Chinese digital economy to integrate Crypto and NFTs

[o48o]

Next time add the source link. But if Shanghai has these plans it doesn't mean that government will allow it. Their government might move slow on this but my guess is that they will put a halt on anything crypto related ( except maybe some government crypto project, this however isn't anything like that.)

[Xal0lex]

No, no, not this again~

Next news, they're gonna go back again with some "Ban" news channel. One things people should know, never belive in Chinese regulation is a little bit hypocrite since they always accept and ban crypto in the next years.

Let's continue without them, and just ignore a ban news from them soon!

That will come later, many will look at the here and now. Not many people can analyze the facts and the possible consequences. In any case, everything that happens in China, in terms of cryptocurrencies, is not eternal and is not credible. China is only focused around its digital yuan, everything else is not that important to them and can be banned in their country at any moment.

[blue_hurricanger]

Doubt goes all field. Of all countries and you think China will adopt cryptos and even NFTs? Have you seen China recently crackdown on crypto? Even the construction section for housing got downsized because it doesn't align with Xi Jinping's vision, of a China industry powerhouse as well to reduce the chance of the housing bubble. The big tech section in China also takes some hits too.

[el kaka22]

Let's see if they will actually do what they say they would. I mean it's going to be something not so impossible but it's not going to be something I would expect them to do neither. They are dealing with a huge real estate bubble right now, the amount of money that is getting defaulted is in trillions these days and that's not going to be easy to fix, it's going to take a decade to fix this.

During this period, china which is famous for banning crypto whenever it works out for them, to accept NFT and crypto into their digital economy? That just doesn't sound like a possible thing. Like I said it's also not impossible but it is not going to be that easy to do.

[serjent05]

Chinese government was never consistent on how it stands on crypto and most of the news about Chinese Government related to Crypto is he said she said, so I will not really believe it until it happened. However this kind of news probably will have good impact on the crypto price.

They are not against blockchain technology but against uncontrolled cryptocurrency.  So for them not to miss out on the current trade, they plan the one OP had posted.  So rather than adopting other people's work, China will create their own so that they have full authority and control over it.  I don't know if this is a piece of positive news for the current cryptocurrencies since this is more leaning on centralization.

[Johnyz]

Doubt goes all field. Of all countries and you think China will adopt cryptos and even NFTs? Have you seen China recently crackdown on crypto? Even the construction section for housing got downsized because it doesn't align with Xi Jinping's vision, of a China industry powerhouse as well to reduce the chance of the housing bubble. The big tech section in China also takes some hits too.

What’s the recent news about cracking down cryptocurrency? We’ve seen a lot of news before about this and now I’m wondering if they are really interested with NFTs, or maybe this just their way to see the money of their people and later on will restrict them from owning NFTs. Well, I don’t see any credential with them anymore, but if ever since they are a big market if they really adopt cryptocurrency and NFTs, for sure the price will positively react on this.

[RussianEnglishTranslation]

I think we are going to see a lot of changes in asia this month, many of them relating to crypto. Countries could run their governments on high TPS low latency chains like HBAR and CNDL. All documents and IDs could be minted as NFTs and people could use digital wallets to make payments or verify their identity. The future is about to unfold.

[wxa7115]

Chinese government was never consistent on how it stands on crypto and most of the news about Chinese Government related to Crypto is he said she said, so I will not really believe it until it happened. However this kind of news probably will have good impact on the crypto price.

They are not against blockchain technology but against uncontrolled cryptocurrency.  So for them not to miss out on the current trade, they plan the one OP had posted.  So rather than adopting other people's work, China will create their own so that they have full authority and control over it.  I don't know if this is a piece of positive news for the current cryptocurrencies since this is more leaning on centralization.

This is accurate, governments regardless of how oppressive or liberal they claim to be are all against a decentralized cryptocurrency they cannot control, and they are in favor of a centralized one which they can issue and change the rules whenever they want.

So it is not surprising China is doing something like this as they want to have complete control over what their citizens do, and if they have complete control over their finances then the chances they oppose them go down dramatically, because if anyone dared to talk against them they can just block their money and watch them to starve to death.

[GreatArkansas]

I think we are going to see a lot of changes in asia this month, many of them relating to crypto. Countries could run their governments on high TPS low latency chains like HBAR and CNDL. All documents and IDs could be minted as NFTs and people could use digital wallets to make payments or verify their identity. The future is about to unfold.

These kinds of news are already aged, a few years back, there are already rumors like this but the product and use cases are still not here.
I am not against with these innovations, there are just some people who is really hoping it will happen in very short period of time and there are also some projects that are really telling sweet words to people about their project and not delivering it based on what they told.