China's official view of El Salvador

[LFC_Bitcoin]

Leaders of rich countries all hate bitcoin because it threatens their existence. I’m seeing the recent obsession by high ranking officials as extremely bullish for bitcoin. They are all scared but bitcoin is going nowhere, we are coming for them.

[adzino]

Wang Yongli, Former Vice President of Bank of China: Countries that lack sovereign currencies will not succeed in using cryptocurrencies as legal tender.

Wang Yongli, former vice president of Bank of China and chief economist of Shenzhen Neptunus Group, pointed out in an interview. Some countries lacking a sovereign currency lack the most basic understanding of currency, and use fully decentralized digital encrypted assets such as Bitcoin as legal tender. The economic and social operations will be severely disrupted due to its own price fluctuations. The country has no means of control and can only go to destruction on its own.

I think his statement is unreasonable.

In the past ten years, China has said that Bitcoin is only used as a personal investment, without large institutions or government endorsements. After large institutions began to invest in Bitcoin, they said that Bitcoin is a Ponzi scheme, a playground for capitalists. When some countries recognized it as legal tender, they used the lack of sovereign currency as an excuse to ignore the facts. I very much look forward to what new excuses the Chinese government will have when more and more sovereign countries in the world use Bitcoin as legal currency.

I am a Chinese, but if the country loses a key strategic opportunity in the era of digital currency pre-emptive due to the nonsense of a certain person, these historical and national sinners will surely be stinking for thousands of years.

Oh no, not the Chinese government again bashing other countries and trying to interfere with something that doesn't concern them. That's obvious that his statement is unreasonable. China just being China over here. Their government won't let their people have any power at all. Imagine if the whole world makes bitcoin a legal tender, and China being forced to do so (having no other option but to follow what's happening). Would be fun to see their government giving power to their people.

[dataispower]

if someone already holds bitcoins, and a country like el salvador has legalized bitcoin, they'll know there's going to be a risk they're going to face, but i'm pretty sure they'll be ready to tackle all the problems they're going to face in the future, including countries that criticize those who have legalized bitcoin, such as China, USA, etc, I think paper money also has a high risk, because when they print too many banknotes, the paper money will decrease, we will see if El Salvador can be better, after legalizing bitcoin.. .

Of course El Salvador will be better, the adoption will attract foreign Bitcoiners from endangered countries. People will invest in El Salvador, this will definitely make the economy better than it has always been.

[AmoreJaz]

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Oh no, not the Chinese government again bashing other countries and trying to interfere with something that doesn't concern them. That's obvious that his statement is unreasonable. China just being China over here. Their government won't let their people have any power at all. Imagine if the whole world makes bitcoin a legal tender, and China being forced to do so (having no other option but to follow what's happening). Would be fun to see their government giving power to their people.

i guess, Chinese govt just let other governments do what they want to do and wait for its impact later on. yes, they don't need to interfere with other government's decision. just mind their own business. even if we say, this Chinese govt has a point, but it doesn't mean that the only possible result is what they are predicting. price fluctuations will always be here but it is how the govt will address such bottleneck. they are not the only ones thinking in this world.
and more then likely, few years from now, when everyone else is already into crypto, Chinese govt will change their stance towards crypto...

[clippers]

I am a Chinese, but if the country loses a key strategic opportunity in the era of digital currency pre-emptive due to the nonsense of a certain person, these historical and national sinners will surely be stinking for thousands of years.

Your English skill is far better than any average Chinese people. I am sure you don't live in China. Anyway, what Mr. Wongli said, reflects the mentality of any government that wants absolute control on their internal matters as well as poke their nose to other's internal matters. For example Tibet, Hongkong, Taiwan, Arunachal Pradesh, Indian ocean etc.

I personally want China to loose this strategic benefits for greater good and world peace because they are becoming a global threat. But anyway, when I see the position of the speaker, it makes sense because he is only echoing what his master wants him to echo.

I live in China now. In fact, there are many Chinese who speak English very well. Personally, I have studied at UNSW, so my English skills may be slightly better.

