tech

Why China is getting tough on cryptocurrencies

14 Comments

The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

© 2021 AFP

©2021 GPlusMedia Inc.

14 Comments
Login to comment

China launched tests for a digital yuan in March. Its aim is to allow Beijing to conduct transactions in its own currency around the world, reducing dependency on the dollar which remains dominant internationally.

Great mother China will take control of the cryptofarse and will dominate the economic world..

Learn that 'murikkka, Rome fell, Byzantium fell, anyone falls !!..

-3 ( +4 / -7 )

The question for China is will the crypto version of the Yuen be more readily accepted for payment of international transactions than the current conventional version of the Yuen? It is fine to have a crypto currency but what is behind it? Is it any more trustworthy as a store of value and medium of trade than the current Yuen? And with China controlling it will potential users give it a pass fearing the CCP will closely follow how each BitYuen or whatever they call it is used? One of the reasons Bitcoin is even popular is that people feel as if they can buy things without alerting the authorities to their often illicit purchases. That will probably not be possible with a digital Yuen.

6 ( +6 / -0 )

The CCP dare not allow financial freedom, control their money and you control the individual. A digital version of the Yuen will be even less trustworthy than the current version.

4 ( +4 / -0 )

Because they know they are a scam

2 ( +7 / -5 )

What to call it?

Here, CCP, how about ‘Renminbit’?

(Please pay me in USD or gold for the service. Thank you.)

2 ( +2 / -0 )

You can not control a wealthy population if you can not threaten to take their money when it is convenient. You can only arrest so many elite individuals before the government credibility comes into question, and those wealthy individuals start joining forces to overthrow the government.

It can also gives rise to secret elites and better hidden criminals

That being said digital currency is harder to track, control and manipulate. It makes the CCPs job a lot harder.

1 ( +1 / -0 )

I have no doubt that the Chinese "approved" cryptocurrency will be value pegged to the Yuen and only govt approved miners will be allowed to create it.

That way China can manipulate 1 currency and have the others follow.

I can also see the CCP-Chinese govt forcing all non-cash transactions to use their new crypto-currency, since it is less expensive when paper doesn't need to be printer as money. I can see some foreign payments being mandated to use this currency too as a way to boost transactions and make it appear more successful.

Further, the only exchanges will be highly regulated by the CCP-govt.

So, if you are Chinese and have 10 BC, might be a good time to go on vacation and forget to return home, ever.

1 ( +2 / -1 )

Call it what it is..."CHINACOM COIN".

1 ( +1 / -0 )

On second thought, make that "CHICOMCOIN".

1 ( +1 / -0 )

You know.....as a person who has spent his life doing useful things and getting paid for it, I look at "bitcoin mining," burning gobs of fossil fuel to find imaginary symbols, and have to conclude that the world has gone completely and utterly mad. How on earth did we get ourselves to this low point?

4 ( +5 / -1 )

Truth is stranger than fiction.

0 ( +0 / -0 )

IF China produces a cyrpto coin like they produced COVID the world is in trouble they are good at spreading disruption

-1 ( +0 / -1 )

You know.....as a person who has spent his life doing useful things and getting paid for it, I look at "bitcoin mining," burning gobs of fossil fuel to find imaginary symbols, and have to conclude that the world has gone completely and utterly mad. How on earth did we get ourselves to this low point?

The computers are supposedly doing complex business calculations that have a value and are rewarded in Bitcoin if they are first to complete the calculations. At least that is the story the miners tell. The idea of Blockchain is that transactions are seen by all and can be verified or refuted if incorrect. It does seem artificial though.

0 ( +0 / -0 )

China bad.

-1 ( +0 / -1 )

Login to leave a comment

Facebook users

Use your Facebook account to login or register with JapanToday. By doing so, you will also receive an email inviting you to receive our news alerts.

Facebook Connect

Login with your JapanToday account

User registration

Articles, Offers & Useful Resources

A mix of what's trending on our other sites