china's harsh exploitation on crypto assets

[StanCrypt]

With regards to Hungarian president being a fascist, I think his fears are well founded. This is because not only is the crypto market able to disrupt the economy of a country on the down side, it could also be used to sponsor the illegal world and possibly terrorism. China’s government move to ban bitcoin on the other hand is purely out of fascism. China being one of the fastest growing economy and one of the major drivers in the crypto market bans bitcoin only to begin developing its own sovereign digital currency and which I believe would have a very tight administrative and capital control. All this is probably because the capital flight from its market bypassing its conventional restrictions facilitated by crypto currencies (especially Bitcoin). Between 2019 to 2020, according to chain-analyst blockchain data platform, over $50 billion worth of crypto currency left the East Asian cryptocurrency exchange, Chain-analyst staff believe that much of this net outflow of cryptocurrency was actually capital flight from China.

Also, the rich in china have always been able to get around the capital control by purchasing real estate in foreign countries and even going as far as coercing their employees to transfer money to bank accounts in foreign nations, but with bitcoin, with its decentralized nature, residents in china which do not belong to the rich sector are being able to purchase foreign assets without the strict scrutiny of the Chinese authority. These I believe would probably be the reason for the fear displayed by the china government which drives its exhibition of fascism.

[davis196]

You are kinda late with your post.China banned Bitcoin/crypto months ago.
The reasons why China banned crypto have already been discussed.
1.To support the "digital yuan".
2.To reduce energy consumption by the cryptocurrency miners.
3.To reduce capital export outside of China.
4.Fighting money laundering and tax evasion.

All those reasons are questionable and we already know that there are multiple ways to export capital outside China without the help of Bitcoin.
Many people inside China will keep using cryptocurrencies despite the ban.I'm not sure about whether or not those people will use crypto in order to purchase assets outside China.This doesn't seem like a valid point to me.
It would be nice if China returns to the crypto world,but the crypto world is doing just fine without China.

[_act_]

With regards to Hungarian president being a fascist, I think his fears are well founded. This is because not only is the crypto market able to disrupt the economy of a country on the down side, , it could also be used to sponsor the illegal world and possibly terrorism.

This are just lies on bitcoin (also other cryptocurrencies), cryptocurrencies supposed to have disrupted the economy of the developed nations that supported it. Also cryptocurrencies open opportunities for people, even in Africa. Terrorism and money laundering have been existing before 2009 when bitcoin, the first cryptocurrency was created. Even fiat are used for illicit activities than cryptocurrencies.

China being one of the fastest growing economy and one of the major drivers in the crypto market bans bitcoin only to begin developing its own sovereign digital currency and which I believe would have a very tight administrative and capital control.

Not only bitcoin was banned, other decentralized cryptocurrencies were also banned and China adopted digital Yuan. China is very centralized and like control.

[StanCrypt]

The reasons why China banned crypto have already been discussed.
1.To support the "digital yuan".
2.To reduce energy consumption by the cryptocurrency miners.
3.To reduce capital export outside of China.
4.Fighting money laundering and tax evasion.

All these reasons are just what they want to public to believe in order to hide their hidden agenda which I think  is to have control and place regulations as they deem fit over cryptocurrency and the crypto market at large, which is fascism...

[Moneyprism]

they have banned crypto in the past few months,,, and it slightly affects crypto prices globally, especially BTC, but not too significant because their market in the crypto world is not too big compared to America

[fiulpro]

China basically wants to control the population through harsh administrative control and at the same time they have to understand the fact that it's important for people to have free control of assets and their currencies as well which does mean that people will find a way out of the administrative controll that means China will have a brain drain soon. Meaning china is going to loose the IT sector definitely.

they have banned crypto in the past few months,,, and it slightly affects crypto prices globally, especially BTC, but not too significant because their market in the crypto world is not too big compared to America

It won't affect the crypto currency at all since it would affect it for the short term but for the long run it would end up better for the bitcoin sector since they would loose that control which is much better since they won't be able to manipulate the market anymore.

