Bitcoin Forum

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

China is a too powerful country, that's why it's easy for them to make some regulations about Bitcoin or cryptocurrency.
Just what likes what their recent issues about blockchain, I read on some article that China supports blockchain development but not those cryptocurrencies.
Especially in some social media website from China, which some of cryptocurrency handles or accounts are being banned or disabled since they are somehow connected with cryptocurrencies or Bitcoin.

As said in coindesk's article (https://www.coindesk.com/highest-in-2-years-65-of-bitcoin-hash-power-is-in-china-report-finds) : Highest in 2 Years: 65% of Bitcoin Hash Power Is in China.

Quite huge hash power.

You can consider that the hasing power from China is bigger than everything else because it's the most overpopulated nation from everyone else.

Therefore you will have more people doing "stuff" for cryptocurrencies than on other place.
Not only that but their economic growth and technology involvement is way bigger than any other Country.

Based on those points you get your answer on why hash rates are bigger there.
Also making some laws against bitcoin or any other crypto doesn't relate the fact they can or not do hashing.

The people of China love bitcoin investment it's just the government making policies and changing policies. Chinese as a people love good investment just like every other nationals. We have lots of Chinese traders and investors in Cryptocurrency.

I don't think it's just population. It's also cheap electricity at least. There are other countries which are quite populated but far behind on Bitcoin adoption. Adoption is not evenly distributed between countries based on their population. In Ukraine the adoption rate is particularly small, and in India it's quite low compared to its population.


As for the op's question, I think that China does what it has to do to maintain control. Thus it can be rival to Bitcoin, but careful not to impose such bans that would destabilise the region. Moreover, it seems to be taking "Blockchain but not Bitcoin" approach, so to speak, judging by relatively recent statements from the officials.

The media are quite mistaken, as usual.  "China" is more than just its government.  If everyone in China was anti-Bitcoin, then the media can report that "China is anti Bitcoin".  But as it stands, that's clearly not the case.  Bitcoin does not require approval from governments in order to function, so it doesn't matter if the government of a particular nation don't like it.  The fact that all those Bitcoin users who are based in China are willing to act against the wishes of their government speaks volumes.  It means we clearly have something to offer if they're prepared to risk attracting attention from an authoritarian regime and the benefits must outweigh the potential ramifications for them.

Can you please provide us with the source of the information with regards to China being an anti-bitcoin country. The speculations regarding  China being an anti-bitcoin is one of the FUDs been spread on the entire bitcoin ecosystem. There is no specific evidence to back this speculation.  For the time I have been in the crypto space, I haven't seen any truth in this.

Very true, I don't know why until now people still believe with this kind of FUDs, that China banned Bitcoin and now it's circulating over the crypto world that China will not banned exchanges too and one of those was IDAX so the CEO prefer to run away with the money. Hope that this speculation will really end, it's not helping the crypto world.

Most of the news is FUD and there is no exact link. Since 2017, I've seen a lot of exchanges have left China and moved to another country, like Binance because they can't meet the laws in China, so I think China may be restricting cryptocurrencies but they are not banning it. And recently they are claiming that blockchain is the future and they will do research on it to put it into use. It is hard to know what is happening in China

China don't want to get involved in a crypto where they can't control nor is being created by them. That's why they plan to make one of their own cryptocurrency that they can control. A centralized cryptocurrency and a centralized exchanges existed just for the likes.

China is an export centric economy. There are no complete transparency in the ways the government(s) and economy works.
There are many corrupt people who secure their fund by sending them overseas and bitcoin has helped them for it. It won't outright ban crypto because even the seniors of party members are doing that.

I don't really think they are anti bitcoins.
I think more or so the government wants to control bitcoins and in that attempt they have done all the things in the recent year , they banned it , removed the ban , created problems for people doing mining and other stuff , they just want to control what their people uses , therefore I don't think it's quite as equal to the hating part.
Also the Chinese government would do anything until and unless it's fetching them money , so I think it will continue to fluorish in China despite the time to time government backlash.

In China, cryptocurrencies do not receive a positive view from the government, they worry that cryptocurrencies will disrupt the old financial system as well as help criminals. Besides, the Chinese authorities believe that mining cryptocurrencies only wastes national resources without yielding anything.
However, as far as I know China does not prohibit its people from owning cryptocurrencies, China only prohibits the use of cryptocurrencies as a payment currency.

