China announces crypto-currency as their official coin

EHocking · 20th January 2021, 07:47 PM

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

Orphia Nay · 20th January 2021, 08:00 PM

Nope, not Forbes.

Fake.

rockinkt · 20th January 2021, 08:01 PM

Hopefully their imaginary currency is far more successful than their imaginary support of human rights.

EHocking · 20th January 2021, 09:53 PM

Originally Posted by Orphia Nay

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

psionl0 · 21st January 2021, 01:37 AM

Originally Posted by EHocking

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.

ponderingturtle · 21st January 2021, 02:01 PM

Originally Posted by EHocking

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.

Gord_in_Toronto · 21st January 2021, 07:16 PM

Originally Posted by ponderingturtle

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.

GodMark2 · 27th January 2021, 10:18 AM

Originally Posted by psionl0

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?

20th January 2021, 07:47 PM	#1
EHocking Philosopher Join Date: Apr 2004 Posts: 8,592	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
EHocking Philosopher Join Date: Apr 2004 Posts: 8,592	__________________ "A closed mouth gathers no feet" "Ignorance is a renewable resource" P.J.O'Rourke "It's all god's handiwork, there's little quality control applied", Fox26 reporter on Texas granite You can't make up anything anymore. The world itself is a satire. All you're doing is recording it. Art Buchwald

20th January 2021, 08:00 PM	#2
Orphia Nay Penguilicious Spodmaster. Tagger Join Date: May 2005 Location: Ponylandistan Presidential Palace (above the Spods' stables). Posts: 38,807	Nope, not Forbes. Fake.
	__________________ "We stigmatize and send to the margins people who trigger in us the feelings we want to avoid" - Melinda Gates, "The Moment of Lift".

20th January 2021, 08:01 PM	#3
rockinkt Master Poster Join Date: May 2008 Posts: 2,121	Hopefully their imaginary currency is far more successful than their imaginary support of human rights.
rockinkt Master Poster Join Date: May 2008 Posts: 2,121	__________________ "Townes Van Zandt is the best songwriter in the whole world and I'll stand on Bob Dylan's coffee table in my cowboy boots and say that." *Steve Earle* "I've met Bob Dylan's bodyguards and if Steve Earle thinks he can stand on Bob Dylan's coffee table, he's sadly mistaken." *Townes Van Zandt*

20th January 2021, 09:53 PM	#4
EHocking Philosopher Join Date: Apr 2004 Posts: 8,592	Originally Posted by Orphia Nay 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
EHocking Philosopher Join Date: Apr 2004 Posts: 8,592	__________________ "A closed mouth gathers no feet" "Ignorance is a renewable resource" P.J.O'Rourke "It's all god's handiwork, there's little quality control applied", Fox26 reporter on Texas granite You can't make up anything anymore. The world itself is a satire. All you're doing is recording it. Art Buchwald

21st January 2021, 01:37 AM	#5
psionl0 Skeptical about skeptics Join Date: Sep 2010 Location: 31°57'S 115°57'E Posts: 17,197	Originally Posted by EHocking 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.
	__________________ "The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975

21st January 2021, 02:01 PM	#6
ponderingturtle Orthogonal Vector Join Date: Jul 2006 Posts: 50,788	Originally Posted by EHocking 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.
	__________________ Sufficiently advanced Woo is indistinguishable from Parody "There shall be no poofing in science" Paul C. Anagnostopoulos Force ***** on reasons back" Ben Franklin

21st January 2021, 07:16 PM	#7
Gord_in_Toronto Penultimate Amazing Join Date: Jul 2006 Posts: 20,627	Originally Posted by ponderingturtle 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.
	__________________ "Reality is what's left when you cease to believe." Philip K. Dick

27th January 2021, 10:18 AM	#8
GodMark2 Master Poster Join Date: Oct 2005 Location: Oregon, USA Posts: 2,211	Originally Posted by psionl0 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?
	__________________ Knowing that we do not know, it does not necessarily follow that we can not know.