Bitcoin Forum

Positive news come from China:
"The new head of the financial institution, Yang Chin-long, said in his inauguration speech that the Central Bank of China (Taiwan) will pay great attention to considering the possibilities of blockchain technologies as an improvement to the existing infrastructure."
More here: The New Head of the Central Bank of China (Taiwan) Promises to Implement the Blockchain Actively (https://thecoinshark.net/taiwan-promises-to-implement-the-blockchain-actively)
Should it be considered as a harbinger of upcoming green market?

China is indeed trying to implement and experiment around Blockchain technology. We will see for sure more and more governments, institutions, big corporations getting involved in this industry.

This sounds more like neutral news if you ask me. The way it is worded makes it seem like they are not planning to do anything with Bitcoin, in fact they are potentially making moves they believe would nullify Bitcoin's purpose in the market. They're taking blockchain technology, and attempting to implement this into their already existing infrastructure; I don't know why or how they would be doing this, but it doesn't sound like positive news for Bitcoin. I doubt this will affect the price of Bitcoin in anyway, unless the people are hearing the word "Blockchain" and then doing research only to find the glory that is Bitcoin; in this regard I would assume there would be a minimal increase in buying pressure for a short time. This would be due to the new adopters of Bitcoin showing their initial interest.

It's similar news to what Putin said the other day I think. Just generic "blockchain" statements. Im getting bored of that. Either man up and load up on bitcoin or fuck off. These guys continue with their "blockchain technology" bullshit. What is this, 2015? they should have learned by now that blockchain is bitcoin and bitcoin is blockchain and everything else is a scam.

They will most likely use blockchain tech hype to release their own centralized chinese fiatcoin from hell, just like Venezuela did with their Petro scam. Avoid at all costs.

But block chain and bitcoin in their considered to be separate, they will encourage the development  of blockchain, but that doesn't mean they accept the bit5coin, they are going to limit the cryptocurrency market.

Its good news for the blockchain technology.The more it gets implemented the more the chances are btc regularization, i m seeing it this way.I also feel all financial institutions will migrate from existing infrastructure to blockhain technology to make the transaction even more transparent and more accurate in terms of any fraud and all. This may also increase the growth span of btc resulting in good profits in long term, rest time only will tell the results.

It almost sound like they want BTC legal on their lands. Its kinda of an approval to the technology, blockchain is one of the best in our times and if they use this on thier banks, its going ot be challenging for the rest of the banks in the world. They rest are working with XRP, do you think they will also be trying XRP?

Yes, it's just a generic "blockchain" statement, but it's hard to believe how such announces affect the crypto market!
Nowadays opinions are much more valuable than actual technologies, unfortunately.

Heloooo ...
Not only in China in Indonesia too will apply it and probably in all of Asia will apply it. The adoption of blockchain technology in China will not bring any substantial change to the development of the bitcoin or other cryptocurrency except Neo.
Remember china is a ingenious country they had really qualified people who can understand blockchain technology quickly. For me the news is not encouraging at all because the blockchain they apply only for their banking not for crypto.
Let's see later.

I don't see that this is so positive news. And I don't think this will influence Bitcoin in some important way.
Many banks in the world are already experimenting with blockchain technology so this is nothing revolutionary.
And like I always say the influence of China on Bitcoin is overestimated and exaggerated so I wouldn't pay so much attention to that news.

Doesn't mean much, all it says is that they will pay attention. It doesn't mean they will implement, nor does it say it will try and implement for the betterment of the people. They will look into it for sure but that is because it is cutting edge tech that could help the banking system or their corrupt system even further. I doubt they look into it to help the people of China and Taiwan, although one can pray that is what they are looking at it for.

This is getting to a point where just publishing news of a development which is being planned is enough to be considered as 'good news' to propel the market towards greenery. Yet, nobody considers the possibility that this could take years to develop and implement, being the central bank of a country brings in great responsibility. Moving traditional ledger accounting onto the blockchain while making it foolproof is a hard task in itself and announcing a 'promise' of sorts seems more like an exaggeration than anything else.

China always betting on the future

Asia will drive the market to new ATH's this year... Check out the likes of NEO and ICX the work these guys are putting in is immense

It's the opposite, they don't want BTC to be legal, but this is only my opinion. They want to use the blockchain technology, maybe they can cut some costs with it, maybe not. Maybe it's just a good marketing trick to sustain the interest about their services. There's nothing mentioned which can be in connection with bitcoin, only the blockchain technology. Because the systems of the banks are closed and centralized, you can't really be sure that they will implement the blockchain even if they communicate it.

Slowly guys, step by step, bank by bank, the world will shift from fiat to crypto currencies!
Give it enough time and you will see! Sadly too many of us are unpatient to make profits and become millionaires. But that's not the true meaning of blockchain!

of course, this will be the cause of the green market. blockchain technology is recognized by the world, and I think it's not just Chinese banks that will use it, but all banks in every country have plans to use blockchain technology.

because the peer to peer system can facilitate us to transact directly without any third party.

In as much as this sounds as a good news, but hey, it's one of those craps we Keep hearing from these governments. They all keep talking about blockchain technology but none of them wants to talk of Bitcoin, you cannot integrate blockchain without Bitcoin. And they are most afraid of the potentials of Bitcoin. So, this whole blockchain technology implementation boils down to nothing, it's just a way to deceive people.

