China Creates Currency to Cancel-out Cryptocurrency

in #bitcoin5 years ago


The Chinese government is on a mission to keep people dependent on government-controlled currency. China’s government has now devised a cockamamie scheme where they will use their central bank and commercial banks to distribute a newly created digital fiat currency in an attempt to trick citizens into believing that they have cryptocurrency all in hopes that the people will use the digital fiat instead of real cryptocurrency and stay government currency dependent. The fiat digital currency will be totally centralized and the plan is to replace the current currency, the yuan, with the new digital currency which right now is being referred to as Central Bank Digital Currency (CBDC). The digital currency will be issued to commercial banks via the central bank, and the commercial banks will, in turn, be able to distribute it to the people.


In regards to the new digital currency, Changchun Mu, The deputy director of the Peoples Bank of China (PBoC) made the following statement: "the two-tier issuance system will be helpful to restrain the public’s demands for crypto assets and strengthen the country’s sovereign currency.” With this statement the PBoC deputy director revealed the tricky hand of the government in which they want to curb the appetite of the people for cryptocurrency by making available a digital currency that resembles cryptocurrency but actually it is not. The statement also reveals that some people whether it be the Chinese government, the CBoC, the CBoC deputy director himself, or all of the above belive the Chinese people are easily fooled.


In my opinion, this is just another desperate attempt for government and banks to try to position themselves over crypto. The banks and authorities recognize the importance and power of cryptocurrency so they are willing to devise schemes in order to try and keep as many people as possible from getting into it. It is a shame that anyone thinks that a fiat digital currency will somehow trick a nation into not wanting cryptocurrency, and it is a laughing shame that the PBoC deputy director released a statement saying so. I do not believe for one second that this cockamamie scheme will fool the smart citizens of China and with the new digital currency ready to launch we shall soon find out.

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This post was resteemed by @steemvote and received a 99.28% Upvote. Send 0.5 SBD or STEEM to @steemvote

Fiat will always fail. All it takes is time, and a complacent citizenry. Cryptocurrencies will be our only hope. Hopefully the average person realizes it before it's too late.

yes, cryptocurrency is our way to revolution and liberation. You're right, we have to hope everyone realizes this before it's too late. I just did a piece addressing this I don't like this Bitcoin derivative business.

Good post.
I gotta resteem this one ;)
Let's hope the Chinese people "get it"
Let's keep Crypto free!

Thanks, @luca1777. #Keep Crypto Free!

You're welcome ;)
Yesir , Freedom: by any means necessary!

At the beginning all or most government & financial institutions ignore cryptocurrency. Then they laugh. Now they trying to cheat people with centralized crypto.

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Two minutes later they inflate it by a factor of a 1000000.

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SMH, The governments are tricky, tricky. We have to stay true to what we want and believe in. Go BTC!!

Fiat paper or fiat digital.....same issues.

Fiat currencies defined by geographical regions will be wiped out by ones that are global, safe, peer to peer and decentralized (Bitcoin). As more people realise this the more that bitcion will grow.

May take a while until the masses wake up.

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We still need some sort of regulation at least. Global money is a great idea but there must be some sort of way to track and stop illegal use.

Absolutely agreed!

The fact that a government will go to these extreme to deceive its citizens speaks volumes. It seems that these places operate out of greed and looking to make the biggest profit no matter who get hurts in the process. This to me only shows how important it is for cryptocurrency to continue growing a buzz. It will take the power away from the banks which are controlled by governments and place the power back into the hands of the people. Now if we can just get past these bearish prices. Good thing is, profits are still available to be made. Thanks for this great blog.

You're welcome @slickhustler007. This case does show how much more cryptocurrency is needed. Some governments do let greed take them over and in turn, the citizens suffer. Long live Bitcoin it's time!

@restmode, CBDCs are being researched by many countries and sooner or later more and more countries are expected to follow suit. Here is a report on it by the Bank for International Settlements.

Well, I don't think that cryptos that are government run will ultimately be able to compete with cryptos that aren't government run. They do actually have a place in the world of innovation but I don't think they are actually direct competitors. They are simply in their own class of asset.

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SMH, why they are doing this?

This post has received a 18.36% upvote from @votecenter

Government central planning never works, central banks are right out of the communist manifesto. Perfect example China has a significant real estate bubble, they built numerous cities that are completely empty. When reality checks in and people realize their investments are worth dick, they will all attempt to sell simultaneously tanking the market. If you thought the US real estate crisis was bad you haven't seen anything yet.

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@mattynra, I have seen those empty cities on the 'net. SMH, whoa!

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Is this a treat to global bitcoin prices?


Great, Libra Coin and now Commie Coin!