Do you think China is playing a double game?

Abiky

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Quote from: romero121 on May 30, 2023, 11:06:20 PM

China might look like playing double game, but they're clear with their plans. It was China who helped with the circulation of bitcoin in the earlier days. During those days, even the grown economies and the technology wise developed nations too didn't considered it. At some point fake volume issue were identified during inspection by People's Bank of China. From then onwards it started strict regulation and terminated the operation of few exchanges. Later the ban on cryptocurrency mining, altcoins and bitcoin happened. Every country wants them to be dominant in the technology, and the increasing demand made China stay away from the race.

As OP said China hadn't grown out of making some cheap politics between the powers, it have got the strong manufacturing setup which is the reason it have emerged as one among the strong economy in the last 20 years. USA also a reason, to suppress the supreme power of Russia media started to compare between China and USA which too helped them in the growth.

China has always looked for its own benefit. Its tactics has led it to where it is right now. Currently, China is the world's second-largest economy. And it could become the largest economy in the world if it continues to do what it's doing. By adopting crypto/Blockchain tech, China could get the tools/knowledge it needs to help strengthen its CBDC (digital Yuan). It can also collect huge taxes along the way. China is not stupid, unlike the US that recently went aggressive against the industry.

If America continues to reject crypto, then it will be left behind in the dust, paving the way for China to take over the world. Crypto is the future whenever governments like it or not. Let's see how everything will play out in the long run. As long as crypto stays decentralized, nothing else matters. Just my thoughts Grin

Latviand

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Quote from: .gustafson on May 30, 2023, 11:46:58 PM

China's crypto dance is like a never-ending tango - one step forward, two steps back, and then a sudden twirl. Are they really regulating or just enjoying the dance? Either way, it keeps us all wondering what's next.

It's easy to understand to be honest, I like the analogy. CCP wants what's best for the party, and if the favor and benefits that bitcoin offers is swaying, then the party is going to swaying wherever they get the most benefit. Doesn't China always do this with other stuff too, I just can't think of one thing that is similar to this but I am sure of it.

.gustafson

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China's crypto dance is like a never-ending tango - one step forward, two steps back, and then a sudden twirl. Are they really regulating or just enjoying the dance? Either way, it keeps us all wondering what's next.

romero121

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China might look like playing double game, but they're clear with their plans. It was China who helped with the circulation of bitcoin in the earlier days. During those days, even the grown economies and the technology wise developed nations too didn't considered it. At some point fake volume issue were identified during inspection by People's Bank of China. From then onwards it started strict regulation and terminated the operation of few exchanges. Later the ban on cryptocurrency mining, altcoins and bitcoin happened. Every country wants them to be dominant in the technology, and the increasing demand made China stay away from the race.

As OP said China hadn't grown out of making some cheap politics between the powers, it have got the strong manufacturing setup which is the reason it have emerged as one among the strong economy in the last 20 years. USA also a reason, to suppress the supreme power of Russia media started to compare between China and USA which too helped them in the growth.

bbc.reporter

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Quote from: DeathAngel on May 24, 2023, 03:23:51 PM

Maybe they see the US being hostile somewhat to bitcoin without any regulatory clarity and think if they step in & offer regulation to big companies they will move there & China can make a lot of money out of it. China see an opportunity to gain ground on the US in the fight to be the number 1 for digital currencies. Let’s see how it plays out.

China's roadmap for their blockchain ambitions is not based on what America has been doing in their blockchain ambition, if they have one hehehe. Similar to what I have been saying before, China wants to be the leader in information technology including blockchain. They would certainly need to open up their country for the cryptospace to make it a reality.

I speculate that they might start it with whitelisting some centralized exchanges and maybe also some DeFi projects. It might have full oversight, however. It will not be the same as the open cryptospace that we are familiar with.

jrrsparkles

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For anyone who thinks that China banned the cryptocurrencies only last year had to know that this is not the first instance they banned and to my best of knowledge they banned bitcoin in 2013 and followed by many times but they do know its impossible to stop the Bitcoin completely for being utilised so banned mining operations which also backfired to them cause the miners simply moved to other country so there isn't any effect on hashrate.

HK bank is operating in multiple countries so its not possible to operate for them in China unless they revoke the restrictions but they are free to operate in other locations.

No matter the status of bitcoin legality in China, there are people from China who is holding huge chunk of Bitcoin and always been a part of BTC whale group.