The Government is likely the one that doesn't want cryptocurrency and Bitcoin but the population of Chain however still keep on mining Bitcoin even though the government is anti Bitcoin and I have seen in the news that the Hash rate on China hits another all-time high so I guess the government can not stop the widespread popularity on Bitcoin in their country and I guess that the Bitcoin enthusiast civilian of China is still using this currency in their own anonymous way.

Although China want created their own cryptocurrency I hope China want to adopt and legal using bitcoin as legal currency payment, many impact getting by bitcoin if re accepting by China because will make on higher price, before bitcoin have higher price China become first country adopted bitcoin as legal currency in their country and have many new ICO coin launching in China.

I think China is starting to accept bitcoin since their are so many bitcoin mining companies in China I think China slowly adopting since bitcoin still a great asset for their country. They don't want to be part of the cryptocurrency community in my opinion because of the different system like decentralized system which is doesn't like by China because it has risk in their economy but I think this is the reason why China is trying to banned cryptocurrency in their country by also they realized that it could still be a great help in their economy.

My friend there is no pro-bitcoin government in the world including china. With growing adoption central governments are introducing strict regulations related to bitcoin and other associated crypto. china has banned crypto exchnages and ICOs while they have largest share in bitcoin mining.

The Government of china Banned BTC but you can see that they dominates mining bitcoin more than any other countries in 2019.
on the behalf of "coinsharesgroup" around 65 percent of Bitcoin hash power is in china. Can you imagine what will happen with hashrate if china stopped mining...

https://coinsharesgroup.com/assets/resources/Research/bitcoin-mining-network-december-2019.pdf

China has banned many crypto mining companies due to electricity problems, however i think the governments want to take affect on Bitcoin, keep it far from their country.

Didn't hear or know that China was anti cryptocurrency.  Any reference to back up your claim? As far as i know China is against bitcoin and other "decentralized" currency but they do support the blockchain technology.  I remember hearing stories about China trying to make their own centralized cryptocurrency to more easily regulate and track people's finances.

they do have cheap electricity and Chinese are known to be entrepreneurs so i'm not surprise if they people mining bitcoin in their houses. i don't think they are anti-crypto country since one of the top projects like TRON and NEO are owned by Chinese and then theres CZ of binance as well. Chinese are into crypto but the the law just says something else. its their government that doesn't like BTC.

There is indeed a strange connection between bitcoin and China that has fascinated me as of late.

I understand that they had been pretty much fickle-minded about bitcoin since 2015 and has remained unsure of what to do with the cryptocurrency. Even though they have made negative remarks about bitcoin over the past few years, we still see the likes of Bitmain and Binance being supported by the Chinese government albeit on a discreet manner. Perhaps it has something to do with those who are in the helm of these companies and their connection to the upper ranks of the government but it's still kinda hazy on what really is the status of bitcoin there.

As a communist country, I understand that the thought and concept of a decentralized currency is far from what they want to achieve nor adopt, but the numbers don't lie. Every year, China is posting a lot of improvements on their hashing power and if this does not tell you about the current state of bitcoin and mining in the region then I don't know what will. It's pretty self-evident that they are letting these things (mining operations) go, but doesn't want to get the cryptocurrency adopted by the citizens knowing that it might affect their money supply, and we do know that the Chinese government had been pretty strict on cash circulation, especially the outflow since they wanted to get the economy tight and snappy for them to claim that number one spot on the global economic scene.

They help mint the coins, trade them, and rake in the money into their country = booming economy. Then again, that might not be the case as some mining firms are choosing to keep the coins as is for speculative purposes and are only cashing out a few to maintain operations.

Well somewhat off subject and i don't think alot of people actually think about this but China is a BIG BOY..

As far as I know, the Chinese government is very open and pioneers in the use of the blockchain and supports it to the maximum even filtering news that says blockchain is a scam. Although it does not support cryptocurrency, there are no strict restrictions on citizens not to participate in any activities related to cryptocurrency, so it's normal if the hash rating is high, isn't the population of China very big?

many people say maybe China became their business tactics in this way, hating it when they really liked it .. !!

They are now testing their state back up crypto in two of their province already.

https://www.theblockcrypto.com/post/49659/report-chinas-central-bank-to-test-digital-currency-in-two-cities-partnering-with-state-backed-commercial-banks-and-telecom-giants

I just China's bitcoin mining will continue to boom, if the government is taking a hard line stance against crypto specially bitcoin, they should have shutdown bitcoin mining. But why they are not doing it? Probably because they are also benefiting from it, simply as that.

