China policy on Bitcoin

[dothebeats]

China has never been open nor actively endorsed the use of cryptocurrencies to its nation, although they remained to be as light as they could to the miners there. There were also rumors of CryptoYuan being in the works though I doubt that that will come to fruition--and this new policy certainly isn't the precursor to all these grand delusions of the outsiders on China.

With the whole world in turmoil, they are certainly pointing their interests towards making their country a superpower, greater than that of EU and US combined. Cryptocurrencies would be the least of their concerns right now to take advantage of the situation and the time, that's for sure.

[FanatMonet]

I would not say that China is somehow loyal to cryptocurrencies. Given the various limitations with exchanges in the past, and plans to create your own state cryptocurrency.
As for the replacement of the United States as a financial center, I do not think either, the position of the United States is quite strong.

[AniviaBtc]

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.

[dersu18]

People in China are no strangers to digital payments if anything, it’s easier to move around and shop in Shanghai or Beijing with an Alipay or WeChat Pay smartphone app than it is bearing a pocketbook filled with yuan notes. Now the Chinese government has begun a pilot program for an official digital version of its currency with the likelihood of a bigger test at the Beijing Winter Olympics in 2022. Some observers think the virtual yuan could bolster the government’s power over the country’s financial system and one day maybe even shift the global balance of economic influence.

[CoinFoxs]

China is making their own digital currency to challenge dollar and bitcoin so they will never change their policies regarding bitcoin regulation. China is a country with big economy, they wants their own currency in crypto world on which they have control. Bitcoin is decentralised currency so they have more focus on their own digital currency instead of regulation of bitcoin

[Bect1936]

The Covid19 pandemic will change global financial control rules. China appears to be the least affected by the superpowers.
factories are back in business. Chinese are ready to invest more and buy more.
The United States is less fortunate, the pandemic continues to strike hard, and many people lose their lives or lives.
China will have first crypto digital currency

[htsy585]

Only time will tell if china will be able to surpass US when it comes to being the world financial stronghold. It is safe to say US is quite far with development but the fact that china is always open to adopt innovative changes is really giving them edge over other countries and that's why China keeps flourishing the more with each year passing. I believe it won't be long now before china rolls out their own Digital currency