Bitcoin Forum

Bank Of China, one of the China's state owned banks is educating their citizens about bitcoin, explaining how it works, why bitcoin has a value, why the price is going up and it sounds very bullish. Yesterday bank of China published an infographic article. The infographic is explained in three parts. In the first part it explains the history and a white paper, mining, how it works, benefits of using bitcoin.The second part explainst the historical price and volatility. The third part explains bitcoin's adoption! This looks like China is more open for bitcoin. Maybe we are at the begining of something big here.

https://openapi.boc.cn/inews/index.html?from=singlemessage&isappinstalled=0#/authorPageDetail/1000899?channelId=110000&fromShare=1&inComeSource=zyzq-main

Indeed, we could be into something here. I am sure that the Bank of China will not do or promote something like Bitcoin if there is no approval from the top (or from the government itself). Since the government of China is not really known to be very transparent, we could not surmise the many developments or updates taking place in the country as far as cryptocurrency is concerned. This shift of outlook can be borne out of the fact that the government is seeing Bitcoin as one of the many tools it can use to undermine the value of the US Dollar. Will this mean that more and more moneyed Chinese to adopt Bitcoin? I think that is quite a possibility...this is really worth watching as it seems that the Chinese market is now fully waking up (after a good deal of bad news in the past two years).

OP, it might be a trap, whatever their game is. Why would the bank of China educate the people about Bitcoin? Bitcoin is a takeover, they don't want people in their country using it.

Or is the Bank of China HODLING? 8)

The fact that the Chinese government issued several warnings in the past and infact it was even predicted that any holder of Bitcoins will suffer greatly.
But did anything happen ?
No.
Only minning was made illegal and other than that people can still hold bitcoins and can through very limited things trade P2P.
I think this particular thing right now that is happening with the banks should grab the attention of Indian government too so as how they cannot just ban it.
People will still use it.
Am happy that the Chinese government is now taking some interest in Bitcoins.

Very weird to be honest. I used to roll my eyes on those people who said in the past that China has been "banning" bitcoin and releasing negative news just to drop the price of bitcoin so they could buy more, but I'm actually slowly being convinced. China just can't make up their mind.

Something is very wrong here!

Why is a bank promoting and educating people about Bitcoin?

This is not right, Banks globally are known to be against Bitcoin and other cryptocurrencies. They consider it a threat to their business and suddenly this Bank in China is exactly doing the opposite.

Something is Fishy. They will never promote a product outside their domain. They always love to control and will do anything to control the finance. I am sure they have some kind of hidden agenda.

I will never believe a bank. They are the biggest liars and manipulators.

Weird, indeed. I suppose it's worth noting that this is a commercial bank, not the central bank (People's Bank of China). It reminds me a bit of these sorts of articles (https://www.chase.com/news/031518-about-cryptocurrency) from JPMorgan Chase.

For all we know, the Bank Of China has ruffled some feathers in the government by publishing this.

Maybe they decided to get approach " know your enemy". Or they think people will have different view on Bitcoin once they get educated about it, maybe they think it's their duty to give people proper information.
Anyway, it sounds a bit strange but who knows what is exact background of such behaviour of Bank of China.

Good pointed out that this isn't a state bank, but BOC isn't a bank of small water. Think they even had a branch in my tiny state far in the SE.

Usually this type of info happens when there is enough customer interest. Or maybe a pushing shareholder or board member.

But yes, this is actually what I'd call good news=)

This is good news in the last days of July. This maybe an excellent opportunity for big companies like BitMan to return to China if the prohibition policies related to Bitcoin mining in the country removed. I hope that will pass and that Bitcoin prices will continue to rise.

this is definitely the best way to adopt  bitcoin , i believe  they want people  to understand how bitcoin so that they can adopt it easy.  my question is why bank is educating people about bitcoin ? . Maybe their banking sector want to use bitcoin as an investment  asset or it might be a trap ..  but its a good news for crypto space we are looking forward to see more like this..   

Bank of China is the No 1 bank in this world. There is no bank as good as Bank of China.
 In the history of humanity the Chinese people has made miracles in commerce. They are very good merchants.

