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Old 20th January 2021, 07:47 PM   #1
EHocking
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China announces crypto-currency as their official coin

From a Forbes article.
China Officially Backs a CryptoCurrency and Establishes it as their Official Coin.
The government of China just informed us that they have chosen a preferred firm for the purchase and marketing of their new coin - YuanPay Group. The sales of China's coin officially started Wednesday, January 20, 2021 and currently these coins can be bought only from YuanPay Group.

In fact, China deputy minister of finance, Liu Kun, informed us that their new official coin starting price is just ¥0.12 cents!
The coin (as at the time of the article) was trading ¥0.33 cents
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Old 20th January 2021, 08:00 PM   #2
Orphia Nay
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Nope, not Forbes.

Fake.
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Old 20th January 2021, 08:01 PM   #3
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Hopefully their imaginary currency is far more successful than their imaginary support of human rights.
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Old 20th January 2021, 09:53 PM   #4
EHocking
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Originally Posted by Orphia Nay View Post
Nope, not Forbes.

Fake.
Hah! I got suckered.

Looks like it is a scam website in response to China’s actual idea to move to digital currency.
Sydney Morning Herald article.
https://www.smh.com.au/business/the-...24-p56hkh.html
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Old 21st January 2021, 01:37 AM   #5
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Originally Posted by EHocking View Post
Hah! I got suckered.
China IS planning to move to a digital currency but not via a blockchain. It is the opposite of a crypto currency being totally under the control of the central bank and every transaction subject to scrutiny (ideal for totalitarian states).

A digital currency issued directly from central banks would be an ideal setup (it would simplify government payments). However, without some sort of decentralization and anonymity it isn't likely to gain much acceptance.
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Old 21st January 2021, 02:01 PM   #6
ponderingturtle
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Originally Posted by EHocking View Post
From a Forbes article.
China Officially Backs a CryptoCurrency and Establishes it as their Official Coin.
The government of China just informed us that they have chosen a preferred firm for the purchase and marketing of their new coin - YuanPay Group. The sales of China's coin officially started Wednesday, January 20, 2021 and currently these coins can be bought only from YuanPay Group.

In fact, China deputy minister of finance, Liu Kun, informed us that their new official coin starting price is just ¥0.12 cents!
The coin (as at the time of the article) was trading ¥0.33 cents
First hint this makes no sense, why would a central bank create a digital currency and allow its value to fluctuate with respect to its official currency?

I mean they control the value of their currency really hard they would do the same with any digital currency.
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Old 21st January 2021, 07:16 PM   #7
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Originally Posted by ponderingturtle View Post
First hint this makes no sense, why would a central bank create a digital currency and allow its value to fluctuate with respect to its official currency?

I mean they control the value of their currency really hard they would do the same with any digital currency.
Sure they can. They can just create/issue more and more and more of if to maintain the value at ¥0.12

It looks like clear winner for the government to me.
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Old 27th January 2021, 10:18 AM   #8
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Originally Posted by psionl0 View Post
China IS planning to move to a digital currency but not via a blockchain. It is the opposite of a crypto currency being totally under the control of the central bank and every transaction subject to scrutiny (ideal for totalitarian states).

A digital currency issued directly from central banks would be an ideal setup (it would simplify government payments). However, without some sort of decentralization and anonymity it isn't likely to gain much acceptance.
You mean like Visa and Mastercard failed to gain much acceptance?
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