Bank of China ex-advisor calls Beijing to reconsider crypto ban

Kakmakr

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This might be why they are calling him an ex-advisor... because they did not agree with him in the first place. To China ..everything are about control and not the financial gain that they might receive if they allowed this technology. Roll Eyes

They want all transactions to be transparent and they want to track all of those transactions ...and they want to control how much money are leaving the country, because they want to manipulate the people via their control over the wealth and also to control the economy.

Dickiy

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In this case, the former adviser to a Chinese bank strongly advised the government to consider crypto transactions, maybe in my personal opinion he saw how the world was going in the future and of course he didn't want the Chinese people to be left behind.

Quote from: bittraffic on February 02, 2023, 11:27:58 AM

There were still lots of Chinese individuals recruiting crypto employees on LinkedIn. Despite the ban, yes Chinese are trading crypto.

This will really boost the prices of cryptocurrencies when they open the country for crypto as they did before. So far they were planning to make Hongkong a hub for blockchain developments as was stated in the news. It would be a waste to completely abandon the crypto industry when there are really good developers in the country that have started since, projects like NEO and Vechain are among the top 100.

Yes, I still see about this, many Chinese companies are looking for employees who have capabilities about crypto, blockchain, and web3.
Of course it is undeniable that it will be a bullish indicator for the crypto market if the ban is removed, before that I also heard about the news that Hong Kong will become a city that develops Blockchain, but it does not focus on crypto, but only on blockchain for mechanisms increasing effectiveness and efficiency system within the company. CMIWW

xSkylarx

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There would really be an effect if the government in China lifted it, but I am shocked about the data about mining as there are a lot of individuals evading their law, even if it is strict, just to own crypto and mining it. I don't know how they still remain anonymous or have not been tracked by the government, but they are really not that scared of their law. For sure, the lift would greatly increase the number of users of crpyto from China, as this is only holding them back from owning it, and we can also benefit from it.

Synchronice

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Quote from: Lucius on February 04, 2023, 06:33:47 AM

Quote from: mk4 on February 02, 2023, 09:34:49 PM

Reversing the ban on crypto could be very beneficial for China even due to the fact alone that they're going to be able to harvest more money in taxes. On the monetary control/privacy side, it's not like China can't do their own chainalysis on their people. Pretty sure they can if they wanted to.

Everyone says that China would earn from taxation, but no one says how much? I will not repeat myself because I already wrote something about it in the previous post, but is it about $500 million or $5 billion and what significance would that have in the economy, which according to all forecasts will achieve significant growth this year, which will be measured in trillions.

It seems that after all these years, people do not understand that Bitcoin is a much bigger problem for China because of the idea it represents, than any financial benefit that could come from it. A country that censors the internet to an unprecedented extent will never allow its citizens to be financially independent in any way.

The best way to keep a prisoner from escaping is to make sure he never knows that he is in prison. Wouldn't it be beneficial to unban crypto but regulate it? Create state-owned crypto exchanges, let them operate through regulations similar to banks, request and implement KYC document for every customer. Majority of people are here to invest and trade, regulations can't be a huge problem for them but it can give power and control to government. If you don't do so, other countries will do and why to let control get out of your hands for no reason? It's inevitable.

stompix

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Quote from: Lucius on February 07, 2023, 10:19:45 AM

Everyone says that China would earn from taxation, but no one says how much? I will not repeat myself because I already wrote something about it in the previous post, but is it about $500 million or $5 billion and what significance would that have in the economy, which according to all forecasts will achieve significant growth this year, which will be measured in trillions.

Give it up, China has made quadrillions out of Bitcoin taxes, their whole industrial revolution happened because of crypto mining and they are producing now chips only because bitcoin mining gear has triggered innovation, even the Three Gorges Dam was built because of bitcoin mining, don't you know?
Sometimes there is no point in even trying to point out the obvious, there are some things that have become like the teaching of Jesus to some here, Bitcoin does that and that and everything else and you infidel have no business proving to us with numbers that what we think is wrong.

When I think about taxes I wonder what would a real poll show, how many of those that argue every day how Bitcoin generates revue though taxation are actually paying a dime at the end of the year on their profits!

Hispo

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Chinese government won't allow Bitcoin to come back again into their national economy as much as it was some years ago because there is a new player within this context: the digital yuan.

the CCP wants to encourage everyone there to install and use their centralized wallet so they can keep a tight control over their own society, we are taking about surveillance. the Chinese government wants to have a monopoly on the electronic money in the future, letting Bitcoin to grow in their society goes against their autocratic "values" and plans.

