Bitcoin Forum

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

Only China would really know, but a safe assumption is that the Chinese Communist Party(CCP) doesn't want their people to have access to a currency/asset that they don't have control with. As we all know, if there's one thing that the CCP really loves — it's control.

They would lose whatever benefit the innovative digital technology brings.

The Chinese government, like all other ones with a ban on Bitcoin, do not see it's potential value to be worth more than the strict control it has on the flow of money. Bitcoin cannot be controlled or regulated.

We've seen China ban or fine companies or individuals who has been vocal against the government, resulting in many elites moving out of China to less stringent nations

It all seems like a knee-jerk reaction from the government and I don't see any real reason why China is banning crypto.

Bitcoin will change the way we bank, apply, or transfer money. If the government does not allow its citizens to work with bitcoin, it will lose its citizens' confidence in the future as well as investment opportunities, it will destroy jobs in the country, and deter foreign businesses from investing in China.

I think That's fine and the Government there makes the decision, but there are still plenty of reasons to keep cryptocurrencies legal so they don't harm their own people and impact the rest of the world.

Well, for one thing.... if Bitcoin become a global reserve currency in the future and countries like China banned it, then they will lose out on the benefits of their people to use that currency. I do not think that will bother them too much, because their government wants total control over their citizens and the financial freedom that Bitcoin provide, will be perceived as a threat to their control.

My guess is that China will bring out their own government controlled Crypto currency (GovCoin) and they will force people to use that. Their citizens that will be using that currency, will be verified and all transactions will be monitored by their government.

It is not about what they lose but about what they gain. China is the only country that has a CBDC that is actually being used on a large scale (with a high transaction volume) and they wanted to force more people into the direction of using their centralized altcoin by putting more and more restrictions on any decentralized cryptocurrency that people may want to use like bitcoin. Hence the ban on mining bitcoin and the exchanges.

P.S. Of course there are other reasons for said actions. For example one of the reasons to shut down the exchanges were the massive amount of money they were laundering (with their 0 fee fake trades). Or ban on mining was because of their energy crisis.

The only thing that China is losing is potential tax income. Many people in China are still using crypto, but they are trying as hard as they can to hide it from the government officials. If crypto was legal, a big portion of those people would declare their crypto income and pay taxes for it. I don't want to discuss the potential benefits of the blockchain technology, because such benefits are yet to be discovered.
Another thing that China lost is the ability to influence the cryptocurrency markets. Remember when more than 50% of crypto mining was located in China and every FUD news coming from there had an immediate impact over the crypto prices. ;D I'm glad that this is over.

 China has seen that Bitcoin is a decentralized currency, so the government doesn't want its citizens to have financial freedom. CCP has always want to have control over it's citizens by monitoring their transactions. China will not have foreign investors that will invest in the country that much,especially the ones that uses bitcoin. It will affect the country and the citizens especially the traders who buys and sells abroad. So many benefits of bitcoin will not be achieved anymore by the Chinese. Banning bitcoin might affect their economy a little,if some present foreign investors in the country don't like the banned,they might leave the country to a bitcoin friendly country or any country that uses bitcoin. Tax paying on crypto should not be why it should be banned

 
 

Nothing to lose but part of thier sovereignty of course government wants the control of their citizen's wealth. They even created the first CBDC to counter it.

But maybe there is a possibility China will unban if they continue to pursue the reunification with Taiwan and US will interfere with it where they'd be also sanctioned like Russia and it's possible that countries not supporting the unification will only trade with BTC to affect CCP's control.

They drive away investors basically. All those jobs the crypto industry created is now not existent in China. Banning crypto creates more unemployment. More unhappy people. Unhappy people don't like their rulers and usually riot. Riots create fights and fights create deaths.

We can safely say banning crypto kills people. And who is responsible?

Whoever banned crypto.

Murderers.

Haha, many people use the word “control” when talking about the CCP, why can't it be a kind of protection?
So does monitoring of classified communications around the world count as control by some agency in the United States?
Isn't the US protecting its so-called national security?

Some people say that the wealth accumulated by an individual should be in the sun.
In other words, there is no fear of being investigated by financial institutions if it is legal property.
It doesn’t matter if you don’t use Bitcoin to maintain your anonymity. What do you think?

They lose nothing. Its their prerogative to initiate use of crypto but since they do not want to associate their people with it means they are not interested. Knowing China, that almost associated with everything is something confusing. A blockchain idea is really good and Im not sure why they are hating it. Maybe because they not surr if they gain something worth here.

Chinese community love making money, so im sure their Government is thinking the same. Or they have ulterior motives for that industry.

More like they don't want to share the profits of hodling bitcoin, China is pretty hypocritical in this situation, they have a large bitcoin reserve while at the same time trying to suppress their people because they see them as a competition and confiscation is a good way to get them more bitcoin.

Essentially nothing (which is pretty much everyone else has been saying here in this thread), because we know they aren't going to go full El Salvador and convert a part of their investments to Bitcoin - in fact you'd be hard-pressed to find a government that deals with crypto on a daily basis, except maybe (and that's a big maybe) Russia.

