Bitcoin Forum

 :D hey remember the time when we all speculated  :) how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ?
Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!

*China is going to make it's own currency Renminbi a cryptocurrency *

Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.

Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !


Any ideas about what will happen ? What do you guys think ?

It is OBVIOUSLY the case, and thinking the opposite is too naive. Private banks dominate goverments because they have the power to create the money... they are not going to lose that power.


PD: What happened to the answers before mine? Deleted?

I don't think a cryptocurrency issued by the Chinese government will work, especially not in China (and not for the people). The communist party of China is well known for their restrictions and they are arresting people who have a different opinion and are opposing the opinion of the communist party.
They'll just use their government-issued cyptocurrency to analyze crypto transactions completely, ban cash and froze the crypto accounts of a person if they are doing something the communist party doesn't like. If China is going to launch a crypto I'm almost sure that it wouldn't be a useful cryptocurrency because it'll be centralized and controlled by the government, not like Bitcoin, where you are your own bank.

Any new crypto, whether it be from JP Morgan or China is bad for BTC, at least initially. It takes money that would be in BTC and puts it elsewhere. There are only so many pieces of the pie. Now if it fails due to the chinese preferring btc, than that could be good in the long term.

I don't think China will do it. I mean what will be their aim for that? Efficient transaction? China is a big country and I don't think that changing their fiat into crypto currency will be that easy. Some people might know Bitcoin or how to use it but not all of them will be accepting the fact that easily that they will be using crypto currency as a currency for life.

Are you talking about these story? https://cointelegraph.com/news/official-chinese-currency-renminbi-to-become-cryptocurrency-expert-says. 

First, mining is yet to be banned in china, the proposal is there and still under review.  This is somehow misleading saying that mining is already banned in China but it is not.

If what you are saying I true, it will be interesting to see how this is going to work because initially cryptocurrencies were designed to be against the governments and it's laws. If China is going to launch their own cryptocurrency I'm sure it's not going to be a normal currency but something they have control of so it cannot anymore be called a cryptocurrency since people are not anymore free to use their coins however they want.

I don't see why a bank/government would want to take something that is opaque and malleable and replace it with something transparent and immutable... It's against their interests.

I have read an article before that, the reason behind the mining ban in China was because, they do not want giving out their money to other countries. Now, how is this relatod to cryptocurrency and mining. Well, we all know that thru cryptocurrency money can flaw freely thru blockchain. Now, going back to mining, let's say if a foreign investor invests a mining farm in China, they will just be paying out energy cost and facility cost to mine bitcoin. So, in short China is giving out their resources(electricity) to foreign companies to mine digital money. In other words, they are spreading out money thru cryptocurrency mining which could flow free around the globe.

If they do it will be some centralized garbage, like Petro (https://en.wikipedia.org/wiki/Petro_(cryptocurrency)) which was an absolute failure. Their fiat is not in bad shape, so i see little use for this other than going backwards and ruin their own economy. Hopefully not, people are not going to waste their time with a State backed altcoin when they could just keep using the State backed fiat.

This is actually unrelated to mining, even if you criminalize other coins, mining itself doesn't touch your market, negatively anyway. If anything its positive as some foreign currency will be exchanged for local fiat to keep operations running.

Just because you mine a coin, doesn't mean you have to use it. But those concepts may be too hard to grasp for the average politician...

Agreed. Also, the Chinese government tries to monitor all of its citizens' any activity (money transactions, internet usage, geographical data, etc.). With this cryptocurrency, they can easily track everything about their people and use it against them anytime. Moreover, the e-payment market in China is the biggest e-payment market in the world. The government won't have any issues when it comes to adoption.

They was banned mining and did not allowed other company from other countries to build the biggest mining structure in the world then when they get the idea they built their own mining stucture but it fall to loss a million dollar and now they are thinking to have their own crypto? I think this is not feasible to them because I think their knowledge about crypto industry is not enough.

Probably, not sure why.

And yes, any crypto created by a gov't or corporation is going to be centralized and under their control, and what they will create is diametrically opposed to the spirit of cryptocurrency and that is to hand over control of one's money to the people.  No 3rd party needed, just the exchange of money between buyer and seller.

