Bitcoin recognized as digital currency in Shanghai - page 2.

Fiatless

hero member

Activity: 574

Merit: 554

Leading Crypto Sports Betting & Casino Platform

Quote from: bbc.reporter on September 29, 2024, 10:47:04 PM

News update.

This might begin a storyline of from Hong Kong to Shanghai, the acceptance of the cryptospace and the issuance of Chinese ETF for bitcoin in Shanghai. In China, if former ministers presently have the courage to tell the government what they should be doing, this implies that there are many politicians presently working in the government who are silently supporting on what is being suggested.

Zhu Guangyao's suggestion was fueled by national interest. The former minister wants his country to compete with the US in the crypto industry. The government can decide to accept or reject his advice. Until the news of a policy change comes from Xi Jinping or a top Chinese government official, the country remains unfriendly.

Quote from: Sebas.tian on September 30, 2024, 03:35:56 AM

Since the declaration is from china court, I think it will stand to allow Bitcoiners in China to mine Bitcoin and trade Bitcoin in the country, because the decision has been made by court which it will going to back up all the digital currency users in their country. I think that is what the judge of the Shanghai court discovered that it will not going to change the price of Bitcoin, if it remain banned in the country, because China are not the one controlling the price of Bitcoin and they will never be, because Bitcoin is a decentralized currency that is be control by buyers and sellers. If this Shanghai court is the superior court in china, I think the decision will be final and it will make their government to lift the banned on Bitcoin trading and mining, and it will make Bitcoin users to start their daily trading, mining and long term trading again to continue making income from their trading.

China is under the strong grip of the Communist Party. I don't think they will obey a court order that stands against their policies. The Chinese judiciary is not independent, they are under the control of the central government. Such court order or judgement will merely be for academics. China is the second-largest economy in the world, so Beijing's crypto policies can influence the market.

dificanovi

full member

Activity: 840

Merit: 106

Buzz App - Spin wheel, farm rewards

Maybe the government in China is tired of breaking the adoption of Bitcoin in their country. Now they are trying to open up little by little the opportunity for Bitcoin to develop in their country. This is positive news for all of us that Bitcoin is very strong and no one can stop it from developing throughout the country.

avikz

legendary

Activity: 3080

Merit: 1500

As long as the communist party remains on power, China will never see bitcoin being legalized. The back bone of Communism is absolute control! Bitcoin takes away the control and Chinese government do not like it.

Doesn't matter what Chinese court thinks about anything. Unless their supreme leader approves, nothing happens in reality. China will force people to use CBDC so that they can come under the surveillance of the Chinese government. Crypto will not make its way into China, legally!

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: bbc.reporter on September 29, 2024, 10:47:04 PM

~snip~
Chinese investors can still purchase crypto through Hong Kong-based firms, and in April, three Bitcoin ETFs were launched in Hong Kong.[/i]

When it comes to crypto ETFs, I'm sure (if something hasn't changed) that Chinese people outside HK cannot invest in such funds, and that's why these ETFs are real dwarfs compared to those in the US. In what way can people from China invest in cryptocurrencies, generally on CEX, which are located in HK, that's another question - it's no secret that the company of the recently convicted criminal CZ actively participated in supporting everyone (and I guess the Chinese as well) who wanted to circumvent such protection.

Quote from: https://finance.yahoo.com/news/lacking-access-mainland-chinese-investors-201738822.html

“A lot of people are banking on wealthy Chinese locals, but, officially, you cannot buy this ETF if you're a mainland Chinese investor,” said Eric Balchunas, a senior ETF analyst at Bloomberg. That’s because it must be listed on something called the Stock Connect, which allows Chinese citizens to invest in certain Hong Kong ETFs, and vice versa.
“This will never be available there,” says Balchunas.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: bbc.reporter on September 29, 2024, 10:47:04 PM

News update.

While China maintains a cautious stance, it has taken small steps towards becoming more open to crypto.

Chinese investors can still purchase crypto through Hong Kong-based firms, and in April, three Bitcoin ETFs were launched in Hong Kong.[/i]

Read in full https://www.dlnews.com/articles/regulation/china-pressed-speed-up-crypto-policy-us-bitcoin-etf-lead/

China can not step outside a big technology trend on the globe and the regime of Xi Jin Ping will end, after that China will move to a new era with their new national leader.

The nation grows up in unsustainable ways and it will struggle to maintain its position against other big nations. If its economic size drops, there will be less investment in their Army forces and its power impacts on geopolitics will drop consequently. I believe that it will happen and Bitcoin, cryptocurrency market will be more stronger against strategic, policy and regulation news from China in future.

The world is big and it's more than China mainland, so cryptocurrency market will move on with less worry on what's happening in China mainland.

348Judah

hero member

Activity: 714

Merit: 521

DGbet.fun - Crypto Sportsbook

More countries will begin to wake up from their slumber regarding their take on bitcoin right from inception, to an extent that some will have to blame themselves that why haven't they adopted for bitcoin all this long, because more revelations are unveiling about the unique influence of bitcoin on individuals life and as a collective benefit, there is more we can see and earn from it adoption if we truly dive more deeper on its uniqueness.