Abiky

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Quote from: summonerrk on May 03, 2023, 04:08:56 AM

There is a saying that China has no friends, China has interests.
It means that the Chinese government always acts on the basis of benefits. In the case of bitcoins, at first they were afraid that this process is uncontrollable and potentially threatens to collapse all financial institutions of the world, the current economic situation. But later they realized that they wanted to manage such a process, created a digital yuan. I think everything will come down to the fact that he will not be close in ideas to bitcoin anyway. Bitcoin is freedom and transparency. And the government (especially China) will not allow this.
Remember how they controlled the lockdowns.

Of course they do. They're not that stupid. Even their alleged alliance with Russia is fake. China may be doing this for its own benefit. The same thing can be said about its apparent adoption of crypto/Blockchain tech through Hong Kong. They will allow investors to pour money into Blockchain startups and companies in HK, but they won't allow people to use crypto for their own benefit. Otherwise, that would mean China is letting people enjoy true financial freedom.

I think the UAE (especially Dubai) will become the next epicenter of the crypto/Blockchain industry soon. Many companies already announced their intentions to move there. Money talks, so time will tell us which country will benefit the most out of this craze. Who knows where the crypto industry will be heading in the long run? Just my opinion

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Quote from: elevates on April 20, 2023, 08:58:32 AM

We all know China banned Bitcoin and altcoin trading first. Next they went ahead and banned miners. After that they rolled out their own digital Yuan. Which I am afraid did not succed as expected by CCP. Now suddenly they are allowing HK to go ahead with crypto and become a hub of Bitcoin as well as Altcoin economy. The biggest bank in HK a few days back declared that they will support crypto.

I mean what do you guys think is going around with this decision of China. As per my understanding HK has become a shadow control colony of China. Which was not what they had promised to UK. This situation could become a problem for USA and it's allies in the future. Already we can see big companies (banks) in the US are now buying shares of Microstrategy, whereby they are indirectly investing in Bitcoin. As they now realize the potential of Bitcoin.

Does that mean China is utilizing this negative situation in the US on crypto to its favour or they are just testing the possibilities in order to regulate it. Do remember this is how China became the 2nd larget economy in just 20 years.

I'm not sure if they'll use HK as testing grounds for Bitcoin adoption or not but I'm sure China will embrace Bitcoin sooner or later. And it's going to be BIG! Remember the effect "China bans Bitcoin" FUD was causing? Imagine the same effect but in the other direction! Grin

freedomgo

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What do we expect from China than to play dirty games with those countries that are against it. And with this scenario, they make sure that everything should still fall on their control. For US, they legalize bitcoin but they also give sanctions and create laws that will put bitcoin into restrictions. I guess they just want to secretly follow the idea of China, but act as if China is their best enemy.

FrozenBit

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It is possible that China sees an opportunity to gain an edge in the global competition for digital currency dominance by providing clear regulations and attracting large companies. As such, China is likely to strengthen its influence and competitiveness in the digital currency space. In addition, they are also trying to develop a digital yuan - CBDC helps the government increase transparency and control over their financial system, as they can track transactions and have the ability to enforce regulations more effectively. So what impact they will have on the cryptocurrency market, only time will tell.

DeathAngel

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Maybe they see the US being hostile somewhat to bitcoin without any regulatory clarity and think if they step in & offer regulation to big companies they will move there & China can make a lot of money out of it. China see an opportunity to gain ground on the US in the fight to be the number 1 for digital currencies. Let’s see how it plays out.

Ptb73

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China doesn't like when things get out of control. Now, by their actions, they just want to regain control.
They want to centralize Bitcoin lol

Crypt0Gore

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Hands down, China is smart, they did all these to be in control and it's working thus far, it shows that they have somehow find a way to start benefitting from crypto, and also projects that have to run from China must go through the right process or risk getting nailed by the government, to me this is what the US is looking forward to, they just don't know how to do it yet.

About Bitcoin mining, it's still functioning in China, the reason they destroyed so many miners years back is because many citizens are into illegal Bitcoin mining, they are stealing the country's grid power to mine Bitcoin, any country will do the exact same thing that China did.

Chinese are still mining Bitcoin, but it's now limited compare to years ago, now some are using solar panel if they can afford it and I heard that those who are ready to pay for their grid power consumption are allowed to keep mining Bitcoin.

bbc.reporter

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News update.

This is very good news coming from Hong Kong! This is not only a speculation anymore! This will certainly pump bitcoin and altcoins before this year will end. There might also be projects that will be speculated as the Chinese Ethereum. It was argued that it is Neo but I disagree. The real Chinese Ethereum will be whitelisted by the government of China. Wait for this.

