Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Peter90 on September 02, 2019, 10:29:14 AM
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The People’s Bank of China (PBoC) is almost ready to launch its government-backed digital currency
After five years of research and system development work since 2018, the PBoC is almost ready to launch its CBDC, the deputy director of the bank’s payments unit Mu Changchun revealed at a forum last week.
Trials for the currency have been ongoing and the institution is reported to be testing multiple approaches for the project. If things proceed smoothly, the PBoC expects it could launch the currency sooner than Libra.
The latter’s recent announcement is notably reported to have influenced the PBoC’s original design for its planned CBDC.
Yang Dong — director of the Research Center of Finance Technology and Cyber Security at Renmin University of China — told China Daily that the announcement of Libra had sparked debate among Chinese regulators and motivated the project’s designers to involve more non-governmental institutions in the currency’s development and issuance process.
He stated: "Further testing is needed before officially launching the Chinese CBDC, gaining inspiration from the Libra."
While not revealing specific names, Yang indicated that the next round of CBDC trials will involve both the central bank and private- and state-owned firms and will focus on non-governmental and cross-border applications.
CBDC expected to have many positive impacts
China UnionPay chairman and former PBOC official Shao Fujun told China Daily that the CBDC “will have lots of positive impacts, including tracking the money flow in economic activities and supporting making monetary policy."
It nonetheless faces challenges such as global coordination as regards monetary and exchange rate policy, he noted.
China’s digital legal tender will be controlled by the PBoC and 100% backed by the reserves commercial institutions pay to the institution, an unnamed central bank official indicated. Citizens will be able to exchange the currency in commercial institutions.
At the forum, Mu further highlighted that currently, several different designated institutions are taking different technical routes for developing the CBDC and electronic payment infrastructure.
https://cointelegraph.com/news/china-is-racing-to-launch-a-digital-currency-ahead-of-fbs-libra
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The launch of the national coin of China should positively affect the interest in cryptocurrencies on the part of people and businesses. It will be interesting to see the reaction of the crypto market and the statements of experts in the field of cryptocurrencies after China launches its coin.
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With Binance Venus, Facebook Libra and this stablecoin, the era of stablecoin is coming very soon!
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This is very good news, which means that this state will nevertheless gradually get drawn into the cryptocurrency market. I expected about this turn of events from the Chinese government. They always developed their own path and always defended their economy well and therefore achieved significant results.
They write, that the Chinese CBDC coin will have scalability of 300,000 transactions per second. Very good for a stable coin.
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With Binance Venus, Facebook Libra and this stablecoin, the era of stablecoin is coming very soon!
Don't forget Kinesis
See you tomorrow :)
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I just laughed at this. What made them interested in making more stable coins?
I personally only need 1 to 3 stable coins to maintain the value of my assets from market volatility. ::)
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I just laughed at this. What made them interested in making more stable coins?
I personally only need 1 to 3 stable coins to maintain the value of my assets from market volatility. ::)
each has its own strategy and its own number of coins, to whom it is more convenient)
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I would like to see how this will affect China's financial system once it's fully launched. Government officials from different countries might be following the developments as well.
I just laughed at this. What made them interested in making more stable coins?
Because Bitcoin. As the opening sentence suggests, the plan to have a government backed cryptocurrency has been set five years ago. Maybe the introduction of Libra forced them to make some changes and do it even faster.
I personally only need 1 to 3 stable coins to maintain the value of my assets from market volatility. ::)
Unfortunately, there are a lot of traders/investors who thinks differently.
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This is very good news, which means that this state will nevertheless gradually get drawn into the cryptocurrency market. I expected about this turn of events from the Chinese government. They always developed their own path and always defended their economy well and therefore achieved significant results.
They write, that the Chinese CBDC coin will have scalability of 300,000 transactions per second. Very good for a stable coin.
Yeah, this is a final uturn move from China, a country once on the verge of kicking out crypto from her country. Chine once on the list of nation that were against ICO launch now trying to launch a stable coin, i think we may be expecting other countries on the haters of crypto list to join the race of stabecoin launch soon.
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actually China s new tech capital Shenzhen, just launched policy on advocating and mass constructing of 5G and Blockchain technology.
Chinese Ministry of Industry and Information Technology: ‘Promote 5G, Encourage Participation In Blockchain’
September 4th, the Ministry of Industry and Information Technology issued the “Guideline on the Development of Industrial Big Data (Draft for Comment)” to publicly acquire opinions from the public. The submissions explicitly mention the promotion of 5G, NB-IoT, to promote the deployment of IPv6, and encourage enterprises, research institutions and other entities to actively participate in key technologies such as blockchain and secure multi-party computing, reducing the risk of industrial big data circulation.
Therefore Blockchain technology is highly valued.
Shenzhen as well launched the very first 5G+Blockchain project on June, Hyper Speed Network (HSN), to provides 5G+blockchain technical support.
I think once China established this, altcoin season ll come again!
related News link below
https://medium.com/hyperspeednetwork/chinese-ministry-of-industry-and-information-technology-promote-5g-encourage-participation-in-529faeaa58a6 (https://medium.com/hyperspeednetwork/chinese-ministry-of-industry-and-information-technology-promote-5g-encourage-participation-in-529faeaa58a6)
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I don't know much about this Coin, but I don't think we're going to be seeing it joining our buddies on the main BitCoin/Altcoins exchanges? ???
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Yeah, this is a final u-turn move from China, a country once on the verge of kicking out crypto from her country. Chine once on the list of nation that was against ICO launch now trying to launch a stable coin, i think we may be expecting other countries on the haters of crypto list to join the race of stablecoin launch soon.
We must distinguish between cryptocurrencies altogether and un-backed, non-stable cryptos.
