PD: What happened to the answers before mine? Deleted?
Probably, not sure why.
And yes, any crypto created by a gov't or corporation is going to be centralized and under their control, and what they will create is diametrically opposed to the spirit of cryptocurrency and that is to hand over control of one's money to the people. No 3rd party needed, just the exchange of money between buyer and seller.
I have read an article before that, the reason behind the mining ban in China was because, they do not want giving out their money to other countries.
No country wants that, but China is not exactly known for the freedom it gives its populace and the news that they banned mining falls short of shocking me. I do think its unfortunate given how active China is in mining and crypto in general.
I don't think a cryptocurrency issued by the Chinese government will work, especially not in China (and not for the people). The communist party of China is well known for their restrictions and they are arresting people who have a different opinion and are opposing the opinion of the communist party.
It might work, but certainly not in the way bitcoin does. And you are correct about China's reputation for repressing its citizenry.
