China is against everything that is western. They have their own version of computer operating system, own set of softwares made by Chinese corporations, own communication system and what not! That is very clever because during a war, China would not be dependent on any outsider. The way Taiwan conflict is going now, a war seems to be imminent.
On the other hand, Japan is a progressive nation unlike China. Japanese people are known for their discipline and civic sense. We also know that Japan is the first country which accepted crypto with a huge tax.
But when it comes to world stage and impact on economy, crypto doesn't have a lot of power to influence such trillion dollar economies. So I don't think China will understand the importance of crypto and revisit their decisions anytime soonner or later.
Topic: CHINA is against the crypto But JAPAN is Supporting crypto echo system . (Read 297 times)
August 16, 2022, 12:03:42 AM
August 15, 2022, 08:39:28 AM
China holds the dominance during the early days, because most of the early adopters of mining operations were from China. Even after the ban it is found that China miners active on the network. During those days it had the control to manipulate the market, and with time mining operations got spread around. This has happened after several issues arising with the country in terms of exchanges providing fake trading volumes to attract users and later scams them. So many issues got arisen and finally ended with a complete ban.
Japan from the very beginning had a much friendly approach on cryptocurrency usage and acceptance. The days of its legalized usage caused a big bump in the market. It always aims at standing high in technology adoption. That seems to be the major reason for providing support for cryptocurrency and bitcoin usage within the country when more other technology driven countries opposed it.
Japan from the very beginning had a much friendly approach on cryptocurrency usage and acceptance. The days of its legalized usage caused a big bump in the market. It always aims at standing high in technology adoption. That seems to be the major reason for providing support for cryptocurrency and bitcoin usage within the country when more other technology driven countries opposed it.
August 15, 2022, 08:11:01 AM
So in conclusion the counties which accept first the technology first they take many advantages and in the coming future china will understand the power and importance of the crypto world .
What advantages? The dominant use case of crypto is speculation and investment scams. Name any crypto project, aside from Bitcoin, that is actually used in real world by real people. Because crypto people are always talking about the future and never about the present, and it gets old fast. The blockchain hype started 5 years ago, how many promises were delivered since then? Zero. All the projects from those times that promised to revolutionize everything are now dead.
August 15, 2022, 12:47:05 AM
China is known to be a technologically advanced country, therefore it goes without saying that they will benefit from cryptocurrency as it becomes more and more popular. China has already benefited greatly from the bitcoin industry, and since they want to keep things separate, I believe this is the reason they have stopped investing in it. That is why China has banned cryptocurrency use, whereas Japan has made it legal.
I'm not trying to offend you, but the post shows that you didn't get the true context of how China's people benefit, or will benefit if they adopt Bitcoin. You must first understand the basics of how Bitcoin functions to also understand what it is/it can be, and its impact to society. In China, if enough of its people adopt it, Bitcoin is "freedom money" that can't be censored, and China being a Communist country can use currency to control its citizens. CBDC.
August 14, 2022, 01:28:41 PM
I don't think that the problem with China as a state is in not understanding the potential of Bitcoin. I think it's more about the priorities. China is a strongly authoritarian regime, so the priority is staying in power, strengthening control over the lives of citizens, cracking down on any opposition before it gets to big, but also not letting things go so terribly economically that people would do an uprising. Bitcoin gives people too much freedom from the government, and freedom doesn't roll well with authoritarianism. But, as others pointed out, while China as a state is anti-Bitcoin, people in China can be pro-Bitcoin and at least in the past, China was a big place for Bitcoin due to mining being largely done there.
August 14, 2022, 01:11:52 PM
That is very true. We have all seen how China has banned trading cryptocurrencies in China quite a few times in the past.
They have also banned all mining operations as well which has also resulted in huge dumps in the beginning.
This certainly shows how China is actually against cryptocurrency. Japan on the other hand is technology friendly and is also leading the tech space.
They have also banned all mining operations as well which has also resulted in huge dumps in the beginning.
This certainly shows how China is actually against cryptocurrency. Japan on the other hand is technology friendly and is also leading the tech space.