I don't think they really are anti bitcoin, it's the media that's labelling them with that kind of tag but the reports about them are unclear and can't be rely on too. If they do are an anti bitcoin country then they wouldn't hold the record for having the highest hash rate.

Why did you even thought of that? it was on the news before when they have banned the ICOs but it's not bitcoin. Now, that when Xi Jinping has announced "blockchain", bitcoin surged and others still say that there's no relation because it's two different entities but it seems that they really are into it.

In my opinion, China is not anti-bitcoin or cryptocurrency, but China only wants to control the bitcoin and cryptocurrency markets.
The proof is they support the blockchain and intend to make their own coins, and other reasons the number of mining farms in China
is quite a lot.They do not prohibit mining because China benefits from the mining business. I also believe that the Chinese government
will accept bitcoin if the number of bitcoin users continues to increase.

China (as represented by its official government holding the power) is adamant in its anti-Bitcoin or anti-cryptocurrency stand and there can be no easing on this policy in the next coming years, or so I predict but I am hoping I can be wrong since China is really holding a big key towards more adoption and explosion of Bitcoin. Right now, China has the biggest influence in the mining of Bitcoin which do make some people uncomfortable because considering the mindset of the people at the helm in China we really do not know what can be or if there can be a big trigger that can push China to kick Bitcoin mining business out of its territory. Of course, we are hoping that if ever that can happen then there will be other countries that can step up into the game maybe for as long as mining is profitable.

Bitcoin mining in China to my knowledge is not under the auspices of the Chinese government.
Therefore the government prohibits the circulation and use of bitcoin openly.
Because on the other hand the Chinese government is also developing digital currencies using its own blockchain technology.

But it is under the approval of the government of course. It cannot operate there without the nod of the powerful government.


There is prohibition but the people there are still actively buying and selling Bitcoin. By the time their own digital currency is out, there must be a stricter implementation of the rules against Bitcoin and other coins.

China is a strong country and has the largest population in the world. two years ago the government issued a policy banning using and transacting using cryptocurrency. but before this regulation was made we knew that most investors and bitcoin traders were from China. and I think most of the whales also come from China. so even though China is against cryptocurrency its policy will still affect cryptocurrency.

the Chinese government is anti-bitcoin, but not crypto. Why.? because the Chinese government adopts bitcoin technology (blockchain) the government cannot prohibit it. because this technology is considered the perfection of the financial system. anti with bitcoin because it's decentralized. while China will make crypto currencies to centralize and prevent using bitcoin.

I think its only the Chinese government is not supporting bitcoin. The chinese people are very active participant of it. There are many Chinese around the world. They can still participate and invest in cryptocurrencies and bitcoin specifically. In the other hand, China is known to be good in business and financial stabilization so I guess they have something done to manage the competition.

Some consider it a threat, some does not. Though for me, it might be a concern. Bitcoin has already been restricted in China, implementation is just one hindrance. Though if hard crackdown on such activities related to Bitcoin or any other cryptocurrencies aside from their soon-to-release cryptocurrency is passed into law and enforcement, then it could be a huge FUD that's going to crash the market, and even hash rates too. Also, a paradigm shift might happen, since this government coin would be backed by the government. And given the fact that they're not a democratic country, protests regarding Bitcoin mining would be unlikely to happen, and what the government wants is likely to be achieved.

Most of the people of this platform I mean in the cryptocurrency world are thinking about Cryptocurrency and China are almost parallel but there is nothing anything similar to this saying, I think China has a huge allergy regarding cryptocurrency and Bitcoin, but China is fold of Blockchain system because of their president recently said about the Blockchain system as a potential system for the future purpose, So China could use this Blockchain system in the coming days but they will not allow Bitcoin and Cryptocurrency ever.

they are more focused on the blockchain system because their leaders accept and appreciate the technology but not with bitcoin and altcoin, they can make their own crypto if they want because China is a strong country. and for mining problems in China I don't think there will be much problems because they are in the form of companies and certainly they make tax payments to build mining there.

The Chinese government is against domestic use of bitcoin as a means of payment. However, apparently, they give people money to earn Bitcoin mining there. Therefore, although the government takes some measures to prohibit the use of cryptocurrency by citizens, these measures are not so tough. Now they want to switch people's interest from a decentralized cryptocurrency to their national stable coin, which the government will fully encourage for circulation both inside the country and abroad.