No country wants that, but China is not exactly known for the freedom it gives its populace and the news that they banned mining falls short of shocking me.  I do think its unfortunate given how active China is in mining and crypto in general.

It might work, but certainly not in the way bitcoin does.  And you are correct about China's reputation for repressing its citizenry.

they only want to adopt blockchain and not bitcoin
there are large miner and bitcoin user in china it might not be good for bitcoin if they leave
but for miners it will be a good thing because there will be less competitor

If a cryptocurrency is pegged to a local currency itself, the only difference here is that Chinese will be able to use Renminbi digitally too instead of just using it through paper money. But they are already able to do that via Bank transfers, so I don't get the actual purpose behind coming up with their own currency-pegged-cryptocurrency. They will not be able to dominate BTC as BTC is now out of reach of any single country to control it as it is being globalized each day with more and more adoption. If they are not going to work with mining and blockchain to help confirm the transactions that will happen in their "local" cryptocurrency, they are surely going to miss the fineness of pleasure a miner feels when mining crypto.

Anything can happen with the Chinese. They always wanna explore every thing, lead the way and rule it. If they banned BTC there must a very good reason and so  maybe their new coin are the ones going to b3 mined by those asic miners not BTC. Well soon find out if its possible working with goverment along with crypto.

I think their ideas and ways can build new ideas for other countries in empowering their own country's currency, and I hope that cryptocurrency and the Chinese government can collaborate well and produce a positive effect on the world of cryptocurrency, even though I doubt it. Because, they usually treat their cryptocurrency like a golden boy and at the same time they also make strict rules for all other cryptos like happened last year, between Neo against Bitcoin, Ethereum and several other mining coins.

In fact, Bitcoin mining factories in China have moved to other countries with more favorable conditions. In China, electricity prices have risen, and some restrictions on Bitcoin mining have been made, making the work of all investors stretch. That may be the reason many people misunderstand that China banned mining.

just because some click bait articles on the internet said "China banned [blank]" it doesn't mean they have really banned [blank], they have been publishing the same thing for years now and they just change the name inside brackets!

besides countries making their own centralized cryptocurrency (aka gov-coin) is not a speculation, it has been happening for a couple of years now and in near future majority of countries will have their own coin. it is just that most of them are waiting to see what happens to those who did it first (eg. Venezuelan, India,...) and see their mistakes and not repeat them to end up with a stronger one.

I don't think so China banned mining. Why they do this any strong reason? When it's a profitable way to earn money then why they do this? I also heard before this type of question. But I don't think it will be happen in future.

China has never banned bitcoin or its mining ever. i am afraid you have been fooled by the internet trolls ;)


nothing really. any coin they create is going to be just another centralized coin like El Petro of Venezuela and fails miserably in this world specially when it tries competing with a strong decentralized currency that is also global like bitcoin.

With the huge populate they have the volume of trade will be very high, other than that who will be purchasing their central currency, if the crypto they are planning to roll out will have any advantage than their fiat currency, then people will be using them to trade, shutting down all competition is the only way they can approach their business, if not even their own citizens would not bother using them  :P.

 It is not surprising, just like they have a firewall to prevent their citizens to use other sites in the net and how they are taking control over how they can access the world wide web, this is the same format, shutting down the entire crypto market and forcing them to use their own crypto.

It is not the OP only, China used to have such high influence over the crypto since many years that any such announcements could create panic in the minds of those who still believe that China can actually dominate decentralized cryptocurrencies.


Yes, Venezuela turned grey after coming up with Petro and China too will be undergoing their worst bet ever by coming up with a centralized and local currency pegged cryptocurrency. Bitcoins can never be destroyed by any other cryptocurrency in the world even if it is decentralized and have better features as BTC's dominance is eternal and none available here can defeat it.

There is no mining ban in China
It is only legislation proposal what is updated every three years
First was in 2013 next will be in 2022
Don't follow everything what press  advertise

the main reason for banning crypto in China is environmental  issues and another issue is China wants to regulate crypto mining which is now unregulated soon we may expect guidelines from Chinese govt

the reason fo the ban ıs = whales couldnt collect enough btc yet, because no body wants to sell btc, they cant get enough sell volume so they makes fuds to cause people sell btc, funny :D

when we are at bull market you wıll see chıne allow btc mınıng news and also you gonna see chıne support btc mınıng news :D all of these are just manıpulatıon

Chinese is famous because of piracy’s and copytrade so whats new on this?and besides we expect this from the starts thats why they are very open about many issues against cryptocurrency

But I doubt that they can gather support and investors all over the world(except from the Chinese community worldwide that for sure will put some amount to their government)because of their stand towards the crypto many has become angy with them
What is that environmental issues?kindly elaborate please?as i read no news about that part,while regulating mining for crypto is every government rights and its tolerable

This was mostly just fud, China banning bitcoin and mining has been supposedly been happening for years but they never actually go through wit hit.Economically speaking it dosen't make sense for a country to go and ban bitcoin when it will help bring in new businesses.

China is the most competitive nations in this world. Through their resources, power and connections they have they can make things impossible to possible;  and i dont see any reasons why the government of china will banned the mining of bitcoins since it is really beneficial to their economy. You can't easily remove something that brings more benefit you to I guess.

The Chinese government has way too much power of the average chinese citizen. It's sad. Why shouldn't someone in China be allowed to buy a cryptocurrency mining GPU and make their own money using China's cheap electricity... G-D forbid someone should want to earn a good living doing something honorable by participating in the greatest technological revolution in the history of mankind.

Not sure how far this news is true as any sensible nation would not want to create more unemployment or misery for rs own citizens. We are all aware how big the mining market in China is, I don't think this will be a mature step if this news turns out to be true.

China have always been involved with advance technology and at that should welcome a new development such as bitcoin and the cryptocurrencies industry, but revised is the case with they recent ban of bitcoin mining and also some strick measures against the cryptocurrency industry but for them to develop the own cryptocurrency is.another ball game entirely.

I don't agree with the Chinese government's decision to ban Bitcoin mining, because, with cheap electricity prices, it will be able to increase mining costs, and ultimately will have a positive impact on the price of BTC.

but on the otherside, the ban on BTC mining will affect BTC's global infrastructure.

in my opinion, the Chinese government must make regulations to control Bitcoin mining.

Only one reason i understand why china ban mining and whole cryptocurrency operation because the government want to regulate and control crypto.

How sure are you that China is planning to introduce its own cryptocurrency? It will be better if you provide the source of this information. And for your info, China hasn't banned crypto mining. Please do your own research before speculating false information

China has very tight restriction on their assets/money outflow, generally the country doesn't encourage RMB circulating otherside their land for purposes such as value storage. BTC could easily surprass this problem by its nature, unknown. Also their banking or transactional systems is kinda established with no dependency on blockchain, miners there are simply businesses for players around the crypto sector, they tend to do things big when there's opportunities, many shady deals like cheap eletrcity certainly goes on and since it's unregulated and operations are not transparent, banning is once and for all

Exactly, basically that the country of China feels disadvantaged, the negative impact is more than the positive impact. The most influential is the source of electrical energy, can be ascertained when more and more miners then it will make electricity supply in China continues to decrease. If you use natural resources then it is certainly very detrimental, while those who benefit only a handful of people who have very large capital.

miner could be exodus to another country, and continue mining. maybe they want to take some fee for miner.
china goverman must be associate the club and make positif rule for them, tax or something fee for that

The Chinese government, like the Russian government, speaks and acts very contradictory. Many statements then turn out to be false. Even in the matter of prohibiting mining Bitcoin there are many contradictions. The Chinese government for two years trying to limit circulation or even prohibit cryptocurrency, but in practice it continues to be used in this country.
As for the cryptocurrency, which will be issued by the Bank of China, it is even interesting. They always come up with something special. I would like to see how this cryptocurrency will be used in practice. I think that this will not be worse, even if this centralized national coin competes with the decentralized cryptocurrency.

I 100% agree with you. Based on the way China control their people creating their own cryptocurrency is just a natural step. I would be very surprised if they don't create it in a couple of years maximum.