There are some people in China who lack the understanding of Bitcoin, but they speak rashly. Such people exist in all countries, making their country lose the opportunity to develop digital currency. If Bitcoin fails, as the leader of the rise of digital civilization, as the last refuge for mankind to oppose power. I will hold it to zero, and all the funds, time and effort I have invested in it will automatically be donated to this great and failed human cause.

[TravelMug]

Most businesses today use payment processors like BitPay, that automatically convert the crypto funds to USD so I'm pretty sure that volatility won't be problematic, not for businesses anyway.

But what about the small scale or the individual? They will probably be overpaying for goods and services most of the time when the prices go up and would still be the same when the prices are down.

BTC=BTC. So it doesn't matter, I think this is what most of the negative mentality is coming from.

I don't think we are overpaying if we treat bitcoin like that. Been using bitcoin for most of my basic needs like electricity and internet and phone but I don't see a problem with that nor regret my decision of using BTC as "money".

But I'm not surprised by the statement though, what do you expect from a country that wanted to control everything, capital flight? Nah, China will not allow it through BTC.

[cabron]

El Salvador doesn't have their own currency so they need to adopt one and they chose BTC. China may have another view of it but why should it matter to Bukele?
The Chinese Government is known to want control over their people, there is nothing wrong with that as all government wants to control. But with BTC, it makes their control a lot harder for China's control.

[FinneysTrueVision]

We see that people who are threatened by Bitcoin's success keep moving the goalposts. Big nations like the United States, China and the European Union are trying to bully a small country like El Salvador because they won't play by their rules. There is not much that they can do because El Salvador has more to gain than they have to lose by adopting Bitcoin and when other developing nations see this they are also likely to adopt Bitcoin.

[clippers]

El Salvador doesn't have their own currency so they need to adopt one and they chose BTC. China may have another view of it but why should it matter to Bukele?
The Chinese Government is known to want control over their people, there is nothing wrong with that as all government wants to control. But with BTC, it makes their control a lot harder for China's control.

Bitcoin's decentralized system is to allow the objective laws of algorithms, mathematics, and physics to override human power, surpass and rule all people and organizations that are inevitably corrupt and declining. Bitcoin cannot allow itself to be dominated and ruled by any individual or institutional force.

I agree with you, but rather than the government controlling the people, I think it is more appropriate to say that the government influences the people in its own way.

[ilovealtcoins]

Wang Yongli, Former Vice President of Bank of China: Countries that lack sovereign currencies will not succeed in using cryptocurrencies as legal tender.

Wang Yongli, former vice president of Bank of China and chief economist of Shenzhen Neptunus Group, pointed out in an interview. Some countries lacking a sovereign currency lack the most basic understanding of currency, and use fully decentralized digital encrypted assets such as Bitcoin as legal tender. The economic and social operations will be severely disrupted due to its own price fluctuations. The country has no means of control and can only go to destruction on its own.

I think his statement is unreasonable.

Exchange rate fluctuations do not affect instant transactions as Bitcoin is only a unit of spot payment. If people don't want to hold Bitcoin they can convert to other currencies, the government doesn't force them to hold.
The demand for Bitcoin is increasing so the long-term exchange rate volatility is positive and it is good for holding and accumulating.
The Chinese spokesman's statement is just a cover-up and it is not reasonable.

[btc-room101]

It's not unreasonable because he is right that it cryptocurrencies is volatile and not everyone can keep up with the prices moving up and down, businesses could go bankrupt any time of the day when the prices started going down.

Most businesses today use payment processors like BitPay, that automatically convert the crypto funds to USD so I'm pretty sure that volatility won't be problematic, not for businesses anyway.

Everybody is forced to trade for USDT which only holds 3% of its assets as USD-CASH. No exchange on earth can redeem, and if do redeem they generally have limits like $50k/month, and just a few withdrawls. Like Hotel Calif, you can entire a bitcoin exchange, but you can never leave.

Sure you can get USDT, and go to another exchange, but at the end of the day, everybody knows that USDT ain't got the cash at the bank to cover the withdrawl.

The only business using bitcoin, is MUSK who just lost $100's millions on his trade to save his losing company.

