Cryptocurrency of China!

[bitcoin-shark 1928]

and a sign of openness to new technologies I hope china will be able to put its virtual national currency on the market as soon as possible so as to be the first country that adopts crypto as the official payment system...

[DokAgsikap 145]

2 minutes ago, Wa998sh said:

If China were to launch a cryptocurrency, it would not be able to control it, which is why I don’t think it would launch a cryptocurrency. it is not possible to trace crypto.

There are a news that saying they will make their own blockchain, I think it can affetcs our market since the investors and traders will shift to China's market.

[magd 5231]

We know that the largest proportion of Bitcoin mining in the world comes from China and therefore China from the countries that support encryption, which contribute greatly to raising the value of encryption in societies.

[Maroua 1159]

In fact, I do not know anything about this subject, I used to think that the name of the cryptocurrency is the same as the name of the digital currency, if it was to launch its own currency and at the same time it is a currency that is not electronic, is a bit annoying.

Edited April 7, 2020 by Maroua

[Saj555 2250]

Yes China is thinking to launch a new crypto currency for their country. It is exactly like a digital currency which will be much similar to flat currency but with some benefits. The currency will only be available in China. The Chinese government has started this initiative to re-regulate their economical status and to be good in financial status than other countries. 

[Mohssine 1725]

Yes you right China start to create it’s own cryptocurrency, i heard about this but not much, this crypto is just for the China transaction. 

[Brand1 1336]

They launched this currency for circulation in their countries only and it aims to support the internal economy of the country so I thought that it is different from the cryptocurrencies and it will be a stable currency that is used in the country only instead of securities

[Captain Karim 0]

If China intends to issue a cryptocurrency backed with its local currency, then this cryptocurrency will increase this liquidity of the cryptocurrency market, so this is considered very good.

[Upright 2688]

The China or the Chinese government have had this of adopting the use of blockchain as to make theirs economy more versatile, as they also way to make their own coin which might kind of be like that of the Bitcoin and how it is being used in the procedures of Crypto usages

[Virgil dijk 1431]

Actually it's sure that china accept cryptocurrencies and many bitcoin holders are from China , so I think the currency there are going to lunch wouldn't just be a digital currency but it will be a cryptocurrency .

[AmjadBydn 0]

I think that China has effected because of the Coronavirus ! but now after they have won their war against COV-19 we can notice that the china market is returned green as usual !

[Whited35 15285]

I think Chinais about to launch their own national cryptocurrency.There are so many good cryptocurrency projects from China. I have heard about some news, some central Chinese banks were warning users not to think like crypto is the safe heaven for the investments.

 

[Zues 1069]

On 1/5/2020 at 12:02 PM, sohaib said:

Hello Friends, 

 I have read and watched in the news several times in the last few days that. Media and People are saying that; China is about to launch its own cryptocurrency but, as i study china's cryptocurrency in depth so i realized that this is not a cryptocurrency. it is just a digital form of fiat currency which is called Digital Currency. Please, I would love to know your prospects on this. What do you say? is it a cryptocurrency or just a digital form of fiat currency? 

digital currency and cryptocurrencies are not the same. I think that they will just create a digital currency for them to be easily create transaction and withoud the use of physical money.

[jamesvince 2389]

Still there is confusion regarding this news many articles also regarding china going to launch its own crypto coin but no one become fact and news remaining news till to date i am here posting this posts. Therefore try to wait until something clear by the China. 

[iloveyobit 6599]

This is all news on social networking sites only in order to try to move the market up and motivate traders, but there is no official thing yet in the market.

[Zaino34 0]

Yes my friend that China is one of the most important countries that support digital currencies and I have heard some news that China will launch its new currency soon and this is good. It will increase the use of digital currencies compared to paper currencies.

[Rezort 846]

Even if this cryptocurrency is not crypto but digital fiat currency that basically allows China to get experience and data from creating their own crypto and then put it in new project.