When it terms of Bitcoin, China really always want to become superior on any aspects. They are against bitcoin and cryptocurrency because they want to create their own cryptocurrency. China is very money-mindness because of their culture which is they focused on in their country. So that's correct that they're taking the blockchain approach because they know that it will really help their economy grow. China government also want to control their people's money, so they want to decentralized the cryptocurrency on their own, to manipulat the poeple's money.

it's true that China is a country that wants to dominate the economy of the whole world, we know the biggest mining is in China, but the government bans cryptocurrency, I think this is just a strategy because they don't want to be controlled by other parties, it is likely to make their own crypto

but they are not anti-blockchain even though they are anti-crypto that does not mean they hate it, if it hates it maybe their government will ban all people immediately away from crypto or give severe sanctions to those crypto users, my thinking is that they haven't learned at least a little about crypto or maybe they are really worried that crypto will destroy their fiat currency, if they are never anti-crypto maybe everything will embrace each other to make the future of this technology better, their thinking is still old-fashioned and to be honest they are usually experts in plagiarism so they will make a currency digital for themselves without having to have other crypto like Bitcoin

Bitcoin has its own features that cannot be erased.
Yes, they can regulate it and even ban it in their country but that doesn't mean it cannot be used or be a store of value by someone.
Mostly, it is prohibited by usage. Just like how smoking is banned. It can just be used in a "smoking area".

It is the government which oppose the to features of bitcoin specially the privacy.
See about the type of government they have and you will understand why.

Basically it is totally different to consider only mining and not the entire domination of bitcoin to their country. Cryptocurrency is powerful and they know that, and thinking about the fact that mining is a good business where government and their economy could also benefit, it doesn't necessarily mean they need to adopt cryptocurrency. China is taking step little by little, and they know what to do and how to control their people for good governance because their population needs to be taken care of seriously.

They will not use bitcoin. That is what I know. It is too private for them and they don't like it.

That is why the Chinese President already announced the adaption of blockchain but never mentioned bitcoin.
A government money just like fiat but can be used digitally.
I don't think they will ever let any other crypto currencies be used in their homeland.

China is anti bitcoin for already several years. If they continue to only talk about it than nothing sirous will happen. But real ban will cause great dump in crypto space

We already know that the country China is an anti bitcoin way back then but we also heard that the president of China announced that they are open to accept the blockchain technology as well as they open that they are already become one of the front line of the cryptocurrency all over the world. China is one of the biggest bitcoin mining all over the world in which they also have a lot of hashing in terms of cryptocurrency and bitcoin as well.
Although China is an anti bitcoin they already has a lot of hashing because as like as what I have been said they are the one who has the biggest bitcoin mining.

I do not think there will be a great dump in crypto space if China bans Bitcoin.  As far as I know, China maybe friendly towards Blockchain tech but they are already hostile to Bitcoin so if ever they decided to ban Bitcoin, I believe there is very little difference on what they have done before.  The effect will possibly be the opposite because people tends to rebel when being suppressed.

I think its more accurate to say anti freedom. The Chinese State does not want something they cannot control, remember the State and politicians are control freaks. They want the POWER to change the coin rules at anytime to suit their needs (this occurs in most countries, not just China, but they are one of the most honest about it.

See, just cloning Bitcoin and renaming it wouldn't just do, they want back the ability to create as many as they want on a whim, they don't want others not them controlling it, exactly like Venezuela did to Petro (from Dash).

Mining is a bit different because to them its just another commercial (export) activity that produces wealth. They would be fools to stop that, as long as the miners pay the electricity and associated taxes.

It is also true that some private entities are moving virtual money (electronic payment), maybe they also want to end those because its no in their direct control.

Tokens were banned first probably because there were so many scams associated with them, but that very old news. Bitcoin is another matter altogether, but a country cannot adopt it without willing to surrender their gov control of the money, which is a huge step in freedom. A coin that cannot be devalued is a coin that the Chicago school of economy fears, because it will lead to deflation. Therefore unless you study and adopt the Austrian school of economy and drop the other one, you will never understand how a world economy can function with it. Most economists and politicians only know the Chicago school (or worse, Keynes, Marx, etc). Even people in this forum are mostly unaware of the Austrian school and are fearful of deflation, because they don't know any better.