August 14, 2022, 10:49:15 AM
Bitcoin production roars back in China despite Beijing’s ban on crypto mining
https://www.cnbc.com/2022/05/18/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html
~snip~
I don't really understand why and how China is acting against bitcoin and cryptocurrencies. The contribution of Chinese citizen to bitcoin and the crypto industry have affected quite a lot yet their government is desperately banning and continuously making efforts to provide bad reputation to bitcoin. It is even common news to hear a dump mainly because of China's update and news in crypto and we can even notice it every year. I mean, Why not support bitcoin and cryptocurrencies especially that their citizens and the effects they can do is too good. https://www.cnbc.com/2022/05/18/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html
~snip~
August 14, 2022, 10:24:58 AM
China has banned bitcoin investment in their country, but there are still many countries that do not prohibit bitcoin investment, such as Japan and there are countries that have legalized bitcoin such as Elsalvador and maybe in the future there will be other countries who want to follow the steps of the Elsalvador country.
In my opinion, China currently has a lot of influence on the world economy and also cryptocurrencies, just like when they banned crypto a few months ago and made the price of crypto actually drop quite deep, if in the future China also does the same thing as Japan and Salvador then we can be sure if the price of crypto will soar high enough, because after all as a large and quite developed country of course china has a great influence on all their decisions for the world economy, actually japan has legalized bitcoin although not like salvador since 2014, 2014 japan has opened its doors to bitcoin with created a lot of bitcoin ATMs, but when a local Japanese exchange hacked (Coincheck), made the Japanese government start restricting the movement of cryptocurrencies in the country. August 14, 2022, 10:15:26 AM
Bitcoin production roars back in China despite Beijing’s ban on crypto mining
https://www.cnbc.com/2022/05/18/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html
https://www.cnbc.com/2022/05/18/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html
August 14, 2022, 09:56:12 AM
China is known to be a technologically advanced country, therefore it goes without saying that they will benefit from cryptocurrency as it becomes more and more popular. China has already benefited greatly from the bitcoin industry, and since they want to keep things separate, I believe this is the reason they have stopped investing in it. That is why China has banned cryptocurrency use, whereas Japan has made it legal.
August 14, 2022, 09:21:20 AM
They're not the same country so I don't think it matters why they should be compared in terms of their support in cryptocurrency. Japan has been technology oriented since the 90s so it's no surprise why they support crypto plus they're mostly democratic albeit collectivist society, unlike China which has an authoritarian form of government and they want to make sure that they're controlling their people and they see crypto as a threat to that control.
August 14, 2022, 09:08:17 AM
May be China wanted to take big advantage from crypto where they were not get the advantage. They may have thought that when they rejected the crypto, the price of crypto will fall down drastically and they will get the controlling power of crypto to buy large number of amount with less price. But America did not give them that opportunity., America took Crypto positively at that moment. Currently Japan and many others countries in the world who have positive attitude on crypto.
August 14, 2022, 05:40:54 AM
It's easy to say that China doesn't really give a damn about some investments that they don't have any control over and they are too afraid to put their money on the trade for some kind of volatile investment where they speculate that they have a high chance of losing than winning. But these guys also don't want others to take advantage of this opportunity because they know that others will take an action to invest in the crypto market even though the assurance is not 100% profit. China just using its authority to say to the world they are against it but they know the fact that the crypto market is profitable.
August 14, 2022, 05:25:55 AM
China has banned bitcoin investment in their country, but there are still many countries that do not prohibit bitcoin investment, such as Japan and there are countries that have legalized bitcoin such as Elsalvador and maybe in the future there will be other countries who want to follow the steps of the Elsalvador country.
August 14, 2022, 04:41:22 AM
The Chinese government does not echo the sentiments of its people. They are known to heavily censor their people and go against what their people are really thinking. A lot of Chinese are into crypto even though the Chinese government itself doesn't want anything to do with it. They want to control their people in a lot of aspects as much as possible, and cryptocurrencies are obviously against that ideal of them. Japan, on the other hand, can make use of their ever-growing technological arsenal to accommodate this possible crypto adoption of theirs.
August 14, 2022, 03:43:43 AM
China as a country is different from China as in people. The government is against Bitcoin but the people in China make use of Bitcoin they are many miners in China and they have lots of investment in the ecosystem. Just that volatility made the government ban cryptocurrency to avoid massive number of citizens to suffer from loss of money.
