Topic: China ends term limits, Xi Jinping to rule China for life? (Read 520 times)
Well what could we expect from China. It has always been a communist country. All they have been doing is to pull down all other countries in order to rise as the strongest of them all. If rhis is the case for Xi Jinping to rule til he dies, then if he so live long then crypto will forever be banned in China not unless he sees something in it that could probably help boost his country.
Such a system of government tends to justify all means in its actions with its prerogatives, they may arbitrarily exercise the act of 'political restraint' to their people and political rivals, in this case it's clear the democratic system will not be powerless.
As a bitcoin user, I sincerely hope for them to open all existing doors and to facilitate all the crypto trade that is in the country of China.
As a bitcoin user, I sincerely hope for them to open all existing doors and to facilitate all the crypto trade that is in the country of China.
Horrible news, I would really hate to live in a communist country like China. I wonder if the citizens are even aware that they are being controlled to such an overt degree?
Any country that thinks there shouldn't be a period refresh in the managing powers is quite clearly not a democracy, and should not be trusted to look after the welfare of its people.
To the unfortunate few browsing from China - Get out while you still can.
Any country that thinks there shouldn't be a period refresh in the managing powers is quite clearly not a democracy, and should not be trusted to look after the welfare of its people.
To the unfortunate few browsing from China - Get out while you still can.
In different countries, the attitude to bitcoin is completely different from the side of the government, so the time limits are being implemented in the United States, while in China they are abolished at all.
Well obviously xi isn't much fond of crypto considering china's stand over cryptocurrencies. The xi government also are having quite some issues with other countries including the us concerning territorial issues. I don't know how that would play out but it's likely that china's stand about crypto would be the least of our concern if their rift with other countried escalate
In different countries, the attitude to bitcoin is completely different from the side of the government, so the time limits are being implemented in the United States, while in China they are abolished at all.
China makes the bitcoin expansion slower and lessen the people involvement in the market by their prohibiting activity in respect of cryptos.
China's Communist Party wants to get rid of presidential term limits. That could effectively make the current Chinese leader, Xi Jinping, president for life.
This is thread should moved to the political subset of the forum. The kind of discussion happening or expected in this thread of more on political term than related to the economics of bitcoin. It would have suit better if the thread had focused on the effect of China leadership changes on bitcoin or crypto.
They've already banned all crypto exchanges in country,now they are working on the methods how to prevent Chinese citizens to use international exchanges.Only thing working in China regarding cryptocurrency is mining,they allow that just because it make huge profit for them.Money that comes to country is not a problem, but uncontrollable cash outflow through cryptocurrency is unacceptable.
Well, I have to confess I never understood that thing. Could anyone please explain to me in layman terms what this "uncontrollable cash outflow" means in practice? I understand when people buy gold and try to move it across the border because it physically leaves the country. But bitcoin is sort of transcendental in the sense it doesn't recognize borders anyway. So it kinda doesn't need to be moved anywhere since it's already everywhere, Jinping or no Jinping. Where's the catch here?
To me, this doesn't explain a thing. This is not the same as buying 20k US dollars in China and taking this money to, for example, Britain. The 20k dollars in the latter case thus get lost for the Chinese economy and that would definitely be a financial capital gone. But what is lost in case of bitcoin? You sell bitcoins for dollars in Britain that would never work as capital for the economy of China anyway. In other words, there is no 'uncontrollable cash outflow'. I think I should start a separate thread on this topic.
They've already banned all crypto exchanges in country,now they are working on the methods how to prevent Chinese citizens to use international exchanges.Only thing working in China regarding cryptocurrency is mining,they allow that just because it make huge profit for them.Money that comes to country is not a problem, but uncontrollable cash outflow through cryptocurrency is unacceptable.
Well, I have to confess I never understood that thing. Could anyone please explain to me in layman terms what this "uncontrollable cash outflow" means in practice? I understand when people buy gold and try to move it across the border because it physically leaves the country. But bitcoin is sort of transcendental in the sense it doesn't recognize borders anyway. So it kinda doesn't need to be moved anywhere since it's already everywhere, Jinping or no Jinping. Where's the catch here?
