0
📰 News

Forbes: Chinese Crypto to Be Partly Blockchain-Based - to Be on the Safe Side , Category: News ,Author: Yuri Molchan , Date: 13 Aug 2019 , Week: 33' data-url="/news/forbes-chinese-crypto-to-be-partly-blockchain-based-to-be-on-the-safe-side" data-sharingf='http://www.facebook.com/sharer/sharer.php?u=https://cryptocomes.com/news/forbes-chinese-crypto-to-be-partly-blockchain-based-to-be-on-the-safe-side&text=Forbes: Chinese Crypto to Be Partly Blockchain-Based - to Be on the Safe Side' data-sharingt='https://twitter.com/intent/tweet?url=https://cryptocomes.com/news/forbes-chinese-crypto-to-be-partly-blockchain-based-to-be-on-the-safe-side&text=Forbes: Chinese Crypto to Be Partly Blockchain-Based - to Be on the Safe Side' data-sharingtg='https://t.me/share/url?url=https://cryptocomes.com/news/forbes-chinese-crypto-to-be-partly-blockchain-based-to-be-on-the-safe-side&text=Forbes: Chinese Crypto to Be Partly Blockchain-Based - to Be on the Safe Side'>Forbes: Chinese Crypto to Be Partly Blockchain-Based - to Be on the Safe Side

  • Yuri Molchan
    📰 News

    As the bull market continues, more BTC rivals appear, with Libra being the most controversial one and the ‘China Coin’ drawing the biggest attention




<!-- THEME DEBUG -->
<!-- THEME HOOK: 'field' -->
<!-- FILE NAME SUGGESTIONS:
   * field--node--title--story.html.twig
   x field--node--title.html.twig
   * field--node--story.html.twig
   * field--title.html.twig
   * field--string.html.twig
   * field.html.twig
-->
<!-- BEGIN OUTPUT from 'themes/cryptod/templates/field--node--title.html.twig' -->
Forbes: Chinese Crypto to Be Partly Blockchain-Based - to Be on the Safe Side
<!-- END OUTPUT from 'themes/cryptod/templates/field--node--title.html.twig' -->
-->
Contents

As we are moving deeper into the bull market, Bitcoin rivals keep springing to life here and there. Facebook’s Libra has already become the most controversial one and has caused protests from global regulators and banks to the degree that threatens to freeze the launch of the project for good.

The upcoming appearance of the second major Bitcoin peer has recently been announced by the Chinese central bank (the PBOC). The bank and top financial institutions have been working on so-called ‘China Coin’ for about five years, doing the necessary research and development.

In its recent article, Forbes is sharing new details about the sovereign digital coin which the PBOC says is almost ready for release.

Not ‘crypto’, merely ‘electronic cash’

The top official of the PBOC has stated that the ‘China Coin’ is nearly ready to launch. He did not mention the exact date of the launch. Potentially, this new coin can attract the vast Chinese population to the technology of crypto and make a true Bitcoin rival.

There is one nuance to it, though – it will not be a complete rival to Bitcoin, since Mu Changchun, the head of the PBOC payments department, said that the new crypto will be based on blockchain only partly. Otherwise, believes the banker, the China Coin will be unable to handle the huge volume of daily financial transactions within China.

Experts believe that the Chinese coin will be heavily centralized and if it is not totally-blockchain based, then, most likely, it can hardly be called ‘cryptocurrency’ but merely ‘electronic money’.

Changchun added that the coin would be emitted by the PBOC together with several financial institutions.

In late June, the Bank of China posted an infographic on Bitcoin, explaining what technology it is based on and why the price is rising.

Samson Mow from Blockstream posted it on Twitter, saying he had never expected such a thing to happen.

👉MUST READ

Zcash Is to Be Delisted by Coinbase for UK Citizens, Exact Reasons Unknown

Zcash Is to Be Delisted by Coinbase for UK Citizens, Exact Reasons Unknown

Walmart Coin on its way

A US giant supermarket chain Walmart has also filed a patent for a cryptocurrency similar to Facebook’s Libra. 

Experts believe that the ‘Walmart Coin’ has much better chances to actually be launched and operate in masses than Libra. Unlike LBR, it does not intend to interfere with the current global financial system.

Cover image via cryptocomes.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings