Bitcoin Forum

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I know that Hongkong is the soul location that's doing all this crypto thing, do you think that the whole country (china) will benefit from this or this case will be that Hong Kong will be the location for crypto things?

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

Regarding the specific situation in Hong Kong, it has been a major hub for crypto-related activities, including exchanges and blockchain projects. China invests a lot of resources in that.
Both China and the US have shown interest in blockchain technology, but their approaches and regulatory philosophies differ. The US has taken a more cautious and fragmented regulatory approach, with various regulatory bodies involved. China, on the other hand, tends to have a more centralized and controlled approach, mostly because of their politics.
China have some interesting statistics about producing almost 60% of world's goods, their perspectives are limitless imo.

China have always been growing their blockchain talent under the radar. This was evident at the time that NEO was born. A lot of the bans following only specifically relate to certain aspects of cryptocurrency but never on the industry as an absolute whole (despite how mainstream media had portrayed it each time). China (at these points in time) also could not afford Bitcoin to reign supreme, just like the US could not afford, or Russia for that matter. This might be different now and why they are boasting their talent and opening their arms publicly.

With the distraction of AI and other mega technologies that are shaping our world, I do wonder if Bitcoin or blockchain will take the stage again soon, and who will benefit most from it. I think it is clear that the US will not take that title.

Hong Kong is much better and it's a SAR of China. While policies are still different and it's like a baby of China, it has its own policies and they're not as strict as China. I'm more optimistic about Hong Kong on this approach as they're trying to do everything to make their economy better and offer a lot of incentives and opportunities to anything that they can source money and businesses. But with some policies that China will like to implement and they have to enforce that to Hong Kong, changes might come at any time. While as of now, things are better and a crypto hub in Asia can be named on Hong Kong or Singapore.

I think China is in the first line of interest in the economic sector. Not so long ago, the country completely got out of covid and will now catch up and try to occupy those niches that are promising. But I am also watching the situation with interest and I am just as interested in what will happen next. With the abolition of all bans, we will be able to see the result, which I think will surprise many.

In the year 2021, China really banned all cryptocurrency mining activities. But last year (2022) it showed support for blockchain technology.

      And this step started when they supported web3 technology in cryptocurrency. However, we know that China is cautious, because they want to make sure that there is no threat to their stability and national security as well. So I can say that this is not fake news, and the times are really changing. And this is a link I read about the thing we are talking about https://news.coincu.com/190437-china-embraces-web-3-0/

I mean it could very well be just a governmental approach and not really just a "independently anyone can do whatever they want" approach. This way they could make sure that the government, which is basically just a single person, could get involved as much as they want via these companies and investments. Obviously its not them doing it, but they allow others to do it for them, and they get profits in return. You think alibaba is owned by jack ma? China gets a piece of it, same logic applies here. I believe they do not want to let everyone do whatever they want, that's not on the table, they just allow certain people and companies to do what they allow them to do and they want to get a piece of it because its a huge market and why not have some profit from what is possible?

I don't know if they and the US compete in this crypto space. but as far as I know, even if the Chinese government strictly implements the bans, their people still quietly use cryptocurrencies and even still mine bitcoins.  in a recent report, they even surpassed Russia, second only to the US in bitcoin mining. I don't think it's possible to ban crypto, it's just that they're more careful in their approach, and they're taking it slowly.  we live in the world of technology, there is no reason why a great country like China should ignore it.

I have read several news about it recently and it turns out Hongkong had been allowing crypto traders for months on local exchanges.  I think the volume will soon increase because they may also allow the local exchanges to operate on big cities like Shanghai and Shenzen.

Kind of 180 turn of China about crypto and if all turns out good. Institutions from the west may come as well. Yep they could be playing but all the time China always welcome technology. You know how it was in the past. They always adopt and learn new things and beat the original with their innovation. They Even beat Tesla with the EVs.

They banned it because it gives freedom of choice with their money but they are also accumulating since they are aware if potential growth of Bitcoin in the upcoming years so they may use it as reserve or something not under their name but they will never allow the decentralized monetary system so all they're trying is ti implement the centralized as well as new technology so they are in control along with not missing the trend.

I am seeing posts about how on June 1st, crypto will rally hard because everyone in Hong Kong will be buying it. However I don’t think this will happen.

Most likely people already own it. And those who don’t, probably won’t buy it on June 1st. So most likely it’s good long term but in the short term I don’t think it will have much of an impact.

china is a smart country, of course if there is a good opportunity, then they will carry out their strategy, but the problem is sometimes the path taken confuses us, but indeed maybe it is part of their plan to dominate the cryptocurrency world, moreover we know in this business people dominates it will be easier to control it. maybe the previous china didn't want to just be a participant, but what they wanted was to be the ruler

China is using Hong Kong to test crypto policies. China would make Hong Kong a crypto hub to experiment with the economic implications of cryptocurrencies. If it benefits the economy, Mainland China might lift its ban on Bitcoin and other cryptocurrencies. But it will remain banned if it has negative consequences.

I am usually surprised about the stance of the US government on cryptocurrencies. Their lukewarm attitude might make them lose the opportunities that the industry offers. The Biden government has not given the crypto space a conducive environment to strive. If China lifts the ban on crypto mining, many miners will flee America because of strict regulations and the cost of electricity. But some American politicians that understand the crypto space are becoming vocal about thier stance on Bitcoin and others. Hopefully, a new government in the White House can change America's approach. If they don't, China might take the front row making them stay behind.

Maybe they understood that their previous stance was wrong and then they started accepting these things as a method to grow their country and become further competitive to other countries. We should be skeptical about how much China will accept web3 development in future though. Economic changes may be forcing them to accept this pathway, it shows how we as a community can force the government to take a lenient move.

