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China is one of the countries where blockchain technology has gained popularity due to cheap electricity and government interest. At the same time, the country has a strict ban on the use of bitcoin and other virtual coins, but a new Chinese cryptocurrency 2024 regularly appears. In 2021, one of these became CHIA, which is not yet officially recognized. But it already has a certain potential and chances to take a place in the same row with cryptojuan. The new koin is traded on major exchanges, it can be mined and received for free.<\/p>\n
The Chinese Central Bank makes maximum use of modern technology. For several years, the financial regulator has been developing a state digital currency and ways to introduce it into the economy. This is largely facilitated by the trade confrontation with the United States and the American dollar.<\/p>\n
According to official data from the People’s Bank of China (PBoC), the development of the cryptojuan is being handled by the Digital Currency Research Institute at the regulator.<\/p>\n
Basic information about the coin:<\/p>\n
According to the authorities’ plans, China’s cryptocurrency will be launched by the end of 2021.<\/p>\n
Central banks around the world create their own cryptocurrencies, which have the abbreviated name CBDC (Central Bank Digital Currency). These are all tokens<\/span> issued in coordination with the government (Chinese crypto, digital ruble in Russia and others). In fact, they are digital analogs of traditional money, but transactions with such currencies will take place within the framework of blockchain technologies.<\/p>\n In 2021, there is the only official cryptocurrency of the PRC tied to the yuan. DCEP (Digital Currency Electronic Payment) is a development of the Chinese government, with the local Central Bank acting as the issuer.<\/p>\n Only citizens from the “white list” – PRC residents with the highest level of reliability in the country’s social credit system – are allowed to test the coin.<\/p>\n The testing stage is necessary to find the weaknesses of digital yuan and exclude them before the large-scale introduction of the technology into the global economy.<\/p>\n The development of a national cryptocurrency in China began in 2014, but for several years, the Digital Currency Research Institute did not provide information on the progress of the experiment. In 2019, the government announced the start of DCEP testing.<\/p>\n Chinese authorities planned to pay a portion of transportation subsidies in DCEP coins in Suzhou.<\/p>\n Testing of the cryptojuan in four major cities has begun. They were Shenzhen, Suzhou, Chengdu and Xiong’an.<\/p>\n<\/td>\n<\/tr>\n The first cryptocurrency ATMs appeared in the country.<\/p>\n Two major banks, WeBank and MYbank, joined the DCEP testing.<\/p>\n<\/td>\n<\/tr>\n China was one of the first to react to the emergence of cryptocurrencies. The government imposed a strict ban on mining<\/span>, and passing blockchain conferences were closed by the regulator.<\/p>\n The attitude to cryptocurrency in China became better after Mark Zuckerberg announced his own project Libra. The influence that the Facebook creator has in the world motivated the country’s government to change its point of view. As a result, bans were partially lifted and the country started actively developing its own coins.<\/p>\n In 2021, the PRC is taking large-scale measures to develop its own coin and displace the American dollar from the world market. Since May, the country has completely banned mining and trading in cryptocurrencies, and exchanges stopped serving Chinese traders The main advantage of DCEP is the minimal dependence of the coin on oil prices, since it is this factor that over time becomes a big problem for the US currency.<\/p>\n The purpose of the digital yuan became known in 2019 from the statement of the head of the People’s Bank of China. DCEP will be used for electronic payments in retail and cross-border transfers between financial institutions.<\/p>\n The Chinese cryptocurrency is a way to reduce the risks of the country’s traditional banking system and increase its activity. The capabilities of the new instrument are meant to motivate financial institutions to fight for market leadership with renewed vigor.