Topic: China gives bitcoin stamp approval as investment alternatives (Read 188 times)

Seriously this is a non-story, one bank employee went off reservation during a Q&A and made a personal opinion statement.

The OP title makes it sound like China GOV made a decision, it did not.

This OP is 100% BS

What is actually happening is China is moving ahead with CBDC cross-border-digital-currency. IMHO they're still studying BTC

Right now they're working closely with Hong-Kong which developed a ASEAN CBDC to connect Hong-Kong, initial field testing is HongKong<->Thailand. The Chinese CBDC will be used for a business transactions in Asia.

People who want to know real google "CBDC hong-kong", you can find the 2019 white-paper,

The Chinese CBDC has a limited shelf life, meaning if you don't spend it, you lose it. Thus its nothing like BTC, or normal Crypto, its more like a gift-certificate with a limited life.

Paper money is no longer used in China, all purchases are done with the mobile-phone, same as most of Asia & Africa. Field testing CBDC the Chinese Gov has given the crypto for free to encourage people to learn to spend it regionally.

...

Alibaba, BABA-Taobao owns BITMAIN, which is ANT/ALI-PAY, the cashless society of China is already Ali-Pay on the mobile phone. In the past two years the CCP has removed Jack-Ma founder of TaoBao from his capacity, thus now CCP owns Bitmain&Ant, which means CCP owns all crypto both ASIC&GPU in all of China, and actually the world when you consider that all the world uses ant-bitmain HW so called "bitmain-miners".

IMHO CCP will adopt the infrastructure and use Ant-Bitmain-Alipay to create the universal ASIAN CBDC. But all this has nothing to do with BITCOIN, other than they may have been the prior tenants prior to GOV takeover.

Now this is the right decision for them, because miners lose a lot of money.

I guess Bitcoin took the world leaders by surprise. At first, China saw bitcoin as an attack on its economy, so they took drastic action against cryptocurrency back then in 2017.

Now it’s clear that bitcoin/cryptocurrency is unstoppable am excited over the news from China central bank.

China again is a hub of Bitcoin news. I see many times when Bitcoin tops up, China have news for bitcoin, regulations, restrictions, bans, shut down or take over of mining factories.

If you know the domination of bitcoin owners now are in Western hands, not in China you will not be panic with the news.

Bitcoin restrictions in China were faked and the Xi pump in 2019 is not enough?
The insitutional investments in 2020 and this year from Western nations are not enough?

Time to forget and release your fear of negative news from China.

That too, we also don't know if the source is a credible one and we know that China is suppressing information about them so we can't be entirely sure. If that is the case then too bad for the people because they can't enjoy the benefits that bitcoin provides.

They can't be out of multi-trillion mega market and this is only natural for a country that wants to rule the economic world. After years of dismissal they're probably facing reality recognizing that Chinese people want to settle into crypto.
I'll be focused on what they'll do next as they begin rolling out their CBDC CNY.
!Every country that bans Bitcoin eventually reverses that ban. You simply cannot be competitive in the 21st century economy without it!

It's not any audacity, it's just plain economic decision making. And I don't think they've always been against it, just they were receiving so many scam complaints in the past so they just banned it to save people the trouble of being scammed (or rather if people get scammed they won't dare to complain anymore).

Nothing new though:)

Only now that bitcoin is so popular and the price rose so high, China has the audacity to accept btc as it is. Way back when btc is just 100 times cheaper, they just can't accept btc in their country. They were influential back then but now, I think any news from them are just ordinary and can't influence the market.
But let me clear it, I am happy with China's decision.

It is true that 4 years ago China issued a ban on electronic money. Electronic money trading floors closed. But Bitcoin recently returned to this country. The Chinese People's Bank (PBOC) suddenly calls Bitcoin as "replacement investment solution". Governments are realizing it is a feasible asset, but still developing and needing appropriate adjustments. The fact that China regulates electronic money will be a big push for the Chinese and global industry. I believe that Bitcoin rose.

i'm hoping that with this approval we could see someday that there will be BTC/CNY or at least USDT/CNY in binance and other exchanges. there isn't any exchange as far as i know that had this pair but it might just be convenient for us to acquire CNY stablecoin.

it's a surprising change of stance really. i'm seeing many youtube influencers talking about this China new change of tone and i guess they could stop this none sense mining farm clampdown.

China as a technology hub is very favorable to cryptocurrency activities as the cost of electricity is low and with solar systems, as a backup large number of miners are in China, China hashes the highest harsh rate compared to other countries. So the Chinese market is the biggest in cryptocurrency.

Well, this seems to be the relevant good news across China for the acceleration and boosting of the blockchain economy, bitcoin in particular.  I still remember how the Chinese bans killed ICOs and how infuriated the community was.  If they change their views, I think it is the right thing for us!  One more news that I think the market recovery and bitcoin price will get stronger.  Seems to be caffe in anticipation of the new ATh
https://www.trustnodes.com/2021/04/20/70-million-venmo-users-can-now-buy-bitcoin-ethereum-bitcoin-cash-and-litecoin

Activity around Bitcoin has always been going on in China, the majority of mining is
happening there and as @Lucius states mining equipment is manufactured in China.

For me what this news means is that the Chinese government has given a
clear indication that its perfectly ok to invest in Bitcoin so larger companies have
legitimacy to get involved now.

"Invest" in a stablecoin? That's new and dumb

Crash is if price reached $40k level. This was small drop that could even be considered a correction although I call it a manipulation.