However there will not be much changes in prices due to this.

They just see how big the potential of web3 technology so maybe they also want to adopt the changes since if they live on old style and let their selves behind on newly introduce technology then maybe it can affect to the growth on their country. For now they are not so friendly on crypto since maybe they are introducing something to their citizens but if this crypto and web3 thing will be so famous on their country for sure the government might change their mind and look at the possibilities to adopt it.

Recent developments in China regarding crypto adoption are indeed interesting with their current approach and them embracing web3 and supporting certain crypto projects signifies a change in their attitude. For the end result is uncertain my reason is the crypto market is complex and constantly evolving. This will depend on a variety of factors, including the regulatory framework, technological advances and global market dynamics

That's right. They want money to come in their own country but they don't want to go outside china and actually they hate crypto which they can't control including bitcoin.
They just want web3 so they earn money&control the people outside china so they just want to be the first to use blockchain tech for their own benefit

Indeed, these are  very interesting developments regarding regulation and adoption of crypto currencies in China which has attracted attention of  investors. all over the world These developments are crucial for the future of crypto space as China is the second largest economy of the world and shift of stance towards crypto currencies can potentially influence the crypto market and create positive sentiments among investors worldwide.

I think China will really take advantage of this, but they have a special strategy of possibilities that makes it look like they have to show aversion to crypto to get any big opportunities out of it in the future. now China's rival, the US has banned crypto, if china formalizes crypto and dominates the market of course they will get stronger financial power than before. I even think whether in the future China will become the No. 1 economy in the world.

China is a big player on the market. When it benefits them, they ban cryptocurrencies. But I don't think that will last. I think by 2024 the situation will change in a certain way, and China will have its say in the cryptocurrency market. Don't trust Chinese trickery

China invests a lot of resources, China on the other hand, tends to have a more centralized and controlled approach mostly because of their politics. China have some interesting statistics about producing almost 60% of world's goods, their perspectives are limitless imo. China's rival, the US has banned crypto, if china formalizes crypto and dominates the market of course they will get stronger financial power than before. I even think whether in the future China will become the No:1 in the economy in the world. China will like to implement and they have to enforce that to Hong Kong, changes might come at any time.

no, they don't want to accept cryptocurrency which they can't control.
They just want to play with blockchain tech. i do think that will be digital Yuan or something similar

It is not certain that the news surrounding China about the crypto market could be just a trap. But looking at the positive side, I see this as a sign of prosperity and also a breeze to wake up the market after a gloomy period. Also, China has long known that they are a smart country, so the fact that they publish this news shows how they are accessing cryptocurrency safely and still within their control. So with the current economic context, they are trying to reach out and have an intention about the potential that cryptocurrencies bring, and using them profitably also helps them recover the affected economy. by the pandemic.

We know China as a country that wants to be lead in everything I guess they finally realize that they cannot beat Cryptocurrency so they joined the bandwagon.
In the past, they thought that by pulling their support and banning Bitcoin they can kill it, but the opposite happens so they are now back and rallying to take the lead in Cryptocurrency adoption.
I believe this is for good and they will eventually lead the adoption of Bitcoin, and with all the power and resources they've got in three years' time, they will be back as the number one supporter of Bitcoin.

They have seen that banning the usage of btc in their country, the market still proliferates without them.
So they realized that there's no reason for them to be hard on crypto because they won't kill this market.
Their move may not be fake, but we should be vigilant about their motives. Definitely, they have their reasons.
This development anyway, is actually good for the crypto market in general, the more adoption we have, the better for its demand and so its price.

China has a very pragmatic approach to making money.
And cryptocurrency is no exception. On the one hand, the totalitarian regime does not allow citizens to freely use uncontrolled and alternative systems of payment or accumulation, "independent currency".
On the other hand, the principle "money does not smell" works - and if the crypto market generates income, then .. Then you can! But not for everyone, but only for state-controlled structures.
I am sure that all mining farms are now in the hands of the state, or proteges of the state have been introduced there.
It's like with Alibaba and its owner Jack Ma - the state said "now you can't do this, now we will do your business", and Jack Ma left China with his family, and disappeared "from the air" for almost half a year.

When we talk about the economy, emotions are far away, all countries are ready to offer solutions, so you find that some countries change their policy towards a certain thing several times over several years, and an example of that is what is happening in India in terms of rapid development in legislation and regulations.

What is happening in China is normal and an indication of the decentralization of Bitcoin, as after several times it banned Bitcoin and the price is still above $20,000. What is not normal is to try to make China a major player that can change the direction of the price.
Do not give Chinese articles FUD more power on the price and those articles have more free views, just ignoring all the news related to China.

China will probably take this opportunity if it can get ahead of the US on this, because China and the US are at odds over trade and I think China will take this sector to get ahead of the US.
and also web3 is a good thing for technology development there in the future.

China wants to be a part of an ultimate power. Not the strongest power in the world, which is USA. They want to build something more powerful than that. So they will take every opportunity to make that happen. Crypto holds so much power if you ask me. So no wonder that china will adapt to it. But when they will see that they are not getting enough advantage from crypto, they will get rid of it again. That's just how it is. They want to use it for their advantage, that's all. And china will try to keep USA down as much as they can.

Crypto is not all about Bitcoin, They can ban Bitcoin while allowing other cryptocurrency since they are looking for a way centralized or regulate the token. Bitcoin is pure decentralized that’s why China hates it since they can’t control it. China doesn't hate the idea of Blockchain so I will not surprised by their recent move but don't expect they will support Bitcoin with this news since they are pertaining to their own crypto and not the decentralised one.

