Chinese Banks Welcome Cryptocurrency, as the USA cracks down

bbc.reporter

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Quote from: Upgrade00 on March 29, 2023, 07:38:04 AM

The status of Bitcoin in China is a grey area with constantly changing complexities. There has also been several layers of bans to Bitcoin from China, including the most recent ban to mining, causing the nation to drop from being the most popular for Bitcoin mining.

'Some' Chinese banks are considering being more friendly to cryptocurrency and related companies, but it would be a while before it counts as a crypto friendly region.

Agree that it is in the grey area, however, it also appears that China is also getting ready to open their doors again but only through Hong Kong. I speculate that the coins with the highest pumps for the next bull market might be by projects that are being created in Asia.

In America, the coordinated attacks and cryptospace crackdowns will only become stronger. I have noticed much of you argue that we know of this coordinated attacks already hehehe. We have not seen the real strength of these coordinated attacks. This is only the beginning.

The US banking meltdown that has so far claimed Silvergate, Signature and Silicon Valley Bank leaves crypto investors bruised and anxious about the spectre of tougher regulations as firms big and small lose access to funding.

Some even warn it may be an even bigger blow to the industry.

“Crypto in the US is dead” for firms that have links to the US financial system, one New York-based crypto trader, whose company lost access to financing, told DL News. “To be useful in real life it needs to be able to have APIs connected to banks. The government just nationalised the two networks that could do that in the USA.”

“Now, it’s like a scarlet letter” to be an American in the industry.

Source https://www.dlnews.com/articles/regulation/silvergate-signature-silicon-valley-bank-regulation-sec-fdic/

Cookdata

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Quote from: GateioExchange on March 29, 2023, 06:46:20 AM

Chinese Banks & the Hong Kong Financial Authority welcome cryptocurrency with open arms, as the USA brutally cracks down. With Signature Bank having to shed it's crypto deposits, to Binance and Kucoin under heat. Meanwhile Mainland Chinese banks are courting crypto companies.

China has negotiated a peace deal between Saudi Arabia and Iran, further making the US dollar less relevant. Oil contracts can be settled in other currencies.

All of this is on the back of Biden's "Reject Bill" which supposedly targets Tiktok, and... EVERY OTHER TECH FIRM ON EARTH with unchecked government power.

Learn about the paradigm shift that’s changing our world:
https://www.youtube.com/watch?v=dVMoRAL7_jw

Your profile looks odd, are you an official gate exchange representative, I wonder if you are, you should be making updates about their exchange and the account looks new, something doesn't feel alright. Anyways, back to your topic of discussion, is the bank looking to use bitcoin as a hedge since they are now calling on other people for a bailout? Was this not same China, Hong Kong particularly that sent out crypto investors and ban bitcoin mining in their city, they are now looking forward to accepting bitcoin into their banks, that is a big joke on them because I will never trust a word of the banks, my personal wallet will do the job better in an optimized way.

fullhdpixel

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Quote from: Upgrade00 on March 29, 2023, 01:50:40 PM

Quote from: AmoreJaz on March 29, 2023, 08:50:14 AM

i remember when china banned bitcoin last 2021, and now, it seems that table is turning upside down.

With the way the Chinese nation operates, it is unlikely that Bitcoin would be allowed to thrive independently and unregulated. They are foremost in the quest for a Government backed digital currency and have attempted to halt all crypto transactions and activities, terming them illegal.

I do not expect that it would become a Bitcoin friendly state at any time in the future, this could be a marketing strategy for their stable coins, a way to instill confidence in people to use it.

Let's see but I think it's still fine if they allow Bitcoin with some conditions. What is important for now is people on that country can use Bitcoin again and it will have a positive impact in the price of Bitcoin. I think they banned cryptos before for some reasons and not that their government is creating its own digital currency but this is unavoidable and even on some countries where crypto is not banned, it's also happening.

It may have an impact with crypto but not too much since both of them are still different. For a country to be called Bitcoin-friendly, they may need to have a legal tender status of BTC first and have created Bitcoin cities and Bitcoin hubs.

noorman0

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Quote from: justdimin on March 29, 2023, 12:42:05 PM

That's definitely not it. They have special areas like Hong Kong which could be considered like that a bit, but even when Hong Kong didn't want to do something China wanted them to do, they rebelled and protested and then China sent soldiers and police to keep those protesters from going bigger and got what they wanted.