Sebas.tian

full member

Activity: 2240

Merit: 187

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: Husires

I do not know how decisions are made and laws are formulated in China, but I think that the Communist Party rules the country and a court decision in a city cannot rewrite the law in China.
Bitcoin is considered banned, and if this changes, it is positive news. If it does not change, it will not affect the price, so there is no difference.
There is nothing at the moment that will change that Bitcoin is banned in China, so we may not hear an update about that in the near future.

Since the declaration is from china court, I think it will stand to allow Bitcoiners in China to mine Bitcoin and trade Bitcoin in the country, because the decision has been made by court which it will going to back up all the digital currency users in their country. I think that is what the judge of the Shanghai court discovered that it will not going to change the price of Bitcoin, if it remain banned in the country, because China are not the one controlling the price of Bitcoin and they will never be, because Bitcoin is a decentralized currency that is be control by buyers and sellers. If this Shanghai court is the superior court in china, I think the decision will be final and it will make their government to lift the banned on Bitcoin trading and mining, and it will make Bitcoin users to start their daily trading, mining and long term trading again to continue making income from their trading.

Ziskinberg

hero member

Activity: 3010

Merit: 666

One step at a time; maybe next time they’ll allow trading.

This is what stands out...Bitcoin is seen as a "unique digital currency" because of its inherent value. It’s different from all other digital currencies due to its store of value, limited supply, and decentralized nature. Other digital currencies don’t share these features. Since it's a new law, people should be cautious in how they use it, as they might misinterpret its legality. They need to remember that trading Bitcoin is still not allowed, and it can’t be used as a payment method, it’s more like property, similar to how the USA views it. Lastly, they should avoid going back to mining, as it’s not covered by this law either.

icalical

sr. member

Activity: 1400

Merit: 268

Fully Regulated Crypto Casino

While the Shanghai's Court recognized Bitcoin for its uniqueness and consequently qualified it as personal property, the ruling was not an official policy turnabout, let alone a return of crypto trading to China. The government was stiff on the ban against crypto, and institutional investors were further away from adopting it. The very strong stance taken on cryptocurrencies by the Chinese government is, in itself, a big obstacle. Even with such legal recognitions, one would expect that the Communist Party will keep such a tight grip on regulation, especially when it comes to finance. hence, the general diffusion of Bitcoin in China might still be far off for the foreseeable future. While the court ruling lends certain legal legitimacy to Bitcoin as property, it is far from opening the doors for full-scale trading or mining.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

News update.

This might begin a storyline of from Hong Kong to Shanghai, the acceptance of the cryptospace and the issuance of Chinese ETF for bitcoin in Shanghai. In China, if former ministers presently have the courage to tell the government what they should be doing, this implies that there are many politicians presently working in the government who are silently supporting on what is being suggested.

At a 2024 economic forum in Beijing, former Finance Minister Zhu Guangyao urged China to rethink its crypto approach amid accelerating US policies.

He acknowledged the risks but stressed the importance of staying updated on global shifts, stating, “We must fully recognise its risks and the harm it poses to capital markets, but we must study the latest international changes and policy adjustments because it is a crucial aspect of digital economy development.”

Zhu noted that the US has made significant policy changes this year, including the approval of 11 Bitcoin ETFs.

He even quoted former President Donald Trump, who has been advocating for embracing crypto to prevent China from taking the lead in the sector.

Trump’s opponent, Kamala Harris, has also recently adopted a stance on clear-cut and progressive crypto regulations.

While China maintains a cautious stance, it has taken small steps towards becoming more open to crypto.

Chinese investors can still purchase crypto through Hong Kong-based firms, and in April, three Bitcoin ETFs were launched in Hong Kong.

Read in full https://www.dlnews.com/articles/regulation/china-pressed-speed-up-crypto-policy-us-bitcoin-etf-lead/

bbc.reporter

legendary

Activity: 3122

Merit: 1492

@Husires. Where did you think the Shanghai People's court's recognition of bitcoin's legitimacy come from? The basis of courts and judges are always from the law. If you are implying that they are trying to rewrite the law, they are not. However, with the type power of the communist party of China has, this makes the party above the law.

Husires

legendary

Activity: 1596

Merit: 1288

I do not know how decisions are made and laws are formulated in China, but I think that the Communist Party rules the country and a court decision in a city cannot rewrite the law in China.
Bitcoin is considered banned, and if this changes, it is positive news. If it does not change, it will not affect the price, so there is no difference.
There is nothing at the moment that will change that Bitcoin is banned in China, so we may not hear an update about that in the near future.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

China probably needs to open up on Bitcoin as a censorship-resistant transactions network, especially during the current situation when the United States is restricting swap-lines and tightening the supply of U.S. Dollars. The network will fill the gaps that that restriction caused.

It's a good illustration of its usage as a tool for breaking down economic-political strongholds. Restrict swap-lines? OK, let's use a censorship-resistant, decentralized network.

Cool

Ben Barubal

member

Activity: 560

Merit: 18

Eloncoin.org - Mars, here we come!

