harrymmmm
Hero Member
*****
Offline Offline

Activity: 581
Merit: 500


View Profile Personal Message (Offline)

Ignore
January 21, 2017, 05:18:49 AM

hory sheit

China PBoC researching "RMBCoin" with blockchain tech to "truly achieve the goal of money for the people" ("Bi" for "Renmin" as in "RenMinBi")
 
https://twitter.com/cnLedger/status/822617053752422404

30 mins after that tweet btcusd up by +$10 or so.

Looks like people like the idea - or at least the idea that China thinks the cryptocurrency idea is good.

That news isn't even new.  I mean I read yesterday or the day before something from PBOC talking about how they believe cryptocurrency is good but the "emission should be controlled by the state".  So I mean, all they really want to do is make a govt slave coin that has nothing to do with Bitcoin at all.  I'm not even sure how that would be bullish.  If anything, they would probably ban Bitcoin after they make their govt slave coin.  All the stuff I read made it sound more like they want to get rid of Bitcoin and replace it rather than "embrace" it.

Sure. The govcoin idea isn't new at all - we've all been expecting attempts at it for years now.
This is a concrete (well, tweeted!) plan though.  I think it points to a certain amount of respect for cryptocurrency in China.

I agree that, as we expected for all govcoins, it would be an attempt to replace/reduce bitcoin use. That's long term and way beyond trader horizons I would think. And we're bitcoiners, right? Govs can't actually replace it; just make it harder to use maybe (the only bearish component in the story). Smiley