China is a very restrictive country so I believe they will not loose anything apart from their financial freedom. But that's what their government wants! They have a huge internal market and they have copied almost everything from the west. So their impact for not accepting cryptocurrency will be next to none. The communist part of China doesn't want to depend on anything external which is good from the perspective of administration. That's how they are becoming the next super power and a big threat to the world.

Yes. I have long believed.

China is known as a communist country, so the economic system is regulated and facilitated by the state, so that none of its citizens are allowed to have personal wealth, even though China has implemented a trickle-down economy or what is known as trickle-down economics.
As far as we know, Xi Jinping has returned the Chinese economic system to the above economic system, which is all regulated by the state.

The state's loss by banning Bitcoin in my opinion is that they cannot enjoy the greatness that Bitcoin has. Because Bitcoin can only be controlled by people who have Bitcoin.
However, the ban will not fail Bitcoin.

BTC is an innocuous tech, there may be a few drawbacks, but so are there in paper money and essentially in everything people use on earth, i know of the claims of enviromental protection, money laundering, high risks and all, but most of these allegations against BTC are lies, and some are not caused by BTC in itself, but people who use it, i don't see a reason to protect people from BTC.
That has to do with politics and is very different from BTC which has no affiliation to politics. If the US feels doing that protects their national security, then what threat is BTC to China's national security that caused a ban on it, none, that is why this is very different from China's BTC ban. BTC only threatens their control of people's money, and that should not be a threat in a free world.
Governments should freely allow people make their choice on that.

China may not really loose to that extent despite the ban because it's economy is stable and balanced already but don't be amazed to discover that the Chinese citizens still byepass ban through p2p and the only people to loose were those citizens not using bitcoin decentralized network through p2p and yet are willing to participate with bitcoin investment, no one needs to come out in claiming he's into bitcoin but can still maintain a financial freedom with p2p fully under decentralization, you need to know that China is a kind of country that likes operating under their own development and innovations and have a coordinate persuasive ability through it kind of leadership in position, but i still have this good convinctions that bitcoin is fine with runnings under p2p network in China despite the ban.

In my country after the restrictions placed on bitcoin and cryptocurrency involvement, it didn't succeed in reducing interest in bitcoin but rather forced many citizens who were once loyal to the government and would never do whatever the government tagged as illegal to have a rethink of their decision. By extension, what China stands to gain by banning bitcoin, is less obedient and loyal citizens, because many people will seek ways to continue with their cryptocurrency without the knowledge of the government.

for now they have not experienced or know the losses they will miss , but china is very critical of bitcoin so whatever happens to bitcoin they are not affected they just believe in their currency and their country 's ability to build their country . and they believe that without bitcoin the country and its people will prosper (just my thoughts)

I don't expect anyone could reply in this manner or are you saying Bitcoin does not have any benefits? If it does, then both the government and their citizens have a thing or more to lose. What drives the agenda of some of them for banning Bitcoin is the decentralization of the coin, they want to overshadow every transaction thereby depriving everyone of their privacies. I will be opening a thread on this subject, this will help further in broadcasting what both parties would lose to more audience.

China had ban cryptos. The main reason for the ban is the decentralised nature of the coin for which they aren’t able to impose tax on the coins. So they literally banned it. But guess what people are still using and holding cryptos. The country’s aren’t losing anything if we see thoroughly. It’s the people are suffering as they are missing complete independence on their own money. Nevertheless let’s see how much far this will be stretched.

Of course Bitcoin has it's benefits, but it benefits more for the people than the government and that's what Chinese government are getting rid of.
I can't agree more that the decentralisation of Bitcoin plays a huge role on why they put a total ban in crypto. However, China might not even after Bitcoin's benefit for now since they are very keen financially. They always find a way how to manipulate their people and even other nations financially.

The bitcoin exchange rate rises and falls purely following the market mechanism, the government has absolutely no control over the exchange rate, unlike the Yuan against the US dollar, the point is the government doesn't like something that the government can't regulate, that's why the Chinese government banned bitcoin in their country, the government China actually does not suffer any loss by banning bitcoin because for now their country is a country that has the strongest economy in the world, there are very many companies and large assets in their country, even their products are very famous and in interest by other countries.

China wants to ban anything that remotely threatens its centralized authority. It's not really a surprise to see where and why they do all the above you said. They would lose nothing as the benefits of total authority government style stood higher than anything else. if more people knew that, they might start come to the acceptance point and not give a shit about China. All for the better, less time to waste on things has no end, I would say.

Im saying China doesnt have interest on crypto. I didnt say bitcoin dont have any benefits. If they wanted to be out of crypto then can we do something about it? Im not sure if its right to let them agree on what the general wants. Its their right as well if they dont want it. But if you disagree then you are not respecting the term decentralized over their decision.

Objectively speaking, China is not banning blockchain technology. I am a graduate student in China, and the direction I chose is blockchain. We have a lot of mentors here who are mentoring blockchain.

But China bans ICOs, which the government believes could carry significant financial risks, such as suspected illegal fundraising.

As a student at a Chinese university, I do not comment on the Chinese government's choice. Perhaps you can understand that if 1.4 billion people have to express their views on cryptocurrencies, it will be more chaotic than the Middle East. In a sense, that's impractical.

