China Is Developing its Own Digital Currency

Indeed most people are using WeChat and Alipay now in China. Question is they denied Bitcoin by issue own crypto currency, funny huh?

because if it's their own, they have full control..with Bitcoin they don't.

perha[s this is the first step towards a crypto foreign exchange

I believe this might be one of the reason. Another one is if they accept bitcoin, then they can't control their foreign currency restrictions anymore.

If this is true, then we might have a lot of foreign currency wallet next time in foreign exchange. Or a wallet that can keep different cryptocurrency. LoL

The issue is CONTROL. They wanted to develope something that they can control. China never shunned bitcoin; it used to embrace it at one point thinking that it can use it to undermine the USD and then slowly taking control of it to eventually make its RMB as the reserve currency of the world and control the economy of the entire world BUT unfortunately it finds out that it's not able to control the bitcoin because it's "too" digital; it's mine and traded all around the world that China has not been able to control so now China is using its sheer population size as the anchor in creating its own digital currency that it can control to try again to first overwhelm the world economy and then eventually climb onto the throne of the reserve currency of the world or at least be the co-reserve currency of the world with the USD for now.

Once China sees that this digital currency has overtaken USD and became the reserve currency of the world, it will instantly ban it and force it to be converted to RMB and since it's the original creator of this digital currency it can and once all of this digital currency is converted to RMB then RMB becomes the reserve currency of the world.

No it's China's first step to overtake USD to become the reserve currency of the world.

I'm always confused when I hear people talk about btc like it is a viable option anywhere, and by people who fear going digital and cashless. Everyone uses credit/debit cards for most everything so what's the down side of cashless? Check your accounts and have alerts for unusual activity is all that is needed. Use the USD, Euro, whatever. What possible advantage is there to btc or any of its competitors? Merchants are unprotected since it takes forever to verify a transaction. The computing power needed to handle even a tiny fraction of transactions would be the biggest argument for global warming. And yes control is lost by nations and to whom? It is pointless to add another layer of currency to what exists.

Totally. This is where I think cryptocurrencies could have issues down the track. Governments slowly implement their own and try wield power over them by regulation etc.. People thought Gold could never be manipulated and now it is. People think Cryptocurrencies could never be infiltrated - they could be one day.