Hints at a state-owned cryptocurrency in China have been surfaced for a while now, even since PBoC made clear that it will stop fiat-to-Bitcoin trading in all its major exchanges (and some of the world largest Bitcoin exchanges are in China). But today we found even more evidence towards that.

In an article presented by [Yicai](http://www.yicai.com/news/5354643.html), one PBoC officials is quoted like this:

> "We hope that the legal digital currency should have a new quality, will go beyond the existing electronic payment tool, whether it is private digital currency or electronic money."

In other words, we're working at it. We're making our own digital, state-owned currency.

Now, for centuries China has been the "manufacturer" of the world. There were times when more Adibas shoes were sold by Chinese than Adidas himself. And all the tiny stuff that makes up our phones and computers is made there. There's no doubt about the fundamental role China plays as a maker in our world.

But "copy-pasting" Bitcoin into a national crypto is something way, way, way more difficult than copy-pasting Adibas, or anything that can be manufactured. 

The fundamental difference lies in governance. Bitcoins, as a currency, is self-regulated and a state-owned cryptocurrency will be, obviously, state-regulated. Ans that's the very moment it ceases to be a decentralized, self-sustained asset. 

In other words, that's where it loses its value.

From my point of view, this crypto-experiment in China has all the signs in place for a big blunder. Which is not something to be happy about, on the contrary. If China fails to put together their currency, and it seems they want to fix-it--with-bitocin (which will fail) then 1 billion people will be very, very confused.

That's not a good juju.
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_I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at [Dragos Roua](http://dragosroua.com) where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua._
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_If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform)_:
* [Rewards: Were Does The Money Come From?](https://steemit.com/steemit/@dragosroua/steemit-newbie-faq-rewards-were-does-the-money-come-from)
* [Netiquette: How To Avoid Being A Steem Douche?](https://steemit.com/steem/@dragosroua/steemit-newbie-faq-netiquette-how-to-avoid-being-a-steem-douche)
* [Witnesses: What Are They And Why Should You Care?](https://steemit.com/steemit/@dragosroua/steemit-newbie-faq-witnesses-what-are-they-and-why-should-you-care)
* [How Can I Mine Steem And What CPU / GPU Power Do I Need For That?](https://steemit.com/steemit/@dragosroua/steemit-newbie-faq-how-can-i-mine-steem-and-what-cpu-gpu-power-do-i-need-for-that)
* [The Beginner Guide To Not Getting Hacked On Steemit](https://steemit.com/steemit/@dragosroua/the-beginner-guide-to-not-getting-hacked-on-steemit)