But we can really study the technology of Bitcoin and its cryptocurrencies. Note that it is not that Chinese people do not pay attention to cryptocurrency technology.

Sometimes we feel like we can't find more blockchain jobs. But if the blockchain can bypass the ICO and just record the information of certain industries faithfully, I believe the Chinese government will not refuse.

I have seen many things related to adaptation to new technology. In every case, who were late had suffered a great loss. And also it took them a lot of time to recover and come to the recent development.

China is a big country and their knowledge in technology is massive. But their government haven't realize the potential of BTC or other crypto has and how much it could change the future. They will be left behind as the world moves forward.

China will loose the reputation they have in the world as a tech giant country by banning BTC.

A bit off topic, sorry. I don't fully agree with certain points of view, and I don't mean to change your opinion.

China has a history of humiliation, and maybe many countries have it. To some extent, we enjoy peace and stability, but we have to sacrifice some democracy and freedom. I believe this is understandable.

I agree that the Chinese government wants to know the ins and outs of the money. It's like the US has taken control of the Swift system. The U.S. government actually knows the inflow and outflow of every dollar. No offense. But if Bitcoin actually threatens the Swift system, my guess is that the U.S. will immediately ban Bitcoin from the world. Calm down. Because Bitcoin is not yet able to challenge the status of the US dollar.

Don't have too many fantasies. So far this century, only Huawei and China behind it have been able to fight and partially win against the U.S. government.

In addition, the status of the US dollar and the RMB in the world is different. This is incomparable.

Basically, China wants to stand alone with its own products, without the need to use other countries' products. It's not just Bitcoin Cs that is banned by China. Previously Google was not even allowed in China, all Google products were blocked from China and Facebook was blocked starting in 2009.

Now Bitcoin is on China's block list. maybe China will make its own bitcoin, and create its own network, because of the nature of bitcoin that cannot be regulated by anyone or decentralized, then China rejects Bitcoin. But I am amazed by China, being ability to build its own country with endless innovations.

Although China officially ban Bitcoin, but we're don't know if China's government actually a Bitcoin enthusiast and already accumulate Bitcoin right now. After Bitcoin price surge and make new ATH, they can just unban Bitcoin and they will sell all of their coins in order to make good amount profit. I don't think there's a country or rich people will avoid against Bitcoin, rich people will try to find a way to multiple of their beginning capital.

I have never heard of my government holding bitcoin assets. There are a lot of US dollar assets, and they may all go to buy US Treasury bonds.

I think it's possible to believe that Musk still holds a lot of Bitcoin.

Communist Party means there is only one party and power is concentrated in one person, that is the general secretary Xi Jinping. They ban bitcoin completely because they simply don't like decentralized things that threaten their power, they ban bitcoin but they use their own CBDC, centralized currency and easier to control people.


Well, it's not as serious as you say, bitcoin is only 13 years old and the Chinese economy is hundreds of years old. They are currently the world's leading exporter and are predicted to become a major world economy in the future. I don't believe what the Chinese communist party claims, maybe they have a plan on bitcoin, they ban people from using it but there is no guarantee that they don't hold bitcoin, it's hard to say.

Bitcoin has never held an ICO, and (from various sources I've read in the past) China still considers it a financial enemy. Of course, I do not know the exact situation and at the same time it is a question from the perspective of Chinese citizens whether they are really avoiding bitcoin because of regulatory demands or they have certain tactics to use it.

Your CP congress that was held a few days ago is more than a good example that your nation has the characteristics of a BORG (if you know what I'm talking about), because out of thousands of representatives, no one dared to have a different opinion. This is how communism works, I know because I felt the peace and stability of the same system that left behind thousands of political prisoners and hundreds of mass graves of those who were not lucky enough to escape the wrath of the great leader.

It is incomprehensible to me that even 1.4 billion people think the same as you, which then leads us to the conclusion that Bitcoin has nothing to do in your society because you yourself choose to live in such a political system. However, if we look at the whole thing in a wider context, Bitcoin has never asked for permission from China or anyone else, so whether it is banned or not is irrelevant.

China is already not doing that great. What people are forgetting that as much as it's good to produce stuff for cheap by using china, there is also a good case to be made by having them done by someone who doesn't have a political agenda to destroy nations.

USA for example is a bad nation that attacks other nations, and this has been a problem for a while, and now they are out, hopefully they will get better, but they got away with it, Russia now attacking Ukraine and China has been in trouble with Taiwan and Hong Kong and even some little disputes with other nations as well which is scary, moving your manufacturing away from it for these political reasons could end up with terrible problems for China, and bitcoin banned or not will not save them.

This is somewhat offensive.
There is no perfect system in the world.

Even if you live with the most liberal and democratic Big Brother, it is useless for ordinary people to speak. If you don't want your family away from you because of the virus, if you don't want your family to die because of a shooting, if you want real racial equality...... I don't believe there are more than 300 million people in America, and no one thinks that way. With all due respect, what you said is useless.

Although the president can choose one or the other, it seems to have the most advanced democracy and freedom in the world. But no matter who you choose, it will not represent the interests of ordinary people. Therefore, although the president is elected by the Americans, he can only represent the big capitalists forever.

