If China soon welcomes crypto: strong bullrun?

[DrBeer]

The problem is that the internal processes taking place in China will not allow to make the crypto market open for all, i.e. for citizens. The only option is to use cryptocurrencies to circumvent sanctions. How effective this step will be, we can only try to guess. Sanctions are an unpleasant thing, and China is very afraid of their strengthening, which means that it will take risks only in case of "vital necessity". Whether China needs it is a rhetorical question.

Cryptocurrency has been mentioned as a way to avoid financial sanctions. For example, Russia once wanted to use crypto to pay for oil bills but was unsuccessful. At present, China does not have this goal because it is still free to use global financial services.

I think China may change its views and regulations on crypto if it wants to keep up with the world in the crypto wave and collect huge tax revenue from this market. Another reason is that investors are looking for BTC and crypto to diversify their assets, putting indirect pressure on the government. I think in the future, we may see crypto legalized again in China!

The fact is that for a NOT-ISOLATED economy to work, you need the processes of exporting and importing goods. This means that in order to interact with the "external economy", China needs means of payment that will be accepted there. In the EU, the US, in short, the Western market. At the same time, we should not forget that China depends on Western technologies at least.
This means that in the example you gave about sanctions - we are talking about mutual settlements between the same countries (sub-sanctioned/void countries and the like).  And the question is: what difference does it make to them, if in fact they will switch to almost barter schemes? The unit of settlement can be bitcoin, cones, Kauri shells, ....  ...anything, because it will be a turnover of goods in an isolated environment.

[Gurujebs]

Apart from having a large population, China has a very large economy and trade and renewable technology, so crypto should not be something that is very no unknown there.
It is true that without China, crypto would still run as it has until now and continue to run well. But we are not minimizing the contribution. If there is China, at least trade will be more enthusiastic, which will make prices increase more quickly.

There is some believe that Satoshi, the founder of Bitcoin has trace to China and this is why China used to be one of the bullish countries that love Bitcoin. There were several ban of Bitcoin in the country until the finally chase everyone involved in the mining of Bitcoin and ban Bitcoin from the China. The fact that Chinese people love Bitcoin says a lot about Bitcoin, I'm sure that despite this ban, there will be some of them that are still actively doing crypto but on a lowkey to avoid government problems.

[bee]

I think China may change its views and regulations on crypto if it wants to keep up with the world in the crypto wave and collect huge tax revenue from this market. Another reason is that investors are looking for BTC and crypto to diversify their assets, putting indirect pressure on the government. I think in the future, we may see crypto legalized again in China!

In fact, there is an ambition to dominate the use of their currency globally. In this case, we know that China(¥) competes with US($) in several aspects, especially economics and trade. Cryptocurrencies, especially bitcoin, are an external disruptor that can't be fully controlled, where it has the potential to be the majority of its own people. That's why China made contradictory regulations to get rid of it. So, welcoming crypto is impossible unless their leaders change.

[yohananaomi]

Apart from having a large population, China has a very large economy and trade and renewable technology, so crypto should not be something that is very no unknown there.
It is true that without China, crypto would still run as it has until now and continue to run well. But we are not minimizing the contribution. If there is China, at least trade will be more enthusiastic, which will make prices increase more quickly.

There is some believe that Satoshi, the founder of Bitcoin has trace to China and this is why China used to be one of the bullish countries that love Bitcoin. There were several ban of Bitcoin in the country until the finally chase everyone involved in the mining of Bitcoin and ban Bitcoin from the China. The fact that Chinese people love Bitcoin says a lot about Bitcoin, I'm sure that despite this ban, there will be some of them that are still actively doing crypto but on a lowkey to avoid government problems.

That's right, China must be recognized as a fan of Bitcoin, and it is not surprising that there is so much mining there and its influence is also very large, so it is natural that when there is a ban, many of them move.
Wow, of course there is recent news that Satoshi came from China, but so far there is still no certainty.
I also agree with you, perhaps a ban has been implemented. It is not impossible that someone will also violate these rules because Bitcoin's potential is very high and that is a normal thing, because they can still trade even though there is a ban.

