Bitcoin Forum

The Chinese government has announced that it will be integrating cryptocurrencies and NFTs into its digital economy.

The Shanghai Municipal People's Government mentions blockchain and NFTs in a document addressed to its district governments, offices, and bureaus.
This move is seen as a way to boost the country's adoption of blockchain technology and promote innovation.

However, some are skeptical of the government's motives, as it has a history of crackdowns on cryptocurrency exchanges and trading.
Nonetheless, this is a positive development for the cryptocurrency and NFT industries, and it will be interesting to see how China implements these technologies in the future.

NFT is the future of gaming and virtual goods. Although the concept is still too new to attract mass adoption, it is undeniable that NFT will experience a surge in popularity in the years to come.,

If we look at population growth and there is regulatory support for the discourse, this is a promising development for China itself. I think the future will likely bring more clarity to this issue as well as continued innovation of blockchain applications in finance.

Chinese government was never consistent on how it stands on crypto and most of the news about Chinese Government related to Crypto is he said she said, so I will not really believe it until it happened. However this kind of news probably will have good impact on the crypto price.

Don't ever believe the Chinese government and their statements. They can change their statement whenever they wish to. China is the first country which banned ICO platforms. They had launched crackdown on crypto miners. They have taken multiple steps to curb the usage of cryptocurrency in their economy. So I just can't digest this statement.

Do you have a link from a chinese website? Even though it doesn't hold much value but still that will be good for reference.

No, no, not this again~

Next news, they're gonna go back again with some "Ban" news channel. One things people should know, never belive in Chinese regulation is a little bit hypocrite since they always accept and ban crypto in the next years.

Let's continue without them, and just ignore a ban news from them soon!

Just as those many have been skeptic, that's what I've already thought upon reading the first sentence.

Well, the source of this news: Shanghai included blockchain, NFTs and Web3 in its 5-year plan (https://cointelegraph.com/news/shanghai-included-blockchain-nfts-and-web3-in-its-5-year-plan)

It's like another state that have given a go signal inside a country that has banned it before. We'll see how they're serious about it with their 5-year plan towards this adoption.

It's only bitcoin that they hate since 2017, it all started when they investigated their local exchanges and then some of them are forced to leave and now they attack bitcoin mining.

But they love everything related to altcoin, I forgot which one is Made in China way back in 2017 in which they rank it higher in bitcoin. They have this ranking released every month or every quarter, (again forgive my lack of memory here).

So I'm not surprised that they are going into digital Yuan and then integrating NFT's into their government. At least they have control over it.

I've always been skeptical about how information is spread without easy verification, and we all know that in this space, that happens more often than not. It doesn't matter if they're going to be for or against anything in this space, but overall, I think the field still needs time to reposition useful applications for the market. school. In the past, the production of related products was considered an exaggeration when it did not meet the applicability of simply following the trend and observing too many things.

Interesting. Most of the hate about crypto that China had was about Bitcoin since they couldn't control it, hence why they made their own. Afaik they don't hate cryptocurrency exactly, so them trying to integrate NFT's and Crypto would mean that they're probably planning on doing something to the ecosystem they'd use so that it'd stay firmly under their control. Though I'm more interested in how said integration is actually going to work though and if it actually has any uses aside from, well, being looked at.

It's legit and this is the link to the article

https://coinquora.com/chinese-government-to-integrate-crypto-nft-in-its-digital-economy/

They see NFT as legit so they are supporting it and I would like to quote the article


They ban Cryptocurrency in the past because of the so many scams but they view NFT as something different and they want to create innovation out of it, maybe this is the trend that will get back China's trust in Cryptocurrency.

China government is known for inconsistency on its stand on cryptocurrency, they are known more for crack downs on crypto and associated businesses. So it is right to be careful and skeptical about China moves because they may have ulterior motives. On the other hand, China government may have reviewed its stand on cryptocurrency an may have discovered ways it could be beneficial to the government. IMO the news should be viewed with mixed feelings for now and needs more time before confirming that the government have good motives towards cryptocurrency.

Perhaps the government find something in NFT that is why they are now in their radar.

We don't know yet, but sooner or later they will. I heard news that NFT market place is being used by criminals to launder their money, so maybe the government is trying to crack at it and maybe look for clues is there if there is some people within China is using it? Who knows, Or maybe the government will mint their own NFT? anyhow, let's see how it goes, what if the hype on NFT died down, will they continue to integrate NFT?

The question we should ask is, what have happened to Chinese government to have want to integrate NFT into their economies since Chinese have a long record of anti Bitcoin laws that have lead to so many harsh directives that have hampered the growth of cryptocurrency market in that region. But since NFT is a highly centralized crypto networks with lots of individuals developing and controlling various NFT projects, which have led to so many security challenges in recent times, with the Kate's being an exchange hack. This has given the young development such as NFT to witness some big set back.

how can it be positive when they banned crypto related activities in their country? So, now they want to do nft and then ban it in the future.