I'm sorry that China is on its way to monarchy. But this is the decision of the Chinese people. I think that after such a decision there is no point in expecting changes in the attitude of the Chinese government towards cryptocurrencies. This means that China will continue to partially limit their use and significantly reduce the pace of development of the popularity of cryptocurrencies.
This is very worrying there are several reasons of why there should be a limit to the amount of terms a person is able to serve, this will not create a monarchy this will create a dictatorship, the Chinese were already in a communist dictatorship but now it's going to be worse, the Chinese citizens need bitcoin more than ever but it's likely that more harsh laws are going to be put in place and harsher punishments to those that violate the law, I will not be surprised if these is a sign to the end of the Chinese economic recovery and this signals their fall.They approve it maybe they trust President Xi and they can pass any rules they want and once approve then they can overturn the decision. They know what is good for their country, and at the end of he day its their country that will benefits the merits of it.
The main reason why I have always been working in China to ban BTC is because the Chinese government has no reserves of BTC!
If they are involved in BTC they will be controlled by other factors, so they forbid it!
If they are involved in BTC they will be controlled by other factors, so they forbid it!
They've already banned all crypto exchanges in country,now they are working on the methods how to prevent Chinese citizens to use international exchanges.Only thing working in China regarding cryptocurrency is mining,they allow that just because it make huge profit for them.Money that comes to country is not a problem, but uncontrollable cash outflow through cryptocurrency is unacceptable.
Well, I have to confess I never understood that thing. Could anyone please explain to me in layman terms what this "uncontrollable cash outflow" means in practice? I understand when people buy gold and try to move it across the border because it physically leaves the country. But bitcoin is sort of transcendental in the sense it doesn't recognize borders anyway. So it kinda doesn't need to be moved anywhere since it's already everywhere, Jinping or no Jinping. Where's the catch here?
I think the explanation is very simple,at least for me.When some Chinese wants to move money (CNY) from China to another country they simple buy BTC or some other cryptocurrency,it is easy,safe and effective way of sending money without government knows where and how much money you sending.Since they can not control such transactions only way to stop people to convert CYN in crypto was to ban exchanges.If average Chinese can not buy BTC today,this means government has succeeded in its intention.
What do you mean by 'domestic investment'? How bitcoin makes this investment suffer? If no money nor brains leave China, and in fact nothing material and worthy of note, then I don't see a lot of logic in statements like governments are banning bitcoin because they want to prevent 'uncontrollable cash outflows through cryptocurrencies'. Guys, are you sure you are not as confused as myself deep inside?
I am referring to the words you said that you can't determine whether the news are good or not,let me explain, any touch of regulators in bitcoin will only do bad.
Bitcoin meant to be decentralized, regulators are trying to attack the system by preventing people from withdrawing their funds into cash, what they don't understand is that they only have a price impact, they can make the bitcoin drop in price, but the network will keep on running.
So if you are asking, at tech view, not going to have any impact at all as the network won't suffer at all.
If you talk about price impact, I would say, it would impact negatively bad.
Bitcoin meant to be decentralized, regulators are trying to attack the system by preventing people from withdrawing their funds into cash, what they don't understand is that they only have a price impact, they can make the bitcoin drop in price, but the network will keep on running.
So if you are asking, at tech view, not going to have any impact at all as the network won't suffer at all.
If you talk about price impact, I would say, it would impact negatively bad.
I'm sorry that China is on its way to monarchy. But this is the decision of the Chinese people. I think that after such a decision there is no point in expecting changes in the attitude of the Chinese government towards cryptocurrencies. This means that China will continue to partially limit their use and significantly reduce the pace of development of the popularity of cryptocurrencies.