If the Bank of China is promoting Bitcoin, then the Bitcoin future for the next 10 years is very good.  

i thought this was some tiny bank which wasn't even located in China as news such as these usually are! but with some search it seems like it IS a state-owned bank and it is one of the biggest ones. in fact it was the fourth largest bank in the world in terms of assets! and it is located in the heart of China
http://www.boc.cn/en/aboutboc/
https://en.wikipedia.org/wiki/Bank_of_China
and that makes this whole news even stranger

Bank of China publishes infographic explaining why bitcoin is valuable and how its value keeps increasing

Hilarious. Number 1 bank in the world? The Chinese government have always confused investors regarding their stance on crypto on multiple occasions through out time and this is no different.

Anyone with a half decent brain knows that banks and other government related entities hate BTC the most which is why them supporting crypto all of a sudden out of nowhere is silly and does not make any sense.

wow! Having one of the China's biggest state-owned commercial banks putting effort in educating its people about Bitcoin is a big stride in the cryptocurrency front. i have always expected this. This might be a response to the upcoming LIBRA. And i think they would be planning to create their cryptocurrency. China is an innovative country and they wouldn't be left out of great ideas. Now, this will increase the people's confidence in cryptocurrency.

       Maybe they are now realizing the importance of crypto currency in some business since their neighboring countries like Japan , Indonesia , Thailand , Singapore , and Korea have a concrete regulations of crypto currency so maybe they was influenced .

I suppose those press releases that a state owned bank in China is acquainting people about cryptocurrencies particularly with Bitcoin seems to me that it will be a primer to their planned release of their country's own cryptocurrency - (if the rumors are true) within the cryptocommunity. I believe China is prepping and conditioning the minds of its own people on whats about to come in the near future. Imho.

This sounds very fishy indeed, I guest if they really are into Bitcoin, China will not gonna ban Bitcoin in the first place, but maybe they have a change of hearts and now will have a reconciliation with Bitcoin because they are seeing a bull market at the moment,

But if this is a genuine one that the bank of China really wants to promote bitcoin This can pump the value of Bitcoin I may not say that this can be bullish with the price but at lease, it can pump up the value of Bitcoin and could increase the demand of bitcoin even more.

Sell sell sell!  :P

In case this news can be true, then there is a big probability that China is really into something and yes they might have decided to instead dominate the Bitcoin market soon (if they have not already done that!). China has the desire to rule the global economic landscape and anything that can weaken the top global currencies they are so willing to use it anytime...probably they are seeing Bitcoin as one of the many tools they can use for this purpose.

I think China is preparing a project to compete with Libra. When viewed from what they did recently, the Chinese government is starting to develop its own cryptocurrency. this will make the market more developed. we will see a good thing if China starts to open up to the blockchain.

I don't know, I have my doubts about China. It's a shady country that violates human rights and tries to hide what is essentially contemporary concentration camps. The scandal with Huawei is also a part of this general trend of China. The relations with the West are getting worse, and China doesn't seem to be willing to change this course of actions. For a country like China, it wasn't surprising that they decided to restrict cryptocurrencies. After all, it's something they cannot control, some freedom people had. It's good but suspicious if they are actually willing to let it go with cryptos and even encourage people to use them.

You know one thing I have noticed is that China would always go against whatever the "West" is doing. We have lately seen some push back from Donald Trump against Bitcoin and now suddenly China is more positive about Bitcoin. <Do you see the pattern?>

We know the financial outlook for the US and some Europe countries are bleak and China have picked up on that. <Buying more Gold is a good sign in times like this and China is buying a bunch of Gold>

Why do you think Donald Trump are fighting so hard to rebuild the US economy with all these trade wars?

The webpage is in chinese.
We dont have any way to check if it is real or fake news also we dont have a way to know if this is indeed the bank of china.

Definitely they are not " promoting " bitcoin, the best case scenario they are legit and they are just educated the public.

Dont forget that the majority of btc mining belongs to Chinese companies..

According to finance yahoo news, they are promoting bitcoin! Weird, right! I know, it's hard to believe! You are not the only one sceptical about it.  :D

 https://finance.yahoo.com/news/bank-china-bullish-bitcoin-151953586.html

I don't understand Mandarin so I'll have to take your word for it. If the government is getting more involved in introdycing cryptocurrencies in their country it can only mean (mainly) two things they see the economical benefit from the industry and they themselves are hodling some cryptocurrencies not only Bitcoin or they are just preparing their citizens or even mind-conditioning them for their own state issued cryptocurrency, it could even be both as far as I am concerned. Especially if we are talking about China moves like this are always backed by a motive behind it.

