China policy on Bitcoin - page 2. | Bitcointalksearch.org

davis196

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Quote from: Anish_Rocky on May 04, 2020, 03:51:49 AM

Do you believe China's policy change regarding cryptocurrency and blockchain, effectively endorsing and encouraging its people to learn and use crypto will result in China is replacing the USA as the financial center of world?

How come adopting crypto trading will make China the new global financial center?Right now,only a few million people are currently using cryptocurrencies.Adopting crypto trading in China won't make or break anything.
The China policy on Bitcoin is pretty clear.Mining BTC and producing BTC mining equipment is OK,but BTC/altcoin trading is forbidden.You may ask why it is forbidden.Let me tell ya.Cryptocurrency trading is forbidden in China,because people were using cryptocurrencies as a way to export capitals outside the country,bypassing the goverment restrictions about exporting money&capital.
I don't see the Chinese government lifting the crypto trading ban anytime soon.

Jating

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Quote from: Anish_Rocky on May 04, 2020, 03:51:49 AM

Do you believe China's policy change regarding cryptocurrency and blockchain, effectively endorsing and encouraging its people to learn and use crypto will result in China is replacing the USA as the financial center of world?

When you say financial center you mean economic superpower? Both US and China are well ahead of the country so I guess it will remain like that for many years. You might have confused crypto like bitcoin with the total crypto outlook of China regarding crypto currency. They are encouraging its people to used their own digital currency, for all we all it has already taken shape in their own country. But it doesn't mean it encourages its people to go full cryptocurrencies like Bitcoin or Ethereum or XRP or whatever. It's very different.

hugeblack

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You confused three directions of discussion first, the relationship of China policy on Bitcoin, China policy on Crypto, and China policy on Digital money.

China policy on Bitcoin: the impact can be economic, by affecting the price, or it may be more difficult to mine, but there will be no full control.

China policy on Crypto: It may have an impact because many altcoins have small market capacities and can be affected severely.

China policy on Digital money: It is the pioneer first in this field, and many countries are moving towards digitization, therefore I believe that whoever reaches for the production of his first digital coins in a serious and effective manner may threaten the continuation of paper money.

20kevin20

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Quote from: Lucius on May 04, 2020, 04:25:03 AM

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What China has allegedly been working on for many years is a national cryptocurrency and if that project becomes a reality, the Chinese will adapt very quickly and no one will ask them for an opinion, they will be forced to use what the authorities impose on them.
~

It's quite official now, they're in the middle of tests already.

The Chinese digital currency is a double-edged sword. While it gets us a step closer to the adoption and interest in Bitcoin and other cryptocurrencies, I think a lot of people are going to say "Well, we already have a digital 'cryptocurrency' we are using and it's 100% legal, why try BTC out?". I can't wait until they start advertising it as a cryptocurrency built upon the blockchain tech and blah blah. It's going to be an interesting debate.

hotmom

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China will create its own digital currency,and will invest in it.

Lucius

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Regarding Bitcoin there is no changing of policy in China. The Communist Party is founded on absolute control of people and money, and any freedoms afforded by decentralized currency are totally unacceptable to them. What they still tolerate for now is crypto mining, for two reasons only. The first is that miners sell BTC for a fiat and pay taxes, and the second is that there is some surplus electricity that those same miners are buying. Also, the very lucrative production of mining equipment should not be forgotten, and given their cost, it is a big profit for the Chinese economy. All what is BTC-related and controllable is welcome so far, but BTC as a currency is completely undesirable.

What China has allegedly been working on for many years is a national cryptocurrency and if that project becomes a reality, the Chinese will adapt very quickly and no one will ask them for an opinion, they will be forced to use what the authorities impose on them.

China has been on track to become the world's largest economic power, but current developments will definitely slow the process, given all the accusations that China is charged with causing the pandemic by producing a virus in the lab, and fabricating data on the true scale of the epidemic in their country.

Anish_Rocky

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Do you believe China's policy change regarding cryptocurrency and blockchain, effectively endorsing and encouraging its people to learn and use crypto will result in China is replacing the USA as the financial center of world?

Topic: China policy on Bitcoin - page 2. (Read 222 times)