The two parties in the U.S. always quickly reach agreement on foreign-related bills, such as foreign sanctions, war aid. But the internal bill does embody the so-called democracy, with the two parties arguing over their own interests. Passing such bills in the House and Senate is always a waste of national political resources.

Perhaps this is the key factor behind China's rapid development in recent decades. Because we handed over the big goal to the elite of this country. The deputies to the National People's Congress must reach an agreement as soon as possible so that we can spend more time on reform and construction. And most of us do put most of our energy into building our own country.

Bitcoin also does not require any country. But I guess if the Chinese government accepts Bitcoin, its price will more than triple. I don't know if this is important to Bitcoin users.

Bitcoin has the benefits that make it alive today, but just because it's useful to us doesn't mean it will be useful to the Chinese government. The answer is pretty negative but nothing wrong, China doesn't like bitcoin and they probably don't need bitcoin either. They have become superpower without the help of bitcoin, we should accept the fact. But bitcoin never needed China and they are not the center of the universe so no need to worry too much about their decision,  they used to make bitcoin wobble when they issued a ban but bitcoin overcame it all and got stronger and stronger. I see bitcoin now no longer influenced by Chinese news.

When it comes to the form of property, I agree that the government is more cautious.
After all, Bitcoin has not been around for a long time, and it is technically difficult for the government to grasp.
This is the beauty of Bitcoin. I agree with this.

Perhaps the ban is due to political factors.
A bit of a conspiracy theory indeed. The following are purely assumptions.
I don't quite believe that if the US government wants to control the Bitcoin community, there is nothing they can do.
It would be scary if, I mean, if the Chinese use of bitcoin is very common, maybe our competitors will control the bitcoin community.
Just like they were going to pass a bill in Congress that would take away the US bonds we bought.
They can get anything they want.
They might say that there are Americans in the Bitcoin community and that 10% of American technology must comply with the Export Act.
They might say that Bitcoin is suspected of money laundering and that community leaders have to come out for a hearing and add a piece of code to operate legally in the United States.
The reasons don't matter, the result is "they can get anything they want". That is to do whatever it takes to bring down China.

To be clear though, the Bitcoin community right now is very nice and not distracted by a lot of ideology.

we won't know for sure the harm China has suffered from the ban they have imposed. but clearly, the Chinese government will not like the foreign currency used in their country, especially those that do not cooperate with the government and of course have no control over it.
different from fiat which is managed by their bank. the use of Bitcoin has great consideration and will shift the dependence of their population on the fiat they control.
I don't know for sure, but these are just thoughts I have.

You just described every existing political system. Only their methods are different. In democracy they simply brainwash you to have the same opinion as them. So in a way democracy is the modern dictatorship.

You think the "center of democracy" (ie US) is any different? This week ABC News reporter James Meek vanished when they raided his home after he made some comments about Ukrainian civil war being an "American experiment". The full story is not yet clear but how many other whistle-blowers and oppositions the "democracy" has eliminated over the years?
This is how democracy works, you either get on with the brainwashing and repeat what they want you to or you will disappear democratically ;)

In general there may not be, that's why they totally banned cryptocurrencies in my opinion. But only they know.
I know the crypto industry can make a country benefit from a number of things, taxes maybe one of them. In addition, crypto can also improve the community's economy, especially users where their success in making profits on trade and investment has made them independent of their main income in the real world.

China doesn't like anything they can't control, that includes bitcoin. So it is safe for us to assume that they have nothing to lose as long as they have full control over their own country even if they don't give their citizens the freedom to own bitcoin, trade them or mine them.

I don't know what the Chinese state will lose if they decide to get out of bitcoin but I don't think they have anything to lose because they must have had a lot of bitcoins stored in one place. And maybe the total ban is only temporary and to give negative news to the world so that it can hit the bitcoin price and they can take advantage of it.

Meanwhile, we don't even know what China's strategy is in this regard so we all think there is a loss to China. And their leader must have thought it through well so it could continue as usual.

I learned a little about CBDC and e-CNY, and I do feel that our government has deep strategic considerations.
I heard that e-CNY is very advanced in the world, and there is not much experience to refer to. So many innovations have been made.

You might argue that the funds are fully traceable.
Yes, there are two giants in the payment industry in China, one is Alipay and the other is WeChat Pay. They are all already widely used in China.
In this sense, tech giants have taken control of private electronic payments. It's like Google penetrated American society.

So China's transition from third-party electronic payments to Central Bank Digital Currency is natural, not from paper money.
But I heard that people in many other countries find it unacceptable, I don't know what will happen in ten years.

It is clear that the Chinese government has chosen to develop e-CNY. So we may not be left behind.
I sincerely hope that Bitcoin will develop better.

You are getting this wrong, don't say Bitcoin is not useful to the Chinese government, what is good for citizens should also be good for a sane government, but they force restrictions on the citizen. If the Chinese government could lift the ban on crypto today, I can assure you that over 35% of their citizens would adopt it within a year. This is deprivation, and it is making them lose the benefits associated with crypto.

Mind you, because the Chinese government doesn't allow it does not exonerate them from not losing, the losses might be little to them, yet they miss that additional income and benefits which they are only overlooking. Let them continue in their folly, who cares! BTC will survive without them.

What do you mean by "advanced"?
Technologically speaking I haven't seen any technical details of it for anyone to give opinion on its advanced-ness.
However, adoption wise it seems to be doing fine. They claim to have surpassed 100 billion yuan last month. So there should be a lot of experience there to refer to.

Bitcoin is already better by being decentralized and censorship resistant.

The beauty of cryptocurrencies is that they are decentralized, meaning that no single authority can control or shut them down. And as long as people continue to use them, they will exist in some form or another.
banning cryptocurrencies would be like trying to ban the internet, it can't be done and no one knows for sure the Chinese don't use it and China just has rules that make it difficult for those who use it.
and perhaps another reason, the Chinese government will soon issue digital yuan they can control, and want to get rid of cryptocurrencies they have no control over.

I would say that some differentiation might be required here when you talk about the country. In democracies such a differentiation doesn't make as much sense, but as has been mentioned before here, for the Chinese government it is all about control and a freely circulating, unstoppable currency is certainly not what the government would like to be coping with. The Chinese citizens on the other hand might lose to innovative financial systems and markets and in how far that might mean a setback to them remains to be seen.

I still don't believe that the Chinese government isn't bunkering any Bitcoin. I don't believe it. I am quite convinced that they might already be sitting on a significant amount (which didn't cost them a fortune perhaps) and they just don't want that technology to be accessible for their people, but in case it goes above and beyond the moon, they are still participating in any financial benefits deriving from Bitcoin being globally accepted.

In short, China banned crypto and anything related to it because it is something they can't control, getting some tax out of it is the least of their problems. This country doesn't surprise me already because they are also like North Korea, but the difference is the citizens of China have a little freedom and choices compared to NK. Can't blame that some Chinese citizens chose to migrate towards Hong Kong, Macau and to different country just to get away from CCP's cruelty.

The Chinese government has not lost anything, if they had the possibility of losing something, they would not have banned it.

Rather, I would say that the Chinese government has done this for their benefit (to keep its people under their control) As we know China is a dictatorship country and they don't want its people to get financial freedom that's why they have banned bitcoin.

I think there is nothing to lose on China in banning bitcoin on their country, the thing is bitcoin is a threat to government of China. China wants to control, bitcoin is uncontrollable. The ban on cryptocurrencies is to curtail financial crime and prevent economic instability argues by the People's Bank of China and cryptocurrencies were facilitating capital flight from its markets, bypassing conventional restrictions.

China has seen the success of bitcoin of which it can try to replicate this success by using it's technology to introduce a centralized cryptocurrency by taking the first step of banning BTC. And knowing China's desire to become the #1 super power in the world, entering the digital currency industry is one way of being #1. So China's move to ban btc is nothing less than depriving its people the financial freedom and also protecting its revenue collection avenues.

The Chinese government have nothing to lose neither do bitcoin but the people of course especially does who are pro-bitcoin and enthusiasts and including those who have ventured heavily into bitcoin mining, the investors who have held since they one and those who operate as exchange locally as a merchant and globally. However, they can still move out to countries that welcome bitcoin and its investors.
If one day bitcoin gets accepted y half of the world, China is just like the US that is opportunist, they will want to have their hands in bitcoin heavily to control and know what is happening in the decentralized ecosystem and it might be too late by that time. Any country that bans bitcoin will just do fine aside from their people that may be affected by not been able to have one.

Some scholars have offered some insights into private cryptocurrencies and central bank digital currencies.
We do not mention CBDC, nor China. But they questioned whether bitcoin could be widely used around the world.

First, we are in the era of sovereign countries. Currency is a symbol of sovereignty. Monetary policy needs to regulate the economy, while private cryptocurrencies are decentralized and decentralized, and the government does not have the right to issue and control the currency. It is very difficult for a country to give up such a sovereignty.

Second, the conservation of the total amount of Bitcoin makes it face a dilemma. The development of the global economy and the development of trade requires more liquidity, and Bitcoin has a constant supply. If we give up constant supply and grow at a fixed growth rate, it does not meet the requirements of macroeconomic stability for currency.

Third, the marginal cost of mining Bitcoin is increasing. Because the number is constant, the beliefs of inefficiency, environmental protection, and decentralization also have a dilemma. Many studies have shown that Bitcoin is now concentrated in the hands of a few people, which is also the inevitable result of the final competition in a so-called decentralized market environment. At this time, it is said that it will be decentralized, and finally it will be concentrated in the hands of a few people, and the belief will collapse again. Prices are too volatile for money to perform its basic functions.

Therefore, it is difficult for private cryptocurrencies to become the legal tender of most countries, let alone international currencies.
In fact, Bitcoin is more suitable for anarchy.

They just told the world they have 1 trillion dollar deficit, that’s literally 1 trillion dollars. If they get out of bitcoin world as well, that’s just going to be even worse and worse. If they allowed their people to be in crypto fully, like not just allow it, but support it then things would change.

Online world is billions of dollars worth of world, look at alibaba and tiktok which are online companies that grew out of China, they need more stuff like that and they will be able to fix that deficit. You may think it won't, but 10 companies that size would actually cover a good chunk of it. Bitcoin is part of the online world, they can't just lock it down.