There is no way China a communist country will allow Bitcoin to be use by its citizen while they can’t monitor all the transaction happening via P2P.

China is in a tricky position. It's a very authoritarian country, built on serious control of the state over the lives of the citizens. So, obviously, they don't want their population to use decentralized cryptocurrencies because that's something that the government wouldn't be able to control, and it's too much freedom to give to the people. But China also needs the economic benefits and doesn't want to stay behind other countries when it comes to innovation just because it's an authoritarian state. Plus, considering its deep ties with the US, they kind of need to occasionally show that they actually care about freedom, protecting the environment and other stuff (even though they don't). So they can occasionally and in limited ways adopt new technologies while ensuring that it won't empower the vast majority of the population. To me, the Hong Kong story and the Web3 white paper are signs of this policy.

The cryptocurrency situation in China is undergoing notable changes, however, China's ban on cryptocurrency mining and trading in the past shows that it has a cautious stance on the sector. The fact that China is supporting a number of crypto projects and embracing web3 may well be a fake move, however could also be a new step in China's policy with cryptocurrencies. The fact that Hong Kong is the soul location that does all things crypto-related is true because Hong Kong is an international financial center and there has been a strong development in this area. However, which locality will benefit from this depends on many factors. However, if China really embraces web3 and builds a prosperous cryptocurrency system, this can support the economic development of China and the whole of Asia.

Regarding the problem with the US and beating in the crypto space, I don't think China is trying to beat the US in this area. Instead, China's move may be to keep up with world trends and develop a strong crypto sector. Both the United States and China have the potential to develop this sector in the future, and competition between the two countries will benefit consumers around the world. However, the development of cryptocurrencies also requires the management and supervision of international organizations to ensure the sustainability and safety of the system.

Let every country decides for itself, if they think that bitcoin nis the best solution for them to have a better financial experience and freedom considering what the people want then they can as well as going more further in making it a legal tender or a legal and an acceptable means of making payments, if they think they cannot adoption it because of the conditions attached whereby they wouldn't want a financial freedom for the whole people under their leadership, all is fine, everything has result and consequences, but the funny aspect of it is that you'll always be surprised seing those you never expect adopting bitcoin and such is already happening with China

In the economic world, China is often considered to have great power and they have always been a tough competitor to other countries.
Those who are involved in crypto will never forget how their policy towards crypto is, even though at this time they are again turning their attention to crypto amidst several policies regarding crypto that have emerged from America.
I don't know what will happen and how it will end because they are currently in a difficult position in my opinion.

Your viewpoint on China's crypto gambit sketches a mesmerizing, yet somewhat gloomy, narrative. The back-and-forth between state dominion and the fundamental decentralizing aspect of digital coins presents a riveting puzzle. These government-controlled mining hives, with their eerie undertones, seem lifted straight from a dystopian novella. While the quest for state control pursues consistency and order, it collides with the heart and soul of cryptocurrencies—decentralization.

The episode involving Jack Ma stands as a stark reminder of the possible traps in this pathway. Nonetheless, we must ensure not to overlook the bigger picture and opportunities lurking within. Digging a layer deeper, maybe we're witnessing the birth throes of an innovative economic scheme, one that bridges the gap between the disorder of laissez-faire economics and the strictness of centralized control. As time unspools, it will divulge how this absorbing tale unravels. Until that moment arrives, let's persist in fueling these enlightening exchanges and nurturing our shared wisdom.

This trend is a Chinese strategy to anticipate world progress in the future, they include a point in Hong Kong as a center for developing cryptocurrency and web3 projects. Learning from bitcoin, which they banned before, if you think about it as China, which carries out strict security and has a producer's attitude to a global product I think China had fear of bitcoin before besides talking about resources in bitcoin mining, but had other thoughts in banning bitcoin mining before.
I don't see it as fake support, in fact I think it is China's move to become a country that is ready for technological advances and disruption in the banking world.
As for the US itself, I don't understand what they are planning, and they are saying stupid things about cryptos causing bank collapses like SVB in the US.

It feels like China and the U.S. are just laying low, waiting to see which one of them makes a mistake first. Cryptocurrencies for them are just a tool used in a big game. Of course, the consequences of various bans and prohibitions on cryptocurrencies are carefully calculated. And the laws ... Once upon a time, there was a custom in one kingdom - a new king would repeal all the laws passed under the previous king. And new laws often coincided with the old ones - only the signature differed

if we talk about mainland china they certainly won't support the adoption of cryptocurrency in their country for whatever reason, but for china taipei, hongkong, and macau, maybe they will be heaven for cryptocurrencies, because they have their own administration and regulation where they can freely adopt crypto in their countries.

of course, the adoption of crypto will benefit these 3 countries because crypto investors might make these 3 countries an option to invest or open their crypto business and it will give these country new income from crypto taxes and a functioning crypto economy which will be profitable for them.

The people at the top of the government food chain in China are very adaptable and not in the slightest affected by all the random crackdowns that the leadership use to get the general population or business leaders in line. The fact that they broke up many data centers that were driving up energy prices in China at the time was probably a good thing, as the wider public was suffering from much higher electricity prices so a few people could get richer. They would only have destroyed a small fraction of the capacity, just enough to scare the remainder into selling them as they were doing a short time drive to stop this activity. There were also some miners who were starting to use very polluting energy sources so it is better for the whole planet that action was taken, some rare indirect praise that the Chinese government might deserve.