I don't think so. People who wanted to buy bitcoin have been doing it already regardless of what Chinese bank says and anyone who hasn't already is unlikely to start because of this news specially since there is no Chinese bitcoin exchange left inside China since they closed them all down for illegal activities a couple of years ago.

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

The offcial speech only informs us that the central bank is likely to see bitcoin as an invesment alternative which means there is still no legislation allow citizens to hold or stote bitcoin. BTCtimes has mislead people by claiming themselves and change the tone of statement

In fact, a vast number of crypto users are locates in China. There are ways for them to bypass the firewall and hide under the government.

As far as I can remember, bitcoin and other crypto are not ban in China.

But regarding this statement though, it contradicts themselves, they love other crypto and most altcoins and not BTC. So I will take everything with a grain of salt any news coming from China regarding bitcoin (like Russia). Investment alternatives? China’s Center for Information and Industry Development (CCID) ranks bitcoin #7 (https://news.bitcoin.com/bitcoin-crypto-ranking-china/).

The Chinese will still be afraid to publicly buy BTC, it could just be a statement to see who is actively trading BTC while it was banned in their country. They can't react to what suddenly made the central bank decide BTC be an investment.

It could be that they can just buy BTC but not really making it as a currency within their country, they could just hold it and trade. Commercial use of it will still be banned.

When bitcoin holders in China become an issue where they cannot access bitcoin, then only the Chinese authorities freely control it all. maybe for some Chinese citizens it will be difficult without access to the market and owning bitcoin.
So in my opinion, China is making a decision that really hurts bitcoiner in other countries, because in fact the Chinese government plays a very neat role, namely owning a large number of bitcoins and spreading through millions of wallet. but in essence there is only one complete control.
china makes this drama seem like a public problem, even though they have been manipulating this issue for a long time.

Indeed. One only needs to look on WeChat and ask nicely in one of the Telegram groups for an invite to see hundreds... literally hundreds... of P2P networks to trade crypto, and hundreds more to get into crypto on ICOs and IEOs and NFTs and what not. Been looking at new projects listing after being in sleeper mode for the past couple of years. They've tapped China markets in a big way and they're not regretting it.

Marketing and localisation services for the Far East are also the most expensive in the market now. Tells you a lot about the (non) effect of any bans on crypto.

Hope so I read in the news that Nigeria's central bank placed a ban on the use of cryptocurrencies in that country.

What the government of Nigeria should have done is to work out modalities and regulations around cryptocurrency rather than Ban.
Take US and china for example Bitcoin users are now paying tax and the government generating revenue from the use of cryptocurrency within the country.

That's quite an U-turn I would say! China was the first country to Ban ICOs and we thought that China would further crack down on bitcoin mining operations across their country. However, if they have given a legal seal to the cryptocurrency investment, that's quite a changenin stance!

Possibly Chinese government is thinking about the future on how the world economy will revolve around the digital currencies and cryptocurrencies and hence taking corrective actions to stay at the top of the game! But beware about the Chinese intrusion in bitcoin market, they don't have good reputation!

When you post something like this, you need to provide the source as well. How we will get to know whether this is some unfounded rumor, or real? I did a quick search in Google News, and this was one of the articles that I found:

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



So we indeed have some positive signals from the Chinese central bank. I just hope that their colleagues in Nigeria and India are taking note.

For those who are interested in articles, you can check the link below.

https://cointelegraph.com/news/china-endorses-btc-investment-5-things-to-watch-in-bitcoin-this-week

Knowing this is comforting, knowing that they approved of it and had China acknowledge it. Like some countries, they would usually consider Bitcoin again, if they ever were to ban it, change their view on it, knowing that most powerful nations are looking for it to be an alternative.

Maybe soon it will receive more impact, and we would reach $100k by the end of the year.

Ordinary people in China have never stopped investing in Bitcoin, they just needed to replace centralized crypto exchanges with decentralized ones or turn to the p2p way of buying and selling. For the Chinese government, all these years, bans on crypto trading have not affected mining too much, nor has it affected the production of mining devices that are exported worldwide.

Such statements are only in line with what has been speculated about for years, and that is that China is looking for a model according to which it will allow Bitcoin again, but in a way that it will be able to control it to a greater extent. Given that the Chinese government is not one of those who do not understand the potential that BTC has, I have no doubt that they have secretly bought quite large quantities.

On the one hand, if China allowed crypto trading again, it would be really positive and would undoubtedly affect the price - the only question would be how long it would take for a new ban, because they often change their minds.

source....

China is back with its controversial statement, i don't know what their intentions are and what their plans are for this.  imo if indeed the Chinese fully believed in Bitcoin as an "alternative investment" then this would be good for mass adoption.

Isn't the people of China not allowed to have a cryptocurrency because it is banned and only the government can have bitcoin? I am pretty sure that it won't affect it that much but we maybe it will affect it a little but who knows.

The china central bank has given unprecedented stamp approval to bitcoin and other stable coins, as investment alternatives.
As Bitcoin tries to recover from last weekend’s price crash, which brought bitcoin down to $52k from its all-time high of $64k making a $7,000 loss within a few minutes.
This news will further strengthen the bitcoin market to recover fast.
Link to article
https://cointelegraph.com/news/china-endorses-btc-investment-5-things-to-watch-in-bitcoin-this-week?fbclid=IwAR0WL9WWFOOtvz69gyVzWAk_-S9cxHDlK7PU7w8XFCk5TwGYLfD5-eubpXY