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[microunit]

China will give out over $6.2m in digital currency to residences or citizens in beijing. But citizens will have to apply for a lottery in local banks to participate in the trial. They can spend the digital currency also on selected merchants

 

[SCAMEXPOSER]

Well china really likes to just keep to themselves whats in their country and ban other stuff that is not from their country, so by that thinking prob some of them are prob even against crypto

If the digital yuan is created to serve them only very likely it will trend for digital transactions but the volume may not really grow because it can be traded like cryptocurrencies.

 

[microunit]

If the digital yuan is created to serve them only very likely it will trend for digital transactions but the volume may not really grow because it can be traded like cryptocurrencies.

Well i think as a digital currency it is to be regulated so I don't think that the price being not able to grow is not much of a concern for them as volatility is not its feature

 

[Razor1911]

If the digital yuan is created to serve them only very likely it will trend for digital transactions but the volume may not really grow because it can be traded like cryptocurrencies.

Yuan is already listed as digital currency. I don't think that will also do the trick for them. Crypto market is unique in its nature. No country or govt can imitate it by having some regulations over it, it doesn't work that way.

 

[SCAMEXPOSER]

Let us keep observing as things unfold arround the digital yuan because the outcome may largely be a factor as to whether China will lift ban on cryptocurrencies or not.

 

[Razor1911]

Let us keep observing as things unfold arround the digital yuan because the outcome may largely be a factor as to whether China will lift ban on cryptocurrencies or not.

The latest developments gives us a hint that China at least won't ban the crypto market completely. It may try to compete it's market share by launching their own coin, which is very likely now.

 

[microunit]

I could agree that they could be trying to competing in the market as china usually wants global domination of some sort and they would want their stuffs to spread throughout

 

[Niftyicon]

No matter if such digital comes and goes, crypto market will always be there. We must understand that crypto and such digital currencies are completely different and has nothing to do in relation to each other.

I think this understanding should be for the government that feel threatened by Cryptocurrencies. They are mostly of the opinion that the success of the digital currency can only be ensured by banning the use of Cryptos.

 

[microunit]

I think though that digital currencies and cryptocurrencies can still coexist with each other, being that digital currencies are that kind of stablecoins which don't have that much volatility

 

[AudraMiller]

China will give out over $6.2m in digital currency to residences or citizens in beijing. But citizens will have to apply for a lottery in local banks to participate in the trial. They can spend the digital currency also on selected merchants

It seems that china is having quite a bit of success with this currency and that is very good to see, however, i think that what is even more concerning is the fact that crypto is taking a back step in that country and so i think that may affect the acceptance of the citizens to their digital currency as well.

 

[GoldenLady]

Everywhere the govt tries to control the economy. And for that they have regulations. If they don't control the price of of the commodity, then the prices of such commodity will fluctuate uncontrollably and that is why they are banning bitcoin too.

Banning Bitcoin may help them retain control, but it doesn't solve the problem since people will still find a way to transact with cryptocurrency if they want to.

 

[SCAMEXPOSER]

Banning Bitcoin may help them retain control, but it doesn't solve the problem since people will still find a way to transact with cryptocurrency if they want to.

Yeah except the citizens are not willing to transact in cryptocurrencies otherwise peer to peer transactions are much safer. We are already managing the damage they caused.

 

[Hashay]

Can we say that it is because of the digital currency that china is working on that is making then make decisions which led to the ban on crypto.

 

[Josemendez]

China will give out over $6.2m in digital currency to residences or citizens in beijing. But citizens will have to apply for a lottery in local banks to participate in the trial. They can spend the digital currency also on selected merchants

Well , I know that the digital currency will soon be in use in the country . I hope the citizens will like the digital Fiat currency in contrast to crypto

 

[kaycee001]

I think china is only trying to control the economy with the trial of their own digital currency. With the banning of crypto and introducing this will help them to have access and control the use nd transactions made with the currency.

 

[BullyMaguire]

If tje succeed we can expect more country to develop their own.. perhaps we will enter a new age of money.. i look forward to it lol

 

[BullyMaguire]

I think china is only trying to control the economy with the trial of their own digital currency. With the banning of crypto and introducing this will help them to have access and control the use nd transactions made with the currency.

I think since they don't like the conflict it can cause.. since many of their citizens are using Cryptocurrency they now will be forced to use their digital money instead

 

[a_jerobon]

Which may be their digital currency? And the lottery system to reward users instead of airdrops is not fair for many who dont receive their reward. And also I see many countries nowadays looking forward to create their own digital currency , even in India.

Yeah, the lottery system will not be fair for many. They should have used Airdrops instead.
I guess many countries are seeing the importance of cryptocurrencies and that is why they are creating theirs.