This is not a valid argument because bitcoin is not designed to replace fiat currencies but instead it is designed to offer an alternative option that could be used alongside the centralized fiat currencies that each country has for its own. As a borderless censorship resistant payment system.

It is not a dilemma, it is an advantage compared to the inflationary fiat currencies that keep being printed to solve the economic issues governments face at the cost of regular people.

You mean various FUDs have said as much otherwise there is no truth to that. In fact as time passes, bitcoin becomes more decentralized. It was even proven recently that the biggest and longest existing FUD was a clear lie. The FUD telling people that "China controls bitcoin by having 90% of the hashrate". The moment China banned mining, the hashrate change was negligible!

Bitcoin is not supposed to be come legal tender of any country, but it is and will always be an international currency.

The only thing that I think China will lose is the opportunity opened by these cryptocurrencies.  Like if they totally ban Bitcoin, both trading and mining included, they will only miss the opportunity the Bitcoin market brings, so far I do not think that banning cryptocurrency will affect their economy at all.  They had been thriving without cryptocurrency so they do not lose much if they totally banned it.  I know that China is keen on implementing its own cryptocurrency thus, they are not missing out on the technology of Blockchain which is the most important factor in cryptocurrency.

China is not against blockchain technology but the cryptocurrency that they don't have any control over.



I also think the same.  I think China believes that they don't lose anything if they ban cryptocurrency while on the other hand if they allow cryptocurrency to flourish in their country, the government will lose control over its citizens' finances. 

China as a government will not lose anything especially their monetary control will be in their hands and country like China never want to lose that so only loss can be felt if many other government adopts the bitcoin system and china will face difficulties in the international trades but here we are too far from reaching that status.

For people its a loss from investment perspective as well as the dependency of bank for all their payments and we know China is pushing their CBDC as an alternative with that there is no change at all just only the technology switch not the real benefits of blockchain and p2p.

China is in a difficult position with Bitcoin. While the country has been attempting to regulate the digital currency, it has also been trying to promote its own alternative, called "national virtual currency."

Banning Bitcoin could have several negative effects for China. For one, it could stifle innovation and growth in the technology sector, as well as deprive the country of potential tax revenue. Additionally, it could drive cryptocurrency traders and investors elsewhere, potentially hurting China's economy. Finally, it could make the country more susceptible to cyberattacks, as Bitcoin is often used to finance such attacks.

It's absolutely true as you said, the Chinese government has robbed its people of financial freedom, China's goal is to ban bitcoin because they can't control digital currency, because the system implemented by the Chinese government is that they want to control everything, they want to be seen as a country that has everything in its place. other countries, actually they know crypto currency can make the economy of the people better, but they don't want to accept crypto currency operating in their country because the government can't control crypto currency.

China has a lot to lose if they would allow even a smidgen of freedom for their people. Once the Chinese people get a taste of freedom, especially financial freedom through cryptocurrencies, they will definitely want more. And this is completely contrary to the ruling party strategy of controlling their people down to the tiniest detail. So obviously they will do everything in their power to prevent this. Not that they can, fully, with crypto. At some point the "ban" on cryptocurrencies will show cracks and more and more information will leak out about the world adopting cryptocurrencies. They cannot stop it.

All they are doing is prolonging the inevitable and losing out on profits from taxes.

If the first sentence is true then they shouldn't say that btc is banned on them but they can say that the use of it is only limited or there are some conditions to be met first before someone can use it. If that so or if let say btc is truly ban on them, I believe that there are still people who use btc secretly.

They can use a VPN for them to access btc sites which are blocked by their ISPs. On you second sentence. It's true and I think it already happened last time? It's a form of CBDC and CBDC's are still like a crypto but their obvious difference is that they are more centralized. For someone who wants to push its use then yes they can ban crypto first.

I heard that the U.S. has a complicated tax system.

Large transfers between private individuals in China in earlier years were not even censored. I heard that it will be reviewed recently, but I have never heard of filing tax returns with the tax office.

For ordinary citizens, the Chinese government mainly collects consumption tax and personal income tax.

When bitcoin was in circulation five years ago, no Chinese paid taxes to the government. Banning Bitcoin will not result in a drastic reduction in taxes.

Perhaps, they love to do that, therefore, they lose everything from benefiting from this new technology. I couldn't say they are wrong but something they wanted to keep everything on their premises in control. It can be a loss of opportunity for their people to do business in crypto and do investment, but unfortunately, they don't have the voice to oppose it.

But what I see is that - they lose freedom. That is why many Chinese people are moving out from China just to have peace in mind and freedom to do things at their own.

Everything about China is completely different compering to many other countries because they hace a communist  system and a communist economic system where thry won't allow the normal people to hace economic freedom and the companies in there are being monitored by their government all the time so they won't accept something like bitcoin to give this freedom while what they lose is much more than what they get from banning bitcoin

They did not pay taxes because at that time there were no regulations, tax collection was very difficult. I don't think China bans bitcoin because of taxes but because they fear their power is threatened, China is seen as an authoritarian country, meaning power will be concentrated in one place, here the government. If bitcoin is widely used and unregulated, government power will be weakened. The Chinese government is concerned that failure to control bitcoin will lead to money laundering, money flowing abroad or bitcoin will be used for anti-government support activities...I think these are the things that they are worried about.

