What do you think about the future of crypto in China?

[ATN.io]

Crypto Is A Top Priority for China This Year

The People’s Bank of China (PBoC) has listed cryptocurrencies as one of its chief priorities for the year as it seeks to strengthen the renminbi and ramp up its capital controls.

In a statement published March 28, the PBoC — China’s central bank — said that intended to “carry out the rectification of various types of virtual currencies” in an attempt to reinforce regulatory policies that it implemented last year to restrict cryptocurrency trading.

I am not going to copy and paste the entire article, because I think the above gives the main gist of the story, so...

Read more: https://www.ccn.com/cryptocurrencies-a-top-priority-for-china-in-2018-pboc-report/

We might not like the idea of regulating cryptocurrencies (as it goes against the idea of decentralization), but regulation is better than outright banning them (yes, I know they can't be "banned", but it makes it a heck of a lot more difficult to buy and trade when they are banned). It seems news on China recently has been inferring crypto might be in China's future, though other sources say otherwise. What do you guys think?

[YuginKadoya]

I agree and really think it is better for banks to regulated Cryptocurrency than banning them and in my opinion banks really does benefit a lot with Cryptocurrency and thinking of banning them is a waste of time that is why in regulating them can really have a benefit in both the government and the citizens, And because several ways in which citizens have sought to evade these restrictions by exchanging with other fiat currency than their own they implemented to regulate bitcoin and other Cryptos, And this could add up in the positive news for the community.

[jseverson]

They honestly can't do much worse. The crypto market in China is on its knees, and killing it off probably wouldn't make much of a difference at this point. It would be hard to believe they'd suddenly soften their stance too -- any positive changes would be marginal.

The only reason I would think this is relevant is because any slightly negative move from China is likely to set off a wave of FUD that could cause another dip or two.

[First77]

Chinese government is encouraging investments in Gold and Silver since year 2012.

[Roman Coinson]

I think that the government just will put the bitcoin into tax and everything will be fine.

[Indrawan77]

I personally think China will be very strict with crypto, and I saw a lot of government's hesitation to adopting crypto that's why therevare few times we hear rumours of.crypto banning, but if the government finally decided to regulate it, then it could make crypto price to go up and it will be good for crypto development, there are huge amount of users coming from china

[Rozita]

I think it depends on other countries. Most of the countries have not ban bitcoin. But there is no rule for bitcoin.
I think China is waiting to see how other countries will decide. If other countries accept bitcoin, China won't miss the opportunity and will allow the citizens to use it after the rules are made.
For now China think that bitcoin can be a threat for its economy and don't risk.

[Sudhik]

If this right, this will be a good news for us, because this will be backing cryptocurrency in future.
I think this will be useful for China in future mainly at financial side.
China follow the world's developing with nothing against the currents of the times, and in my mind, whatever is that if we can use it in right way that's will be useful for us! Don't just looking at the weakness or at the bad sides.

[easybtcearn2017]

Many of China’s top exchanges and other crypto businesses have been forced to relocate to places with more tolerant policies, generally still within Asia, such as Hong Kong, Japan, South Korea, and Singapore. There are some Chinese innovators that see a future in the country’s crypto and Blockchain markets, regardless or in spite of current limitations for operating there. These entrepreneurs are doing their best to develop their crypto and Blockchain projects specifically with a Chinese audience in mind.

[croptodic]

I am also agreed with YuginKadoya. Yes, there should be some laws and regulations regarding cryptocurrencies in order to make it acceptable to mass people. I think bitcoin would be more popular and stable with this. But features of bitcoin should be maintained as it is now.

[Binugon]

The Central Bank of China is considering launching the digital currency in the near future. The People's Bank of China (PBoC) said it has been studying the digital currency since 2014 and is considering adopting it.

[green_fish]

China's digital encryption money market is under supervision!

To regulate the digital encryption currency, it may declare the legal of digital cryptographic currency!

The Chinese government may levy taxes on digital cryptography.

[ajaymukund]

 It seems that China's biggest problem is the inability to control the finances of their country.
this will impact significantly on the future of crypto in China because the government will never be able to control the average revenue of each people and they will not be able to come up with a precise plan for the future .
Crypto will soon die in China and the market capitalization will decrease significantly.