My brows are meeting each other as I think about it  ;D
A month ago we been hearing news about China planning to abolish bitcoin mining, now we are hearing news like this. I really don’t understand the hidden agenda behind this propaganda they are making. They must be after something big, we cannot tell, China government might planning something big about Bitcoin and cryptocurrency adoption, just guessing.

My opinion is that China has to do something before Libra or other similar project happens. I think that facebook and Libra were the trigger of all of this. Including USA government statements and regulations. I think China wants to make a move before it's too late!

Mass adoption will come anyway. Not only China, all countries will accept it in time. Everyone has to face this fact. I hope today's small investors don't sell their investments for small profits.

I bet they don't need hodling but who knows what they do. Btw there is another interestin subject, what will usa do? They don't like when china takes control on something and USA is also product of it. And if we consider the fact that Tramp isn't fan of bitcoin, will they ban it if china improves their control over it or will USA turn into this "war" or call it something different.
Btw this is very strange situation, once they wanted to ban bitcoin and now want to make it popular? People and especially in government/banks, don't change their mind so easily and also don't do anything without commercial benefit.

Yes, finally they realized that banning bitcoin usage will not do any good to them. Because if they will do so, they will be left behind by this blockchain revolution. This is really quite good news. And with the population of China using crypto, no wonder we will expect the price rise of bitcoin.

On the one hand, this is positive news, but on the other hand, it is strange that banks suddenly decided to support bitcoin. They have always been against him and it is unclear for what purpose they suddenly decided to promote the idea of bitcoin.

hmm i cant really believe this. why should a bank promote and educate people about bitcoin? everyone would realize how bad banks really are ???
sounds a bit weird to me.

This is looking great. Maybe it's the beginning of a process of unbanning Bitcoin in China? They have to be observing Hong Kong which became the main hub of Bitcoin exchanges after the Chinese ban. Years have passed and HK is doing good economically. Nobody is dumping the money for bitcoin but big exchanges are paying taxes and everybody is happy.

This all useless because china top officials special the president is against in crypto currency or bitcoin, they announced a totally banned of bitcoin. So how it's works even the bank of china educate the citizen the importance of bitcoin if the government have nothing approvals crypto legalised.

If this reports are indeed true, then I surmise there must be a hidden agenda by the Chinese government on why there is a sudden change of stance on digital currencies? There is a popular adage that states and I'm afraid this is what will be the case right now! :)

Because they don't have a choice, really! It's about China, not a bank. Their state bank is only a tool in their hands. If they don't react soon enough, they could be left behind and lose a potential advantage and opportunities in the future.

The second option makes more sense.  :D

Snowballs like this can be the snowslide of the future. I do not think there could be anything negative behind this step, as long as the truth is told. We have witnessed the return of the opponents one by one, perhaps this is one of them.

It's good to hear once again that the Bank of China  is showing slight interest into cryptocurrencies especially Bitcoin. Let's not forget folks, no decision is permanent so even though China announced strong decsions against cryptocurrenies especially in its mining activities i am sure this decision can also be changed with time especially when the use of bitcoin increases across the world.

That is very interesting indeed. China supporting bitcoin and another cryptocurrency is very new but if it is true and they now understand the true power of cryptos then that can be a huge thing. People all around the world can finally collaborate with them. and addition to all this china and japan are the two most popular cartoon producing inductions. What if they starting a new cartoon series on cryptocurrency. that will influence kids all around the world and that will also help them educate kids further on how to handle this new coin.

Is this real? because I just heard an article about China stopping people from using bitcoin. Oh well, the article I'm referring for might be a FUD so its good to see this new article about the support of Bank of China in bitcoin. Its good to have a bullish news, we need this and hopefully China will take that one seriously. Bitcoin being promoted by the banks, is a great honor for us. I can feel the mass adoption because of this.  :)

There was a time when china's stance against Bitcoin is on the negative. ICOs, cryptocurrency exchanges, and even mining were once made illegal there. So this is really a great improvement in terms of how the country is treating Bitcoin. This is going to have a nice effect on Bitcoin's value as soon as it is absorbed by the huge chinese populace.

Remember the time when China is very pessimistic with regards to Bitcoin at year 2017. What happened?? It went up. What does this mean?.

For those newbie, this may be good because a country that has been bad with regards to crypto in the past years is now supporting it. For me, I'm not against these users but this is a bearish signal for me for some reasons.

