Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: TomPluz on October 01, 2024, 03:41:20 AM
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At the 2024 Tsinghua PBC Chief Economist Forum, former Chinese Vice Minister of Finance Zhu Guangyao urged China to re-evaluate its approach to the crypto industry.
He cited the evolving international stance on digital currencies, particularly in the United States, where the asset class has gained political support from key figures like U.S. presidential candidate Donald Trump.
Zhu acknowledged the risks and challenges posed by crypto but emphasized the need for China to study global trends and policy adjustments closely.
Zhu also mentioned that emerging economies, including BRICS nations such as Russia, South Africa, Brazil, and India, are also taking steps to incorporate cryptocurrencies into their financial systems.
Get more details from here. (https://cryptopotato.com/former-chinese-finance-minister-calls-for-closer-study-of-cryptocurrency/)
China is considered to be a huge market for cryptocurrency but in 2013 the government of Xi Jinping decided to put a blanket ban on cryptocurrency...and so this market withered. The government then was emphasizing the many negative effects of cryptocurrency to the economy and the people (like scams and frauds using crypto) but there seems to be some people in China who are thinking that this stance must be revisit paving the way for the market to slowly take in crypto again. I am sure that the government would not easily budge on its stand and it can take a lot of convincing on its part to change its ban...but we are getting some light in the darkness.
Are you positive that eventually China will one day open its market?
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I am optimistic that China will eventually open its market to cryptocurrencies one day like the United States does, this is a fact that everyone knows that the development cannot be stopped.
It seems that China has begun to realize that it made a big mistake by banning cryptocurrencies after it was one of the largest countries in the world using cryptocurrencies, the Chinese economy has lost a lot because of this ban, especially the mining ban because this industry used to generate billions of dollars for the Chinese government.
The other reason, according to my expectation, is competition with the United States, as China certainly does not want to leave the United States alone in the cryptocurrency market.
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I don't know anything about this ex-minister, but it's weird he mention Trump supporting cryptocurrency as the reason. I recall Trump relation with China isn't that good, especially due to past trade war. I don't expect the ban will be lifted anytime soon, but it could happen if government want to further boost their economic growth.
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China is considered to be a huge market for cryptocurrency but in 2013 the government of Xi Jinping decided to put a blanket ban on cryptocurrency...and so this market withered.
I think you are wrong about the year China banned trading and mining, as it was much later than 2013. I think trading is banned in 2019, and mining 2 years later. Until then, China was, as some say, a significant factor when it comes to cryptocurrencies.
The government then was emphasizing the many negative effects of cryptocurrency to the economy and the people (like scams and frauds using crypto) but there seems to be some people in China who are thinking that this stance must be revisit paving the way for the market to slowly take in crypto again. I am sure that the government would not easily budge on its stand and it can take a lot of convincing on its part to change its ban...but we are getting some light in the darkness.
The word of the former minister in China has almost no weight when it comes to the official position of the CP on anything. Communists have a hard time (or not at all) admitting that they were wrong, and I think that in this case it is no different.
Are you positive that eventually China will one day open its market?
Maybe it will happen, but only for that part of cryptocurrencies that they will be able to control. Everything that is decentralized simply has no place in a system that is obsessed with absolute control.
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It's good news for all of us. I mean, if they are considering it like their finance minister is considering it then a time will come when they will make an official announcement of lifting the ban but when will that happen? Usually, such statements, when made by such official figures come with some type of report, like what they previously thought and why and what they think about it now. Only considering the USA as the main point was not enough, but it was a nice try because I believe China takes competition with the USA seriously (just a self-observation).
He also talked about how countries from BRICS are adopting crypto like India and Russia on top, which is a good thing, but I don't know if they will consider India as competition, but Russia is not the right competition to China. Overall, if they are considering it then its's good news, and let's wait for it. I personally think it won't be happening in this bull cycle.
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It's good news for all of us. I mean, if they are considering it like their finance minister is considering it then a time will come when they will make an official announcement of lifting the ban but when will that happen?
~snip~
You obviously missed the key word "EX finance minister" - which is strange considering that it is literally the title of this topic. Personally, I'm always surprised when people experience news from China with such excitement, and actually the best news was when they decided to ban everything related to BTC.
China has always been quite a weight for BTC with all its semi-bans and constant threat to miners, and as someone who remembers that time well, I can only say that it is better for all of us that this ban remains as long as possible. People in China who want to buy BTC can always find a way to do it, and that's the whole point - that you don't have to ask the authorities if you can buy BTC and make transactions with it.