It Hongkong and I think that doesn't mean China as a country is ready to adopt webb3 as you claimed, just only a small portion of China that is trying to adopt web3, and if at all China later changes its position about Bitcoin, I don't think they will compensate Bitcoin Mining companies that where destroy then because by law, they were mining without approval and that is a criminal offense that is punishable but I'm not trying justify them for destroying the companies Asic machines, they could have sold it or auction them out to individuals that are outside China to generate revenue.

This is a good development but let’s not expect too much from China as they are more prone to change their decisions without having any second thoughts. Let’s just see the numbers and how its behaving, take the opportunity to buy cheap coins and take profit when already happy. China is a big market though, let’s just hope that they will become more crypto friendly and avoid changing their thoughts about crypto.

Can you mention a few web3 and crypto projects, that were "supported by China"?
China doesn't support anything(by China I mean the Chinese government), maybe some private companies and investors are supporting crypto projects in Hong Kong, but that doesn't mean that the Chinese government supports them. I know that Hong Kong is under the rule of China, but that doesn't mean that Hong Kong doesn't have some sort of autonomy. The basic idea of the Chinese policy is to have certain areas where the government regulations are more liberal(like Hong Kong in the fintech sector and Macao for gambling). I don't know why it is like that. The Chinese communists doesn't always act in a logical manner. ;D

The "funny" is that China is just doing "centralized management of decentralized assets"!
Sounds contradictory, but it's true :)
I repeat once again - China will not deny itself the pleasure of managing another sphere of people's lives, this is embedded in the paradigm of Chinese "capitalist communism"
Considering the change of vector from development to totalitarianism, at least regional imperial ambitions, and attempts not only to declare but also to really try to make oneself the second pole of the world - this is all to be expected. It is difficult for me to guess how the situation will develop, we will just observe the development of the situation.
The only thing I will assume is that the population of China (developed regions and business regions) will not like the "clamping" of rights and opportunities, and total control by the state, after almost 20 years of free development .. What will this lead to? Let's see.

We all understand the story that the legal corridor for the use of cryptocurrencies is very limited, I have seen some bans but it is completely meaningless. Some issues are only temporary and unsustainable, the competitive financial game on many fronts among the leading powers is showing a different side to the pace of our development. It's as simple as the fact that our generation everything has been sped up in the process of work so much, in the case of cryptocurrencies, I don't think it's just a tool for countries to compete, in the long run. I envision more economic cohesion and harmony.

The US-China war in many different fields, they all want their influence on a global scale, looking at the game in the crypto market, political factors have an impact on the development speed or level. country-by-country access to crypto. Certain policies and political decisions may also affect the crypto market. For example, new regulations on taxes, securities, and currencies could affect the development of the crypto market, the value of cryptocurrencies, and investor sentiment.

In addition, the actions and attitudes of countries and international organizations on cryptocurrencies can affect the popularity and acceptance of cryptocurrencies globally. So political issues can have a big influence on the crypto market.

You know I still feel like China started the Covid and it's all intentional? Maybe I am wrong but I believe they took away some gains in some ways in that covid period, I smell conspiracy theories of a kind but it's ok.

Now if China is fully supporting the blockchain and web3 technology like it's nothing I believe there is more we don't know yet, they must have planned something out already and probably gained something from support, it's China we talking about, they are smart and I don't trust them, don't blame me.

DrBeer made a good point by saying that China is doing centralized management of decentralized assets, Nicely said.

Does China already change its regulation related to the ban on crypto? If they don't change it, it is clear that China only plays with us. It is difficult to trust China, they only take advantage of the situation. Not sure what they plan by trying to support some crypto projects, but it won't be a big step to beat the US in crypto field. If China is serious to support crypto again, they won't support some crypto projects only but they will revoke the ban status. Considering this matter, I also doubt if China really begins to support crypto. Although I guess there are many China people who are still involved in crypto, the government seems hard to change the ban. China is not a democratic country, the government doesn't easily accept people's proposals.

China and many other countries are ambivalent about bitcoin because there are things they like about it, but there are also things they hate about it, on the case of China they are seeing the US not being very supportive of bitcoin either, so their politicians are thinking about how to take advantage of this, and relaxing their policies may seem like the right way to do this, after all is not a secret China has been trying to weaken the dollar and they are willing to use any tool they can find to accomplish that goal.

I don't think, is a fake move for China to support some crypto projects in their countries because they are still looking for ways to eliminate unemployment and to improve their economy pandemic reduced some years ago in their land. Based on the move China government is trying to put in place to give their citizens a standard economy, show that with time their government will unbanned Bitcoin so that crypto miners can start mining to create more opportunities for the youths. I think, China government will like to act like El Salvador government to give his people all the support they need to make Bitcoin and cryptocurrency spread around the country so that the citizens will have the knowledge of Bitcoin and cryptocurrency in the land.

Because it was still ruled by British until few years ago and if they had done radical transition of legal and economy issues, it could have broken the whole Hong Kong, or at least the transition wouldn't have been so peaceful. So they try to keep "one country two systems" alive. Sort of. CCP wants to rule but it seems to be back and forth showdown of Hong Kong protests and their suppression. I don't think that anyone in there knows what's going to happen next. CCP and Xi Jinping wants just to show their power from time to time so everyone knows who is in charge.

Hongkong is where they usually experiment some rules/changes to be applied and if they see good effect on it, theres a chance the changes will alao be applied all over mainland.

But this may not just a simple,change of mind about crypto because they are deliberately approved the crypto freedom while US is close to banning crypto. This could be part of the dedollarization that China and its gang were cooking.

is that true? where you can get that information?