This is very worrying there are several reasons of why there should be a limit to the amount of terms a person is able to serve, this will not create a monarchy this will create a dictatorship, the Chinese were already in a communist dictatorship but now it's going to be worse, the Chinese citizens need bitcoin more than ever but it's likely that more harsh laws are going to be put in place and harsher punishments to those that violate the law, I will not be surprised if these is a sign to the end of the Chinese economic recovery and this signals their fall. They've already banned all crypto exchanges in country,now they are working on the methods how to prevent Chinese citizens to use international exchanges.Only thing working in China regarding cryptocurrency is mining,they allow that just because it make huge profit for them.Money that comes to country is not a problem, but uncontrollable cash outflow through cryptocurrency is unacceptable.
Well, I have to confess I never understood that thing. Could anyone please explain to me in layman terms what this "uncontrollable cash outflow" means in practice? I understand when people buy gold and try to move it across the border because it physically leaves the country. But bitcoin is sort of transcendental in the sense it doesn't recognize borders anyway. So it kinda doesn't need to be moved anywhere since it's already everywhere, Jinping or no Jinping. Where's the catch here?
I think the explanation is very simple,at least for me.When some Chinese wants to move money (CNY) from China to another country they simple buy BTC or some other cryptocurrency,it is easy,safe and effective way of sending money without government knows where and how much money you sending.Since they can not control such transactions only way to stop people to convert CYN in crypto was to ban exchanges.If average Chinese can not buy BTC today,this means government has succeeded in its intention.
Sorry, but this is not an explanation that I'm looking for. I heard it explained this way many times already, and it sucks. Okay, he buys some cryptocurrency with yuan and so what? The money is not moving anywhere, it just changes hands, from the buyer to the seller. The financial capital represented by the official currency still remains in the country, so no purchasing power is lost (or acquired, for the record) which would count as "uncontrollable cash outflow". Where's cash here?
I don't get that thing. Anyone else want to explain it?
each country have their own strategy about cryptocurrency. its not depend on xi jinping to rule china for life or not, but it depends on would bitcoin give an advanteges for his country.
I also agree with tee-rex that Bitcoin isn't actually something you move outside a country, but the main thing is that it's more the fact that not Bitcoin is the problem here, but still fiat is.
If you wire money to an exchange, it will likely end up in a foreign country, and if people massively buy themselves into crypto, exchanges will move even more of their capital away from the economy. I think that's the main concern.
Not only regular individuals want to store their capital in other countries, but businesses as well.
If you wire money to an exchange, it will likely end up in a foreign country, and if people massively buy themselves into crypto, exchanges will move even more of their capital away from the economy. I think that's the main concern.
Not only regular individuals want to store their capital in other countries, but businesses as well.
That makes sense, and directly also explains why China is spending far less attention on their local crypto economy, while nearly all their focus is pointed at everything happening on centralized levels, and at the same time also the international markets. The logic basically is that as long as people in China keep exchanging crypto locally, capital with a high probability is going to remain within the borders, and that alone is already a valuable victory. I wonder if anyone from China atually knows whether or not exchanging crypto from person to person (P2P) is still allowed. Based on what I know from everything I read thus far, which I know of that it needs to be taken with a grain of salt mostly, nothing even hints at sanctions against P2P deals. The only thing that makes me doubt it somewhat, is the fact that if you sell crypto for fiat, you are basically a money transmitter, where if you don't have the proper licenses for it, it's an illegal practice. Can't exactly remember what Asian country it was, but a few people were arrested because of that.
Nope remember that once you are serving your term as president you will be under the eyes of your citizens as well as the media. Even if Xi Jinping can run and run again for president and their citizens are not seeing any development or progress during his term he will be inevitably replaced by the people. On its Bitcoin side we are seeing that Bitcoin's progress is greatly affected by news relating to China banning cryptocurrencies having a official statement from the President will surely erase the FUD.
Remember that China is a communist country, the government control its people but of course Xi Jinping will not rule China forever because he is also a human who come to an end in the right time. I agree that if China make a final statement on their side with cryptocurrency, I believe the market will be good again.
Jump to: