If China soon welcomes crypto: strong bullrun?

[satpol_PP]

I believe that lately the Chinese government is trying to put more and more restrictions on the use of cryptocurrencies but let's not forget that China is one of the largest miners so it will always have a great influence on the market trend

We haven't seen any updates on China's stance towards crypto, but we are witnessing Hongkong active embrace of crypto and related products. I can only speculate that the Chinese government is trying to delay the development of the domestic crypto market to study and enact crypto regulations.

China is quick to respond to global trends, such as electric vehicles and AI. There's no reason for them to lag behind in the crypto wave while actively adopting blockchain. China crypto plan remains a mystery, but I know it will be massive and have a significant impact on the global crypto market once it's released.

I also don't see any update news about China related to crypto, maybe they are working on a secret crypto project, Although there is no latest news or maybe China pretends not to allow crypto to be used as a payment method and mining but actually they have prepared a big crypto project. This is just a guess, because it is impossible for a country as big as China to not care about crypto all this time.

[Stompix]

China is quick to respond to global trends, such as electric vehicles and AI. There's no reason for them to lag behind in the crypto wave while actively adopting blockchain. China crypto plan remains a mystery, but I know it will be massive and have a significant impact on the global crypto market once it's released.

China is embracing what is good for China!
Producing tons of electric vehicles and earning from exports is making them money,  creating AI models is good for their own business and their rather nefarious takes on some government activities, but why would they embrace as a nation crypto?

I have yet to see a single reason why would this affect them positively, after all, it's all about money, so they will need to buy crypto and then hope for others to buy them from them, what other advantage is there as a nation? There are individual finances and national-level economics, and these are distinct plans! I've always said it, look how Nigeria and Turkey are bragging about massive adoption, some close to 40% if we take some sources seriously, how did it actually help the countries? Obviously, they didn't!

^ What the Chinese wants is to just mine BTC. Although they ban BTC mining back in 2020, they gradually mine BTC again which the percentage of hashrate is way higher than any country today.

That's completely false, the US has taken the lead in the bitcoin mining industry and there is no turning back from that!
At the very least 30% of the global hashrate is in the hands of private medium to large players located in the US, estimates for the total go from 40 to 50% depending on the methodology.

[enwi]

I believe that lately the Chinese government is trying to put more and more restrictions on the use of cryptocurrencies but let's not forget that China is one of the largest miners so it will always have a great influence on the market trend

We haven't seen any updates on China's stance towards crypto, but we are witnessing Hongkong active embrace of crypto and related products. I can only speculate that the Chinese government is trying to delay the development of the domestic crypto market to study and enact crypto regulations.

China is quick to respond to global trends, such as electric vehicles and AI. There's no reason for them to lag behind in the crypto wave while actively adopting blockchain. China crypto plan remains a mystery, but I know it will be massive and have a significant impact on the global crypto market once it's released.

I also don't see any update news about China related to crypto, maybe they are working on a secret crypto project, Although there is no latest news or maybe China pretends not to allow crypto to be used as a payment method and mining but actually they have prepared a big crypto project. This is just a guess, because it is impossible for a country as big as China to not care about crypto all this time.

Well, it is virtually impossible to ignore China as a power within the global economy and technology; perhaps they are hiding the innovations they are preparing now when they allow limiting options for the crypto use as payment and mining. That could lead to speculation that the duo has been hiding from the public eye, but it could also be a strategic way of keeping things hidden in the shadows for a well planned out second move. It is obvious China is interested in the blockchain technology and crypto, so maybe we just have to wait for them to pick such strategies. Due to the increasing development in the crypto world, it is quite wise to keep an eye on something that might happen later in the future.

[MrSpasybo]

China is embracing what is good for China!
Producing tons of electric vehicles and earning from exports is making them money,  creating AI models is good for their own business and their rather nefarious takes on some government activities, but why would they embrace as a nation crypto?

I have yet to see a single reason why would this affect them positively, after all, it's all about money, so they will need to buy crypto and then hope for others to buy them from them, what other advantage is there as a nation? There are individual finances and national-level economics, and these are distinct plans! I've always said it, look how Nigeria and Turkey are bragging about massive adoption, some close to 40% if we take some sources seriously, how did it actually help the countries? Obviously, they didn't!

There are numerous reasons for China to actively support crypto, not merely as an investment but as a revolution in technology and the financial system.

Blockchain and crypto are intrinsically linked. For China to widely adopt blockchain, crypto is indispensable for maintaining decentralized networks. Traditional financial systems can significantly benefit from cost reductions and the integration of various crypto-related technologies.