I think china has it's own digital money, just like crypto and they will build central bank digital currency.
 And i don't think they destroy the companies Asic machines, i think they confiscated the company

I still think that it is not that bad, I mean it can't be "that" bad, I know that it is looking like China is not doing 100% support right now, but at the very least they are not doing nothing neither, they are doing something about it which should be benefiting us to say the least.

I am not saying that all of china will start investing into bitcoin and trillions will start pouring in, that's not the story here, but at the very least there is a small amount of help and that should be more than enough for all of us to be happy about. Too many people are acting as if this is nothing at all, and it is not, it is not nothing at all and we should be seeing how wonderful it is when the time comes and the price starts to go a lot higher as well.

well, as usual, they are very good at manipulative economy, so it's only natural that China occupies the position of the No. 2 strongest economy in the world, even a little more than almost beating America. but if they china reopen the legality about crypto project i think crypto will be greener than now because this big country economically will have big impact for crypto trend in the future if that happens.

They're tricky. And they will do what brings benefits, while something not threatening the existing order in China.

Recently, the Belarusian authorities took an unusual step - they suddenly legalized and even supported cryptocurrencies, abolished taxes on their payments and the like. All miners and cryptomaniacs have come out of the shadows. But the authorities said in advance that this law would cease to apply in two years. It turns out that if you come out of the shadows - at the end of the law, you may be threatened with deanonymization. And then the authorities will know that you are a cryptomaniac.

Perhaps the Chinese government is also doing a multi-pass now, like in chess. It's not clear to me personally yet.

China people may have bitcoin in mind and their government is not in support of bitcoin,using Nigeria as illustrations, Nigeria government restricted making a transaction with bitcoin through their banks, and up to date the country is not in support of bitcoin,  but lovers of bitcoin in same country is more larger than government supporters, so China banning mining of cryptocurrency then, should as a result of the government been kicked against the processes of mining of bitcoin, so some countries give order of restrictions of something without knowing the important the stuff. So that's what China did, I will say that they have known the important now.

Well, it's difficult to say or project what a nation might hold for crypto. Most times, the decision resides on the one at the top of its government. With the web3 innovation becoming a thing for investors and prospective customers alike, they've got yo he means for some digital currency opening its realms and what better way to do it than cryptocurrency.
These are things to be thought through as Web3 would be one that ces without borders, boundaries and as such, you don't need no boundary bounded currency like fiat or some exchanger to determine its value.
For all we know, it's genuine what Hong Kong or the Chinese people are doing at the time.

A country that is rule by arms of government and largely populated will hardly settle for crypto because they know for real that they have influence in the market, if today they announce that they have legalized crypto, many people will be trigger to join the party even the people who have little knowledge about it will want to join and the government will harm its people by this action.

What I think is that, even if they allow a room for crypto adoption, they will want to regulate it to protect the people and the investors because looking at Defi and Cefi, none of them are safe for investors, only few exchanges that has reputation and some long term defi has proven to be worthy of this trust, and if this happen, they will not be too different from the US because we don't need regulation in crypto.

We all know the size of China in the economic field. Instead of asking whether there is a deception here, we should look at whether there is a state that can do the opposite when China takes a decision. This support is false or not, I don't think it's something we can change. Even if it's a lie, they can make it look real. If it is true, things will go as they wish.

A big government will fill the void in crypto and will get ahead of everyone else. It is unclear who this is or when it will happen.

It doesn't matter which country it is if they're going to do useful work for crypto. Bitcoin should move confidently towards its goal.

This is why we should always be wary of the movements the governments take when it comes to cryptocurrencies, the tactic that you are mentioning is a standard one on their book, this is just a way to find out the people that are hiding from them and make them think they have taken a posture on one direction and then move to the opposite direction, if anything the only thing that surprises me is that they have said this from the beginning instead of trying to hide it in some way or form.

It's very easy to search for information.
https://www.ft.com/content/2f7c7a10-2df3-4f1b-8d2a-eea0e0548713

Next, search for information using the keywords "Jack Ma the state takes control of business". Find out how "subtly" Beijing eliminates unwanted businessmen with power, money, and an unwillingness to put up with a new totalitarian regime that rolls back freedoms in the Chinese economy and society. Yes, you won't find anything real in the Chinese media, because the media in China is also tightly controlled by the government.

China's first ban on crypto was in 2017 and that caused a lot of crypto related companies to relocate. Binance was affected with that and it flee China. I was just coming into this industry and that stuff panicked me. Anyway, what's happening now in China isn't unexpected. When that ban happened, a lot of crypto veterans speculated that in later years China was going to regret that action and then begin a catch-up process. I think that's what the Chinese government is indirectly doing now. It's better late than never.

Yes, it's really weird. Usually the authorities keep silent about this intention and then plunge everyone into shock. Nevertheless, this law was in effect until 2023, and six months have passed since its termination. The authorities were silent, and everyone uses cryptocurrencies as usual. But it is obvious that regulators from the authorities can start acting at any moment. I think this can happen if the government needs additional money in the budget.

Famous Chinese bans. The fear that the People's Republic of China will ban cryptos which i think is used to spread fear in the crypto market is no longer working. The reason for this is that with the bans they have made in the past years the miners have already gone to different regions. I also think that the Chinese Government will change the negative mood about cryptos.
Hong Kong's crypto currency move which has been talked about recently and became official recently has enabled many projects to perform positively at this point.

Chinese origin coins diverged positively in this process and started a small rally. I find this positive. When the market went stagnant, some coins diverged and cash flow to the market was realized in this period. I can say that Hong Kong's move has been the savior of China in terms of cryptos. Developments such as Hong Kong's regulation decision and China's first broadcast of Bitcoin on state television have recently begun to change their minds.

