China other countries beginning to get there own cryptocurrency

I’m new to cryptocurrency! and so far really fill enthusiastic about the project
basically new and excited about the possibilities.

I’ve been doing research to learn more as I plan on being in this game for the long
haul!

I’ve noticed China and Holland are both looking for its own cryptocurrency and try hold on to some power.

Long story short will this effect Cardano’s long term outlook or strengthen it in the blockchain/crypto game?

Plenty of speculation and opinions in crypto, and here’s mine… At the base level Crypto is all about decentralization, and the transfer of power from those controlling the system, to those using the system. Any central bank’s attempt to create digital versions of their existing fiat system doesn’t really change anything, except it gives them more control and enhanced ability to track and trace and control, stop, confiscate, all flows of money. Do you as a customer of a bank really care if your existing bank that holds your national fiat money uses a traditional database or centralized permission ed internal blockchain database? It doesn’t improve the user experience or the power/control you have over decision making regarding the currency. A centralized Chinese controlled currency empowers the government, not the citizens. A decentralized crypto currency empowers the users and holders of the currency. Therefore I think the government digital currencies being rolled out will make people think twice about their financial privacy, and government and central bank control over their money, and this will drive increased adoption in decentralized crypto’s like Cardano. But it will be a long and slow battle between opposing ideologies.

2 Likes

I agree with what XZact said. At a high level, government adoption of crypto with their own coins regardless of their intention will simply help drive adoption of cryptocurrency. The general populace will take systemic adoption as proof of legitimacy. From there it will simply become a battle of how people want their money and information handled. If anything it might even cause true decentralized currencies to increase in value.

China in particular already sees a lot of its investors put their money in other systems and economies outside of China to keep the money outside central government control. You can see this in the massive investments made into US building development and large investments in US tech companies.

1 Like

China’s official cryprocurrency is now under test. Rumor says that the pilot phase will come in May…

Cheers for your feedback! I had few days to ponder your words! Thank you again!
I saw on a most recent talk charles spoke about it! - I guess in a nut shell I have a lot of questions and its sparked my interest in blockchain! - and basically how I can get involved with the project.
cheers again,

Christian

Cheers for your feedback also! thank you
a lot of information to go through-im excited!

Hi @CSmith. Good to have you here on the forum. You wrote about Holland and it’ s own cryptocurrency. I am dutch and i know one initiative, thats is called ‘gulden’ (the same name off the cuurency our country had before the Euro). But as far as i know it is a particular project and not from the government, or do you have other information?
Let s make Cardano the currency off the future!

Cheers Fella

My thought is that countries will cremate their own crypto.

I’m betting it will be like USDC as opposed to bitcoin or Ada.