China has its own pledo in dealing with bitcoin, they don't think that bitcoin will be able to affect them, this country has strict rules about bitcoin, but Bitcoin will not just disappear in the country, because there are many ways for people to start investing, even if the state forbids it. Bitcoin has nothing to do with loss or gain for the country, because Bitcoin is not a product of companies or countries, we think you are wrong if you mention that.

China is indeed different, but they are great in everything and are able to build their country into a developed country that is influential for the world. At first, when bitcoin was still not well known and the price was still very cheap, china did not have a problem about using bitcoin, especially in mining. But when bitcoin has grown and the price is fantastic, China begins to look at bitcoin.

But not because of the price, but because they can't manage bitcoin the way they want, because bitcoin is a decentralized digital asset and no one will be able to fully control it. this will be a threat to China as a country that has a communist system and an economic system that is always monitored.

Bitcoin miners from China are now scattered in various parts of the world after China banned bitcoin and banned bitcoin mining activities in China.

For now, China has no connection with bitcoin, and this means there is no more influence on the price of bitcoin that comes from this bamboo curtain country.
and china is currently developing its own blockchain system, is it possible to compete with bitcoin or is it just a project that won't go ahead?

They have a Great Firewall but it does work as they wanted and can not block all Chinese to access the Internet resources from other nations like Western. The pandemic shows that if their citizens want, they can break the governmental restrictions to access to other resources with freedom of speech.

They can ban Bitcoin or Cryptocurrency mining in a short period but they won't keep it lasting too long. If they see the whole world accept Bitcoin and Cryptocurrency mining, they will not self-kill themselves by banning that industry.

They know their nations have abundant energy resources for it and they can get profit from it too by running Bitcoin and cryptocurrency mining. China is a nation that care most about financial profit, economical benefit, their governmental power so if they see great opportunities, they will not skip it.

I don't exclude scenarios in future when many governments will engage in Bitcoin and cryptocurrency mining.

It is true that it is not possible to completely ban bitcoin but if your country bans it and you continue to invest and use bitcoin then you are breaking the law and if you get caught it will probably be a big crime, this is an action that is not recommended or followed. China became a power without bitcoin, so banning bitcoin, I believe doesn't affect them at all. The impact of bitcoin on an individual or an organization can be enormously beneficial, but for an economy it is nothing. Bitcoin is too small to affect larger economies.

when viewed from its function, bitcoin has not affected international relations, for example bitcoin as a legal tender for export-import activities, I think China will suffer losses, because China has trade relations in almost all countries in the world. On the other hand, of course, China has taken this into account in the economic development of their country, and so far it seems that it does not interfere with economic activities in that country

Somewhat ironically, in China, not only those websites, but even my visit to this website requires a VPN.
But despite China's many restrictions, I still feel it is necessary.

Because I am a citizen in higher education, I can clearly discern ideological issues.
But students receiving compulsory education in China are vulnerable to the so-called democracy and freedom of the Western world.
We have been deeply aware of the root cause of the unrest in Hong Kong, which started from the infiltration of young people.

I always feel that it is 2022, and no one will believe in the so-called democracy and freedom on this planet, right?

Government issues Policy Statement on development of Virtual Assets in Hong Kong (https://www.info.gov.hk/gia/general/202210/31/P2022103000454.htm?fontSize=1)

Hong Kong wants to compete with Singapore for a fintech hub, which will prompt the government to accept cryptocurrencies as soon as possible.

for the government there may not be any changes, because they themselves make the rules, and they must also know the consequences of the regulations they make.

and the ones who will definitely be affected are people who like to invest in cryptocurrencies, with regulations like that they will definitely invest secretly, and that is definitely very uncomfortable.

Violating the law is another part after the prohibition applies, but the problem is that the prohibition is not applied correctly in several existing countries. Returning to the topic of the problem, if the prohibition is applied to Bitcoin in particular, then no one can limit bitcoin to grow and develop, given that the country that previously banned Bitcoin did not fully succeed.
So that the applicable rules are not optimal, because Bitcoin is not influenced by anyone in its journey until now.

Taxes, taxes, taxes. China is a nation with over a billion people, and they have trillions of dollars, which means even just 1% of it going into bitcoin would be 10+ billion dollars, and even at 10% tax that would be 100+ million dollars and that’s just once. Imagine all these people and all that money to end up with constant trading and profiting, you would make billions in taxes as a nation. That’s what governments always need, more taxes because taxes are the only income of a government and that’s how they make a profit.

This is why I do not believe that we should be focusing on anything like banning, we should be focusing on something much better with more taxes, so they can build more things to help the nation.

Of course, they are losing on this opportunity to have access to a revolutionized technology that may potentially be utilized by more countries in the future. Like what most have mentioned, China is a communist country. This means that the government has absolute control over the properties and services that businesses offer. Since BTC and cryptocurrencies introduce freedom of payment, it is nothing but obvious for them to prohibit something that cannot be controlled or regulated.

I just hope that the loss of China means the gain of other countries. For example, El Salvador has already made BTC as their legal tender; and more countries have started to integrate BTC to their economics and financials.