China’s authorities were against un-backed, non-stable cryptos, the weren't against cryptocurrencies altogether.
This is a stablecoin, backed by China’s national currency.
Bitcoin & Co. were alternative currencies to the Yuan.
This stablecoin is Yuan on the blockchain.
The Chinese Gov was against currencies which could become a competition for the Yuan.
This stance hasn’t changed.
This stablecoin is not competition to the Yuan. This is just ... crypto-Yuan.
There is another reason why China’s Gov is favourable to this stablecoin, and that is its value stability.
Governments, monetary authorities, like stability, because something stable is more easy to be controlled and managed that something unstable, volatile.
There is a third reason why China's Gov is favourable to this stablecoin, while it was not to other cryptos, and that is, that with this stablecoin there is no anonymity.
My point is this: This is not a u-turn.
When you see Govs being apparently against cryptocurrencies, it doesn't mean that they are against cryptocurrencies altogether.
Maybe they are only against a particular type of cryptos.
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I don't know much about this Coin, but I don't think we're going to be seeing it joining our buddies on the main BitCoin/Altcoins exchanges? ???
Why?) There are a lot of Chinese, if they let them know about this coin, and they believe in it, but the coin can fly up
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I am not surprised with such move. But what surprised me is that also North Korea starts to develope its own cryptocurrency.
“We are still in the very early stages in the creation of the token. Now we are in the phase of studying the goods that will give value to it,” said Cao de Benos, adding that there are “no plans to digitize the [North Korean] won for now.”
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Chine confused me. I thought they were so against crypto. I guess they only agaisnt it because they cannot control it. The communist government would want to have control on things or as much as it can possibly have like it does everything else including what you can do online and what you can play or watch. You can't even use google or facebook there you are forced to use a vpn or proxy so I guess vpn companies must make a killing off Chinese subscriptions. At least that is one good thing. If they create their own crypto currency it will make them feel more in control and they can pass laws on it and tax it with ease since it will be distributed by a government blockchain and not by the people. They are trying to centralize a decentralized currency.
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i hope it will boast the interest of many chinese people including asian to engage more on cryptocurrency. as we all know china is a very large market for cryptocurrency.
surely it will pick up the interest of chinese people on crypto.
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Of course, the Chinese government is committed to issuing such a global stable coin, which Libra intends to become. A billionth number of users will already be provided to her at the expense of their citizens. I would rather trust such a coin than Libra from a private corporation Facebook.
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Of course, the Chinese government is committed to issuing such a global stable coin, which Libra intends to become. A billionth number of users will already be provided to her at the expense of their citizens. I would rather trust such a coin than Libra from a private corporation Facebook.
China is famous for controlling its citizen's activities. I don't think such coin is more reliable than Libra. Both of them are as horrible as the other.
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A lot of worthless crypto everyday, now looks that everyone want to create stable coins, for everything.
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China Planning to Become First Country to Launch Digital Currency
Keyu Jin is a professor at the London School of Economics. She said, “There’s a consensus around the world among central bank governors and governments at large that they want to have control of money and money supply.”
Chinese officials have not hidden their disapproval of Facebook’s Libra. They have called it a threat to the sovereignty of China and other developing economies. China claims that digital currencies should only be provided by governments or central banks.
Mu Changchun is the head of the Chinese central bank’s digital currency research center. He has suggested that the new currency should be made available through commercial banks, just as physical money is.
The digital currency will follow models similar to systems such as Apple Pay and the Chinese payment system Alipay. These require a commercial bank to put money into a digital wallet that can be downloaded onto a smartphone.
Unlike physical money, however, a tracking system could follow the digital currency’s movements from one person to another.
Mu said the digital currency would strike a balance between anonymous payments and “classified supervision.” He said the goal is to prevent illegal financial activities, with officials able to watch for such activity by studying huge amounts of information.
So far, there has been limited public reaction in China, a country already used to weak privacy protections and government control. But people on social media sites such as Weibo have expressed a mix of feelings. Some say a digital currency could prevent corruption. But others are concerned. One user asked: “What will happen to my freedom to build wealth, my secrets and safety?”
Huang Qigan is a vice chairman of the China Center for International Economic Exchange research group. He said the People’s Bank of China has been studying digital currency for five or six years. He believes it is ready to be put into use.
“China will likely be the first country in the world to issue sovereign digital currency,” he said.
https://learningenglish.voanews.com/a/china-planning-to-become-first-country-to-launch-digital-currency/5153511.html
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China Takes Additional Steps To Digitize The Renminbi
China has been leading the way when it comes to digital payments by average consumers in the country. While such payments in the United States like Apple Pay are becoming more widely accepted, in nearby Japan such methods are still relatively rare.
Alipay has been offering residents of China the chance to use fiat currency for everyday transactions, seemingly acclimating them for the day both payment and currency become 100% digital.
Although China has taken a somewhat more permissive stance toward online and digital payments recently, it has mostly responded to the rise of cryptocurrency with more authoritarian measures. After it was clear millions of Bitcoin were being mined by Chinese nationals, the government responded by prohibiting all cryptocurrency trading in the country as of September 2017.
Despite the Chinese government's hardline stance toward cryptocurrencies, the country has also shown interest in blockchain technology and developing a central bank digital currency.
It’s becoming clear it has its own plans through additional regulation. According to the Financial Times, The People’s Bank of China has recently filed applications for more than 80 patents, paving the way for the launch of a new digital currency.
Marc Kaufman, a partner and patent attorney at Rimon Law, told the Financial Times:
“Virtually all of these patent applications relate to integrating a system of digital currency into the existing banking infrastructure.”
https://www.zerohedge.com/crypto/china-takes-additional-steps-digitise-renminbi