Quote from: pinkflower on January 17, 2018, 02:03:37 AM

Quote from: Kakmakr on January 16, 2018, 06:38:00 AM

Quote from: pinkflower on January 15, 2018, 02:24:11 AM

Quote from: alani123 on January 14, 2018, 11:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

They find ways to create a competitive GovCoin and they give that their full support. At the same time, they ban other Crypto currencies, to eliminate the competition. Viola! They have control again and they can track all transactions, done by every citizen in their country.

What then would be the difference between that and CNY? No Bitcoiner would be stupid enough to convert their BTC to a Chinese Govcoin that is controlled by a government and that does not give cross border payment properties like BTC.

It would be focussed on "Chinese citizens Only" as a replacement for their local fiat currency. Many countries are looking for a replacement for Cash, because Cash is too anonymous.

This is not a new concept, https://cointelegraph.com/news/danish-central-bank-to-digitalize-national-currency

The challenge will be to give rural areas some sort of connectivity and even electricity to enable this as a currency. They will most probably do something similar to M-Pesa, that will ran on centralized mobile networks.