[Husires]

Give me a list of things that China doesn't ban, China bans almost everything it can't control so I banned Google, Facebook, Amazon and even Bitcoin.
Therefore, this ban may be accompanied by:

• Adoption of the digital yuan: not because of bitcoin, but it means more control over the money, imagine you can freeze the opponents' funds with the click of a button.
• Increased control: the government seeks to pass all transactions through it, Bitcoin crosses those limits.
• Electricity consumption: Currently, the electricity bill has increased, but in certain seasons, mining may be allowed.

[ajochems]

China economy is high as like a American economy,because their GDP was huge compared to most of the Asian economy.Asia with the many developing country,but china was almost huge economy.Their toy production and plastic products was dumped to most of the developing country.Because the Chinese export product price was cheaper than the price of their own domestic products.

[hyudien]

You talk too much about fascism and seem to be the main source when Bitcoin was banned in China. It's been a long time and we know that China doesn't really have any control when it comes to dealing with the economy in the cryptocurrency field. The stolen wealth has returned to the Chinese path. No more fascism and such. This is not about how a country implements financial policies by running a crypto legality system. But it's about their position that the market almost crashed but in fact, we are now above $45K.

[The Sceptical Chymist]

<snip>not only is the crypto market able to disrupt the economy of a country on the down side, , it could also be used to sponsor the illegal world and possibly terrorism.

This are just lies on bitcoin (also other cryptocurrencies)<snip>

Well, it's not exactly a lie to say that crypto can and has been used for illegal activities, it's just that the argument is an appeal to stupid people who'd accept that line of reasoning as a justification for a ban on (or heavy regulation of) crypto.  Incidentally, that same argument has been made since the early days of bitcoin and I'm surprised that a world leader is still repeating it.

China basically wants to control the population through harsh administrative control and at the same time they have to understand the fact that it's important for people to have free control of assets and their currencies as well which does mean that people will find a way out of the administrative controll that means China will have a brain drain soon. Meaning china is going to loose the IT sector definitely.

Yep, it's the same old story with them and it hasn't changed one bit in my lifetime as far as I know--granted, I don't live there, but I've heard the same horror stories of communist repression for as long as I can remember, so I don't think the government has changed much in decades.  Unfortunately the same is true for the US as well, though our government isn't a totalitarian one.

Also, I doubt the IT sector is going to disappear from China anytime soon.  There are way too many smart, tech-oriented people there for that to happen.

[mindrust]

Let's accept it. Crypto is a threat against the governments. Would you turn your other cheek if someone slapped you in the face? Not everybody believes in that crap and I am pretty positive China don't too.

If a government willfully likes crypto then either their own local currency has already failed ( which is true for El Salvador) or... crypto isn't a threat at all.

If crypto isn't a threat to the governments, then it means it doesn't work!

Why would any government support a currency that wants to kill them? Don't make sense to me.

[_act_]

Well, it's not exactly a lie to say that crypto can and has been used for illegal activities, it's just that the argument is an appeal to stupid people who'd accept that line of reasoning as a justification for a ban on (or heavy regulation of) crypto.  Incidentally, that same argument has been made since the early days of bitcoin and I'm surprised that a world leader is still repeating it.

That is true. What I noticed are the central banks, while also bitcoin unfriendliness can be directly from the government, the anti-bitcoiners, full of bitcoin criticisms. Fiat has been used to sponsor terrorism, used in money laundering, nothing bitcoin is used for that fiat has not been used for before, all because they are all valuable and easy to spend or transfer. They are supporting their fiat but against bitcoin.

Let's accept it. Crypto is a threat against the governments. Would you turn your other cheek if someone slapped you in the face? Not everybody believes in that crap and I am pretty positive China don't too.

Bitcoin was said to be scam when it was created, but later becoming acceptable and mayy governments of the world accepts bitcoin now. I am saying this to imply that crypto is a threat to the government is not entirely true, only few countries ban it.

If a government willfully likes crypto then either their own local currency has already failed ( which is true for El Salvador) or... crypto isn't a threat at all.

