Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
OR
Please fill out the required fields Please fill out the required fields Please fill out the required fields
Get Into Cryptocurrency Trading Today
China had been working on its government-backed, central bank released cryptocurrency for some time, but mostly in the shadows which out much detail. However, following the announcement of Facebook’s Libra cryptocurrency, the People’s Bank of China sprung into action.
It was this announcement that helped speed up the development and push the drive to get this new national cryptocurrency out as the Chinese did not want to have to compete with Libra. In the country, much is controlled, including finance, and for Libra to take away some of that financial control would not work for the government.
It now turns out that, according to officials, the national cryptocurrency for China draws a striking resemblance to what Facebook has planned with its own Libra cryptocurrency. So, the fear from the Chinese was not only because it was competition, but because they are also trying to do the same thing as the social media giant.
Already there is more information about the chinese cryptocurrency being released. There have been suggestions that some of the top banks and online retailers will have the first bite at the cherry in order to help distribute it.
Mu Changchun — deputy director of the People’s Bank of China (PBoC)’s payments department — has said that China’s digital currency will be supported across major e-payments platforms such as Tencent’s WeChat and Alibaba-backed Alipay.
Mu has been reported as saying that the coin would help protect China’s foreign exchange sovereignty even as numerous commercial applications of digital currencies gain traction, clearly in reference to Libra.
“Why is the central bank still doing such a digital currency today when electronic payment methods are so developed? It is to protect our monetary sovereignty and legal currency status. We need to plan ahead for a rainy day,” he said.
This new token is also said to be able to be used offline, and they will be guaranteed by the central bank and thus as secure as any normal bank-offered paper note.
With Libra announcing its plans to be launched in 2020; although that may have stalled due to the regulatory push back they have received, the PBoC have said that their coin could be ready for launch as early as November 11.
It is even being suggested that the unveiling of Libra was one of the reasons that the coin was to be rolled out to the likes of Alibaba and others as they saw how Libra, which was fundamentally similar to this coin, was being used across Libra association members.
Now, by allowing the coin to be pushed out through these non-governmental businesses, the PBoC has the advantage of getting their coin to the population of China more rapidly, and before Libra can even launch or potentially infiltrate the Chinese market, taking a lot of power and control away.
Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
ALL
TRENDING
WATCHLIST
Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
{[{ marketcap }]} {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H) {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H)
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting allthe data fromseveral exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current priceand the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Binance´s Launchpad Gears Up Tor Arkham Token Sale, Starts Recording BNB Balances
2 months ago | Benzinga
Arkham´s New Crypto Intel Trading Platform: A Game Changer For Traders?
2 months ago | NewsBTC
Bitcoin Could Rise to $120K by End-2024: Standard Chartered
2 months ago | Coindesk
Bitcoin Edges Lower; Bone ShibaSwap Becomes Top Loser
2 months ago | Benzinga
JustBit Casino Review
JustBit Casino, which specializes in virtual currencies, is easy to use because withdrawals are expl...
Huobi Token General Overview
Is Ripple The Cryptocurrency of 2021? - In Depth Review of Ripple XRP
Ethereum Classic Review
Monero General Overview
YouHolder
YouHodler is not just another player in the crypto space; it's a dynamic and innovative company ...
XBO
XBO.com cryptocurrency exchange redefines how you interact with crypto. Designed to make the benefit...
Bithumb
Understanding Bithumb This article highlights what is Bithumb and where it is located. It also di...
Bitstamp
Bitstamp's continued success in the crypto market This article highlights what Bitstamp is. I...
Bitfinex
Bitfinex general overview delves deep into its operations since its inception in 2012 up to date. It...
(adsbygoogle = window.adsbygoogle || []).push({}); Introduction In t...
(adsbygoogle = window.adsbygoogle || []).push({}); Einführung Wenn es um Er...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
China’s National Cryptocurrency Fills Same Role as Libra
China had been working on its government-backed, central bank released cryptocurrency for some...
Indians buy Bitcoins beyond their country’s borders
One of actual India’s concerns is to regulate the use of cryptocurrencies inside their t...
Crypto Sentiment After Halloween
The scariest holiday of the year, Halloween, is on, and its effects are big. The crypto...
Ripple Denies Manipulating XRP Price, Says its not in their Interest
There have been growing concerns from the CRP community that the company at the helm of this...
Bitcoin Breaks Downward With Market in Freefall
The cryptocurrency market has been trading fairly sideways for the past seven days leaving many...
(adsbygoogle = window.adsbygoogle || []).push({}); Introduction In t...
(adsbygoogle = window.adsbygoogle || []).push({}); Einführung Wenn es um Er...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
COMMENTS (0)