This is what media is saying us but a lot of them are still mining in China, this country is very powerful and they are still supporting Web results
3 Things to Know About Bitcoin Mining in China - Buy Bitcoin Worldwide
https://www.buybitcoinworldwide.com › ...

I have posted the details of how mining works in China, and I still feel they are supporting crypto mining.

Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality

did you just say you want to see how cryptocurrency and government work together, well that's impossible no one wants that to happen? even bitcoin was made as an alternative to faint currency. anyway even if they try to make a new cryptocurrency its still china (the country which doesn't even trust google or facebook) is gonna trust cryptocurrency. if they are gonna make it then maybe we are gonna find some Chinese people in this forum.

To me it looks like many people in this thread are making confusion between cryptos and BTC, which are related but they're not the same thing: BTC is a crypto, cryptos include BTC. Can we have a centralized crypto and also BTC? Yes. Can in happen in the same country? Yes. In China? I don't know.

chinese government understand the  power of cryptocurrency.government feels threatend  by bitcoin but like the idea.so it is expected that they wil release their own cryptocurrency, so that they can control their own crypto.considering everything governtment understand that bitcoin is a clear winner and  they don't want citizens to invest money into sometthing that can not be controlled by them.

That was pretty much expected! Slowly majority of the countries will move to this crypto economy which will be just a digital representation of their own fiat currency.  Countries like China and India are the ones who are effectively exploring this opportunity.

But there's nothing for us to get excited because that will effectively supersede the necessity of other cryptos to a lot o people! 2019 and the years ahead will be full of surlrises it seems!

Countries that just turn their own currencies into cryptos doesn't mean that they're trying to "adopt" the crypto framework - if they were doing that then they would be far more open to using the decentralized networks and platforms that already exist. This is just another effort to control their citizens more by having a "public ledger" which they can notionally make completely traceable for the government agencies and impact their social credit platform by making finances available to everyone. China's government has no actual purpose for cryptos, they're exploiting it and making it a malicious system.

This depends on how the population of China will react to this. Many of them don't know about cryptocurrencies and for them this will seem like something new that is helpful for their economy so their crypto might survive for a while at least in China. For the rest of the world this is going to be a dead, shitty coin and nothing more than a copy of bitcoin.

Tons of people in China already pay using WeChat, and the government knows everything about WeChat, so I don't see any big difference.

The difference is on the WeChat application, they made the payments with the typical bank transaction they are not a cryptocurrency, since they are bank based there is no problem with the regulation, but if we try to do this with a crypto will be really hard because the regulations don't let cryptos grow as a big payment system.

They can’t just simply leave that business because they are making money though the reason is just a speculation. The media is trying to destryos mining industry because of their own interest? Well, it might be or China will really create its own crypto and control its people with that coin.

Enough of this speculations. Please do enough research before agreeing with another false speculations. If you think this is the reason why china wants to ban Bitcoin mining please provide a link to the source for this speculation. Everyday China wants to ban Bitcoin mining but till now, there hasn't been any proof to support this claims. And China has no time to develop its own cryptocurrecy because the current financial system used there is highly efficient and reliable.

So there will a new added shitcoin on the market?, We should still get the benefits of them stopping their operations which is obviously just temporary. As soon as their sh*tcoin will start to fall down. They will obviously go back to operating the same business using bitcoin alone.

China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect.

With all the coins being mined over in China I reckon it near be impossible to ban all mining.
I know the Chinese government thinks Bitcoin is wasteful and would prefer to do without.
Note to mention that just because it is illegal it does not mean people in China will suddenly stop mining especially if they have been earning profits doing so.

I agree the title is misleading because mining in China is still ongoing and the ban proposal of its government is under review just like what you have said. I think the Chinese government see that Bitcoin mining is wasteful and needs a lot of energy to operate especially a big mining farm and not just that they also see it as a means of medium for transactions of illegal activities of criminals especially for drugs and we know that China is very strict in this kind of matter, we have heard of news about execution of proven drug-related peoples.