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I don't know anything about this ex-minister, but it's weird he mention Trump supporting cryptocurrency as the reason. I recall Trump relation with China isn't that good, especially due to past trade war. I don't expect the ban will be lifted anytime soon, but it could happen if government want to further boost their economic growth.
He's suggesting that China shouldn't miss out on a major economic wave, backed by the US. He likely sees the immense potential of this market and wants the Chinese government to end the extreme bans that are hindering overall economic growth.
I agree with his viewpoint, but I doubt it will significantly influence the Chinese government's decisions. After all, he's retired and his voice doesn't carry much weight. It simply shows that there are still people in China who understand crypto, and we can hope for future changes in China.
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Crypto is probably at the bottom of China's list of priorities right now or maybe they don't need it at all (they are busy buying Gold ;D). They are one of the countries with high online payments right? They can easily transition to crypto (or integrate it) if they want to.
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I am sure that the government would not easily budge on its stand and it can take a lot of convincing on its part to change its ban...but we are getting some light in the darkness.
Are you positive that eventually China will one day open its market?
even russia is now open to bitcoin when it was strictly against bitcoin so i would not put it past china to change its stance even hong kong has good policies with crypto having an etf of bitcoin hong kong may independently govern themselves from china but china still has some power over hong kong and i am sure they can see how bitcoin is being used and how hong kong is benefitting from it
the fact that someone in their goverment is asking them to reevaluate means a lot already and a huge step forward china has been one of the biggest markets of crypto before it was banned so it would be interesting to see how much bitcoin can grow once china lifts its ban
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Crypto is probably at the bottom of China's list of priorities right now or maybe they don't need it at all (they are busy buying Gold ;D). They are one of the countries with high online payments right? They can easily transition to crypto (or integrate it) if they want to.
If the CP of China had any intentions to be involved in cryptocurrencies, then they would not have banned them - and as you say, gold is far more interesting to them, and in addition they have one of the most advanced CBDCs in the world and a political system that allows them to implement the same.
Any backtracking would be completely counterproductive and bring them no benefits other than the same problems they had in the past - and that is an uncontrolled outflow of money from the country, and mining farms, which according to them consume too much electricity and pollute the environment (if they use coal as raw material).
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Personally, I do not think that the government of China are going to re-evaluate their cryptocurrency ban. And in my opinion, once they made that decision, there is no turning back.
That's how authoritative the government is, and they want to control everything, and so with crypto trading and mining, they are giving their population money that it's going hard for them to trace and they don't like capital flight.
As it is reported that during the prime years of Bitcoin in China, there are big amount of money that goes out to whatever places, specially in the US and that really weaken their local economy.
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Are you positive that eventually China will one day open its market?
I'm positive that they will eventually open up in the future, You cannot ignore something that the world is adopting; there is demand coming frrom your own people, China and Cryptocurrency will exist permanently in a modern world and China will always find it self defending its stand when there are parameters that they can employ so Cryptocurrency can be integrated in their system without violating their traditions and beliefs.
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Are you positive that eventually China will one day open its market?
I'm positive that they will eventually open up in the future, You cannot ignore something that the world is adopting; there is demand coming frrom your own people, China and Cryptocurrency will exist permanently in a modern world and China will always find it self defending its stand when there are parameters that they can employ so Cryptocurrency can be integrated in their system without violating their traditions and beliefs.
For me though, I think that China will not open up in the future, they have seen what the bad effects of crypto to them, specially Bitcoin that they really work hard to ban it for good, first in the exchange and then Bitcoin mining.
It they see that it will help them out, then for sure, they will not go and ban it. And remember that they established their Digital Yuan, one of the first country to have a CBDC, so in essence, that is already crypto for them and for the Chinese people.
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It is more likely that this guy mysteriously disappears than for China to open up to crypto any time soon.
If the CP of China had any intentions to be involved in cryptocurrencies, then they would not have banned them - and as you say, gold is far more interesting to them, and in addition they have one of the most advanced CBDCs in the world and a political system that allows them to implement the same.
Any backtracking would be completely counterproductive and bring them no benefits other than the same problems they had in the past - and that is an uncontrolled outflow of money from the country, and mining farms, which according to them consume too much electricity and pollute the environment (if they use coal as raw material).
Gold + CDBC is a combination they like. Crypto, especially USDT, less so. Because most of the usage of USDT is inside China, and it's heavily used by fraudulent Chinese businesses (think like online scam rings and stuff like that). They don't like having to ask Tether, a US company, to block addresses for them. They would rather have such power themselves.