Study Mises, and clear your doubts. The economy CAN function with a coin that does not lose value over time: https://mises.org

I don't know why this question seems to be asked several times over and over again yet carrying the same theme. China may not approve of Bitcoin but the cost of energy and other expenses required in setting up a mining rig is far cheaper in China than any country hence the reason why most mining farms have set up there

Maybe because it is still circulating over the internet that's why there's still a lot of newbies still curios and besides this has been the way of other people to FUD by telling everyone that Bitcoin will be banned in China, or has been banned, sometimes due to this news you will be really panic.

China has the highest population in the world and its look like china also have the highest bitcoin user
bitcoin user in China is also one of those who start to build pool and mining farm early it not really a surprise if they have a lot of hash rate

Maybe that is what the news want the world to know. We cannot really be certain that China is anti bitcoin that's why we should never jump into conclusion and if that's the case, we will see the effect as soon as possible. China is a very rich country and it contributes largely in crypto so instead of thinking and claiming that it is anti bitcoin, we should hope that it is pro bitcoin and is looking forward on helping bitcoin and other crypto even more than ever.

It will affect the price on what China do because there are a lot of investor China have from crypto so they are the one who has or who can manipulate the price. Even the China was anti bitcoin we can still wait until a lot of person do know about crypto for the price to rise. Bitcoin was not focus on China so it can gain or recover as much as possible.

China still low respond about when adopted bitcoin again, will last news by China president only gibe announcement to make many people become interested with bitcoin? I think when China have accepted bitcoin as legal currency become most bigger competitor for United State and other country because bitcoin will be popular than other fiat currency payment.

China is one of the giants in the world, especially in bitcoin because government regulations there could have an impact on the market because people will be provoked by a lot of news that is happening in China, good news and bad news can affect people and the impact will be very seen on the market

I think China is not against bitcoin, it's just against using bitcoin as a currency and criminals using bitcoin as a means of them.
In China the possession of cryptocurrencies is legal and protected by law, but it will be long before China accepts to treat bitcoin as a currency.

China have planning for launching their own coin and make popular bitcoin as currency digital payment there will increase by their own new coin, just still planning schedule by China but still not have update time when they will launch their coin to public and investor can buy their coin, but when China really want to created new coin maybe bitcoin get great competitor and could change bitcoin price later.

China is about to head into a time of economic crisis. The government knows this and will require the masses to shoulder the financial hardship to come. This can only be implemented if the masses are tied to the Renminbi. If the masses can escape their fate by moving their wealth and transactions into Bitcoin and Cryptocurrencies it is the state that will bare the burden instead. Hence, In my opinion, until China shuts down mining and mining equipment production they are not banning cryptocurrencies. However, If they did this the Cryptocuurencies would survive.

If I am not wrong Google, Facebook and Youtube all are banned in china ( Why Are Google Facebook And Youtube Blocked In China - Decode China (https://www.youtube.com/watch?v=z7sogJ7W3TI) ). One of the main reason apart from censorship is that china don't want its capital to go out of the country. How can China allows a decentralized currency thats not in there control and with which capital can be very easily moved out of the country?

I think the reason is also that the social media apps are threat with their security. Just like what America did in Huawei, they thought that it was a spy.
Maybe, it is a political issue but banning of bitcoin would be a big mistake for every country. If they think that bitcoin gives only a harm to the people then they are wrong. Bitcoin is a new type of currency and it will be a trend in whole world soon.

can you give some links about News that says China is anti Cryptocurrency?seems like this is New to my eye mate.

because Yeah china at some point show that they are anti Bitcoin but they have not say hating Cryptocurrency because there are altcoins that has been growing in their country like EOS in which Bitcoin only ranked  more than 10 when EOS is the ranked Number 1.so in that sense no they are not anti the whole crypto thing but only bitcoin,and also they are adopting blockchain technology so in the end?they will also adopt crypto as well.

They secretly support bitcoin and cryptocurrency but their government only said they want blockchain technology and I really think there’s a goal beyond that. This is my theory on this one, every country already realize and recognize bitcoin, but since big businesses prevent them from accepting it, they still make pressure to us. China and bitcoin will be good in time, we need huge market.

basically China will not accept much technology that is made from outside the country, because they are more encouraged to use technology made by researchers in their countries. so it is very difficult to accept bitcoin as the currency in the country, maybe only crypto-producing industries can still survive, and certainly people who use bitcoin will be anonymous there.