<\/p>\n<\/blockquote>\n Large-scale testing of the digital yuan will take place in 2022 during the Beijing Olympics.<\/p>\n The PRC-US trade war started in 2016 at the initiative of American President Donald Trump. This strengthened the Chinese government’s decision to create its own cryptocurrency that would lessen the impact of economic sanctions. Experts in finance prophesize the digital yuan’s status as the world’s reserve currency. DCEP is an opportunity for China to strengthen its market position and one of the steps to develop its domestic economy.<\/p>\n The Chinese government actively supports the development of local tokens. One of the companies that received funding and assistance from the government was LCFHC. The startup is working on the creation of the LCF token.<\/p>\n Several Chinese billionaires and the Rothschild clan are considered the founders of the project. In 2017, the company set ambitious goals:<\/p>\n The organizers plan to eventually fully introduce the LCF token into commerce. The problem is that the launch of the project was never realized. Over time, representatives of the company stopped giving at least some information in the public field.<\/p>\n This coin claimed to play a major role in China’s digital economy. However, in 2021, LCF still cannot be bought. Many media and analysts consider the project a fake. This is evidenced by the registration form of participants, who are asked to enter information into a Google document.<\/p>\n The launch of the new Chinese cryptocurrency in 2021 has contributed to the increase in demand and the growth of prices for HDDs and SSDs. The drives are used for CHIA mining. The free space of the drives was used to get the necessary computing power and data storage.<\/p>\n At launch, Chia Network was positioned as an improved blockchain and a platform for smart transactions that could change all payment systems in the world. The developers received $3 million as an initial investment and raised another $28,000,000 after rounds of token sales. The public sale of CHIA started in May 2021.<\/p>\n To make it possible to mine cryptocurrency using HDDs and SSDs, the developers created a new consensus algorithm Proof of Space and Time. The validator in this system is the free space of the drive. Users are rewarded in direct proportion to the disk space provided.<\/p>\n Proof of Space can be used as a consensus method for blockchain operation only if it is tied to the Proof of Time algorithm. The former is responsible for allocating the necessary disk space to perform calculations, while the latter is responsible for time consistency between blocks and further enhances network security.<\/p>\n<\/div>\n The first platform that opened sales of CHIA was HotBit. Later, the coin appeared on other exchanges:<\/p>\n CHIA is trading at $183.37 in September 2021.<\/p>\n<\/blockquote>\n Using the Proof of Space and Time consensus involves applying processing power to transactions from SSDs and HDDs. Therefore, the system being assembled for mining must be configured to be filled with HDDs. HDDs and SSDs are allowed to take any, the main thing is the presence of a Sata-interface.<\/p>\n The configuration can include cheap motherboards, if they have built-in support for the Sata 6G interface, which increases the speed of data exchange in the system. In addition, it is worth finding a good processor (Ryzen 7 3700 and above) with enough RAM (at least 16 GB), since the speed of raft formation depends on these indicators.<\/p>\n After assembling the system, you need to download the software for mining on the resource GitHub, launch the CHIA application and create a wallet, following the instructions. Then you need to select and configure disks for work. After it will remain to press the “Create site” button and start mining.<\/p>\n You can get currency for free on special sites. To do this, you need to connect a CHIA wallet and perform a simple action to collect coins.<\/p>\n The new Chinese cryptocurrency is gradually appearing on a large number of exchanges. In 2021, anyone can buy or sell CHIA. This was the goal set by the developers before the launch of the project.