But I doubt that China still has strong authority to regulate the monetary policy of these privileged areas, as a sign that they have their own version of currency. For example, Hong Kong has HKD, Taiwan has TWD, and so on. So I think bitcoin welcome can also be a prerogative with this preference.

BenCodie

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Quote from: UchihaSarada on March 29, 2023, 07:54:10 AM

China can stir the shit anytime they want and they did it many times since 2009.

How many times does fud come from China?

Ban it, unban it, crack down it, open for blockchain development and many shows from China. You can not know what they will do next!

Bitcoin Jumps 12% as China's Xi Embraces Blockchain, Boosting Crypto Sentiment in 2019.

Two years later, in 2021 China tightens crypto mining crackdown, bans trading.

One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China’s crackdown

Many times with opposite regulations from China and they will repeat it in future.

They wanted to enthuse development because the space is evidently a innovative breakthrough.
They did not want mining in their country because of the energy and resource consumption, which is something that China struggles with to this day due to its exponential rise and extremely high population.
Encouraging development while banning mining is actually two very strategic moves. If you've translated this as "ban, unban, ban, unban" then you aren't reading between the lines.
If you look into the "fine print" of all of the announcements that China have made toward Bitcoin/cryptocurrency, you will see the strategy. This is not to say they are pro-crypto, but if the US are turning against it, then I can definitely see them becoming for it.

Quote from: NotATether on March 30, 2023, 01:26:30 AM

What are you smoking?

China has been anti-crypto since around 2019, even going as far as kicking crypto miners out of the country. They'd rather make a CDBC than promote any cryptocurrency.

BRICS has nothing to do with cryptocurrency, and any developments related to it and "de-dollarization" can be ignored as far as crypto is concerned.

Yes, I saw the news link. But Hong Kong is not going to have much of an independent regulation after a few decades after that "london agreement" or whatever it's called expires in 2048.

I wouldn't say that they're anti-crypto. I would say (like explained above) that they have been strategic and probably wise to western involvement and maybe wanted to keep themselves and their population out of it until for that period of time. A few decades is still a bit out of scope of the near future too, not really something to be considering for the time being. Lots will happen between now and then I am sure

NotATether

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What are you smoking?

China has been anti-crypto since around 2019, even going as far as kicking crypto miners out of the country. They'd rather make a CDBC than promote any cryptocurrency.

BRICS has nothing to do with cryptocurrency, and any developments related to it and "de-dollarization" can be ignored as far as crypto is concerned.

Yes, I saw the news link. But Hong Kong is not going to have much of an independent regulation after a few decades after that "london agreement" or whatever it's called expires in 2048.

wxa7115

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Quote from: KiaKia on March 29, 2023, 10:05:16 AM

Now I am getting more confused, China is very popular for banning Bitcoin, why are they now welcoming cryptocurrency? It is very confusing and funny at the same time, or maybe China want to use this opportunity to be one step ahead of the United States of America. Because that's what China have always wanted, to be the best.

It is a big loss for USA is this is what's happening, meaning China sees an opportunity in cryptocurrency than the USA, I am sure that in the future not too far away the US will change their status about cryptocurrency, they don't like losing to China as well.

This is going to be an interesting show, starting from now on.

To me this is purely a political move, both China and the US have had a complicated relationship with bitcoin, when one side rejects it the other tries to use it for their benefit, but at the same time a tool which brings such freedom to their citizens scares them both, so neither of them can fully commit to bitcoin.

Now that the US is showing signs of going against this market, China is willing to soften their posture a little bit, but make no mistake in a few years we will get another ‘China banned bitcoin’ FUD and then the US will react to it and change their tune again.

davis196

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Quote

China has negotiated a peace deal between Saudi Arabia and Iran, further making the US dollar less relevant. Oil contracts can be settled in other currencies.