[Ridam 7455]

China is doing good over mining Crypto currency and now launching own Crypto is veey good and as theya re vwey motivated towards technology the growth of coin would be great for sure and we should be part of it if possible.

[Nezar 7169]

I think this currency can be considered a cryptocurrency, but it will be a stable currency that China can control. The goal of creating this currency is to support the country's economy.

[Shaza Ahmad 1682]

Even if it is a digital form of paper currency, China’s national cryptocurrency will encourage acceptance of Crypto technology in all countries of the world.

[pablomarwan 3082]

I did not understand what you mean. I was confused. But I will tell you about this currency. It is a national or local currency to clarify the concept. It was created on the digital network and it fills its national digital currency and it will be revealed soon after they do their experiments. Experienced grapes will last for some months and will start Experience in one of the cities in which a periodical will be held and payment will be made through it. This alone indicates that the experience will deliver, just as the Chinese people have psychological elements that will support this currency.

[kyoukage01 3181]

Just as China did introduced paper money as an innovation on the economy centuries ago, they are attempting to do so in today's digital world. And apparently, the digital currency they are developing is currently in the 'testing' phase, like what this article and a few others depicts:

 

https://www.bloomberg.com/news/articles/2020-06-01/china-is-making-cryptocurrency-to-challenge-bitcoin-and-dollar

Spoiler

China’s Digital Currency Could Challenge Bitcoin and Even the Dollar

Authorities are testing a new kind of money in four cities.

 

 

People in China are no strangers to digital payments—if anything, it’s easier to move around and shop in Shanghai or Beijing with an Alipay or WeChat Pay smartphone app than it is bearing a pocketbook filled with yuan notes. Now the Chinese government has begun a pilot program for an official digital version of its currency—with the likelihood of a bigger test at the Beijing Winter Olympics in 2022. Some observers think the virtual yuan could bolster the government’s power over the country’s financial system and one day maybe even shift the global balance of economic influence.

 

Most money that gets swapped around electronically is just credits and debits in accounts at different banks. China’s digital cash is designed to be an electronic version of a banknote, or a coin: it just lives in a digital wallet on a smartphone, rather than a physical wallet. Its value would be backed by the state. But virtual cash would be quicker and easier to use than the paper kind—and would also offer China’s authorities a degree of control never possible with physical money.

 

The program started small in April, with a limited rollout in the cities of Shenzhen, Suzhou, Chengdu, and Xiong’an—a new “smart” city in the making, southwest of Beijing, conceived by President Xi Jinping. Local media have reported that some of the money was distributed in the form of transport subsidies paid to individuals in Suzhou.

 

One thing authorities have to be careful about is that the digital currency doesn’t start crowding out other forms of money, such as bank deposits. Banks need those deposits to extend as credit to borrowers. The system would also potentially compete with two of China’s most successful tech giants, Alibaba Group Holding Ltd. and Tencent Holdings Ltd., which back Alipay and WeChat, respectively.

 

That might be part of the point. Payments for consumption using big tech companies’ mobile apps represent 16% of gross domestic product in China, compared with less than 1% in the U.S. and U.K. Policymakers have expressed some concern about too much of the country’s financial plumbing being in the hands of a few companies. “Those big tech companies bring to us a lot of challenges and financial risks,” People’s Bank of China Governor Yi Gang said during a conference last year. “You see: In this game, winners take all, so monopolies are a challenge.”

 

The rise of independent cryptocurrencies such as Bitcoin and Ether, meanwhile, have created the danger that a huge swath of economic activity will occur out of the view of policymakers. China, in recent years, has cracked down on the use of such coins but was quick to see some potential in the basic idea—as long as it had some control. China started studying issuance of its own digital unit as far back as 2014. “This has very strong political will behind it,” says Andrew Polk, co-founder and head of economic research at Trivium China, a Beijing-based consultant. “They see an opportunity of being a global leader here.”