El Salvador made bitcoin a legal tender does not mean they are the only bitcoin-friendly country, there are countries like US, Canada, many countries in Europe, Asia and Africa that are bitcoin-friendly.

If crypto isn't a threat to the governments, then it means it doesn't work!

If a government support cryptocurrencies, crypto companies will be in such countries, there would be other developments. Cryptocurrencies are not threat, but the government are newly exposed to it is the reason for ban while some could be because of politics and maybe religion.

Why would any government support a currency that wants to kill them? Don't make sense to me.

How would cryptocurrencies kill the government? Gold and many other assets did not kill government. Why cryptocurrencies  haven't kill them all in countries that are friendly with it? They are progressing and also bitcoin is helping those that hold it.

[mindrust]

How would cryptocurrencies kill the government? Gold and many other assets did not kill government. Why cryptocurrencies  haven't kill them all in countries that re friendly with it? They are progressing and also bitcoin is helping those that hold it.

Gold is (or was) a big threat to the governments. That's why they left the gold standard years ago.

Bitcoin is (probably) a threat too. That's why the Chinese banned it. (at least that's how they see it)

Tbh, I haven't made up my mind completely on this yet. I can't really decide whether bitcoin is a real threat or not but I don't like the answer to either of these situations because of the reasons I said above.

[_act_]

Gold is (or was) a big threat to the governments. That's why they left the gold standard years ago.

Exactly what I meant too, it was a big threat that is now widely acceptable all over the world. Let us be expecting this about Bitcoin too, which is already happening though, but not in China and some other countries that want full control and not thinking about the economic impact of bitcoin.

Bitcoin is (probably) a threat too. That's why the Chinese banned it. (at least that's how they see it)

Facebook is a threat to China, other social media like Twitter, Instagram are all a threats to China. That said,  also anything decentralized would be a threat to China, there is nothing that China what about this than to have a currency they can easily be control and they make digital Yuan and fully banned cryptocurrencies.

[xSkylarx]

China basically wants to control the population through harsh administrative control and at the same time they have to understand the fact that it's important for people to have free control of assets and their currencies as well which does mean that people will find a way out of the administrative controll that means China will have a brain drain soon. Meaning china is going to loose the IT sector definitely.

Yep, it's the same old story with them and it hasn't changed one bit in my lifetime as far as I know--granted, I don't live there, but I've heard the same horror stories of communist repression for as long as I can remember, so I don't think the government has changed much in decades.  Unfortunately the same is true for the US as well, though our government isn't a totalitarian one.

Also, I doubt the IT sector is going to disappear from China anytime soon.  There are way too many smart, tech-oriented people there for that to happen.

Have you heard about their social credit system? It is like they are rating their citizens by following the laws. This is insane because every move is monitored because there are cameras everywhere watching you, so the privacy that we are discussing now is already not on them. They will say it has a good impact, but it is kind of scary to me. Regarding their IT sector, it is impossible to disappear since they are a tech-leading country, and  it has a huge impact on their social credit system and their upcoming secret projects.

[Leviathan.007]

You made a good point but, that's a little bit late for saying such things about China they have already done everything they wanted to do with cryptocurrencies and bitcoin in their country, and surely they have their own reasons for doing such things and I leave they won't change their mind so easily, the reason can be different maybe because of them wanting to support their own digital currency called digital yuan or maybe that's because they want to control the people's transactions and bitcoin cannot be good for them also as a communism China will not accept such borderless transactions.

[gantez]

the reason can be different maybe because of them wanting to support their own digital currency called digital yuan or maybe that's because they want to control the people's transactions and bitcoin cannot be good for them also as a communism China will not accept such borderless transactions.

The points you have are reasonable to consider as reason China don't want to embrace bitcoin. They are Communist and controlling the citizens into what the government wants is part of why they put a limitation for bitcoin. The digital yuan is to give their people what looks like cryptocurrency but it is limited unlike bitcoin that expresses freedom of use for everyone.