I perceive it too that there's no much influence from the Chinese anymore. They've over used their boogyman on the crypto space so much so that any negative pronouncement on cryptos from them this day doesn't shake the market anyone unlike what it did in 2017. To tell you the truth, I'm not perturbed with whatever news on cryptos that comes out of China this day. I've long exhausted my anxiety for them. I believe it's so too for many people.

It is likely that China launched this fake cryptocurrency ban to create a situation for panic sales of cryptocurrencies. Over the past two years, they have successfully bought up everything they could at very low prices. The East is a delicate business. Now it's time to start reversing the process.

I don't see why this would be a fake move, and even if they don't like cryptocurrency but still accepting or allowing it because they want to stay ahead of their rivals, this is still a good thing for Bitcoin and cryptocurrencies in general because China is one of the most powerful countries. They might have taken the step to beat the US in the crypto movement as you said since they are not really on good terms with the USA right now.

Hong Kong has been crypto-friendly for some time now, and a lot of people are benefitting from it, if China tries, it can surely become a bigger hub for crypto than Hong Kong considering it has a way higher population than Hong Kong.

I don't think the support is fake this time, some of the bans that China gave in the past wasn't attacking Bitcoin directly but the market misunderstood it and something the market is just looking for the slightest negative news to react negatively and starts dumping most especially when we're in a bear market. I think China has seen the importance of web 3 projects and wants to bring all the activities to the country.

China is looking to overthrown US as the world power and they understand they can achieve this with accepting digital currency and the new innovation that's coming from the industry like web3 and the metaverse. But lets not expect them to accept Bitcoin as legal currency.

I think In the competition between China and the US, both countries recognize the potential of cryptocurrency and blockchain technology. While the US has been cautious on regulations, China's latest move could be an attempt to gain an edge in the crypto world. However, it is difficult to predict the outcome of this competition as it is influenced by factors such as government policies, technological developments and market dynamics. It is important to continue to monitor developments and seek insight from experts and trusted sources to form a good understanding.

I believe that success of one country in integrating crypto does not determine the failure of another country. I don't think that there is a hidden propaganda behind china, but maybe they just now see the benefit or the development of crypto especially the investment opportunity it can provide. Though it isn't what truly their intentions are, accumulating more crypto doesn't mean it will beat US or another country. That just mean that they are just trying to capitulate more than the other country. Nothing more.

I think as long as the economy remains stable, no wars, or epidemics, the market will remain on a sweet spot accumulating wealth because right now, crypto has already gotten lower and still at lower prices.

China is actually known to be a business minded country and they focus on earning on what could benefit their economic situation better. I don't think they are trying to compete with bigger countries that support crypto currency. I agree that they might have finally seen the value of cryptocurrency that they are now supporting it. Each country has the right and make free decisions whether to support crypto or not but I don't see any competition about it.
Accumulating cryptocurrency is actually a smart move on their part to unlock greater blockchain potential that will later be beneficial to both the crypto business and their economy. In terms of business, I see nothing regarding China's acceptance of cryptocurrencies again.

Never heard of this news, could you cite your source?

Although in hindsight, they have been hinting in the past about creating their very own cryptocurrency (Digital Yuan), so this attempt at embracing web3 and cryptocurrency might just be a preemptive measure they're taking to make sure that the Digital Yuan is fully utilized when it gets launched.

Of course, this means that there wouldn't be any effects on bitcoin's price or the outlook of the government over the cryptocurrency giant, they still hate it, they'd probably continue banning it. So we still can't expect them softening up on bitcoin or other cryptocurrencies for that matter any time soon.

There's probably another problem here. The U.S., accustomed to regulating everything, i.e. wrapping any business in legislative norms, are afraid of using cryptocurrencies as a mechanism of global tax evasion, as well as a method of financing all sorts of international, illegal groups, regimes, etc.
Cryptocurrency, especially anonymous one, is just such a tool, and realizing that there is a technology and it is impossible to prohibit it, they are trying to legislate norms that will prevent the implementation of the above schemes - tax evasion, withdrawal of funds, financing of anti-cheating regimes or criminal groups.

China, meanwhile, wants to use the situation for its own good, and is trying to become a "safe haven" where it will be possible to conduct what the U.S. prohibits, of course, getting profit from it.

An economic war between China and the US is inevitable - so perhaps this is a clear move for China to get on the other side of the US. Even the US seems eager to fight crypto with some unfavorable regulations and policies for investors and traders. I don't know if anyone other than me has that mindset on US vs Crypto - but I think it's one of those realities that might be pretty easy to prove.

China is one of the most powerful countries in the world and has the potential to significantly influence the crypto landscape. If China takes steps to embrace cryptocurrencies or explore the possibilities of blockchain technology, that could have a significant impact on the adoption and development of cryptocurrencies globally. So it's possible that China's momentum could include staying ahead of rivals, such as the United States, in the cryptocurrency movement. Competition among countries for emerging technologies is not uncommon, and each country may adopt different strategies to maintain a competitive advantage. This will be very important and significant for the global crypto landscape, as China is taking steps to take action. It will be interesting to see how things play out and how different countries position themselves in this growing industry.

No, they are not playing with the blockchain; they are gradually accepting it. They have made recent moves over the past few weeks in the acceptance of most crypto, before the SEC sued Binance on the 5th of this month and Coinbase on the 6th of yesterday . Hong Kong  (https://dailycoin.com/hong-kong-approves-select-crypto-tokens/) has approved almost the same crypto that the SEC has said to be secure, but those exchanges failed to register them. Bitcoin has also been approved for investors in Hong Kong to invest in.