We've observed Hongkong proactive crypto experimentation, which could be China strategy to test its expectations on a smaller scale before broader implementation.

[Stompix]

Blockchain and crypto are intrinsically linked. For China to widely adopt blockchain, crypto is indispensable for maintaining decentralized networks.

No, they are not, that's the thing!
The first actual real usage blockchain was working previous to Bitcoin in 2007,
https://e-estonia.com/solutions/cyber-security/ksi-blockchain/
and it's working fine without crypto, without tokens, and without smart contracts for an entire country!

Blockchains are just distributed databases, Cassandra is a distributed database, it works wonders for everything, it runs flawlessly and it needs to token, no exchange nothing of value, both apple and google and facebook run on it!

So, what's the point of putting tokens on them?

[MrSpasybo]

No, they are not, that's the thing!
The first actual real usage blockchain was working previous to Bitcoin in 2007,
https://e-estonia.com/solutions/cyber-security/ksi-blockchain/
and it's working fine without crypto, without tokens, and without smart contracts for an entire country!

Blockchains are just distributed databases, Cassandra is a distributed database, it works wonders for everything, it runs flawlessly and it needs to token, no exchange nothing of value, both apple and google and facebook run on it!

So, what's the point of putting tokens on them?

I don't see how a decentralized network can be sustained and improved without rewarding validators. They need to make money to cover hardware, electricity, rent, and staffing costs. Plus, public blockchains should be open to everyone with a shared goal of benefiting society.

Some private blockchains operate without tokens, but they're only slightly decentralized, and I don't think that's enough to win over big financial institutions. Even China, a blockchain powerhouse, hasn't launched any services on public blockchains yet because they'd have to pay in crypto to use them.

[Stompix]

I don't see how a decentralized network can be sustained and improved without rewarding validators.

Why would China need decentralized networks for storing data?
Why would your medical records, your tax files, or anything else from government papers to personal files be held in a public decentralized ledger when it could simply be held in private decentralized fashion just like is now stored in a centralized server?

Google play runs on decentralized databases, so does apple store so does youtube and even tiktok, private decentralized severs in 20 datacenters, and as you can see no token is needed, no incentive no nothing!

They need to make money to cover hardware, electricity, rent, and staffing costs. Plus, public blockchains should be open to everyone with a shared goal of benefiting society.

Why? 99% of it is sensitive data, why should it be public, I don't want my health files, my tax files my criminal record to be public, how do we arrive at records being public and on the other side we advocate for privacy?

Even China, a blockchain powerhouse, hasn't launched any services on public blockchains yet because they'd have to pay in crypto to use them.

I just gave you a real-world example of private decentralized blockchain action, it has been used for a decade , working flawlessly without a token and without any other incentive for it!

[MrSpasybo]

I just gave you a real-world example of private decentralized blockchain action, it has been used for a decade , working flawlessly without a token and without any other incentive for it!

I don't think private blockchains are the future. I'm a firm believer in public blockchains, and they need tokens, they need crypto to maintain their security and decentralization. IBM hybrid blockchain is popular, but large financial institutions still choose Ethereum to experiment with and use tokenization.

I can't predict the future, but I believe China will adopt the public blockchains they're researching and they'll have to accept crypto. That's a long way off though, and we haven't seen any official statements from the Chinese government yet. All we know is the view of former finance minister Lou Jiwei, who said China needs to study and accept crypto.

[Stompix]

I don't think private blockchains are the future. I'm a firm believer in public blockchains, and they need tokens, they need crypto to maintain their security and decentralization.

Then what about XRP?
What about coins that are inflationist basically printing money to keep themselves secure, how is there any difference between a private chain held by a company in 10 datacenters and 10 centralized entities mining all the blocks in a public chain?

I can't predict the future, but I believe China will adopt the public blockchains they're researching and they'll have to accept crypto.

Again, why would they adopt "public" blockchains? What would be the advantage from the government's perspective?

[MrSpasybo]

Then what about XRP?
What about coins that are inflationist basically printing money to keep themselves secure, how is there any difference between a private chain held by a company in 10 datacenters and 10 centralized entities mining all the blocks in a public chain?

Again, why would they adopt "public" blockchains? What would be the advantage from the government's perspective?

As I understand it, Ripple was granted XRP to operate a global interbank payment system. Ripple doesn't have the authority to mint additional XRP for themselves. The XRP Ledger is a decentralized, public blockchain, not a private chain as many investors believe. RippleNet also is a decentralized global network of banks and payment providers utilizing Ripple distributed financial technology.