The blockchain technology and crypto market I guess now is seperated because blockchain can be implemented anywhere by any company without the need of any coin.

there is no difference what thech they use, they stay a communist centrist banking cartel,

I will wait the full acceptance again of Chinese government to the blockchain hoping this plan suppoeted by others Chinese officials to become successful, and hoping for thsi plan including the Bitcoin or in thr whole cryptocurrency. Because is possible China make their on coins using blockchain to make new virtual currency.

China knows what market needs...always. But I think that they will regulate crypto in governments favor.
Control they like :)

Is it just me or anyone else here who thinks China is great player in playing games of crypto! The country is perfectly playing with rest of the world by showing that they don't support crypto at one point and now here we are again with another perfect solution by the central bank.

I think they are having big game behind this crypto world and they are more than 50% involved in crypto amongst the whole world.  ::)

Thats good news or bad news I'm not sure looking at the China behaviour but one thing is sure we need to be careful though.

Taiwan is different from China (although that is a different discussion for a different forum!), they haven't unified the Countries yet so Taiwan will still set their own rules and most likely they are just doing it to annoy China :D

China can do a lot of things with Bitcoin, They need to stop banning Bitcoin and unbanning it every month.

Floodgates of great news noobs are open again I see.

This isn't anything that winds me up at all -- it's just another confirmation that governments will only be interested in their own centralized blockchains. It's all done to remain their control, and to take transaction validation in their own hands. In other words, just like you are required to ask for permission to move funds from point A to point B through centralized ecosystems controlled by corporations, you'll be subject to the same rules and policies with these centralized blockchains. It grants governments more control over people than ever before, which is why it's pretty much a guarantee that they will end up utilizing blockchain technology. Currently they need banks to maintain control, but that's almost something of the past....

But China probably got really good dividends from banning and unbanning Bitcoin.
What's the point to stop it?  ;D

It's good that China is trying to explore the possibilities of blockchain technology and trying to put it in a good use. However, this news is not particularly cheering for the market because it doesn't have any financial impact. It's similar to the situation in India. While the Reserve Bank of India asks all regulated financial entities to roll back their positions from the crypto currency and the Prime Minister's office tweeted that they are looking towards blockchain technology to put it in good use. So it's a kind of double faced game they are playing. So no impact will be seen in the market of such news about blockchain technology. What we need, is the mainstream adoption.

They are doing some experiment and observation regarding Blockchain.  Let hope the most of countries will do it also and totally accept crypto currencies and real world.  I believed someday in general bitcoin and crypto currencies will be know the most  powerful currencies and to limit users of FIAT.


#Taklimakan

I thought china banned crypto from their country ? if this news is true, it will be good.
a green market will be sustained until the end of this year. lets buy more coins friend.

Sounds good, but, unfortunately, Taiwan is not a China)Frankly, it's truly China)

The main thing that people are missing here is that, implementing blockchain in their financial system does not mean that they will be accepting cryptocurrencies. Many countries is already investing in studying the blockchain but that does not mean that they are accepting bitcoin or any other crypto coin.

i think it can't be your big factor that makes the price of bitcoin rising up? why we can see that they only use blockchain system to their market, they not use bitcoin, blockchain is the system that every people can use, its not makes bitcoin rising up unless after they use blockchain they notice about bitcoin that use this system too

I think it's really blockchain technology. As a result of BTC regularization, I can see that this will be implemented further. All financial institutions in the world can use this technology to transfer money from the existing infrastructure for the transfer of transactions. People are making long-term profits by investing in this technology. Because of this technology being strong people are investing effortlessly. This technology will be universally acceptable and will provide security to the human capital.

China have always been a front foot player in the context of technology, inovation and mass production.
They have been leading the technologicsl market at a good pace. Consideratiin of blockchain mechanism would definetely have been their priority because thats the need of the hour and have a wide scope of implementation.

If china pays more attention on the blockchain technology, and develops products based on it, the it will be a pathway for other countries to implement similar techniques and ways and make use of blockchain.

great news. This is the beginning of a great future for the bitcoin and several other altcoin

For a country with strong economic growth like China, a medium-term welfare program is certainly necessary. Given the large population, the distribution of public aid and the management of the welfare system are sectors in which the blockchain can simplify the procedures for granting aid and guarantee better public governance of the initiatives.

I agree

This is a great news, the governments in the world should put more focus on the blockchain technology, its a very useful and potential technology that can change the transaction system, if more countries implement and develop blockchain it will be easier for us to do transaction in the future, but blockchain and crypto is two different things, implemented blockchain doesn't mean they are going to used crypto that already exists, so it won't affect the market

This seems like a wait and see situation because they did not mention anything about bitcoins , what they mentioned i think is the blockchain technology which can be integrated in systems in a number of ways with actually involving the bitcoins, but lets be positive and say at least its a step in the right direction, should china actually be referring to bitcoins then expect prices to skyrocket.

Sometimes it may be reported that China is very anti crypto and blockchain but speakers from China at events are always baffled by this perception as they say it's thriving. Good to hear more news about it!

Nice to see that some bank is using block chain to improve customer satisfaction. Otherwise, most of the banks see crypto just as some threat.