So with such a move, I don't see it as something in which they are actually playing with the blockchain, but they just want to benefit from it since they have tried so hard to stop their citizens from partaking in it, but it was all to no avail. I think they have rethought the entire situation, and maybe they have figured out ways to monetize and tax those involved in it.

i think they want to control it (monetize and tax) but why not stablecoin? i think stablecoin is more urgent than just an exchange like binance and coinbase.
Or i think this is a politics, they want to get a piece from crypto world so they can or want control/manipulate crypto market

I think it's natural for a country to be able to control whatever work its citizens do with the aim of being able to monitor it and find a way out if a problem occurs.
but for bitcoin it is clear that no one will be able to do that, apart from having a policy where all transactions must go through state institutions, but will no one violate it? of course there will always be and it's normal where there is a ban then they will look for opportunities to be able to do it.
I agree more that there is a political element in it to be able to make it yourself and finally be able to easily control and at the same time seek profit from the results it makes.
it must be remembered that the population of people and users there is quite a lot and that intention could be because they feel that they have the power to do that.

Anything that will put China one step ahead of the US is always going  to get a green light...After all this sudden uturn is a sign to uplift Russia their ally.

And knowing very well that China is part of this BRICS , imagine how influential this crypto uptake the markets can benefit from this because this also indirectly undermines and puts pressure on the US dollar, and some how removes the reliance of this Currency as the benchmark...

To be honest this is all calculated and being done systematically, the US won't see it coming as they still watch from afar while everyone is jumping on this technology.

Im not really that taking it seriously.We do have those past experiences about banning and now they are tending to support? Never ever again to have that kind of trusting up on what their decisions because it

could really make out some u-turn in a snap if they wanted to.This is why i dont really trust up China or whosever country that would be claiming adoption because those decisions could really be reverted back
as they do like. If ever China do make out decisions on engaging and supporting crypto this time then so be it and just let them be. They do have that power and decisions on making on but we cant
really deny the fact that if the case that it would happen then it would really be meaning that it is bullish.

Fake or not, lets see on what would happen afterwards. We've been seeing news and fundamentals about HK acceptance on platforms but of course it would be having that strict compliance of terms and conditions.

If China government really supports crypto now and changes the policy, your accusation above makes sense. No doubt that they take advantage of the panic situation, the prices freefall and they might buy as many as crypto they want in the past. China always knows the effective way to take advantage of everything. In crypto, they know that they have the power to influence the market trend, so they made a policy that can shake up the market. Now, when they know crypto will have a bullrun season, they change the policy to support the prices skyrockets. So, they can take profits as big as possible. It means, China government also takes part in crypto investment secretly. Is it what you are trying to explain, mate?

Their whole society is like that, Russia also.  You cant stop people doing what will work for them, a nation shouldn't even try to do this yet this is the basis of dictatorships a weakness not a strength.   Of course it will carry on the country is gigantic and wherever else is similar the world and nations generally are strong from their people not vice versa.    China banned BTC and the price doubled as I remember it in 2017.    Similarly now apparent negatives are headlines not necessarily actual ongoing impairments to BTC itself.

Which is why a government like that is eventually bound to fail, people by nature want to have as much freedom as possible, now it is true that we also understand that a state of complete freedom in which anything goes would not be desirable and as such we allow to limit our freedoms somewhat so a society can be built, but governments abuse this authority and when they do people resist them, not necessarily by taking arms against them but by simply ignoring the laws which are obviously unjust.

Well, there is this saying in my place that "one should not see a poop in the daytime, then at night you go and step on it. 

That's to say that one must not allow something to happen to them twice before they learn a lesson from it. Since China has not been a favorable place for Bitcoiners in the past, now is the time to trade cautiously and never put one's whole trust in any crypto service in China because no one can really tell what their plot is this time around. Bitcoiners or crypto users in the country should just be very careful and never interact with their tokens or coins on centralized platforms; everyone should deal primarily with their personal custodial wallet and DEX.

You can never trust an authoritarian style government. The leaders are the top are lead by blind greed and twist nationalism to their favor. If power corrupts then you might argue that the top of the CCP are the most corrupt people the world has ever seen. They brought people out of poverty simply by changing from their original disaster model of communism to basically capitalism, they are not exactly genius financial engineers - they just stopped being incredibly stupid. However it looks like Xi Jinping is intent on dragging China back to the stoneage with all his Draconian crackdowns, it's simply a way of sending a message to certain elites that they better know he's the boss, very petty.

When it comes to China's support for blockchain and web3 technology, it is possible that they see potential benefits and opportunities in these areas. The adoption of blockchain technology can bring efficiency, transparency, and security to different areas. However, like any government involvement in such technologies, there can be debates and discussions about the balance between centralized management and decentralized principles. It is essential to evaluate the actions and policies of any country, including China, based on concrete information, analysis, and reliable sources. While skepticism is well-founded, it is important to avoid generalizations and judgments without solid evidence.

The government  cant trust on a change to crypto policy
If power corrupts then you might argue that the top of the CCP are the most corrupt people the world has ever seen,Since China has not been a favorable place for Bitcoiners in the past, now is the time to trade cautiously and never put one's whole trust in any crypto service in China because no one can really tell what their plot is this time around,China banned BTC and the price doubled as I remember it in 2017.

Indeed, Hong Kong operates under "one country two systems" principle as a Special Administrative Region of China. Hong Kong has been known for years as a financial hub of Asia with well developed infrastructure and  a strong rule of law. Its economic fundamentals are quite strong with mature financial market, stable currency and free flow of capital . These factors have contributed to its success as a global financial center. While Hong Kong continues to strive to enhance its economy and attract investment. However, it is essential for investors to stay informed about political developments and policy changes and adapt accordingly.

