Topic: China's President Xi Jinping VS Bitcoin - page 3. (Read 778 times)

There's no clear position for that particular information, they wanted to maximize the use of blockchain and for that if they will focused alone with the system then there's no affections to crypto but if they will begin to focus with creating the currency itself in serving the nation, then there's impact that will reflect to bitcoin and to those alternative coins around. Either it can be a good effect since pairing will comes up or it will suppress bitcoin and all crypto to exist from their jurisdiction and only allow what they've got.

If I can remember it well I think it was in 2016 that China have called all Asian countries to convene and create its own cryptocurrency that will serve as a legal tender in whole of Asia. But asian countries did not heed that call since somehow it was self serving. This time again I think they are doing the same thing but this time its global wide. I think China is thinking of world domination through blockchain technology.

That's the governance of China. Being able to adapt and create things as their own.
And now, they are going to focus on the adaptation of blockchain technology, they realized its importance and its use. That's why they make a move to accept it and create one as their own.

Bitcoin and blockchain are different. I think they are utilizing blockchain technology but not bitcoin. which is we know that blockchain technology is useful for many fields. especially about notes. maybe the president of China will make something new rather than just bitcoin. they take advantage of the other side of the technology brought by bitcoin.

China for now has no hidden plan, what it has is fear, what they have been planning is to launch a stablecoin like the one that will launch Libra of Facebook , but they have a lot against it, neither China nor another government has fit as well as  like it has done Facebook, that is one of the reasons why they fear they are not successful, they have also made it clear that opening the doors to Blockchain is not opening the doors to Bitcoin, which seems counterproductive, because any stablecoin the people  will change to Bitcoin.

Other things that China fears are that Libra will not have support from the Chinese Yuan, they see this with bad eyes, because they know that the hegemony of the dollar will be present and dominate more, and with Mark's statements that he will seek to increase the US economy , is something that causes more alarm.

China has been dedicated to the investigation of its Cryptocurrency for more than 5 years and is now in a hurry to launch it, long before Libra, even in a statement they have called Blockchain experts to streamline and continue working at full speed. China and no country can bring down the domain of Bitcoin, the more they prohibit it, the more they will want to acquire it, I think that China will have many problems in its local economy by 2020 taking into account the scenario that Libra is launched and Bitcoin bullish.

First off I didn't see anywhere that he stated they were going to create a bitcoin competitor and as far as leading in blockchain technology then they need to play a little catch up with iBM alone let alone the FOSS community.

It depends, China is a very huge country and bitcoin for them as a whole will not be suitable since it seems like China wants to take advantage of the cryptocurrency, they will create their own crypto that will help them transition their fiats to the best possible digital currency, and that is crypto. In that case, whether they have their own crypto, we can expect that there will still be many Chinese that will buy and accumulate bitcoin. In return, we will all benefit over this by the market price ranging up.

I don't know why people are interpreting this so positively, honestly.

What he is saying is perfectly reasonable in terms of their longer term goals of developing their own national blockchain, and issuing currency on that blockchain. However, that will probably be centrally managed and will have nothing to do with BTC itself.

It's not a case of positive support of BTC. It's a case of promoting local blockchain innovation.

Perfect for the means of Chinese people who are following the communist party but not on to traders/investors/businesses outside the country.

How can merely national digital currency use by its countrymen can be equal to the one used by anyone in the world? Well, just do your own math.

This is just a word from China and the impact is already big so what more if more companies and more people will use blockchain and bitcoin, I’m confident we will see big price before the year end and next year it looks like new ATH will be seen. News can move up and down the market, but this is is going to the moon soon.

if he has other intentions, I think it could be, but if he wants to make another coin better than bitcoin, I think it seems impossible, because you know for yourself how famous bitcoin is now, it takes time for new coins to replace the current position of bitcoin .. !!

"Take the leading position in the emerging field of blockchain"
Doesn't mean China will create a cryptocurrency to compete with bitcoin, blockchain technology can be useful in many ways such as technological innovation, industrial transformation, innovation programs, and investment. In short, they want to be number 1 in economics using blockchain technology.
Xi said blockchain technology could be applied to many different fields, including finance, education, employment, elderly care, poverty alleviation, health care and food security, infrastructure management and public services.

control is the right word in here. chinese govt always wants to have control of his people one way or another.
and the pres realised that if they will continue to be strict with crypto and blockchain as was before, they will not move forward.
they want power and so they need to optimise what blockchain tech is offering..
i was thinking that when they had tight regulations with crypto before, they were already scrutinising it and now they realised the benefits of this technology and so with the president's speech...

It is about modernization and technology upgrade help China to accept Bitcoin and crypto back again. Cause the reason why they left crypto before because of lack of market preparation but they have it now and clearly understand that their people also taking advantage of this one. We know China is one of the most promising and developing countries and has to expect that the demand is high as they are one of the huge market utilizers.

Of course they will make their own currency. It's China!! They always need to have control. They can't make their minds up so maybe they want their own currency to replace their people using bitcoin.
It will be much easier for them to control.


Or it will dilute the bitcoin dominance since many Chinese bitcoin holders sell for their new currency if the decision to make one?

Xi Jinping is the head of the Communist party of China as well as the President of the People's Republic of China  and Chairman of the Central Military Commission which means he controls everything in China  . I personally do not feel that the price rally is because Xi Jinping said some positive things about blockchain, it has to do with the future market in my opinion. China can implement the blockchain and reject BTCitcoin, it is not that he was praising the entire market but he view it as a revolution to use in his country to have more control over the financial transaction.

would like to thank chairman Xi Jinping ( by the way , he is not a president , he is the head of the Communist party of China , there is  a difference )
for the unexpected 25% price increase , partially due to this statement 
China has been pro0-blockchain since the early days , but its stance on bitcoin has transpired from full acceptance when almost every top mining pool and the mining equipment production
originated in China , to near banning it a couple of years ago where all of the financial institutions were denied operations with bitcoin
I hope that China stays crypto friendly and recognizes the potential of the technology

President XI speech does not necessary mean that china wanted to create there own cryptocurrency but to use or deploy blockchain technology in areas where china feels it will be relevant to their economy of course we have other area or sectors where this technology is very relevant eg chain supplies, medicine, election etc however if they eventually adopt it invariably as bitcoin will become a goldmine as blockchain is the backbone of bitcoin.

don't exaggerate the message of Chinese President because for me he was just pointing that they have the guts and will to at least create their coin and they are supporting blockchain things that very rare to come out from chinese government
whatever intention Xi has for sure he will never succeed because EU and US is in the front line and will never let China eat the crypto system

Honestly i don't trust that this has anything to do with real decentralized cryptocurrency like bitcoin. I am glad that the markets did but i am assuming that China wants to build their own government controlled blockchain, and they will not adopt other currencies, reasons for this would go right to political section of this forum, but let's just say because of their track record on the subject.