China Is Racing to Launch a National Stablecoin

[comer]

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.

[Alcor]

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.

[Mercury]

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.

[ShadowCrypto]

A lot of worthless crypto everyday, now looks that everyone want to create stable coins, for everything.

[Peter90]

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

[Peter90]

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