Ex-Chinese Finance Minister Calls To Re-evaluate Cryptocurrency Ban

[KingsDen]

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.

[ABCbits]

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.

[Stompix]

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!

[bayu7adi]

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...

[Lucius]

~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

[Faisal2202]

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.

[Stompix]

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!

[rachael9385]

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.

[Captain Corporate]

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.

[Stompix]

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?

[LogitechMouse]

--
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.

[rachael9385]

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.

[philipma1957]

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.