I don't know why do you have to link geopolitics with crypto, where there isn't such link. The oil contracts between China and Saudi Arabia/Iran will be settled in Chinese Yuan, not in cryptocurrencies.
China was never a crypto friendly country and it never will be. I predict that the USA will become more and more hostile towards Bitcoin/crypto. This might change after the US presidential elections in 2024, but the chance is pretty small.
And yes, TikTok must be banned in the entire western world. I'm sick of this cringe app for braindead teenagers. Grin

I'm not a fan of the Biden administration, but I will salute them for banning TikTok. Grin

Upgrade00

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Quote from: AmoreJaz on March 29, 2023, 08:50:14 AM

i remember when china banned bitcoin last 2021, and now, it seems that table is turning upside down.

With the way the Chinese nation operates, it is unlikely that Bitcoin would be allowed to thrive independently and unregulated. They are foremost in the quest for a Government backed digital currency and have attempted to halt all crypto transactions and activities, terming them illegal.

I do not expect that it would become a Bitcoin friendly state at any time in the future, this could be a marketing strategy for their stable coins, a way to instill confidence in people to use it.

justdimin

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Quote from: noorman0 on March 29, 2023, 10:17:14 AM

Quote from: KiaKia on March 29, 2023, 10:05:16 AM

Now I am getting more confused, China is very popular for banning Bitcoin, why are they now welcoming cryptocurrency? It is very confusing and funny at the same time, or maybe China want to use this opportunity to be one step ahead of the United States of America. Because that's what China have always wanted, to be the best.

What I understand is that China has special areas with administration and law that are almost independent of the central government, and some of those areas have long been known to be more crypto-friendly. Thus, it is necessary to further examine the banks in which areas this warm welcome will be implemented, as I believe it will not be as comprehensive as it sounds.

That's definitely not it. They have special areas like Hong Kong which could be considered like that a bit, but even when Hong Kong didn't want to do something China wanted them to do, they rebelled and protested and then China sent soldiers and police to keep those protesters from going bigger and got what they wanted.

Aside from that, the mainland china is ruled by one person basically, if he wants something done, that will be done, if he wants to ban something then they will ban it. This doesn't mean they can't build a secret government branch to attack or profit from crypto neither, but wouldn't want regular people to break that law at all.

yhiaali3

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Recently, the US government has become like a reckless person who undermines the foundation of his home with his own hands without knowing it. They have begun to suppress cryptocurrencies and violate freedom and privacy, so I expect that they will reap the negative results of all this very soon.

On the other hand, I do not trust governments very much, especially the Chinese, because they have previous experiences in this field, but it seems that they have found an opportunity to compete with the United States, which is suppressing crypto, so they want to take the opportunity.

In any case, it seems good for us to take advantage of every opportunity that appears before us as a result of this competition that could have positive results for Crypto.

Ndabagi01

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Chinese initially banned crypto mining in the country, I’m surprised to see a change of opinion on that matter. Can we assume they’re getting on something by taken this bold step again? This is really good for them but it’ll surely take time before they’ll top again in the list of countries with most bitcoin users. This calls for inquisitiveness to why they’re doing so, we all know china won’t do such without having a good reason to stand to benefit from it.

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Quote from: GateioExchange on March 29, 2023, 06:46:20 AM

Chinese Banks & the Hong Kong Financial Authority welcome cryptocurrency with open arms, as the USA brutally cracks down. With Signature Bank having to shed it's crypto deposits, to Binance and Kucoin under heat. Meanwhile Mainland Chinese banks are courting crypto companies.

China has negotiated a peace deal between Saudi Arabia and Iran, further making the US dollar less relevant. Oil contracts can be settled in other currencies.

All of this is on the back of Biden's "Reject Bill" which supposedly targets Tiktok, and... EVERY OTHER TECH FIRM ON EARTH with unchecked government power.

Learn about the paradigm shift that’s changing our world:
https://www.youtube.com/watch?v=dVMoRAL7_jw

I read the news in more detail in this article and it seems that the focus of their discussion is more about banks in Hong Kong.

https://www.bloomberg.com/news/articles/2023-03-27/chinese-banks-court-crypto-firms-in-hong-kong-after-mainland-ban?leadSource=uverify%20wall

hongkong can have opposing views of the chinese government regarding cryptocurrencies, especially now that the cbdc issued by the chinese government is not successful at all.

Quote

Hong Kong is governed under the "one country, two systems" principle, under which China has agreed to grant the territory a high degree of economic-political autonomy.