It is difficult to say how crypto will affect China. But China will definitely affect crypto.

It will definitely be a vise versa action, but with the intervention of the Government, making it impossible for cryptocurrency to affect China while China is affecting cryptocurrency. How? Spreading news concerning banning crypto or banning mining will affect the market because people believe in the capability of the population of China, and its impact to the market, most importantly because China holds huge hash rate through their mining facilities.
Though, if the barrier will be broken and Government will allow people to freely adopt crypto, then more positive effect will come in place.

All I know is, China plays a big part in cryptocurrency now due to BTC mining. China is the main producer of hardware that is being used in the mining of BTC, the other countries are just buying it to them.
It's due to trade war. China's products are also banned in US, it's not just a one-sided scenario.

• Google Is Moving More Hardware Production Out of China (https://www.bloomberg.com/news/articles/2019-06-11/google-is-quickening-a-shift-of-hardware-production-from-china)
• Server hardware makers shift production out of China (https://www.networkworld.com/article/3409784/server-hardware-makers-shift-production-out-of-china.html)
• HP, Dell, Microsoft, and Amazon look to move some hardware production out of China (https://www.theverge.com/2019/7/3/20680789/hp-dell-microsoft-amazon-hardware-production-move-china-trade-war)

I think they want control more than anything or rather not to lose it. That is what China is like. They know the blockchain and crypto won't go away the best thing they can do it allow the use of crypto but make sure they use government crypto and make sure people know the difference between the blockchain and crypto so people understand that bitcoin is not supported but another crypto on the blockchain might be.

If I will have to say the truth, China likes to take but do not like to give. They accept mining because they know it will do their country good and generate money into their country. They do not want their citizens to be buying cryptocurrencies because they do not want inflation in their country. They know mining can not result to inflation buy buying crypto could result to it. That is why they accept mining but ban any other aspect of crypto.

various countries do not agree to the existence of bitcoin, crypto is very bad luck right now. the selling value of bitcoin is now dropping from 2018.

in my opinion, China is only anti-bitcoin, not cryptocurrency because we know the Chinese president stated that he supports blockchain technology and plans to create its own crypto. and if I'm not mistaken this year they will launch their own crypto. and in my opinion China banned bitcoin because bitcoin cannot be controlled and is afraid that it could threaten the sovereignty of the yuan. but they still allow bitcoin mining because it can benefit China.

May be China must be having a grudge against bitcoin since bitcoin is a threat to banking system.
Since China was the first country to introduce fiat currencies, it is a direct challenge to them and their invention.
May be this is why China is against cryptocurrencies. But China is also well equipped with technology since their people are so involved with technology.
This is why the people from China are still mining bitcoin for they know it's a revolutionary tech while their country is going against it.

The Chinese governments want to control the economic while Bitcoin is famous for anonymous so they banned many mining company because of electricity problem.

Yes, China do not want to lose control. They at the throats of their people and squeezing down hard. (never good to oppress or control your people) The banning of the social media networks you talk of has not even been effective. Most people that use the internet more than a few hours a day already have a VPN which is only a few $$ a month to bypass all this shit. They can try control the currencies but they cannot. You cannot stop money leaving the country in the form of crypto. It's too free and open to be stopped so easily. If they can't stop FB google and youtube they will never stop crypto.

China main motives is to have their own crypto that will be more unique than bitcoin. In their last year article about top crypto, the placed bitcoin at 7th position. That's to say they are not in full support of something they can't control

Is the China only country that is investing Bitcoin a lot, or are there other countries on the race?

Undoubtedly, China is the protagonist in terms of Bitcoin, it is one of the largest miners in the world, its importance is very much thanks to it, some countries like the USA some people have been preparing to be the biggest competition.

For now, China is of great interest in the topic of Blockchain and its cryptocurrency that recently has a great direct opponent that is Libra that has not yet been launched, in China they have used marketing to exalt Blockchain and its Stablecoin, they make FUD towards Bitcoin In some newspapers, just to encourage their population of preference towards stablecoin, it should be said that it is a business model that they are defending so that their local economy is not affected. In economic terms, it is a fact that China is fighting against the hegemony of the dollar and the best way is through Crypto and its stablecoin, having full control of it.

Asians generally love the latest innovations and technologies. I believe that prior the restrictions placed on Bitcoin many of the Chinese citizens must have purchased lots of Bitcoin. While some might have sold theirs when the announcement are made, some of them might have still held on hoping for some kind of change of mind from their government.