I believe China is planning to adopt public blockchains due to their ongoing research into their potential. For more information, you can refer to reports by CCID and BSN. While private blockchains are also being extensively studied, their applications are limited to smaller groups of customers, such as within a supply chain. They lack the necessary reliability for deploying critical services like asset tokenization.

[rachael9385]

Seeing the impact of crypto in recent market and how it has helped alot of people especially the youths in various countries I think china government should have a second taught on legalizing crypto for their citizens, I think it will be a bull run in the crypto world. And I know the citizens as well Will craving for crypto seeing how others are getting successful in it I think it will be a good news for them and the crypto world.

[Tribalchief]

China is embracing what is good for China!
Producing tons of electric vehicles and earning from exports is making them money,  creating AI models is good for their own business and their rather nefarious takes on some government activities, but why would they embrace as a nation crypto?

I have yet to see a single reason why would this affect them positively, after all, it's all about money, so they will need to buy crypto and then hope for others to buy them from them, what other advantage is there as a nation? There are individual finances and national-level economics, and these are distinct plans! I've always said it, look how Nigeria and Turkey are bragging about massive adoption, some close to 40% if we take some sources seriously, how did it actually help the countries? Obviously, they didn't!

Permit me to ask, what do you think are the necessary important factors for considering the usage and adoption of cryptocurrency in a country?, is it because of economical benefits or individual(citizens) benefits?, or even both?. Because, as it stands, china seems to be very confident that crypto won't really contribute much because they've already installed certain things in place like the AI model and other things you mentioned. But in the case of Nigeria as a country, i think it benefits the citizens more due to the level of hardship. So, many of them have opted to cryptocurrency, and i think it is really working IMO.

[Stompix]

As I understand it, Ripple was granted XRP to operate a global interbank payment system. Ripple doesn't have the authority to mint additional XRP for themselves. The XRP Ledger is a decentralized, public blockchain, not a private chain as many investors believe. RippleNet also is a decentralized global network of banks and payment providers utilizing Ripple distributed financial technology.

Ripple labs hold the majority of the votes it needs for a consensus, the UNL is nothing but nodes with no voting power and super validators again nothing like Solana, the community can't do a single thing about how Ripple works, yet Ripple Labs can change that with one line of code pushed through.
Also even if it were true this would have gone against the theory for required rewards.

I believe China is planning to adopt public blockchains due to their ongoing research into their potential.

Yeah, I've been hearing that for a decade, so , one example of a public government chain with tokens?

Permit me to ask, what do you think are the necessary important factors for considering the usage and adoption of cryptocurrency in a country?, is it because of economical benefits or individual(citizens) benefits?, or even both?. Because, as it stands, china seems to be very confident that crypto won't really contribute much because they've already installed certain things in place like the AI model and other things you mentioned. But in the case of Nigeria as a country, i think it benefits the citizens more due to the level of hardship. So, many of them have opted to cryptocurrency, and i think it is really working IMO.

First people need to understand that what's good for the individual might now be good for the country.
Is good for me to buy cheaper stuff from China than paying 10 times for a country-based product? Yes! It is good for my country? No!

Same with crypto, how is a country going to benefit from that?
Taxes? You first need people to buy and then sell to make a profit, assuming they do and they pay tax, what if they would not invest in crypto but in the national stock market, wouldn't that be the same as money still always being under your control in your own country?

I don't see crypto having the same advantages for government as they do for private individuals!

[bounceback]

China is the most influence country around the world and they have many citizen lead as the top will bring most positive effect if welcome or make cryptocurrency as legal payment transaction. Firstly when bitcoin still have lower price China most welcome for bitcoin and there are many big top mining project, but when announcing for banned all bitcoin transaction have bit problem with bitcoin price drop but success raise up to higher price again.

I think most influence country around the world after United State is China, I can't believing how positive impact later if bitcoin really welcome and legal in China.

[dekafee79]

China is the most influence country around the world and they have many citizen lead as the top will bring most positive effect if welcome or make cryptocurrency as legal payment transaction. Firstly when bitcoin still have lower price China most welcome for bitcoin and there are many big top mining project, but when announcing for banned all bitcoin transaction have bit problem with bitcoin price drop but success raise up to higher price again.

I think most influence country around the world after United State is China, I can't believing how positive impact later if bitcoin really welcome and legal in China.

All crypto lovers also hope the same, big countries like China can accept bitcoin and legalize it because the US has started to accept bitcoin. These two big countries have always been the center of other countries but unfortunately until now China has not been able to accept bitcoin and prohibits its citizens from mining. If China accepts bitcoin and considers it legal, we will likely see the price of bitcoin soar, because most crypto lovers are also from China.