[Baofeng]

I think China may change its views and regulations on crypto if it wants to keep up with the world in the crypto wave and collect huge tax revenue from this market. Another reason is that investors are looking for BTC and crypto to diversify their assets, putting indirect pressure on the government. I think in the future, we may see crypto legalized again in China!

In fact, there is an ambition to dominate the use of their currency globally. In this case, we know that China(¥) competes with US($) in several aspects, especially economics and trade. Cryptocurrencies, especially bitcoin, are an external disruptor that can't be fully controlled, where it has the potential to be the majority of its own people. That's why China made contradictory regulations to get rid of it. So, welcoming crypto is impossible unless their leaders change.

It's not contradictory though, they really went anti-Bitcoin, started in 2018 that's why there were an influx of Chinese base crypto exchange to move somewhere else, i.e. Binance.

And then add to their authoritative government, which they want to control everything as Bitcoin will give the Chinese so much freedom, they will have to stop it the sooner. Nevertheless, we have been for many years not under the influence of Chinese miners and we are very healthy so for me, bull run will come to us, with or without the Chinese welcoming back Bitcoin.

[MrSpasybo]

In fact, there is an ambition to dominate the use of their currency globally. In this case, we know that China(¥) competes with US($) in several aspects, especially economics and trade. Cryptocurrencies, especially bitcoin, are an external disruptor that can't be fully controlled, where it has the potential to be the majority of its own people. That's why China made contradictory regulations to get rid of it. So, welcoming crypto is impossible unless their leaders change.

I am also aware of China's ambitions, but recently we have seen many unusual developments that suggest the possibility of China testing and adopting crypto. Although China wants to expand its global influence, it still needs economic power, and crypto can bring strong economic growth if applied effectively.

Even if China does not adopt crypto, other countries will adopt crypto and receive many benefits for economic development and have many advantages over China. I believe that the Chinese government is aware of this, especially as crypto has become a major topic in the US election.

[Makus]

Apart from having a large population, China has a very large economy and trade and renewable technology, so crypto should not be something that is very no unknown there.
It is true that without China, crypto would still run as it has until now and continue to run well. But we are not minimizing the contribution. If there is China, at least trade will be more enthusiastic, which will make prices increase more quickly.

There is some believe that Satoshi, the founder of Bitcoin has trace to China and this is why China used to be one of the bullish countries that love Bitcoin. There were several ban of Bitcoin in the country until the finally chase everyone involved in the mining of Bitcoin and ban Bitcoin from the China. The fact that Chinese people love Bitcoin says a lot about Bitcoin, I'm sure that despite this ban, there will be some of them that are still actively doing crypto but on a lowkey to avoid government problems.

One major fact about desperate persons is that they never give up, irrespective of the obstacles they face. It very difficult to still try to trade in such conditions because the government would probably create a more difficult cryptocurrency environment for those who are still interested so that their interest dies. It's possible all exchange dealing with fiat banks would be stopped and then they'll might even disable other crypto related search and all of that. The government are the major reason cryptocurrency is where it is today, with the mass addiction by individuals cryptocurrency would have been a massive blow but the government always set themselves as obstacles all for their selfish interest.

[nakamura12]

They may be able to ban bitcoin in their country but there are still people who use bitcoin and even mining. I also think that it is their strategy to gain profit because if they did not then why did they ban crypto related things time after time instead of banning it entirely instead of banning icos and then trading/mining. Once again, I think they have a strategy that they are planning.

[target]

The HongKong ETF I think is going to make a big changes to their stance in crypto regulation but the latest article in the news months ago was about the ETH being considered digital oil by the CEO of a large Chinese bank.

With their population and government approval for crypto, I think they can make this industry much bigger.

[yohananaomi]

They may be able to ban bitcoin in their country but there are still people who use bitcoin and even mining. I also think that it is their strategy to gain profit because if they did not then why did they ban crypto related things time after time instead of banning it entirely instead of banning icos and then trading/mining. Once again, I think they have a strategy that they are planning.