Hong Kong will allow retail trading of cryptocurrencies as early as the latter half of this year, the Securities and Futures Commission announced on Tuesday, adding that it will accept applications from exchanges to offer such services from June 1.

The move comes as Hong Kong pushes to become a hub of the crypto industry even as other jurisdictions remain cautious following the collapse of cryptocurrency exchange FTX late last year.

Source https://asia.nikkei.com/Spotlight/Cryptocurrencies/Hong-Kong-greenlights-retail-trading-of-cryptocurrency

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Quote from: elevates on April 20, 2023, 08:58:32 AM

We all know China banned Bitcoin and altcoin trading first. ~~~
China became the 2nd larget economy in just 20 years.

There is a saying that China has no friends, China has interests.
It means that the Chinese government always acts on the basis of benefits. In the case of bitcoins, at first they were afraid that this process is uncontrollable and potentially threatens to collapse all financial institutions of the world, the current economic situation. But later they realized that they wanted to manage such a process, created a digital yuan. I think everything will come down to the fact that he will not be close in ideas to bitcoin anyway. Bitcoin is freedom and transparency. And the government (especially China) will not allow this.
Remember how they controlled the lockdowns.

Abiky

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Quote from: yhiaali3 on April 20, 2023, 02:50:22 PM

Yes, that is, I think China is trying to pull the rug out from under the feet of the United States, which is waging a war on crypto. This is a great opportunity for the Chinese government, the great competitor of the American economy.

I think they are trying to take advantage of the anxiety created by the US and attract crypto companies, as this way they will benefit economically and also prevent the US from controlling Crypto alone.

Unfortunately, the United States, with its hostile policy towards crypto, is helping China in its game.

China wants to stay ahead in the game, so it has no choice but to adopt crypto/Blockchain tech for its own benefit. And what better way to do it indirectly through a territory it controls? The US better make crypto regulations more flexible or it could be left behind in the dust by its rivals.

One thing for sure is that Hong Kong is one of the world's largest economic hubs. Therefore, adopting crypto/Blockchain tech should help China attract investors and companies that will ultimately benefit its economy. Maybe Russia will "mimic" China by adopting crypto/Blockchain tech through a territory it controls? These are uncertain times we're living into, so expect the unexpected. Just my thoughts Grin

fuguebtc

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Quote from: Z390 on April 30, 2023, 12:16:11 PM

China never liked things getting out of their control, they need to be in power, and thats why they ban crypto mining first, if truly they plan to support crypto from now on they might come up with a fair rules for crypto miners in China, I think if China can be more opened to a centralized way of embracing crypto and also CBDC side by side it will be cool and other countries will learn from this.

Not only China and all other governments have that mindset. They will never let anything get out of hand and threaten their power. Like the US government, they are not as radical as China, but they also want to suppress us and control us more. I believe governments are aware of the potential of cryptocurrency, they are just looking to control it rather than destroy it. It's just that their approach is quite extreme and affects us.
I don't believe China will ban crypto forever, there will come a time when they claim to use it, but we will follow their rules, not freedom our way.

YUriy1991

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Quote from: bbc.reporter on May 02, 2023, 08:09:56 PM

I speculate that China will be again become the biggest mover in the cryptospace market when they open their country again. This will begin in Shanghai, I reckon.

It is interesting to consider the potential impact of China's re-entry into the cryptocurrency market, especially given their history with the industry. What do you think will be the main factors driving their returns and how is China's strategy to enter the crypto market and how do you see this affecting the global crypto landscape?

bbc.reporter

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@bettercrypto. However, we already know what China is planning. They want to be the leader in information technology and blockchain.

I speculate that China will be again become the biggest mover in the cryptospace market when they open their country again. This will begin in Shanghai, I reckon.

I am not quite certain if this is real, however, this is a commemorative NFT rumored to be created by the Shanghai Data Exchange under the direction of the Chinese government. This is issued in Ethereum.

https://launchtower.cryptonatty.io/

bettercrypto

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We do not know what the officials in China are planning or thinking. Just from what I see I don't believe that China doesn't like Bitcoin or cryptocurrency.

They're just putting it out there like they don't want it but I think China is also hoarding potential altcoins that could bring them good profits in the future. Also, I think they are just doing bad things to altcoins so that when the value falls, they will suddenly buy a bulk of it and then hold it until the bull run happens again. In short, this is a Chinese marketing strategy as far as I can see.

Topic: Do you think China is playing a double game? (Read 676 times)