Topic: Bitcoin ban in China and some noble countries. - page 2. (Read 309 times)

China can do anything they want but they cannot force their people to totally leave bitcoin , because there are still ways on how to accept and use this coin.

They may total banned bitcoin but will soon re accept this for betterment .

I believe that their country will adopt NFT but will this stay long>? because their stand seems like changing depend on how their government benefiting from those.

Yeah, basically any government stating xyz asset is under their control then just run away from it. This I am stating in association with crypto space and not the regular government control assets.

The fact is, we are in crypto because we want our own freedom and we want to accomplish the tag line “Be your own bank”. Obviously if China states NFT is under their control then there is no point in investing into it.

Considering China past decision, they may ban it in the future and who knows those Chinese might be holding millions of dollars in NFT and may end up loosing all of it.

This would be similar case to ban on crypto mining in china territory.

It would be highly risky to get into it for chinese.

China has long banned Bitcoin. So it's a non-issue already. Whether it has adopted the use of NFT or whatever, Bitcoin doesn't care. As to China's decision causing other countries to follow their steps, I don't think so. This is not as if Bitcoin plays a central role in terms of China's power play. The first currency it wants to take down from the global stage must be the USD. And right now it seems China is already beginning to implement the renminbi-standard in lieu of USD-standard. Bitcoins isn't in anyway threatened.

You already mentioned it "control", if they can regulate their NFT market then it's good for them.

Compare to bitcoin wherein the control is on the Chinese people, so obviously they don't like that. And perhaps the next step is for them to create NFT infrastructure for whatever purpose it may serve them. And NFT doesn't present the same danger and challenges that bitcoin has to offer to them.

bitcoin is accepted as currency in the US/EU which means alot of US/EU controls around the edges of bitcoin(businesses) which china does not want to be handstrung(puppet) to.

NFT however are a different category. more of a digital property thus not under the same regulations which means china can utilise without having to work with or be ordered by US/EU to comply with things.

china was going to ban bitcoin and then create its own regulation framework to then permit bitcoin use again for chinese citizens, but seeing how the US was trying to demand other countries to communicate, comply, follow US regulations.. china just didnt bother to push for its own regulations there were not many chinese based businesses and services thus most businesses were already US/EU regulated. and it would end up leading to US involvement in chinese affairs.
chinese government didnt see the overall benefits of accepting bitcoin over the headaches of US government involvement. so just left it at banned status(this may change if enough chinese business lobby to want to be involved and want to develop their own regulations away from US/EU regulations)

what china would see is that soon even NFT might end up transitioning into the realms of some regulatory system which might change china's mind about allowing involvement in NFT

however for now NFT are not regulated by any regulator, and everything is more person to persona personal claims/use of court systems. so the methodology of NFT is under standard property protection laws. where people set their own personal licence. policy/permits of use over their NFT. where people submit their own court order claim requests should they know/receive information that something is being used against those policies.

The Chinese government banned bitcoin and all trading connected to it, says it has no regulation and cannot be adopted to their system of foreign exchange. Now they tend to adopt and make use of NFTs, says it's under control. Why can this be? With this issue, it might cause other countries under China to do same.