"BTC not a currency per se but can be an alternative asset" China - page 3.

The Sceptical Chymist

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“They are not currency per se. And so the main role we see for crypto assets going forward, the main role is investment alternative.”

What is an "investment alternative"? Bitcoin is either an investment or it's not, and this choice of words has me perplexed as to what exactly they mean. And bitcoin is a currency, though IMO it's a crappy one (especially at times like this when fees are so goddamn high), so they got that wrong in addition to issuing a gobbledygook statement for a purpose that I can't quite figure out.

I guess this is supposed to be some positive news, but I don't read anything substantial in it. We'll see what happens; anything is possible when you're talking about China.

Fortify

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

In an interesting turn of events, China's tone on BTC has "softened". Who was expecting this change in tone? Not me. Not after all the crack downs on exchanges or ICO bans and the works they are doing with their CBDC.

Unless it comes directly from the mouth of Xi Jinping, it is hard to believe a single word that a Chinese official says. The amount of times that they backtrack on what they say the next day because they have angered someone higher up the foodchain is crazy. Same thing happened with that Doctor who announced the discovery of Covid, he was persecuted and eventually died after treating infected patients - the CCP just called him a liar until they couldn't cover it up any longer. The only reason that China is supporting cryptocurrency right now is because they can turn unproductive regions into mining facilities and are willing to burn the dirtiest fossil fuels for the pursuit of money. I think China makes up roughly 65% of bitcoin mining activity at present, so they are gaining a lot of money with the current high prices.

Mauser

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

In an interesting turn of events, China's tone on BTC has "softened". Who was expecting this change in tone? Not me. Not after all the crack downs on exchanges or ICO bans and the works they are doing with their CBDC.

People's Bank of China deputy governor also said they will be looking to craft regulations to prevent speculations of BTC investments. They will most likely convene meetings with traditional companies that are interested.

How do you see this affect BTC and cryptocurrency in general?

Full story: https://www.cnbc.com/2021/04/19/china-calls-bitcoin-an-investment-alternative-marking-shift-in-tone.html

China usually has a strong stand towards currencies. The Yuan is still being controlled and doesn't trade freely. If China is trying to soften their opinion towards Bitcoin that is a good approach in my opinion. They noticed that there is no way around Bitcoins in the long run. Instead of fighting it, it's better to just try and regulate it. If you can't win the fight, then just join it. This might also be the first step towards the digital yuan and how you can buy it with BTCs.

tbterryboy

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

In an interesting turn of events, China's tone on BTC has "softened". Who was expecting this change in tone? Not me. Not after all the crack downs on exchanges or ICO bans and the works they are doing with their CBDC.

People's Bank of China deputy governor also said they will be looking to craft regulations to prevent speculations of BTC investments. They will most likely convene meetings with traditional companies that are interested.

How do you see this affect BTC and cryptocurrency in general?

Full story: https://www.cnbc.com/2021/04/19/china-calls-bitcoin-an-investment-alternative-marking-shift-in-tone.html

That’s really nice and I am happy they are starting to have a change of mind on cryptocurrency. China is one of the biggest market there is for cryptocurrency, and it would be good if they are going to start cooperating. I believe that their government have seen that there is no way that they can bitcoin, because even if they do their citizens are still going to have access to it and are going to be making use of peer to peer, so they are still the ones that are losing. The only they can have a bit of a control over the market is when they are allow it, and that’s what they about to do this time around.

Coyster

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

How do you see this affect BTC and cryptocurrency in general?

The thing is imo, I do not see how this could positively affect or influence Bitcoin, China as we all know is a 'power hungry' country that's seeking economic dominance, Bitcoin and dex crypto is actually the opposite of what China wants cause they are decentralized and their government cannot control it, neither can they manipulate it to their economic favor. China are seeking 'world power' position, as they want to dominate the economic scene, their negative stance on Bitcoin unfortunately will remain the the same, they'll obviously be more concerned with CBDC's that they can control and influence in their favor if possible, countries like China I'm afraid would continually find Bitcoin 'offensive' unless there's a way the government can benefit from it economically.

dothebeats

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

People's Bank of China deputy governor also said they will be looking to craft regulations to prevent speculations of BTC investments. They will most likely convene meetings with traditional companies that are interested.