But in a country that is so legally strict, it is certain that even though you can do mining and anything with bitcoin, most are afraid to break these rules, because the law is made not to be broken.
But if, as you say, it is due to strategy, I agree that China has an interest in crypto, and they certainly have something that cannot be predicted, but we can be sure that if there is a good plan regarding crypto for their benefit, then we can be sure that China will accept it back. .

[MrSpasybo]

But in a country that is so legally strict, it is certain that even though you can do mining and anything with bitcoin, most are afraid to break these rules, because the law is made not to be broken.
But if, as you say, it is due to strategy, I agree that China has an interest in crypto, and they certainly have something that cannot be predicted, but we can be sure that if there is a good plan regarding crypto for their benefit, then we can be sure that China will accept it back. .

Crypto mining is considered illegal in China, and miners face the risk of being accused, prosecuted, and severely punished. This is also the reason why many mining farms are forced to look for new markets that are more crypto-friendly, such as the US, making the US the country with the largest BTC mining power.

Clearly, crypto mining can still take place in China but is only organized in the shadows and comes with many risks. This may not destroy the entire crypto market in China but is enough to stifle the development of crypto in the world's second-largest economy. I really hope that this will change soon in the future for crypto to have stronger and more impressive growth in the bullrun.

[Cryptsafe]

They may be able to ban bitcoin in their country but there are still people who use bitcoin and even mining. I also think that it is their strategy to gain profit because if they did not then why did they ban crypto related things time after time instead of banning it entirely instead of banning icos and then trading/mining. Once again, I think they have a strategy that they are planning.

But in a country that is so legally strict, it is certain that even though you can do mining and anything with bitcoin, most are afraid to break these rules, because the law is made not to be broken.
But if, as you say, it is due to strategy, I agree that China has an interest in crypto, and they certainly have something that cannot be predicted, but we can be sure that if there is a good plan regarding crypto for their benefit, then we can be sure that China will accept it back. .

China is a nation that you can never predict. You just might have a thought about them but can never tell what their next plan of action would be like. I would say that China as a populous country,   has every capacity to turn the crypto market green. They are the largest populous nation in the world if I am not mistaken.  China definitely have a plan and I possibly believe if they do fully launch into Bitcoin, the, market would blossom. Somehow, that nation have a strong and  powerful support for crypto currency enthusiast a

[silkytakyaan86]

Yes, if crypto is welcomed in China, it will have a huge impact on the crypto market because China is one of the largest countries. If crypto demand increases, the market will also grow

[Gurujebs]

They may be able to ban bitcoin in their country but there are still people who use bitcoin and even mining. I also think that it is their strategy to gain profit because if they did not then why did they ban crypto related things time after time instead of banning it entirely instead of banning icos and then trading/mining. Once again, I think they have a strategy that they are planning.

If not that Bitcoin was completely later ban in China, the number of miners that was coming from that region was higher than any other numbers across other countries. There impact on the market can't be look away. If Bitcoin want to legalized Bitcoin and it pump, the effect is not going to be the same like that if China choose to allow Bitcoin for its on people.

So far since the ban of Bitcoin in China, I'm not sure they have had a change of governments since Xi Jinping started his administration, who knows if things might change the way the US is right now. One candidate that is love by people might just want to use Bitcoin as political movements and it's going to favor Bitcoin.

[MrSpasybo]

If not that Bitcoin was completely later ban in China, the number of miners that was coming from that region was higher than any other numbers across other countries. There impact on the market can't be look away. If Bitcoin want to legalized Bitcoin and it pump, the effect is not going to be the same like that if China choose to allow Bitcoin for its on people.

So far since the ban of Bitcoin in China, I'm not sure they have had a change of governments since Xi Jinping started his administration, who knows if things might change the way the US is right now. One candidate that is love by people might just want to use Bitcoin as political movements and it's going to favor Bitcoin.

I think that at that time, China banned ICOs and crypto because they wanted to protect their fiat from a new financial wave that their government did not fully understand. This decision had a big impact on the crypto market, but the good news is that we are no longer dependent on China.

I don't think we can expect a change in government in China, they don't have a true democracy. The success of crypto in Hongkong could be a bigger driver for China to change its stance on crypto in this bullrun.