Well, hoping for that to happen will much likely to be nonsense as government will not pursue risk for their people unless, these hope will be replaced by actions of the people to push their government upon realizing postive impacts of cryptocurrency especially bitcoin to their nation. One of the ways I see it could be possible is if we take advantage of situations where crypto could help allot. Such as in calamities, we could donate money but instead, try to donate bitcoin or altcoins.

Exactly. Probably the one who hate Bitcoin and the rest of cryptocurrencies are the just their government the fact that these kind of currencies are decentralize that would make for them to monitor. Besides, they might not totally hate the fact
that they got the higest position of Bitcoin mining pool. And if they totally hate it they can ban it and any related transaction regards with it but instead they only banned the exchanges as I remember.

Exactly. Probably the one who hate Bitcoin and the rest of cryptocurrencies are the just their government the fact that these kind of currencies are decentralize that would make for them to monitor. Besides, they might not totally hate the fact
that they got the higest position of Bitcoin mining pool. And if they totally hate it they can ban it and any related transaction regards with it but instead they only banned the exchanges as I remember.
[/quote]However, the Chinese government is very open to the development of the blockchain and plans to create their own cryptocurrency. And it is true, the fact is that cryptocurrency cannot be denied completely because there are some advantages which are the evolution of technological and financial developments. That is why the government is trying to make its own cryptocurrency that they can monitor.
https://i.postimg.cc/nV7TB58K/china-crypto.jpg

We've been talking about China for multiple times regarding banning issues, nothing could change their minds, they are all-out war against crypto many years ago. They'll have no interest in crypto since they can't control the market and for the reason also that they are protecting their people against the rise of illegalities by using crypto.

We don't need to ask them for their support, in fact, a lot of countries who are giving their all-out support to the market and that was big enough to help the market to grow.

China is anti-bitcoin, but does not prohibit bitcoin from being used. China is anti-bitcoin but is very interested in the technology. This is proven by the government's plan to release their yuan digital currency based on the blockchain. I think they would be bad if they refused bitcoin but took the technology. But I've heard the news, that the Chinese government makes digital yuan to dispel bitcoin in widespread circulation in China.

Apart from electricity problems, there is also the possibility that China has banned bitcoin mining in the country as one of its concerns about the process of making its digital currency, because previously we also heard that they would make their own digital currencies with blockchain technology that can be controlled by organizations center.

when we say china its only a country,and china is a big place.yes china banned almost everything about crypto but chinese didnt stop at all...most chinese are in taiwan,macau,and hk which is not affected with the crypto banned in mainland.the reason why chinese still holds a big part of crypto world.and china is aware about that so i guess the reason they are interested in making their own blockchain tech and own coin. just like what they did in google,facebook and other social media,they make their own version to still hold and control their people.

when they make a policy then they will survive with that policy, their political problems that make the rejection of the use of crypto that cannot be controlled by them. and we really have to really understand their policies because so far they are one of the world's giants who can do anything, and in the crypto world they do the same thing.

Guess what? they are building their own cryptocurrency (Here's the link : https://www.bloomberg.com/news/articles/2019-08-12/china-s-pboc-says-its-own-cryptocurrency-is-close-to-release) Well it's not only China but also most countries in this world are not interested in the Bitcoin and the Cryptocurrency they just interested on the technology behind the Bitcoin the Blockchain, I think it's normal since most cryptos are decentralized meaning that they can't control it.

China see crypto and blockchain as opportunity to answer economy problems. We know how China develop mining city and their own coin to against bitcoin domination and use it to monopoly merchant payment around the world. This country always take part in every economy progress but the goal is not profit, the answer is position. They want become leader and other country should follow them, I'm not agree with that but that is their policy in economy global.

I don’t think that Bitcoin mining is illegal in China, though they have tried to ban it, from what I’ve learnt, but there is really no reason that they can use to declare it as illegal. So, people are still able to mine Bitcoin, the only problem is exchanges and when there are no exchanges for miners to sell their coins they might get discouraged. And moreover there is going to be a Chinese cryptocurrency very soon, they haven’t announced a particular date but they have made it clear that they are creating their own cryptocurrency and it will soon be released.

China's biggest positive thing is their population and when more number of people from them are believing into the future of cryptos then their government's stand can do anything against bitcoin or crypto space.