Eh, still in the same page IMO. If the PBOC deputy governor stated that it can be used an alternative asset BUT they will still seek the creation of regulations that will prevent BTC speculation, that changes nothing. Idk what he means by "alternative asset" but I'm sure that their overall stance on bitcoin still is the same, albeit stating these words. Their focus is their CBDC, and I don't think letting loose on bitcoin is something that will aid their goals in the long run.

int03h

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China has been silently supporting miners for years, and they have Bitcoin mining plants in their Country. Years ago they didn't support Bitcoin at the G20 conference. Now they change their tone because they probably have large enough Bitcoin holdings.
Bitcoin is not a currency in China because the law here does not allow it but to say it is an asset is absolutely correct.

goldade

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

In an interesting turn of events, China's tone on BTC has "softened". Who was expecting this change in tone? Not me. Not after all the crack downs on exchanges or ICO bans and the works they are doing with their CBDC.

People's Bank of China deputy governor also said they will be looking to craft regulations to prevent speculations of BTC investments. They will most likely convene meetings with traditional companies that are interested.

How do you see this affect BTC and cryptocurrency in general?

Full story: https://www.cnbc.com/2021/04/19/china-calls-bitcoin-an-investment-alternative-marking-shift-in-tone.html

Well, it took some time but it's a way lot progress considering what's been going on in China as regarding their regulations concerning bitcoin and other cryptocurrencies. I believe they are starting to see the light of bitcoin and will eventually come around.
I'm not surprised the deputy governor of the People's Bank of China still believes bitcoin is not a currency. I'd say his judgement is biased and he's only saying that because he doesn't want to believe bitcoin is a currency. This doesn't change the fact that bitcoin was created to be a currency and has always been even though most people don't use it as such.

fiulpro

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Would you rather trust your " experience"
OR
Would you rather trust a country whose sole purpose is biased domination over everything!? Literally everything!!

What would their suggestions mean ? They want their digital Yuan to dominate the market, they have tried controlling bitcoins! Unfortunately failed. Now what they are doing is trying to control the people and their mentality.

1. The Government took over a lot of mining farms
2. Bitcoins was banned in China for a while but then resumed the trading because the Government and the people needed it!

What are they doing ?
- Nothing but manipulating to push people away from it to make it weak enough to attack.

Do not bother with such news.

Bitstar_coin

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Yeah those guys are definately confused, they seem to don't know which approach to apply regarding btc case, first they are against it, cracking down btc mining farms, banning crypto and not allowing citizens to participate, now they think it is good alternative investment, how they come about that conclusion! what made them change their earlier attitude towards btc! they are concfused.

davis196

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The hypocrisy of the Chinese government officials is on another level. Grin

They might be saying something positive,while doing exactly the opposite.I don't trust what they are saying,I only observe their moves in regards to the cryptocurrency industry.
The forum is full with rumors,gossips and conspiracy theories about China attacking or already controlling the crypto industry via the crypto miners,that are located in Chinese provinces.So far,none of this seems to be true.
China will continue to be unpredictable...

Anonylz

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Quote from: GeorgeJohn on April 22, 2021, 06:12:18 AM

That voice is a voice of nation, so I believe that with that statement alone he will demoralized the consciousness of people trying to invest in cryptocurrencies, so it's obvious that with such statement it will trigger the people to slide back from crypto investments more like restrictions of cryptocurrencies in some other nations.

Demoralize or give some ray of hope? the fact they acknowledge that btc is an alternative investment is a good enough reason for people over ther to have some hope that one day the strictness surrounding btc in china will reduce a bit, rather than demoralizing the people's conciousness it will uplift their spirit to want to invest, this is suppose to be a positive news isn't it! perhaps they have started to see things about crypto differently.

btc78

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

In an interesting turn of events, China's tone on BTC has "softened". Who was expecting this change in tone? Not me. Not after all the crack downs on exchanges or ICO bans and the works they are doing with their CBDC.

People's Bank of China deputy governor also said they will be looking to craft regulations to prevent speculations of BTC investments. They will most likely convene meetings with traditional companies that are interested.

How do you see this affect BTC and cryptocurrency in general?

Full story: https://www.cnbc.com/2021/04/19/china-calls-bitcoin-an-investment-alternative-marking-shift-in-tone.html

Another act of advertising ,China has been hard to Bitcoin eversince and what will be the reason for their government to suddenly change course towards this currencies?
i don't think that we must Trust this News just like that.
Not until it was finalized and existing then that will be the proper way to take this as truthful matter.