Nobody buy's crap with bitcoin, if I transfer $10, I have to pay $15 fee, are you people just stupid, or ignorant? Why in the hell do you think that 'business' use bitcoin? The only businesses that trade bitcoin are the scam companys.

[aprilnot]

It's not unreasonable because he is right that it cryptocurrencies is volatile and not everyone can keep up with the prices moving up and down, businesses could go bankrupt any time of the day when the prices started going down.

Most businesses today use payment processors like BitPay, that automatically convert the crypto funds to USD so I'm pretty sure that volatility won't be problematic, not for businesses anyway.

Yes you're right. so volatility does not have too much impact. their worries were exaggerated. after all, when bitcoin is used as a means of payment, they certainly don't plan on holding it for long. when the transaction is complete, they will immediately exchange it to FIAT.

[Reid]

Unreasonable or stuck with tradition.
Bitcoin is made for it and not an asset. I don't know if it's volatility they are scared about or is it innovation.
Perhaps it is because they want their new digital currency to be used more than Bitcoin on top.
Who knows, after this legal tender resolution more countries will do the same thing and that fact scares the hell out of them.

[cryptoaddictchie]

I am a Chinese, but if the country loses a key strategic opportunity in the era of digital currency pre-emptive due to the nonsense of a certain person, these historical and national sinners will surely be stinking for thousands of years.

I like the way you said that even you are a Chinese you are not agree with the principle or belief of your Country's leader. We can aee that their tactics is beyond their garbage mind. No offense but China is good and wise but they are using their power to influence the world and create such fud that later on they will use against us. Chinese people are so smart and their goverment knew that once bitcoin adoption grows massively intense and yet their not riding the tides yet then they can be overtaken by others. So create fud first and ride. Its just about social media awareness. They are now saying El Salvador move isnt good. Another shit show degrading from China again.

[Renampun]

...

manipulation is just an old trick to break the order and china has done it many times...

look at how china wraps covid as if it is a very deadly disease through its media and now they want to fight bitcoin, then this is a war they will not win. the last few decades china has been very confident in its abilities without realizing that the Bitcoin community is the strongest in the world and is not easily swayed.

[OmegaStarScream]

But what about the small scale or the individual? They will probably be overpaying for goods and services most of the time when the prices go up and would still be the same when the prices are down.

That's the thing though. Individuals are not obligated to use bitcoin, only businesses are (and only if they are asked to). So for those individuals who don't want to deal with price volatility, they could simply continue to use the dollar, or a stablecoin instead.

[Obito]

It's funny if you think about it, China doesn't want other countries to have a say about their country's affairs but they can do these kind of stuff, talking about other countries, another box ticked to prove that China is in fact a hypocritical entity.

[ropyu1978]

China is a greedy country, they will hate everything that the government can't control, one of which is bitcoin, they must hate bitcoin because they can't control bitcoin, the Chinese state must have a negative view of el salvador, because el salvador has legalized bitcoins..

[yohananaomi]

China is a greedy country, they will hate everything that the government can't control, one of which is bitcoin, they must hate bitcoin because they can't control bitcoin, the Chinese state must have a negative view of el salvador, because el salvador has legalized bitcoins..

we can't do anything about what is happening in the Chinese government, because we know that they really want to be able to control all sectors that are very profitable without bitcoin exception. this is a natural thing because by controlling at least they have a role that can be done, but of course it is not easy to do because many countries will also do the same thing. and it's not easy to control bitcoin because no one does anything about bitcoin's movement apart from the market itself.

It is natural that China has a different view from El Salvador, but they should be able to be more advanced than other countries because they are famous for their mastery of mining in this world, but if other countries are ahead with bold actions, they should have self-introspection, don't intervene.

[Weawant]

One thing is very much clear here. China will never accept Bitcoin as their they don't see any advantages to it.

It's simple and no-brainer. China won't use something created by their competition. They take it as a threat and you cannot blame them from that. I think his statement makes sense. But it doesn't apply to everybody. It only applies to them.

We the enthusiast doesn't need to consider their statement as their opinion is for their goods and not ours. So I think, we just had to respect their decisions and perspective with Bitcoin and do our stuff. That's the best thing to do here.