More importantly the people or say the population as a whole is affected with all these ban stuff as we all are familiar that CCP will never allow freedom to it's citizens because a country banning social media platforms can go beyond any limits to suppress the mass.But the government in secret has accumulated lot of Bitcoin so they don't loose they gain and people face the actual loss.

They are loosing a lot from Banning Bitcoin , depriving its citizens the investment opportunities and the trading opportunities in Bitcoin. Banning Bitcoin was the worst decision that the government of China made for its country in my own opinion. And all this was as a result of their digital yuan hegemony and fight for who will rule the world. Imagine a situation where the USA embraced Bitcoin and use Bitcoin
to Back the USD. Then China will regret their decision because Bitcoin will worth like $250k or more.

Do you think China ever banned crypto in reality? Yes, we hear the news that crypto currencies are banned in china but do you know that the biggest bitcoin mining farm are operating in china.
Chinese are just manipulating the market by such news while in reality people are using crypto and they will never ban bitcoin permanently. Those countries who are banning crypto will realize their mistake sooner or later.

Depends on how huge Bitcoin becomes globally imo. If Bitcoin is just a luke warm fad, then China will have made the right move. If Bitcoin becomes a worldwide economic powerhouse where all economic activity, innovation and trade takes place, they will be light years behind.

They are giving up a lot of economic edge right now at the trade off of having more control over their citizens' money and directives. Overall pretty evil but if you're an evil dictator it makes sense.

Economic growth has nothing to do with whether they allow bitcoin mining or not! Not to mention that the bitcoin market is too tiny in comparison to trillion dollar economy of the biggest economy in the world.
You are also forgetting that their centralized altcoin seems very successful considering the number of users it has attracted and the number of transactions it is handling.

But I agree that they will eventually join the bandwagon. As I said earlier I believe that all the restrictions they have placed on bitcoin are because they wanted to give their govcoin a boost but eventually they too will realize that they can not stop the only existing decentralized money.

China is still fairly strong in economic growth in their country, they want to admit it or not, it depends on how they react to the economy they are currently running, very successful and even almost rivaling America, even that we do not know in the mission that will be carried out by the leader they are Xi Jinping, in the leadership they run their economy has greatly improved without Bitcoin interfering in it, because the industry they run is really needed by all their allied countries, so even without Bitcoin they are still super power, don't know what to do in the future whether they will implement it or not...

No country can do well in this contemporary technology world. If any country ban Bitcoin in this digital economy, the economy of that country will not do well as other countries that have accepted Bitcoin as their legal tender. In this contemporary world, the youths involved massively on Bitcoin and a country adopt Bitcoin it will boost the economy massively.

They can lose some opportunities but we know they are ready to do that.
I know China had foreseen the future of Bitcoin but this country has been governed by a dictator leadership which gives no way to decentralized investment like this, it is absolutely been declined and the hope of the people. For some reason, they created their own digital currency Yuan just to combat the growth of cryptocurrencies but I believe that people are more interested in Bitcoin than this.

That is true, world is going more and more technological and that means if a nation bans something that is cutting edge tech (even if it's 10+ years, it’s still brand new) then they are going to be left behind. China should realize that they are forced to let bitcoin be whatever it is, they cannot just ban it, because if they do, and others don't then other nations will benefit from it whereas Chinese people will not be able to.

This is why they are going to make it legal and regulate it eventually and that will profit them a lot. Imagine just one huge government controlled crypto exchange for all Chinese people that deals between all banks, so you can turn fiat to crypto and crypto to fiat, that company could be bigger than even binance.

They have nothing to lose and besides they dont really need on adopting something which is decentralized or something that cant be controlled and anonymous and the fact we do know that they had
they had that digital Yuan.

Recent news says about controllable anonymity which is typically bullshit of being ironic.
https://cointelegraph.com/news/chinese-central-bank-exec-says-digital-yuan-will-offer-controllable-anonymity

Anything which can be controlled would be always centralized and shouldnt be called crypto in the first place.

I know one thing they are most certainly losing out on is tax revenue, but I think overall, the way China is structured as a "Democratic Nation" but in realty is a dictatorship of sorts, every move they make is completely calculated to control their people and line their pockets (the elites).  The Chinese people in whole are so brainwashed in to thinking their way of life is okay, that really I'm not sure China, the nation is losing anything.  The people, on the other hand however, are losing out on another major avenue of control (hence why the government banned bitcoin).

It is hard to say that they are losing access to the technology of the future since they are still one of the biggest countries in the world, has the fastest growing economy today. If they accept bitcoin, what they will lose is control, they will not be able to fully control their citizens. That's what they fear the most.

Currently, it can be said that bitcoin is benefiting investors, companies or organizations because of the profits it brings. As for the impact of bitcoin on the economy or development of a country, bitcoin has not yet achieved that. I think China has banned bitcoin but they are still watching what other countries will do with bitcoin, they can still change their mind when they see benefits from bitcoin.

obviously all countries will have views that can be very different from one another, as well as the policies that are carried out. China of course knows what has been done, the main thing is that as a big country they might want to be able to control it but since it can't be done they will obviously ban it. As far as I know, there are still many countries that also do it although maybe not as strictly as China has done, but they also do some prohibitions.
all will be given freedom if they already have a mechanism to be able to intervene and control broadly.