To the OP, I don't think that a country making its own Crypto Currency is a bad idea and anyone is free to do so. And if China will do its own Crypto for its country they can do it but until today it is still a rumor and we don't have a solid proof that they will create one. :D

Of course we know how China play their game but as I have said it is indeed just another sh*tcoin. Unless they will not going to connect it to the blockchain technology but if they do then it is just a pure alt of bitcoin. It is still a good sign tho because other miners can now share more blocks

Was this confirmed? I think China didnt ban mining as per new articles.

most of the Chinese articles claim the main reason for mining get banned in China is because of Environmental pollution these mining  cause

China has its own strategy, I believe that when China makes a decision, they actually have their own planning. This is difficult to understand because China has its own interests. For me, we must respond to this carefully. We must not be easily influenced by all issues, not to make the issue even make it difficult for us to make a decision.

It is truly hard to understand what is the real reason behind the ban of mining operations within the country. Few of the reasons that I came to know through different sources were the pollution, money value depreciation, increased electricity consumption. One thing that everyone should know is the support from China, earlier if China hasn't supported bitcoin it could've never reached this position. Hope to see more changes as people continue to use it in China.

in fact China has made various efforts to hinder the development of the bitcoin cryptocurrency industry since 2017. China has banned mining of bitcoin in response to concerns about the process of making digital currency (cryptocurrency). It is not impossible that China can make its own cryptocurrency that can obtain government legality. So far many things have been banned in China and in the end they want to make crypto money themselves.

The news has created Keos as they said in their draft the Bitcoin mining industry need to be eliminated on which miners are arguing on their counter >:(

Of course they always do you know how good they are when it comes to business and whether it is ethical or not they will surely do it as long as they know that they will give them more benefits.

Of course we are not it is just a news and we know that this can give us benefits if they are closing their largest bitcoin earners

I doubt this one. I don't think they can even dominate the world of cryptocurrency. If China will create their own crypto, and although China holds the largest population in their country, they still can't freely use it I guess. Since the government will control and will still put some limitation to it. And if they're aiming the world of crypto, I don't think most people outside their country would probably use it since it is centralized and is being controlled by the government.

https://blockonomi.com/chinese-renminbi-become-a-government-backed-crypto/

Just saw this article pop up in the news and figured it was relevant to the conversation. I've been watching this topic for a while and am also curious to see what happens in China in terms of crypto

I am wondering if more and more mining centers will switch to the use of alternative energy, will it allow to reduce the cost of bitcoin? After all, while mining is very expensive

Maybe it will. Now many projects decide to combine green energy and mining. Recently saw such a project in Kazakhstan, and this is all brought to the state level

Some thought that this is the reason why China is hostile to Bitcoin but it is not yet confirmed if they will create their own cryptcurrency, in short it is still in discussion and proposed plan


I do not think the cost of mining have something to do with the current price of Bitcoin since Bitcoin is valued according to the speculative value of a buyer.



I do not think that is the case, I think China fears what they can't control and it is obvious that BTC is out of China's control.  So their option is to shut it down or regulate it for their benefits.

funny,I see  more and more nice projects from there. I also found a nice one. taklimakan is a social network for crypto enthusiasts. It looks like Kazakhstan is going to become the next capital of technology.

Well, there is China with one of the largest economies wants to ban mining, it’s natural that centers will open more in Central Asia, where at least the level of development may be less, but the cost of production is cheaper

I don’t understand why, with the general access to green energy, countries don’t switch to it en masse? One guess is that it is more profitable for them to keep high rates for traditional mining methods.

I doubt this insider report will work for now. It's just a mere speculation which can't be trusted. If they ever do this, will they still have paper money in existence? because the conversion system for the man on the street will be complicated, even if they decided to make it a stable coin, that I think they are not going to do because they have a history of always devaluing their currency to attract investment and trade from other nations.

For the sake of possibilities, just in case they will going to adopt and create their own versions of coins, I follow your sentiments that it can't succeed as they have the full control of it, many crypto lovers which is not residing their will not back this one up, as they will doubt the the capabilities and trust
concerned will be in questioned, from here, the mining business still operational inside china as interest of their society still positive with mining practice.

I did not hear that Chinese mining was stopped or banned. And I do not even think that China will never do that. Mining is one of the components of online platforms that can be financially beneficial. Mining is now one of the most popular entertainment and money-making medium online. Why China will ban this mining when mining is a popular medium of earning and entertainment?