It seems that the country of China is waking up again to the fact that it cannot really bring down Bitcoin, and that it can only do so until it is banned. Because he noticed that many countries are slowly recognizing Bitcoin, China made a good decision to accept it again.

Maybe China also thought that they have nothing to lose if they accept the adoption of Bitcoin in their country, because in truth it can really help if they are really open to accepting Bitcoin here.

Darker45

legendary

Activity: 2576

Merit: 1860

I'm not sure if this is worth celebrating. After all, this doesn't in any way change the policy of China as far as Bitcoin is concerned. And this isn't the first time that a Chinese court acknowledges Bitcoin in one way or another. But nothing has changed as regards Bitcoin policy. The courts, after all, don't craft state policies. Bitcoin remains illegal in the red state.

This is just a guide as to how courts treat cases which involve Bitcoin and other cryptocurrencies. There was a legal dilemma before as far as ownership of cryptocurrencies are concerned. I remember there was a case in which the court ruled that the stolen cryptocurrencies are not to be seized and returned to the owner because they weren't under the protection provided for by the laws on properties.

This recent recognition makes it clear that Bitcoin and other digital currencies are properties that are acquired and owned. So, such recognition is merely for the purpose of proper court disposal of cases involving cryptocurrencies.

panganib999

hero member

Activity: 1750

Merit: 589

Doesn't mean they accept it. That's a different story. Sure, they may have seen and realized that bitcoin is a real currency with economy, commerce, and a circulation to boot, but that doesn't automatically mean that they'd accept it or allow it to proliferate within their country. Although if this means that they are taking a step towards regulating and adopting bitcoin within China, I think that's good and would mean well for bitcoin which nowadays is primarily centered towards third-world countries and the USA. Having a little diversity within the bitcoin populace will mean great as it strengthens bitcoin's hold of its community. allowing for a better traction in times when other countries may not feel so accepting of bitcoin.

BitDane

sr. member

Activity: 1372

Merit: 348

No matter how we see this thing like Chinese government taking advantage of Bitcoin by possibly implementing tax, this a a good news inclined to adoption. One big country that used to ban Bitcoin and is opening its door for Bitcoin to be traded, owned and use fuels the good sentiment of the Bitcoin market. If China fully allowed Bitcoin in their country, this might be another catalyst for the making of the new ATH.

franky1

legendary

Activity: 4424

Merit: 4794

many many countries done this years ago. ban it and the permit it via licencing under their jurisdiction

the whole ploy of "recognised as currency" is to put it into the financial jurisdiction of financial regulations, as oppose to its previous status as private tradable property

US done it with the Bit Licence. when the whole "mainstream" ploy of recognising bitcoin as a currency*

china is doing the same by gaining financial jurisdiction.. but instead of the US overnight ban then permit.. china have had a couple year gap to prepare some regulations

so while most people want to celebrate bitcoin mainstreaming in china the big thing they are missing is bitcoin is no longer treated as private property(tax free) and now treated as currency(taxable/financial rule limited)

*then once getting teeth into the game, converted it to a commodity for extra jurisdictional control of the gateways

so98nn

hero member

Activity: 2114

Merit: 603

Oh yeah, we hear you China. I think they will definitely open the trades for crypto one more time because they had a horrifying end when they last time shut down every operation related to the mining of bitcoin. They had the biggest infra for the mining and they were getting paid enough in return for the electricity plants. I think they definitely have made a mistake. Now if someone is going argue that they shut it down because it was polluting the china then let us not forget how big their manufacturing plants are that pollute it.

The only reason they shut it down was heroic decision from the dicatrtos of china who always want to do something opposite to what world is doing. There was and there is no logic behind this.

Now they will reopen when they realise how much they are losing in the process.

Sophokles

hero member

Activity: 1232

Merit: 516

Quote from: Dave1 on September 28, 2023, 06:49:28 AM

Quote from: Poker Player on September 28, 2023, 02:33:35 AM

Quote from: OcTradism on September 28, 2023, 12:27:59 AM

I don't trust the Chinese President Mr. Xi.

Neither do I, but the ann does not come from him, but from Shanghai People’s Court, although I think it is better to assume that if they announce this, it is because they somehow have the approval of the President or high authorities of the state. With the policy they followed after being one of the first countries to adopt Bitcoin and its mining, I don't trust a simple statement.

Yeah, we should take everything with a grain of salt here. I mean it's surprises us that suddenly Shanghai People's Court recognized BTC, but it's kinda late though. They have had their hardline stance since 2017-2018 if my memory serves me right, that's why there are a lot of exchanges who move out and then the rating they gave to bitcoin is very poor.

Then the drama on the mining itself driving out most of the miners outside of China. And then they just make a U-turn this 2023? Hmm, something is not adding up right here from the Chinese government.

It's been common that in a bear market, we see Chinese negativity about bitcoin, but it turns positive before the bull run. I think China is also one of the biggest holders of bitcoin as a country, after the USA. They are just full of drama about bitcoin, which I mostly ignore. However bitcoin market become more mature now while big player are trying to accumulate before blackrock like giant get their approval for bitcoin ETF.

Topic: Bitcoin recognized as digital currency in Shanghai - page 2. (Read 719 times)