<\/p>\n Analysts feared the hype around the “Chinese bitcoin”. The coin became a catalyst for the growth of prices for all hard disks. At the same time, the asset has a dim future for a number of reasons:<\/p>\n In 2021, currencies tied to platforms that can benefit the crypto community are becoming popular.<\/p>\n<\/blockquote>\n The PRC is one of the few countries that has actively imposed various restrictions on blockchain systems and tokens. First, in 2013, transactions using BTC came under sanctions. Since 2017, ICOs have been banned in the country, and cryptocurrencies themselves were outlawed, it is impossible to use them as a means of payment.<\/p>\n In mid-2021, China completely abandoned mining in four provinces. They were Inner Mongolia, Sichuan, Xinjiang and Yunnan. The corresponding government decision was the final one after sanctions and restrictions on the mining of digital coins, which were regularly imposed for several years.<\/p>\n One of the reasons for the total ban on cryptocurrencies experts call the transition of the development of their own asset to the final stage of testing. If successful, it is DCEP that will be called the national coin, which will be supported by the state, and bitcoin and other assets will become its competitors.<\/p>\n The PRC tries to shield its economy from the influence of other countries. This is especially true for the digital sector, which brings more than 30% of the country’s GDP.<\/p>\n China Information Technology Industry Development Center (CIID) published its own 12th ranking of the top cryptocurrency projects in 2021. The top ten included:<\/p>\n There are a total of 37 coins on the list, including Ethereum Classic (16th place), Bitcoin Cash (26th place), and Ripple (30th place).<\/p>\n Despite the fact that the exchange and trading of cryptocurrencies in the territory of the People’s Republic of China is prohibited, many companies have found a way to continue operating. These exchanges appeared in China, but due to the imposed restrictions were forced to change their dislocation and register a legal entity in countries with a favorable cryptocurrency climate:<\/p>\n \u2753 Why exactly China is the center of the cryptocurrency world?<\/p>\n<\/div>\n Cheap electricity and labor, closed economy allow you to get an effective mechanism with minimal investment. Also, despite the current bans, the government is interested in the development of technology and finances certain projects.<\/p>\n<\/div>\n<\/div>\n \ud83d\udcdd Why does China need cryptocurrency?<\/p>\n<\/div>\n With its help, the country plans to move away from the gold standard.<\/p>\n<\/div>\n<\/div>\n \ud83d\udccc Can a Russian citizen buy DCEP?<\/p>\n<\/div>\n For now, there is no such possibility. “Chinese Bitcoin” as of October 2021 has not yet gone on free sale.<\/p>\n<\/div>\n<\/div>\n \ud83d\udd0d Which companies in the PRC are already working with cryptocurrencies?<\/p>\n<\/div>\n DCEP is undergoing another phase of testing in 2021. Tencent, Bilibili, Didi Chuxing – the Chinese analogs of AirBnb and Uber – have already announced their willingness to work with the token.<\/p>\n<\/div>\n<\/div>\n \ud83d\udd27 With the advent of DCEP the time of NFC will be over?<\/p>\n<\/div>\n Not really. The one-touch payment format will remain, but thanks to blockchain it will be possible to make purchases even when there is no internet connection.<\/p>\n<\/div>\n<\/div>\n \ud83d\udd17 How do the Chinese authorities plan to regulate payments?<\/p>\n<\/div>\n Transactions with small amounts will be sufficient to confirm by phone number. And large payments will require a certificate disclosing the sources of income and verification.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Error in the text? Highlight it with your mouse and press Ctrl<\/span> + Enter.<\/span><\/p>\n<\/div>\n\n\nDCEP<\/h4>\n
History and progress of the implementation<\/h3>\n
