Quote from: nasipadang on October 13, 2019, 10:24:59 AM

Quote from: haseeb ahmed on September 09, 2019, 08:40:20 AM

China is all set to launch its own crypto currency for more than 1 billion of its population how will it effect the crypto market ?

As it is reported that China makes digital currency, here has a central digital concept, just like libra. Regarding the benefits I think it is intended for the citizens of China because digital currrency is expected to replace the yuan by developing digital concepts and technology, and not for common digital currencies like bitcoin and altcoin. There is probably no effect on bitcoin because they are predisposed countries, so I don't think it's possible to pair cryptocurrency like bitcoin and ethereum.

Their government is permitting to make their own cryptocurrency because the leaders feared, that bitcoin will be overpowering all fiat currencies. Having an alternative that could protect their native currency, the creation of China's own cryptocurrency is their way of diverting people from bitcoin adoption. But that's only my own opinion, because no all chinese traders supports the visions of their leaders.