Bitcoin Forum

The Chinese government banned bitcoin and all trading connected to it, says it has no regulation and cannot be adopted to their system of foreign exchange. Now they tend to adopt and make use of NFTs, says it's under control. Why can this be? With this issue, it might cause other countries under China to do same.

bitcoin is accepted as currency in the US/EU which means alot of US/EU controls around the edges of bitcoin(businesses) which china does not want to be handstrung(puppet) to.

NFT however are a different category. more of a digital property thus not under the same regulations which means china can utilise without having to work with or be ordered by US/EU to comply with things.

china was going to ban bitcoin and then create its own regulation framework to then permit bitcoin use again for chinese citizens, but seeing how the US was trying to demand other countries to communicate, comply, follow US regulations.. china just didnt bother to push for its own regulations there were not many chinese based businesses and services thus most businesses were already US/EU regulated. and it would end up leading to US involvement in chinese affairs.
chinese government didnt see the overall benefits of accepting bitcoin over the headaches of US government involvement. so just left it at banned status(this may change if enough chinese business lobby to want to be involved and want to develop their own regulations away from US/EU regulations)

what china would see is that soon even NFT might end up transitioning into the realms of some regulatory system which might change china's mind about allowing involvement in NFT

however for now NFT are not regulated by any regulator, and everything is more person to persona personal claims/use of court systems. so the methodology of NFT is under standard property protection laws. where people set their own personal licence. policy/permits of use over their NFT. where people submit their own court order claim requests should they know/receive information that something is being used against those policies.

You already mentioned it "control", if they can regulate their NFT market then it's good for them.

Compare to bitcoin wherein the control is on the Chinese people, so obviously they don't like that. And perhaps the next step is for them to create NFT infrastructure for whatever purpose it may serve them. And NFT doesn't present the same danger and challenges that bitcoin has to offer to them.

China has long banned Bitcoin. So it's a non-issue already. Whether it has adopted the use of NFT or whatever, Bitcoin doesn't care. As to China's decision causing other countries to follow their steps, I don't think so. This is not as if Bitcoin plays a central role in terms of China's power play. The first currency it wants to take down from the global stage must be the USD. And right now it seems China is already beginning to implement the renminbi-standard in lieu of USD-standard. Bitcoins isn't in anyway threatened.

Yeah, basically any government stating xyz asset is under their control then just run away from it. This I am stating in association with crypto space and not the regular government control assets.

The fact is, we are in crypto because we want our own freedom and we want to accomplish the tag line “Be your own bank”. Obviously if China states NFT is under their control then there is no point in investing into it.

Considering China past decision, they may ban it in the future and who knows those Chinese might be holding millions of dollars in NFT and may end up loosing all of it.

This would be similar case to ban on crypto mining in china territory.

It would be highly risky to get into it for chinese.

China can do anything they want but they cannot force their people to totally leave bitcoin , because there are still ways on how to accept and use this coin.

They may total banned bitcoin but will soon re accept this for betterment .

I believe that their country will adopt NFT but will this stay long>? because their stand seems like changing depend on how their government benefiting from those.

It's not even new anymore and they won't accept it no matter what.
Dominance is what they are aiming either in production of things or just mere power. If it cannot be controlled then trash it.
They'd rather create their own cryptocurrency which they have access with whenever they want. Authority at its maximum.
I am not against China or it's government but that's my POV of how they run things. Soon, their own digital currency will be floating in the trends.

They're partially correct.

Bitcoin is decentralized, that's why they can't have full control of Bitcoin. But even it's decentralized, Bitcoin can be regulated and adopted because if the government have cooperate with exchanges, implemented taxes and adopt is as a legal tender, that's really possible!

NFT is centralized that's why they can regulated and have full control over it, same with the other centralized shitcoins.

Let China ban Bitcoin, until many countries start accepting Bitcoin and the price is skyrocket, I wouldn't surprise if they will unban Bitcoin.

By now you should have known China for the centralized ways of leadership, that don't admit the existence of anything that will go off beyond their control system, if the launch NFT, it will be of a good advantage to then because they have a big role to play in determining the control and fate of how the Token runs, while they can't achieve this with bitcoin, they are less concerned about the risk and scam in token as long as they will persuade their people to go for it, remember they had their CBDC as well to counter bitcoin, China are just a centralized system extremist.

Wrong... The Chinese citizens can still do transactions outside of the "Centralized" exchanges, as long as there is no contact with Fiat. The moment when FIAT comes into the picture, it enters the controlled financial system.

The Chinese government knows this and that is why they banned "Bitcoin"..... they want 100% control and oversight of every aspect of the Chinese citizens. (We saw what happened lately with Chinese deposits in Banks)  ::)

A good tip is to take a look at what China has banned & invest in it. What China bans tends to do very well. Let’s take a look at what they’ve banned.

