Do you believe China's policy change regarding cryptocurrency and blockchain, effectively endorsing and encouraging its people to learn and use crypto will result in China is replacing the USA as the financial center of world?
How come adopting crypto trading will make China the new global financial center?Right now,only a few million people are currently using cryptocurrencies.Adopting crypto trading in China won't make or break anything.
The China policy on Bitcoin is pretty clear.Mining BTC and producing BTC mining equipment is OK,but BTC/altcoin trading is forbidden.You may ask why it is forbidden.Let me tell ya.Cryptocurrency trading is forbidden in China,because people were using cryptocurrencies as a way to export capitals outside the country,bypassing the goverment restrictions about exporting money&capital.
I don't see the Chinese government lifting the crypto trading ban anytime soon.
I think China is just good at mining bitcoin because of its man power, they have the largest population and they can mine huge amount of bitcoin compared to other countries. Adopting cryptocurrency in their country is not that hard to attain because Chinese people are all business minded and they are manipulated by money.
China will never replace US when it comes to being a financial center of world, sometimes you need a lot of factor to consider. We are still using USD as a default currency in such many aspects and Yuan is still not that recognizable when it comes to a world's currency.
Still US dollars are the one who are popular when it comes to cryptocurrency, they made it as a basis of every currency because USA is still dominating the world's economy although China has a lot of businesses. They are just good at mining BTC but not in manipulating and moving in the market.
