For Chinese to release their own cryptocurrency that means they wanna compete with US, it seems like a good stuff for crypto world because there will be influx of money Into their own cryptocurrency and thereby increasing the entire market mcap
They have been in competition with the US already, even prior to the release of crypto.
First of all the news that China is going to launch its state-backed stable digital currency is good for the entire crypto community. This news will help make cryptocurrency more stronger and stable. Second, China is more clever when it comes to business and trade. So China never wants to miss the chance of taking leverage from this innovative and lucrative cryptocurrency. They banned bitcoin to issue their own currency.
This will be a great move for crypto if China eventual launch its cryptocurrency , that will create another level of adoption in the industry and every other country will follow one after the other as this has really done a great thing in making life more meaningful and decentralized for privacy in ones life.
I don't understand why the two of you says that it will be great for the crypto community. This is a state back up crypto and wouldn't used outside the border of China. And I don't think that other countries will follow, because most countries prepare fiat. Besides, Chinese government are threaten by the Libra coin, so they quickly wanted to release their own coin before Facebook does to get back into control again.