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\n \n \n August<\/td>\n Media reports about the imminent release of DCEP.<\/td>\n<\/tr>\n \n December<\/td>\n A representative of the Central Bank of the People’s Republic of China announced the transition to the final stage of token development.<\/td>\n<\/tr>\n \n April<\/td>\n China Agricultural Bank released an application for exchanging traditional yuan for digital yuan. A video has appeared online in which a user shows how the transaction takes place. \n \n June<\/td>\n Development of the server part was completed.<\/td>\n<\/tr>\n \n December<\/td>\n Started the third stage of testing the cryptocurrency, during which $3 million worth of coins were released into circulation.<\/td>\n<\/tr>\n \n \n February<\/td>\n The Chinese Central Bank announced the upcoming testing of a wallet for the coin. \n March<\/td>\n Chinese banks began collecting applications from citizens to connect cryptocurrency wallets.<\/td>\n<\/tr>\n \n April<\/td>\n Alibaba switched to partial payments to employees in DCEP.<\/td>\n<\/tr>\n \n June<\/td>\n The final phase of testing began, with $6.2 million worth of digital coins issued to Beijing residents.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n Liberalization<\/h3>\n
Usage<\/h3>\n
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Impact on the financial world<\/h3>\n
LCFHC<\/h2>\n
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LCF<\/h3>\n
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\nCHIA<\/h2>\n
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\nFeatures and working principle<\/h3>\n
\nWhere to buy<\/h3>\n
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\n \nPlatform<\/th>\n To which currency it is traded<\/th>\n Sales volume in September 2021 ($)<\/th>\n<\/tr>\n<\/tbody>\n \n Huobi Global<\/td>\n USDT<\/td>\n 3 million<\/td>\n<\/tr>\n \n Huobi Global<\/td>\n BTC<\/td>\n 0.4 mln<\/td>\n<\/tr>\n \n Gate.io<\/td>\n USDT<\/td>\n 0.186 mln<\/td>\n<\/tr>\n \n Pionex<\/td>\n USDT<\/td>\n 0.125 mln<\/td>\n<\/tr>\n \n BiBox<\/td>\n USDT<\/td>\n 5.6 mln<\/td>\n<\/tr>\n \n BitMart<\/td>\n USDT<\/td>\n 3.7 mln<\/td>\n<\/tr>\n \n Zb.com<\/td>\n QC<\/td>\n 0.176 mln<\/td>\n<\/tr>\n \n BKEX<\/td>\n USDT<\/td>\n 1.8 mln<\/td>\n<\/tr>\n \n BIONE<\/td>\n USDT<\/td>\n 2 mln<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n \n
How to mine or get free<\/h3>\n
The future of CHIA<\/h3>\n
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Regulation of the crypto market in China<\/h2>\n
Ranking of Chinese cryptocurrencies<\/h2>\n
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\n \nCryptocurrency<\/th>\n Rating<\/th>\n Price<\/th>\n Capitalization for the year<\/th>\n<\/tr>\n<\/tbody>\n \n Ethereum<\/td>\n 4.9<\/td>\n \u20bd236 714,77<\/td>\n \u20bd28.50 trillion<\/td>\n<\/tr>\n \n TRON<\/td>\n 4.1<\/td>\n \u20bd16,03<\/td>\n \u20bd1.39 trillion<\/td>\n<\/tr>\n \n Cosmos<\/td>\n 3.8<\/td>\n \u20bd447,86<\/td>\n \u20bd188.17 billion<\/td>\n<\/tr>\n \n Neo<\/td>\n 4.5<\/td>\n \u20bd968,16<\/td>\n \u20bd96.82 billion<\/td>\n<\/tr>\n \n EOS<\/td>\n 4.5<\/td>\n \u20bd44,88<\/td>\n \u20bd94.24 billion<\/td>\n<\/tr>\n \n Ontology<\/td>\n 4.1<\/td>\n \u20bd17,84<\/td>\n \u20bd17.84 billion<\/td>\n<\/tr>\n \n Steem<\/td>\n 3.3<\/td>\n \u20bd15,68<\/td>\n \u20bd7.23 billion<\/td>\n<\/tr>\n \n Nuls<\/td>\n 3.1<\/td>\n \u20bd31,05<\/td>\n \u20bd4.02 billion<\/td>\n<\/tr>\n \n Bitshares<\/td>\n 3.0<\/td>\n \u20bd0,15293<\/td>\n \u20bd458.16 million<\/td>\n<\/tr>\n \n GXChain<\/td>\n 3.1<\/td>\n \u20bd21,62<\/td>\n no data<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n \n
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\nBest exchanges to buy<\/h2>\n
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\n \nPlatform<\/th>\n Year founded<\/th>\n Number of users in August 2021 (people)<\/th>\n<\/tr>\n<\/tbody>\n \n Binance<\/td>\n 2017<\/td>\n 166 million<\/td>\n<\/tr>\n \n Huobi<\/td>\n 2013<\/td>\n 5.3 mln<\/td>\n<\/tr>\n \n OKEx<\/td>\n 2015<\/td>\n 5.8 million<\/td>\n<\/tr>\n \n Bitmex<\/td>\n 2014<\/td>\n 3.9 million<\/td>\n<\/tr>\n \n BitFinex<\/td>\n 2012<\/td>\n 5 million<\/td>\n<\/tr>\n \n Gate.io<\/td>\n 2017<\/td>\n 12.5 million<\/td>\n<\/tr>\n \n CuCoin<\/td>\n 2017<\/td>\n 0.3 million<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n Frequently Asked Questions<\/h2>\n
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