Lucius

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Quote from: serveria.com on February 06, 2023, 06:03:47 PM

~snip~
Anyway, I'm sure China will lift the ban sooner rather than later. Bitcoin can't be stopped. Cool

It's clear from my previous posts that I don't share all that enthusiasm about China and Bitcoin, although I understand why most people are fascinated by just the possibility of this happening. However, it is wrong to look at things only from the perspective of quick profit, and not to look at the long-term effects of such a decision. I would not like to go through all those dramas that have always been going on somewhere in the background of the Chinese crypto industry made up of lies, deceptions and insane trading volumes that they used to manipulate prices.

I know I'm asking too much, but will people realize that China has always done more harm than good for Bitcoin?

serveria.com

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Wow that would be big. Uberbullish news for Bitcoin. It would skyrocket into at least $35-40k immediately I guess. Too bad it's mentioned in the article that the guy is just an "ex-advisor" so his opinion is that of a private individual not of a country representative. Anyway, I'm sure China will lift the ban sooner rather than later. Bitcoin can't be stopped. Cool

AmoreJaz

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Quote from: _act_ on February 02, 2023, 08:27:05 PM

China banned bitcoin but their citizens still use it as a property. Chinese government ban bitcoin mining and brought bitcoin mining hash rates to zero but China is now the second country with the highest bitcoin hash rates. China banned bitcoin several times but bitcoin got to all-time-high over and over after several ban. Without China, bitcoin can survive.

It would be better for Chinese government to rethink, they like centralized things like their own money, their own CBDC, their own apps for social media. If possible that China can live without the people outside of China, their government would have done that. Because bitcoin is decentralized, they do not support it, it would be good if they reconsider their wrong past decision.

that is very true, now, they have seen that bitcoin market will survive even without their presence. i believe when they said to the world about banning the usage of crypto, they thought that btc market would collapse but then its impact was only short-lived and life goes on with crypto market.
i have the feeling that sooner or later, they will change their stance again on btc or crypto in general, they just don't want to admit that some of their people need this market to survive.

dezoel

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Quote from: Fiatless on February 05, 2023, 01:34:27 PM

He is correct, the benefits of cryptocurrencies especially Bitcoin is greater than the disadvantages. China is not a democratic nation that is why we shouldn't expect much from this comments because the decision on the communist party definitely supercede the voice of the people. China might consider unbanning cryptocurrencies maybe if they want to help Russia and Iran to invade sanctions.

Too bad that he said it late when he is already an ex-advisor so the chance for it to be accepted can still be slim but I think if already said this before then maybe BTC in China won't be banned. Regret is truly felt at the end. There might still be other ways for China to help Iran and Russia even without unbanning cryptocurrencies but I heard that Russia did already start using cryptos before, on the peak of their sanctions.

Maybe they use that for other countries because there is no way China can accept it but anyway apart from this news, there was also a news last time about the creation of an NFT marketplace in China. It's only surprising though when the status of cryptos in their country is still banned.

Ryu_Ar1

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Quote

“Banning cryptocurrencies may be practical in the short term, but whether it is sustainable in the long run deserves an in-depth analysis,”

It is interesting to see this statement because maybe he is actually a little doubtful about the current prohibition conditions which will actually make them cornered in the end, but on the other hand actually in this case he is also afraid to argue harder because he could be seen as opposing the policies that have been implemented. currently doing.
China's strength is very large, especially its power in regulating the conditions of its country and we don't even know more information about them because it is closed from the news.
But looking back now, I actually think that there are still many people there who use bitcoin until now because it is impossible for an underground movement like them to completely destroy it.
On the other hand I wouldn't be surprised if they end up changing some of their policies regarding this ban as they have always done.

Fiatless

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He is correct, the benefits of cryptocurrencies especially Bitcoin is greater than the disadvantages. China is not a democratic nation that is why we shouldn't expect much from this comments because the decision on the communist party definitely supercede the voice of the people. China might consider unbanning cryptocurrencies maybe if they want to help Russia and Iran to invade sanctions.

Woodie

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Never thought someone from China could actually publicly speak about bitcoin/cryptocurrencies and vouch for it in a good way. And this statement coming from an X banker this does carry weight which is one part of the equation , the rest is up to others to echo this message which should help bitcoin grow when the ban is lifted thanks to the standby demand that awaits.

Quote from: avikz on February 05, 2023, 12:21:41 PM

If that ex-advisor goes missing after some days, don't be surprised! These are quite common things in China.

My thoughts too and someone was always going to stand up against such restrictions...

avikz

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If that ex-advisor goes missing after some days, don't be surprised! These are quite common things in China.

I personally don't think the Chinese government would ever reconsider lifting the ban on cryptocurrencies. Anything de-centralized doesn't go well with the communist mindset. Moreover, the current Chinese government doesn't believe in human rights. So the chance for cryptos to become legal is pretty slim. Many advisors or consultants may feel differently than the government but they are mostly afraid of speaking their minds. Not sure what will happen to this person who spoke about it.

personally, I would not want Chinese people to get into cryptos again in big numbers. That will be a disaster for the market itself!