Google, Youtube, Facebook, Wiki, Reddit, Netflix, Zoom, Instagram, Whatsapp, Twitter, Linkedin…..the list goes on, see here - https://en.m.wikipedia.org/wiki/List_of_websites_blocked_in_mainland_China

Bitcoin was more of a case where they wanted to make their own (which was a success), and pretty much replace it with what they made so that it's still under control. It'd probably also be against them if they were to turn it back after so long. I'd actually imagine that China is using the idea of NFT minus the usage of it in a decentralized blockchain, basically putting the idea to use but under their own control and administration. I'd say it's actually like China to do it like that. I wouldn't really mind it imo unless you're a Chinese citizen, I'd reckon the system they use (or planning to use) would mostly be centered around their country anyway and doesn't really reach out in foreign countries.

I thought all this speculation about China would end when they banned Bitcoin mining, and before that trading through CEX - but it seems people are still fascinated with what China thinks about Bitcoin or anything related to cryptocurrencies. Bitcoin could never succeed in that country because of their political commitment to communism, but an even bigger obstacle is that most people are so deeply poisoned by that idea that they don't rebel against anything the government imposes on them.

Let's let China be China and let Bitcoin be Bitcoin, they have no dependence on each other.

the reason is simple
TV tells low level humans to look at america as "top country"
but economists and businesses know better.

america is only a population of 330m people. its small
america's GDP is not held up by actual product production. its held up by debt and printing money to make it appear to be the country with more "money" flowing

but if you actually count up the value of each chinese citizens income based on a international product standard of lets call it "the breat loaf value"
china can if you collected all chinese weath. buy more loaves of bread than america can

china are he worlds product production generators and also the largest population. atleast 4x that of the US

china are the 2nd super power but technically the first. but drawn as second because the US fakes the GDP number by simply printing a few trillion dollars to show that america has more dollar flow than china has of yuan flow.

so while low ppaid western countries are (via media) show to look towards america for signs of economic changes.. businesses, corporations and governments look towards china.

Since the time I entered the forum, I'm hearing about “China’s ban on Bitcoin” this has been going on for several years, so this news is not supposed to affect adoption or the price due to the market getting used to such news.

It is true that there is a high population density in China, but Bitcoin is in its infancy and has not reached mass adoption, which makes the loss of one billion users a painful blow, and I also believe that some Chinese have dealt with Bitcoin directly or indirectly.

It is a common thing that China always wants to stand out from everyone else.  And wants to build themselves as the only strong and developed country in the world. So they want to keep everything under their control even bitcoin.  When they felt that Bitcoin could not be controlled in any way.  Then they banned Bitcoin

How many times Bitcoin was banned in China?
How many fud from China in history?

https://www.bitcoinisdead.org/ Bitcoin is strong and has never been dead actually.

If you want to be strong against fud, please read https://endthefud.org/

I hope you will ignore news about China bans on Bitcoin and have diamond hands.

China has become smaller in Bitcoin mining map distribution. More mining farms are set up in other countries and with this globalization, China will have less negative effect on Bitcoin with any fud from China in future.

It doesn't matter. If BTC is legalized in other country around the world, then in the future where BTC will be the main currency. China will have no other option but to accept it. And they will be way behind in case of development. So that's the plus point in this case. Let's see what the future has to offer for us.

China's hostile policy toward Bitcoin isn't a surprise or anything new, and it's just another part in a long list of things China bans to limit access to what it sees as a threat to the power of the current government. And yeah, it was a blow on the mining market when mining was banned, but it's been a while, and I don't think any further decisions China makes will make any difference to the global market. What's more interesting to me is what the op means by 'countries under China'. While China's world's second economy, I don't know much about the impact it has on other countries and which ones (excluding projects like with the railways or interdependence with the US in many areas). Are there countries that follow China's financial policies and would become hostile to Bitcoin because China did?

Can you provide a proof for this because as far as I can remember China was one of the first countries that banned all forms of tokens (ICOs and the alternatives that includes NFTs) entirely. That was a couple of years ago!

Does it really matter?? Chinese people are already living in isolation since a long time. Whatever they use, is produced by them and they don't allow any western thing to get into their country. So it's not surprising that China was the first country to ban bitcoin and ICO.

NFTs are anyways rubbish. If China thinks they can control it, let them do it. NFT market will find some new buyer which is already crawling with criminals and money launderers. No impact on the real world!

https://i.imgur.com/TyfiUjD.png
https://twitter.com/BitcoinMagazine/status/1560704470656466946?t=zGhnfY166BVgUG7zgI7XwA&s=19

If i may but confess this about South Africa, they are expressing good indications towards the adoption of bitcoin unlike other countries whose government have laid emphasis on restriction place on banks from performing bitcoin transactions and to close accounts related to such, but South Africa is indeed creating a good impression in attending to the needs of its citizens through a creative mindset that understand people's right in dealing with their finances for a free living.

First of all ban on cryptocurrencies never worked and even China did number of times and finally they banned mining with other reasons like power shortage,etc. Well China never interested in giving the freedom to the people but with the technology they are already created their own CBDC and now if they're allowing NFTs means the government will have complete data access of the users and their transactions or else they are not going to support it.

You may be confusing North Korea with China.

To be fair the businesses they banned were laundering money. If you search bitcointalk everyone was suspicious of Chinese exchanges with 0 fee and a ridiculously high volumes.
As for NFTs, OP just made a fake claim without proof. They banned NFTs with ICOs.