This is only possible due to the decentralised nature of the Bitcoins.
They do not care, as the government cannot find how many Bitcoins a person has.
China’s people are not against Bitcoins but yes china’s government is. So no matter if the government accept or not, still the Chinese people will use it and take the advantages of it. Not only china, this Bitcoin adoption has been seen in many countries. Still Bitcoin are being used in these countries on a daily basis.
August 14, 2022, 03:27:37 AM
The Chinese government is against every freedom. They'd like people to be brainless robots who obey orders, that's the essence of the communist party. Of course now they're so called people's party, suggesting that the people are the most important and the people decide, but the idea is exactly to do the opposite. Cryptocurrencies allow you to be independent and that's something the government will never support.
Ultimately it's the choice of the people. If they wanted to change the government they'd be able to do it like many other countries in history did with their oppressors but they're too brainwashed thinking they must support the government that protects them from the West.
Ultimately it's the choice of the people. If they wanted to change the government they'd be able to do it like many other countries in history did with their oppressors but they're too brainwashed thinking they must support the government that protects them from the West.
August 14, 2022, 03:26:27 AM
You have to understand China's form of government and then the freedom that BTC has given to people is in completely opposite. So when you see this, you will learn where the China's hatred for bitcoin's come from. I only said bitcoin because there are crypto that they love specially those home grown or even the latest craze.
https://www.scmp.com/tech/big-tech/article/3184021/china-nfts-tencent-and-ant-group-join-industry-pledge-ban
They will allow it, but somewhat it will be in close lense, so they will have control of it.
But bitcoin? it's a different story, Chinese people can used it to hide their wealth or even could be viewed by the government as tools for "capital flight", and obviously, they don't want that outflow of money from their country.
Quote
China’s non-fungible token (NFT) industry has published a “self-discipline initiative” that promises identity checks for users, adherence to the country’s ban on cryptocurrencies and a promise not to establish secondary marketplaces to fight speculation.
Platforms that sell digital collectibles, the term used in mainland China for NFTs that cannot be traded using cryptocurrency, “shall require real-name authentication of those who issue, sell and buy” the assets and “only support legal tender as the denomination and settlement currency”, reads the 14-article document endorsed by many of China’s biggest tech firms.
Platforms that sell digital collectibles, the term used in mainland China for NFTs that cannot be traded using cryptocurrency, “shall require real-name authentication of those who issue, sell and buy” the assets and “only support legal tender as the denomination and settlement currency”, reads the 14-article document endorsed by many of China’s biggest tech firms.
https://www.scmp.com/tech/big-tech/article/3184021/china-nfts-tencent-and-ant-group-join-industry-pledge-ban
They will allow it, but somewhat it will be in close lense, so they will have control of it.
But bitcoin? it's a different story, Chinese people can used it to hide their wealth or even could be viewed by the government as tools for "capital flight", and obviously, they don't want that outflow of money from their country.
August 14, 2022, 02:29:59 AM
Support and adoption of cryptocurrencies does not necessarily indicate financial freedom, but rather that these countries do not want citizens to have the same power as the government in managing their financial assets.
China is a fully centralized country and will prevent everything that is decentralized because it wants to tighten control over all monetary resources, a policy in which one country may differ from another.
China is a fully centralized country and will prevent everything that is decentralized because it wants to tighten control over all monetary resources, a policy in which one country may differ from another.
August 14, 2022, 02:21:32 AM
As we know that china is a powerful country , they participate in every technology and develop latest technology from mobile phones to robotics but in the future of finance field they stop their propels ,
As we know that this investment is risky and crypto market is very volatile but crypto is not only an investment this is a whole world Like blockchain, NFT, web 3.0 and freedom of banking system.
The understanding of China and Japan is different both technologically and in other ways, in fact Japan has no effect on what China is doing, China is always against everything if it is considered unfavorable and does not sit with them, unlike Japan.As we know that this investment is risky and crypto market is very volatile but crypto is not only an investment this is a whole world Like blockchain, NFT, web 3.0 and freedom of banking system.
China has many problems with crypto, but there are also many other countries that don't care about China's treatment, it doesn't affect crypto even though there are new tricks they do with crypto.
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