#I think this topic is more suited to the economics section than bitcoin discussion.

kryptqnick

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While Hong Kong is a part of China, it's a very special part, both politically and economically. It's not fully integrated into mainland China's system and certainly a place of more liberty and opportunities. Perhaps China is making its own little experiment, trying to suggest the banks to be more crypto-friendly, but only on a small scale in a specific distinct region. It doesn't mean that the model will be adopted throughout China, even if it proves financially successful. Who knows, perhaps the US will simply respond by making a special region of its own with laxed crypto policies that don't apply to the rest of the country. It's harder to do it in a centralized way in the US, but one of the states could try to assume such a role themselves.

Yogee

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The post comes across to me as trying hard to connect crypto to geopolitics. I do agree that the two powerhouse are trying to outmaneuver each other and taking advantage of the other's "wrong move".

Quote from: alexkut987 on March 29, 2023, 07:45:03 AM

It is interesting to see the contrasting approaches taken by China and the USA towards cryptocurrency. While the USA is cracking down on crypto-related activities, Chinese banks and the Hong Kong Financial Authority seem to be welcoming them with open arms. This could have a significant impact on the global adoption and growth of cryptocurrencies.

You really buying that? Take everything with a grain of salt when it comes to news about China being friendly to crypto. Today you'll see a postive news only to be denied on the next day.

noorman0

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Quote from: KiaKia on March 29, 2023, 10:05:16 AM

Now I am getting more confused, China is very popular for banning Bitcoin, why are they now welcoming cryptocurrency? It is very confusing and funny at the same time, or maybe China want to use this opportunity to be one step ahead of the United States of America. Because that's what China have always wanted, to be the best.

What I understand is that China has special areas with administration and law that are almost independent of the central government, and some of those areas have long been known to be more crypto-friendly. Thus, it is necessary to further examine the banks in which areas this warm welcome will be implemented, as I believe it will not be as comprehensive as it sounds.

KiaKia

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Now I am getting more confused, China is very popular for banning Bitcoin, why are they now welcoming cryptocurrency? It is very confusing and funny at the same time, or maybe China want to use this opportunity to be one step ahead of the United States of America. Because that's what China have always wanted, to be the best.

It is a big loss for USA is this is what's happening, meaning China sees an opportunity in cryptocurrency than the USA, I am sure that in the future not too far away the US will change their status about cryptocurrency, they don't like losing to China as well.

This is going to be an interesting show, starting from now on.

Flexystar

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That’s a news which calls for civil war. Lolz. China is literally laughing behind the scenes and making perfect strategy to destroy America and show its rivalry against it. Though America and china relations hood in terms of mass production and import-export stuff. Since China has better relations with Russia, they would obviously welcome crypto or any business that can put America in jeopardy. This will put huge impact on American business and other crypto projects. They would not think about it a bit and move their offices towards China land.

On the other hand, we should ask what are you doing America? Stop drinking that old wine and start accepting the new technology otherwise it would take finger snap to vanish the businesses.

AmoreJaz

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Quote from: Upgrade00 on March 29, 2023, 07:38:04 AM

The status of Bitcoin in China is a grey area with constantly changing complexities. There has also been several layers of bans to Bitcoin from China, including the most recent ban to mining, causing the nation to drop from being the most popular for Bitcoin mining.

'Some' Chinese banks are considering being more friendly to cryptocurrency and related companies, but it would be a while before it counts as a crypto friendly region.

i remember when china banned bitcoin last 2021, and now, it seems that table is turning upside down. well, if they are seeing advantage of the situation, they will grab it. this will be good for crypto market anyway. the more, the merrier. chinese population is one of the largest on this planet. so just think of the adoption that it will create. it will surely influence the btc market performance in a positive way.

joniboini

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Quote from: UchihaSarada on March 29, 2023, 07:54:10 AM

China can stir the shit anytime they want and they did it many times since 2009.

I don't think it is related to China's state policies in any way, like the mining ban. If I understood this correctly, those Chinese banks are using Hong Kong as a hub to expand their business, effectively doing oversea business that serves crypto customers in Hong Kong due to its friendly nature toward crypto. Things might change if their government decides to fine or even make that business illegal, but even if that is true Hong Kong would probably welcome other banks to do their business there.

So yeah, nothing changes that much for Crypto in China, just that their business is trying to get a share of the crypto market through other means. CMIIW.

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