 

While a digital currency is likely years away from a national rollout, China’s moves have triggered concern about a new threat to U.S. financial dominance. Aditi Kumar and Eric Rosenbach of the Harvard Kennedy School, writing in May for Foreign Affairs, argue that the digital version of the renminbi, as China’s currency is officially known, could eventually allow Iran and others to more easily evade U.S. sanctions or move money without it being spotted by the U.S. government. That’s because it might one day be possible to transfer the digital currency across borders without going through dollar-based international payments systems.

 

Not everyone is so worried. Former Treasury Secretary Henry Paulson has written, also for Foreign Affairs, that despite China’s plans, the threat to the dollar’s status as the world’s preferred currency is “not a serious concern.” Even if a digital yuan proves to be highly mobile around the world, the dollar is widely trusted, and oil and other key commodities are still priced in it.

 

When the new denomination is up and running, individuals will be able to exchange it using digital wallets. They won’t need to have bank accounts. That could make it accessible to the 225 million people in China who have no access to the banking system. In rural areas, electronic distribution and exchange of money could help bolster development and reduce fraud by making cash easier to track.

 

The PBOC, China’s central bank, would be able to see where the money goes. The PBOC has also indicated that it could put limits on the sizes of some transactions, or even require an appointment to make large ones. Some observers wonder whether payments could be linked to the emerging social-credit system, wherein citizens with exemplary behavior are “whitelisted” for privileges, while those with criminal and other infractions find themselves left out. “China’s goal is not to make payments more convenient but to replace cash, so it can keep closer tabs on people than it already does,” argues Aaron Brown, a crypto investor who writes for Bloomberg Opinion.

 

Even if digital currency takes off nationally, it’s still unclear whether it would be allowed move across borders. There could be great appeal for a secure international payment method with instantaneous transfers. Foreign-exchange transactions currently can take a business day or two to clear. A widespread digital yuan could also encourage countries and people overseas to get on board with China’s technology—and eventually, its currency. “It’s very possible that other countries adopt the China framework, and then a first-mover advantage turns into a strong network effect,” says Matthew Graham, chief executive officer of Sino Global Capital, a Beijing-based consultant on blockchain, the technology behind many cryptocurrencies. “This is the best-case scenario for China.”

 

At the same time, China will likely be wary of any circumvention of its capital controls, which aim to keep people from moving significant amounts of wealth out of the country. These controls were significantly tightened after a messy exchange-rate devaluation in 2015. Da Hongfei, founder of blockchain platform Neo, says the central bank could split part of the digital currency for use outside of China, much as it did with the offshore version of the yuan in currency trading.

 

Once a national rollout begins, things could move quickly. More than 80% of smartphone users in China regularly pay for transactions on their devices, the highest rate in the world, according to UBS Group AG. And Chinese consumers are eager adopters of appealing new financial tech. One money market fund offered via Alipay, Yu’E Bao, became so popular after its 2013 launch that it was at one point the world’s largest money fund. It drained so much, so quickly, from the country’s bank deposit system that in 2017 the central bank stepped in to restrict it. The test will be whether Chinese consumers trust the new cash technology—as well as the power behind it.

 

 

—Chris Anstey, Lulu Chen, Heng Xie. Assistance from Yinan Zhao, Daniela Wei, Olga Kharif, and Zheping Huang

 

[Honny143 13612]

China is very developed nation and few months back i am also heard they also want to launch their own crypto currency, but now I don't heard any latest update about this project, because corona virus demage this country so its take some time, and I don't think they launch this coin worldwide.

[Ndayebo8 0]

My friend you have already said the name of the coin which is digital cryptocurrency and that coin is not a fiat but digital and anything regarding digital is a cryptocurrency.

[Zalaks007 543]

Yes I also read the article that started that china wants to launch their own domestic cryptocurrency that can and will be use by it's people. If they should launch the curren6,it will boost their economy and will eventually create job opportunities for it people.