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You obviously missed the key word "EX finance minister" - which is strange considering that it is literally the title of this topic. Personally, I'm always surprised when people experience news from China with such excitement, and actually the best news was when they decided to ban everything related to BTC. make transactions with it.
I know the minister is Ex, and thanks for the correction, as I did not mention ex-minister in my last post. My motive was that even if an Ex finance minister is considering lifting the ban, then maybe there will be a word in the on-duty finance minister, or there might be some discussions ongoing because sometimes political figures, when they come to know about something, try to take the credit by sharing some inside news, but in a way that won't cause any harm to the political leaders on duty.
China has always been quite a weight for BTC with all its semi-bans and constant threat to miners, and as someone who remembers that time well, I can only say that it is better for all of us that this ban remains as long as possible. People in China who want to buy BTC can always find a way to do it, and that's the whole point-that you don't have to ask the authorities if you can buy BTC and make transactions with it.
I have read the stories like how they banned and unbanned crypto, I think I have to agree with you because for now if they lift the ban, the market will react and we will see a pump, but again, if they decide to ban it, then it will dump, but till then to be honest I will be out of market.
PS: I see you are the top Karma earners in Sep Congratulations for that.
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One of the reasons government has never totally banned cryptocurrency is because of the fear of the unknown. Everyone is trying to be careful with the technology because it could evolve to something great in the future. As the adage goes, " no one knows the pregnancy that carries the King". Some people can be hasty to ban cryptocurrency and in the end it turns out to be the major economic driver. That is why some countries are being lenient and I won't be surprised to see China reverse their hash laws on bitcoin.
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even russia is now open to bitcoin when it was strictly against bitcoin so i would not put it past china to change its stance even hong kong has good policies with crypto having an etf of bitcoin hong kong may independently govern themselves from china but china still has some power over hong kong and i am sure they can see how bitcoin is being used and how hong kong is benefitting from it
IMO Russia did that since they realize they could use Bitcoin to evade sanction. Otherwise, it'd take longer to see Russia government accept cryptocurrency on such degree.
It is more likely that this guy mysteriously disappears than for China to open up to crypto any time soon.
I can't help but agree, when Jack Ma (one of top China's billionaire) disappeared for 3 months after criticize government.
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First, he was not the Finance minister, he was one of the deputy finance ministers, so he was in charge of just one sector, in his case Customs.
Second, his speech was something else altogether, he claimed that you can't fully ban them so you need to create options that would help the economy, what he is basically saying is that Chian should create their won coins controlled by the government to flood the markets and attract investors!
So, no, it's not about allowing Bitcoin and other decentralized coins, it's about issuing their own, which I start to think it is worse than a ban!
Make no mistake, he's the guy who was in charge of tariffs and was the planner for China's retaliations whenever there was a confrontation with the west, his views have nothing about freedom in it, it's just a reach for total control!
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There are no definite signs yet, but if China really starts to accept the presence of cryptocurrency, it will be the biggest news ever... of course the price explosion will be uncontrollable because of the many big investors coming in...
Ex Chinese Finance Minister may give a little light, and until now I am still very pessimistic that it will be a positive signal...Xi jinping does not seem to plan to give the green light for cryptocurrency in the near future...
don't expect too much my friend...
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~snip~
I have read the stories like how they banned and unbanned crypto, I think I have to agree with you because for now if they lift the ban, the market will react and we will see a pump, but again, if they decide to ban it, then it will dump, but till then to be honest I will be out of market.
You can't just understand how communists thinks, unless you lived in a society where they ruled. I had the misfortune of living for a time in such a system, and these people are obsessed with external and internal enemies 24 hours a day, and if they don't exist, they invent them and accuse completely innocent people. I was personally surprised that they didn't ban BTC earlier and why they waited so long, and the reason, in my opinion, is that they obviously didn't consider it too much of a threat.
PS: I see you are the top Karma earners in Sep Congratulations for that.
Thank you, the force was obviously on my side :)
+1
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You can't just understand how communists thinks, unless you lived in a society where they ruled. I had the misfortune of living for a time in such a system, and these people are obsessed with external and internal enemies 24 hours a day, and if they don't exist, they invent them and accuse completely innocent people. I was personally surprised that they didn't ban BTC earlier and why they waited so long, and the reason, in my opinion, is that they obviously didn't consider it too much of a threat.