Ucy

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Depends on what they mean by both "btc not a currency per se (did the bank/govt really say that?) , and also the "prevention of speculating with btc"

Hope the speculation doesn't mean prediction/betting. You can predict or bet on what Bitcoin price will be in the future without gambling on the price of Bitcoin and messing up the market for others. Safe bet could involve buying the significant dips of Bitcoin with what you can afford to risk and selling some of your investment at higher prices when you need some money for other important things

darewaller

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Quote from: paxmao on April 22, 2021, 04:52:38 AM

My interpretation is that they have realised that the country has a lot to gain from backing bitcoin in some form. Countries that intend to grow at a fast pace or are trying to reanimate their economies catching the fintech and alternative assets train should be taking this approach.

Whatever can be their intention but if they have neutral or positive stand on bitcoin means that will be a good thing for this community, right? Then I guess nothing is hidden here to worry about. China is continuously working hard to fasten their economic growth and probably they might have found another opportunity in crypto space which will be directly having good impact on their economy. I just foresee another good rally for bitcoins and altcoins together just because of China's this stand.

GeorgeJohn

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Quote from: Yogee on April 21, 2021, 11:30:05 AM

Quote from: Argoo on April 20, 2021, 03:49:33 PM

The fact that the deputy governor of the People's Bank of China called bitcoin an "alternative investment" is already some progress. However, these are only the words of one official, moreover, not of the highest rank.

It's not just the word of one man. He represents PBOC which kick started all the bans and crackdowns in 2017 right? This change in stance is kind of a go signal to whoever is responsible of crafting the regulatory framework for cryptocurrency investments.

That voice is a voice of nation, so I believe that with that statement alone he will demoralized the consciousness of people trying to invest in cryptocurrencies, so it's obvious that with such statement it will trigger the people to slide back from crypto investments more like restrictions of cryptocurrencies in some other nations.

paxmao

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It worries me when China has a hard stance, but it worries me even more when they speak softly. Is there still a ban on electronic trading of crypto for citizens?

My interpretation is that they have realised that the country has a lot to gain from backing bitcoin in some form. Countries that intend to grow at a fast pace or are trying to reanimate their economies catching the fintech and alternative assets train should be taking this approach.

FanEagle

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

In an interesting turn of events, China's tone on BTC has "softened". Who was expecting this change in tone? Not me. Not after all the crack downs on exchanges or ICO bans and the works they are doing with their CBDC.

Not just with China, I am seeing many other countries especially India government also changing their view on bitcoin (cryptocurrencies) time to time is. If I remember exactly, by 2015 itself most European countries have agreed with bitcoin to accept it as one of the digital asset; in this way China is too late. Probably China might have concluded after their inability to control/regulate cryptocurrencies for their people which might have enforced them to be softened like this; not a surprise, most countries will be enforced in similar manner in coming years.

mersal

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Quote from: Yogee on April 20, 2021, 12:53:47 PM

In an interesting turn of events, China's tone on BTC has "softened". Who was expecting this change in tone? Not me. Not after all the crack downs on exchanges or ICO bans and the works they are doing with their CBDC.

People's Bank of China deputy governor also said they will be looking to craft regulations to prevent speculations of BTC investments. They will most likely convene meetings with traditional companies that are interested.

How do you see this affect BTC and cryptocurrency in general?

Full story: https://www.cnbc.com/2021/04/19/china-calls-bitcoin-an-investment-alternative-marking-shift-in-tone.html

One possible reason is to inject their CBDC into the economic world as means of crypto as well for that they need to accept bitcoin and regulate them instead of banning it and another positive thing from regulating the BTC can encourage more countries to follow the same so USD will lose its position from being world's trade currency of all time then bitcoin will become.

Yogee

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Quote from: Argoo on April 20, 2021, 03:49:33 PM

The fact that the deputy governor of the People's Bank of China called bitcoin an "alternative investment" is already some progress. However, these are only the words of one official, moreover, not of the highest rank.

It's not just the word of one man. He represents PBOC which kick started all the bans and crackdowns in 2017 right? This change in stance is kind of a go signal to whoever is responsible of crafting the regulatory framework for cryptocurrency investments.

Topic: "BTC not a currency per se but can be an alternative asset" China - page 3. (Read 461 times)