They have trial and launch of Chinese Yuan CBDC so they actually use blockchain technology for their national finance system.

Though it is a good choice, it does not lead to decentralized CBDC in China. Their CBDC is in control, centralized of Chinese government. With politics in China, human rights, freedom and decentralization in finance are impossible.

Integrate crypto and NFT into their national finance, I don't know but it is more possible than a decentralized Chinese CBDC.

Well, the leading big parties recognize the positive things to apply to their lives, not some financial hoax. Perhaps we need to distinguish this more clearly. The recent trend in the market has given me a sense of how small and easily controlled it is by the news, so in the future, when a larger boom occurs, I believe there will be fewer instances of this situation. rampant about exaggerating the nature of this work.

After all it's just a centralization where they want to create their own crypto, NFTs and exchanges for their citizens, but they will ban anything that decentralized and can't be controlled by them. Take a look how they banned google, facebook, reddit etc since they're only use anything that created by their country. Honestly it's not an adoption, but just an exaggerated news that make China is friendly with crypto and NFTs.

I would presume all of their integration will be continuously and thoroughly monitored and censored. Seriously, why does the Cointelegraph mentioned above, state that they are willing to invest in decentralized technology, and privacy-enabled technologies? It completely contradicts what they are currently doing with The Great Firewall.

To quote:


It will be outrageous if they truly implement that.

Is there any trusted source that can confirm that this news is denied, many people confuse digital currencies with cryptocurrencies, and sometimes even large agencies.
Second, the integration of nft tokens will not be valuable unless they want to imitate the characteristics and start a new protocol with the central systems of digital currencies, which will not be news related to cryptocurrencies.

They hate btc or btc mining to the fact that it was harmful to the environment while other cryptos doesn't have a strong effect as bitcoin, that is why they are still willing to accept them. The ranking that they have created are not global and it's normal that btc have been surpassed because they discourage the use of btc on their country.

This was indeed a positive news as long as it's true of course. Maybe this is the one that we have been waiting for which can save the market from falling further. Nft supporters are going to be glad with this because the nft's hype are going to be alive once again but those who hate nft's are for sure disappointed for this.

Next time add the source link. But if Shanghai has these plans it doesn't mean that government will allow it. Their government might move slow on this but my guess is that they will put a halt on anything crypto related ( except maybe some government crypto project, this however isn't anything like that.)

That will come later, many will look at the here and now. Not many people can analyze the facts and the possible consequences. In any case, everything that happens in China, in terms of cryptocurrencies, is not eternal and is not credible. China is only focused around its digital yuan, everything else is not that important to them and can be banned in their country at any moment.

Doubt goes all field. Of all countries and you think China will adopt cryptos and even NFTs? Have you seen China recently crackdown on crypto? Even the construction section for housing got downsized because it doesn't align with Xi Jinping's vision, of a China industry powerhouse as well to reduce the chance of the housing bubble. The big tech section in China also takes some hits too.

Let's see if they will actually do what they say they would. I mean it's going to be something not so impossible but it's not going to be something I would expect them to do neither. They are dealing with a huge real estate bubble right now, the amount of money that is getting defaulted is in trillions these days and that's not going to be easy to fix, it's going to take a decade to fix this.

During this period, china which is famous for banning crypto whenever it works out for them, to accept NFT and crypto into their digital economy? That just doesn't sound like a possible thing. Like I said it's also not impossible but it is not going to be that easy to do.

They are not against blockchain technology but against uncontrolled cryptocurrency.  So for them not to miss out on the current trade, they plan the one OP had posted.  So rather than adopting other people's work, China will create their own so that they have full authority and control over it.  I don't know if this is a piece of positive news for the current cryptocurrencies since this is more leaning on centralization.

What’s the recent news about cracking down cryptocurrency? We’ve seen a lot of news before about this and now I’m wondering if they are really interested with NFTs, or maybe this just their way to see the money of their people and later on will restrict them from owning NFTs. Well, I don’t see any credential with them anymore, but if ever since they are a big market if they really adopt cryptocurrency and NFTs, for sure the price will positively react on this.

I think we are going to see a lot of changes in asia this month, many of them relating to crypto. Countries could run their governments on high TPS low latency chains like HBAR and CNDL. All documents and IDs could be minted as NFTs and people could use digital wallets to make payments or verify their identity. The future is about to unfold.

This is accurate, governments regardless of how oppressive or liberal they claim to be are all against a decentralized cryptocurrency they cannot control, and they are in favor of a centralized one which they can issue and change the rules whenever they want.

So it is not surprising China is doing something like this as they want to have complete control over what their citizens do, and if they have complete control over their finances then the chances they oppose them go down dramatically, because if anyone dared to talk against them they can just block their money and watch them to starve to death.

These kinds of news are already aged, a few years back, there are already rumors like this but the product and use cases are still not here.
I am not against with these innovations, there are just some people who is really hoping it will happen in very short period of time and there are also some projects that are really telling sweet words to people about their project and not delivering it based on what they told.