Gyfts

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Communist regimes don't do very well if a decentralized currency competes with their own. There isn't any incentive for China to reverse the ban. It would only allow their citizens to free themselves from the deadly grip of the CCP.

Smartprofit

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Quote from: jackg on February 02, 2023, 10:45:05 AM

The prospect China has banned crypto to some people and hasn't banned it based on others' interpretations is a weird one. Did you notice the date was January 2022 too (not 2023)? I don't think it's still the case that a lot of crypto mining takes place in China.

Quote from: Smartprofit on February 02, 2023, 08:42:35 AM

You have to be a patient and purposeful person in order to fully continue to use the Internet, despite the bans and restrictions being introduced.

I am surprised there aren't underground groups that teach people how to do these things that aren't well known to the authorities. Similar to the sentiments of the OP, where I'm from it's fairly easy to find people dealing in things that are illegal (depending on the severity) also cannabis has often been called a gateway drug as it gives the user a contact to get stronger stuff from.

Many people do not want to have any interaction with drug addicts, drug dealers, or drugs.

In my country, the consumption of alcohol is a national tradition, but contact with the world of drugs is not encouraged. People are not inclined to break the law or other social taboos and prohibitions.

I cannot appreciate how law-abiding the Chinese are....

In any case, the official ban on cryptocurrencies limits the number of Chinese who are willing to use cryptocurrencies in everyday life.

Therefore, the call to lift this ban, in my opinion, can only be welcomed.

Lucius

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Quote from: mk4 on February 02, 2023, 09:34:49 PM

Reversing the ban on crypto could be very beneficial for China even due to the fact alone that they're going to be able to harvest more money in taxes. On the monetary control/privacy side, it's not like China can't do their own chainalysis on their people. Pretty sure they can if they wanted to.

Everyone says that China would earn from taxation, but no one says how much? I will not repeat myself because I already wrote something about it in the previous post, but is it about $500 million or $5 billion and what significance would that have in the economy, which according to all forecasts will achieve significant growth this year, which will be measured in trillions.

It seems that after all these years, people do not understand that Bitcoin is a much bigger problem for China because of the idea it represents, than any financial benefit that could come from it. A country that censors the internet to an unprecedented extent will never allow its citizens to be financially independent in any way.

mk4

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Reversing the ban on crypto could be very beneficial for China even due to the fact alone that they're going to be able to harvest more money in taxes. On the monetary control/privacy side, it's not like China can't do their own chainalysis on their people. Pretty sure they can if they wanted to.

_act_

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China banned bitcoin but their citizens still use it as a property. Chinese government ban bitcoin mining and brought bitcoin mining hash rates to zero but China is now the second country with the highest bitcoin hash rates. China banned bitcoin several times but bitcoin got to all-time-high over and over after several ban. Without China, bitcoin can survive.

It would be better for Chinese government to rethink, they like centralized things like their own money, their own CBDC, their own apps for social media. If possible that China can live without the people outside of China, their government would have done that. Because bitcoin is decentralized, they do not support it, it would be good if they reconsider their wrong past decision.

Fortify

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Quote from: Hydrogen on February 02, 2023, 08:24:49 AM

Interesting points all around.

Quote

Despite the ban, China has continued to be the second largest Bitcoin miner in the world as of January 2022, hinting at a large crypto community still existing in the country. According to official data, mainland China customers accounted for 8% of the collapsed crypto exchange FTX despite the country’s ban on crypto trading.

Some local crypto enthusiasts even believe that China has never really banned individuals from possessing or trading crypto.

With crypto emerging as the "legalize and tax it" version of legalizing cannabis of decades past. Could china's economy significantly benefit from approving and regulating crypto, rather than resorting to hardline policies more closely resembling outright bans?

In past years, we were bombarded with countless news articles claiming china would emerge as the next global superpower to dethrone the united states and takeover as the #1 nation in the world. Now that economic slowdown has encompassed the globe. Can china achieve its lofty ambitions, without harnessing emerging technologies like crypto to boost its economic potential and tax revenues? Could there be criticism made against china for handicapping themselves by outlawing things which might only give them an economic advantage over the long term?

As global debt climbs for nations of the world, everyone appears to be scrambling to harness new sources of capital, credit and liquidity. Crypto is emerging as one large global market and method for achieving these goals.

The Chinese government makes some strange policy decisions, often only to benefit party members at the expense of everyone else, but casting a look back they imposed this ban during a period of time when energy was getting more expensive and was heavily polluting. Miners were growing private profits for the few at the expense of public health and the ability for the wider public to access cheaper electricity. Then there is also the political side, where the ability to store funds outside the tentacles of the dictator Xi Jinping meant that people were less susceptible to pressure and could escape if things got too dangerous or express opinions they might otherwise have to hide.

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