The chinese ban made a correction for bitcoin.  Bitcoin will rise in the longterm no matter what they do.

Do you thinking that all banks must have an inovation to create a new coin such as JP Morgan? But I have no idea with the regulation at there. As long as the government of china ban the using of bitcoin then all form of bank must obey it.

That is true if bank didn't have intention to make an inovation such as JP Morgan I have confident that in the future we will never see the bank anymore. Because we have had cryptocurrency and its function is more comfortable comparing bank. And we can see now how facebook create their own currency based on blockchain system, they will a concept as bank function IMO.

I am really surprised to see some positive news coming from China after a very very long time, i am still not sure what really changed now to have these kind of publication from the Bank of China, the last news that were from China was well back in 2015 i guess when they shut down all the exchanges and that made a huge impact on the price of bitcoin during that time and it is good to see some change in their attitude towards bitcoin even though it took many years.

Over the past month, the Chinese government has incredibly strongly supported Bitcoin, recognizing this as virtual property. Then, China reduced the tax for business and now the largest bank in China conducts such promoting. I am impressed and I think that China is seriously thinking about supporting the crypto market and crypto influencers.

Usa government, Libra, regulations. They need to act fast.

I don't know you guys, but I'm tired of news from China

Every week we have: China bans BTC, China bans miners, China is promoting BTC, China will make BTC illegal etc, at least for me I don't believe in any news from China anymore

With this move by the bank of China and considering the quarter it's coming from and the wealth distribution in China, the many predictions that bitcoin will hit $42,000 this year and a possible $100k by December may just be a truthful speculation. When will the bank of America do the same to the world?

I can’t believe it that Bank of China is promoting Bitcoin, and if they continue to promote it at this rate then it’s quiet possible that China may soon consider bitcoin as a legal tender. It’s strange that this news failed to lift bitcoins prices, do you’ll think that in coming days bitcoin prices will rally because of this move by Bank of China. Do you believe that now people in China will invest more in bitcoins, or it’ll have no effect on the way they’re currently investing in bitcoins.

This seems to be a way of promoting, yet that doesn't state people to make use of it. From my view China's bank has come up with the plan to give a perfect overview about bitcoin to its users. As a part it has visualized the functioning of bitcoin as well as the info graphic representation that will help in knowing the growth it has acquired. Soon we can expect more banking services from China to offer investment in terms of bitcoin on banks.

We know chinas stand for bitcoin,but we also knew how Chinese moves that all the things they will allow must benefits their government first before the people so this is very bullish and we must not bite the trap .let them prove first their true motive on why their government runs banking will treat bitcoin like this.

But for now atleast we hope to see some growth and bullrun for the man time since we are in falling value for a week now

I think that China made it clear the country is interested in the development and support of Bitcoin after the court recognized Bitcoin as virtual property. So just waiting for news from China, think it will go good for crypto!

You know what? I do not believe in China because they are always banning bitcoin and reopen again. As time goes by, they are just making it as a strategy in order to manipulate the price and market condition. I don't know their real purposes but I don't care anymore if they ban bitcoin due to irregularities. Lol. They are interested in bitcoin but they want to capitalise it for their own sake.

pretty sure they are hodling hehe and even when the government spreads fud, I think they are just playing. the country also controls most of the mining, this is good for them.

Bank of China’s promotion of the Bitcoin is not merely bullish. The basic idea behind them promoting the Crypto to their customers and citizens has to do with the fact that Bitcoin has a limited supply and circulation.
Due to it not being readily available, and having a limited supply makes its value continue to rise. The Chinese also feel like the crypto-currency might act as a storage value for those countries that suffer different levels of inflation.

The roller coaster of emotions for China, right here.

They are the biggest miners in the industry, then they banned Bitcoin, after that they will be advertising it, so China did not really ban Bitcoin? Or did they? I think we should just wait to what may come, other cryptocurrencies are falling while Bitcoin is getting unpredictable again but giving some good profits lately, better stick to Bitcoin then.

The way China treats bitcoin will help them win this economic race

We can see now, why China promoted bitcoins through their bank. They knew what's gonna happen. They devalued their currency. Bitcoin is their safe haven. They don't have other choice. If you look at the usd/yuan chart you can see that bitcoin follows that chart almost perfectly in these days. China devaluating their currency because of the trade war with USA.