You are right I can't understand how they work. I never came to live in such a situation, although that's what the world thinks (IMO), because Pakistan also has a communist government that controls most of the aspects of our lives, and you will be shocked to see the role of the army in such a government. China's army also plays a vital role in making a successful communist society, and they chase goals like you said they even invent their enemies (that's deep, BTW), and innocents always get in the way (not a new thing, just save yourself).
I think they waited this long because they want to make money as well, or they don't want to be seen by the whole world, they might want to do all the progress behind the curtain.
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You can't just understand how communists thinks, unless you lived in a society where they ruled. I had the misfortune of living for a time in such a system, and these people are obsessed with external and internal enemies 24 hours a day, and if they don't exist, they invent them and accuse completely innocent people.
China is not communist anymore, it's a dictatorship, a thing that actually simplifies stuff!
But yeah, pretty much, they are on the same level as most Warsaw Pact countries, although I tend to believe that Poland was actually enjoying a little more freedom than China is going to have in the next decade!
As for crypto adoption, lol:
https://www.reuters.com/markets/asia/china-markets-reopen-with-roar-after-week-long-break-2024-10-08/
They are trying to push everything do drive consumption and rise the stock market and real estate prices, you would have to be daydreaming they would allow precious capital to flow into crypto and more importantly outside the country!
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You know when you talk about crypto currencies, china is among the countries that started this crypto of a thing but later had to ban the citizens of their country from engaging in anything crypto because many countries earlier than now cited crypto as something that would affect the currency of their country and also cause corruption in the economic system and also the youth.
Even Donald Trump was totally against it in his tenure as the president of the united states.
So if china decides to come back to it, it will be another addition to crypto world.
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Smart thing for any nation would be to reconsider what they can do with what they have, and crypto is something they can benefit from and this isn't really this much of a trouble. I believe the best they can do right now would be just focusing on what to do and how to get a better result, and in this regard we are seeing them get the best out of the situation if they get involved again. After all, banning any part of crypto could slow down the progress, and China is a huge market, they need to realize how big their economy is and how they need diversification to put all their money in different places, including crypto.
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Smart thing for any nation would be to reconsider what they can do with what they have, and crypto is something they can benefit from and this isn't really this much of a trouble.
How is going to benefit China? Please do tell!
I've always said that it's pretty easy for people to mistake personal finances for national economies, if crypto would have helped China even a bit by the same logic it would have lifted Nigeria out of poverty, right? Well, with all those claims about Nigerian being crypto over in a 20%-30% percentage I don't see any major economic breakthrough at all and more signs of quite the opposite!
So, how will China (as a country) benefit from it?
The first step would be to buy a shitton of crypto and thus an insane cash outflow and a decrease in the yuan purchasing power, do you think this is what they want right now?
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Are you positive that eventually China will one day open its market?
As much as I want this to happen, I don't think that the CCP will do this initiative.
After all, they will not benefit from this, and even though their economy is struggling right now, I don't think that they will consider un-banning it on their country.
The post above said it all already. The Chinese Government will not make any benefits on changing their stance with cryptocurrency. Their economy will not be affected as well if they for unknown reasons unban it. Heck, there's even a news a few years ago regarding them creating their own digital Yuan because they want everything to be controlled within the country. They can't control crypto as well, and that's another reason I believe as to why they will not change their stance against it.
Well, if for some reason they will unban it, that might be a catalyst towards a bull run, but I doubt that this will happen anytime soon.
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Yeah china decided to ban crypto from their country because they were afraid of the influence crypto might bring to the economy. They taught crypto would come to take over their currency and gradually affect the economy and they were afraid of the impact the crypto currencies would bring to their youths. But I guess for them to re-evaluate it means since the ban they've been watching the journey of crypto and it's impact to the world.
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First, he was not the Finance minister, he was one of the deputy finance ministers, so he was in charge of just one sector, in his case Customs.
Second, his speech was something else altogether, he claimed that you can't fully ban them so you need to create options that would help the economy, what he is basically saying is that Chian should create their won coins controlled by the government to flood the markets and attract investors!
So, no, it's not about allowing Bitcoin and other decentralized coins, it's about issuing their own, which I start to think it is worse than a ban!
Make no mistake, he's the guy who was in charge of tariffs and was the planner for China's retaliations whenever there was a confrontation with the west, his views have nothing about freedom in it, it's just a reach for total control!
I wonder why anyone would want a chinese based government digital coin.
I would think a person would proxy it to an out of country relative.
one reason I have btc is just in case I need to leave my country I have btc stashed.