuroashii 181]

Well considering the fact that it is China that we are talking about, it is not really possible. Almost everything can be "Made from China" right. And China has the power to do that. What a shame if it will centralize the coin.

[Interface User 1070]

If that happens there's a big impact that may happen to the world of Crypto Currency because as we know the population of China is large so the Crypto stuffs have a chance to publicize itself. But do you think they're ready in this kind of things? I hope so, because problem may exist if that is not prepared.

[mrking049 260]

I agree with you . I am very to see this news . Many countries are banning digital currencies But China will be the first country to launch its digital currency. Digital currency is big source of earn money.

[Soaib khan 1035]

good news for all China peoples some countries banned crypto currencies but china launched own digital currency china first country launched own digital currency

[andrehol 16294]

China will release the digital yuan. It will not be cryptocurrency. cryptocurrency is decentralized and anonymous. These advantages will not be if China manages the new currency.

[Dolpharius 675]

very easy china will do it since it has a huge potential for influence and manipulation, a lot of insider information, the more they are engaged in the manufacture of chips for cryptocurrency mining.

[nicolas1234789 2566]

China will take every possibility to become leader in financial world. China have goal will lead economic world using technology and quantity, very fit with their government vision. I'm not surprise with this news, just see how good they can handle bitcoin. Be careful with their strategy because safety still become the main problem in bitcoin world.

[Gusion 321]

Its a great thing for them since they got a chance to give crypto an opportunity for them. I don't think it is possible in my country.

[Kazi Mazharul Hoque 113]

In ancient china to today modern china they were enrich of technology and they are government decision also wise and innovative. This a great decision of china government about crypto. This is not to per china will be ruling crypto world.

[Opinder 1310]

People banks of China said few weeks ago that country is almost ready to introduce digital currency. Thus China is the first country which introduce digital currency officially.

[BTC Future 3946]

4 hours ago, 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 will create a centralized digital currency that will be the exact as yuan but only in digital form.

It has nothing to do with Bitcoin or other cryptocurrencies as it won't provide financial freedom to their population and it will be under total control of the Chinese Central Bank. I don't see it being a threat to crypto but only a threat to the Chinese people.

[Romaan1987 601]

4 hours ago, 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

 

This will be competitor to bitcoin, as Bitcoin is generated by a Japani's mysterious person. but if china create its on currency then it could be more value able then every coin because it will be on improved network of blockchain. Transaction would be fast and also cost effective.

[PiroSense 2681]

7 hours ago, Afrizal rahman said:

Will China be the first country to create Bitcoin and is it able to compete with other coins.

They are most likely to create their own cryptocurrency, and this could have adverse effect on Bitcoin once released, since more than half of the nodes powering Bitcoin is located in China. Once they made this cryptocurrency, China could enforce laws banning effectively other cryptocurrency, including Bitcoin.

[HammadAli 91]

7 hours ago, Naga said:

yea china made us happy with their announcement of adopting blockchain technology and made the price jump to 10 k but when we researched about it turns out they will issue their own coin and that coin will be centrlised coin and the Chinese government will use it to monitor its people money.

Blockchain and Bitcoin are separable from each other. Bitcoin is nothing without blockchain. Blockchain will be the same without bitcoin. 

[patitaycute 648]

It was a good news for crypto world that adoptation of crypto was now taking a step. China has a massive population that can support their local coin and it can boost their economy stronger.

[pakjobhelp 1585]

If the china accepted and launched the own crypto currency the crypto currency market boom up with in few days. The most powerful country and its technology and working growth accepted all peoples who work for this. This is great step if china launched the own crypto currency. 

[Hatred 1388]

7 hours ago, 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

 

It is possible but if their own created cryptocurrency will depend its value to Bitcoin itself, then they can't beat bitcoin on the top spot of most popular crypto in the world.

[Satya31 865]

This is very good news. The domestic crypto idea is good. But i have some question about it. Will it be transferable to the worldwide or the transaction will be possible only within China. If second option is correct then the mani feature of crypto will be omitted. Then what will be the difference between the domestic crypto and fait.