Any country banning bitcoin and cryptocurrencies in general should already know that it's for the time being and not permanent, as some time into the future, they will have no choice but to allow their citizens participate in what citizens of other countries are participating in, China know this too well, and I won't be surprised if this be the beginning of China becoming a crypto friendly nation/country..

USA on the other hand actually know what they are doing, being the world power currently, it's not a good idea to be hasty in making important decisions most especially when it has to do with finance, and also being a country several other countries are looking up to, it's very possible that USA is waiting for every other country of the world to declare their stance on crypto, before USA finally declares theirs, so that no government of any country would ever say that their decision to either adopt or ban crypto was influenced or decided on because USA did the same.

They didn't realize, they're well aware of the power and profitability of crypto so they do a push and pull approach because they want the best for the party and the worst for the people.

The US is ambivalent about bitcoin, as in one hand they know very well that technological progress is unstoppable, and if they do not get in early then someone else is going to do so and take a very favorable position for themselves, however bitcoin severely damages its position as they are the ones that control the printing machine of the currency that is currently the world reserve, but since bitcoin was built in such a way that it does not depend directly on the fiat system they know that sooner or later they will have to accept it.

One thing about China is that they are business minded fellows and the restriction may not entirely stops her citizens from not involving themselves in cryptocurrencies.

With time and likely the whole country would benefits from my understanding, since some of the cryptocurrency exchange owners would likely paying taxes for operating in their cities just as U.S acting on Binance.
So from all indication I don't see any fake support toward them and they wants to utilized this opportunity. Then what I noticed from those country's that ban bitcoin are often increasing in trading volume.

Too late to realize their wrongdoings because they are too selfish not to see the good things it contributes to their people. Given this example to China and with the growing numbers of countries that support and adopt crypto, they'll be moving back on it. I'd see how the countries compete with each other and they don't want to get behind with other but rather make the extent of their power and crowd support. As China opens the door to crypto again, I'm very certain that it will give a huge impact on the crypto space, and prices will surge high again.

When examining the goals and consequences of any government's engagement in such technology, skepticism is a legitimate stance. It is also critical to avoid drawing broad generalizations or issuing judgements without strong data or a thorough comprehension of the situation. We may obtain a more comprehensive view of China's participation with blockchain and web3 technologies, as well as the consequences for diverse industries, by avoiding generalizations and conclusions without strong data.

You seem to have an interesting perspective on the situation, visually China is able to recognize its influence in the market and has the power to shape trends and I think this is an interesting perspective, and highlights the potential complexities and motivations behind the current market movements.

from my understanding of china's actions is that china doesn't want to be left behind when cryptocurrencies finally become a big part of web 3.0.
so they are forced to want to be part of the technology for some part of following what china agrees or disagrees

I understand people would be careful about it, after all they have been known to be against it, so when they act anything that looks like it would be a good thing, people have the right to be skeptic about it and wouldn't be really unwise decision to be like that.

I am not entirely sure if they support it or not, I wouldn't say it is "fake" but more like there must be something they are getting out of this and that's why they are doing it, and I believe that we could end up with something much better if we are careful and should be doing so. I know that a lot of people will focus on the part where it says a good thing, and they will get hopeful about it, but as we can see from the market, not a lot, just a bit of people and the price didn't responded to it.

The Chinese usually think through their actions well, and if they seem illogical to some, it is quite harmonious for them. They decided to attack cryptocurrencies to streamline mining and change the game. Now that the doors are opening again, things have changed from what they were before.

The reasoning behind the actions of China can be difficult for us to comprehend, however I really think they have some intention behind them, however that does not mean that the reasons for their movements have remained the same over the years, I think they are finally acknowledging they cannot kill bitcoin despite their best efforts and it is possible they decided to use it instead and try to weaken the US with it, however this is a risky move as bitcoin could also weaken them.

All of this is about a business strategy on a large scale that is carried out by countries with strong economies like China. their policies are sometimes difficult for us to understand. but one thing that is clear is that they only want a good advantage for them. It's not even just China that banned crypto a few years ago but is now starting to remove the ban. one country that is doing something similar is Russia. a few years ago Russia was also unfriendly to the crypto world but now they have allowed some crypto activities in their country. so we know there will be more drama in the world of global economy. it could be that America right now seems too cruel to crypto but we don't know maybe in the coming year America will actually be friendly to crypto.

They're not supporting cryptocurrency, though.

OP does not provide any sources so taking what he says at face value, China can support implementation of web3 or blockchain technology without adopting its application through cryptocurrency. Doesn't make any sense for a communist regime to support decentralized currency.

As "business minded" they are, the CCP thrives on retaining a tight grip on economic activities within their borders. Bitcoin's antithetical to the system China's created.

I still feel this is a strategy where they play momentum.
Talking about support or not for China they just want to benefit and see this as an opportunity from a promising business. This condition is strengthened when they continue to play with banning and re-allowing bitcoins for their country and we know it is repeated and not just once.
At the moment it is also possible like that they won't talk about support but they will do what they think is profitable and as one of the conditions that they have finished with a profit of course they will also do a temporary ban back to make the market go crazy and bitcoin gain crash back as before because with that they are ready with the next plan.

China was one of the pioneer awareness countries of bitcoin in the world. And not that China was interested in bitcoin but they were carefully observing the whole system. China will pass USA on the uses of bitcoin. They are still warming up to take the full speed of the whole system. Because US is still prosecuting the user of cryptocurrency. And the way I look at it, they are trying to control every user of cryptocurrencies and that is not possible. And that is why their SEC is always hunting down Exchanges and other users.