CHINA is against the crypto But JAPAN is Supporting crypto echo system .

[jhonjhon]

China is known to be a technologically advanced country, therefore it goes without saying that they will benefit from cryptocurrency as it becomes more and more popular. China has already benefited greatly from the bitcoin industry, and since they want to keep things separate, I believe this is the reason they have stopped investing in it. That is why China has banned cryptocurrency use, whereas Japan has made it legal.

[electronicash]

Bitcoin production roars back in China despite Beijing’s ban on crypto mining
https://www.cnbc.com/2022/05/18/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html

[poldanmig]

China has banned bitcoin investment in their country, but there are still many countries that do not prohibit bitcoin investment, such as Japan and there are countries that have legalized bitcoin such as Elsalvador and maybe in the future there will be other countries who want to follow the steps of the Elsalvador country.

In my opinion, China currently has a lot of influence on the world economy and also cryptocurrencies, just like when they banned crypto a few months ago and made the price of crypto actually drop quite deep, if in the future China also does the same thing as Japan and Salvador then we can be sure if the price of crypto will soar high enough, because after all as a large and quite developed country of course china has a great influence on all their decisions for the world economy, actually japan has legalized bitcoin although not like salvador since 2014, 2014 japan has opened its doors to bitcoin with created a lot of bitcoin ATMs, but when a local Japanese exchange hacked (Coincheck), made the Japanese government start restricting the movement of cryptocurrencies in the country.

[Jemzx00]

Bitcoin production roars back in China despite Beijing’s ban on crypto mining
https://www.cnbc.com/2022/05/18/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html
~snip~

I don't really understand why and how China is acting against bitcoin and cryptocurrencies. The contribution of Chinese citizen to bitcoin and the crypto industry have affected quite a lot yet their government is desperately banning and continuously making efforts to provide bad reputation to bitcoin. It is even common news to hear a dump mainly because of China's update and news in crypto and we can even notice it every year. I mean, Why not support bitcoin and cryptocurrencies especially that their citizens and the effects they can do is too good.

[pawanjain]

That is very true. We have all seen how China has banned trading cryptocurrencies in China quite a few times in the past.
They have also banned all mining operations as well which has also resulted in huge dumps in the beginning.
This certainly shows how China is actually against cryptocurrency. Japan on the other hand is technology friendly and is also leading the tech space.

[kryptqnick]

I don't think that the problem with China as a state is in not understanding the potential of Bitcoin. I think it's more about the priorities. China is a strongly authoritarian regime, so the priority is staying in power, strengthening control over the lives of citizens, cracking down on any opposition before it gets to big, but also not letting things go so terribly economically that people would do an uprising. Bitcoin gives people too much freedom from the government, and freedom doesn't roll well with authoritarianism. But, as others pointed out, while China as a state is anti-Bitcoin, people in China can be pro-Bitcoin  and at least in the past, China was a big place for Bitcoin due to mining being largely done there.

[Wind_FURY]

China is known to be a technologically advanced country, therefore it goes without saying that they will benefit from cryptocurrency as it becomes more and more popular. China has already benefited greatly from the bitcoin industry, and since they want to keep things separate, I believe this is the reason they have stopped investing in it. That is why China has banned cryptocurrency use, whereas Japan has made it legal.

I'm not trying to offend you, but the post shows that you didn't get the true context of how China's people benefit, or will benefit if they adopt Bitcoin. You must first understand the basics of how Bitcoin functions to also understand what it is/it can be, and its impact to society. In China, if enough of its people adopt it, Bitcoin is "freedom money" that can't be censored, and China being a Communist country can use currency to control its citizens. CBDC.

[hatshepsut93]

So in conclusion the counties which accept first the technology first they take many advantages and in the coming future china will understand the power and importance of the crypto world .

What advantages? The dominant use case of crypto is speculation and investment scams. Name any crypto project, aside from Bitcoin, that is actually used in real world by real people. Because crypto people are always talking about the future and never about the present, and it gets old fast. The blockchain hype started 5 years ago, how many promises were delivered since then? Zero. All the projects from those times that promised to revolutionize everything are now dead.

[KennyR]

China holds the dominance during the early days, because most of the early adopters of mining operations were from China. Even after the ban it is found that China miners active on the network. During those days it had the control to manipulate the market, and with time mining operations got spread around. This has happened after several issues arising with the country in terms of exchanges providing fake trading volumes to attract users and later scams them. So many issues got arisen and finally ended with a complete ban.

Japan from the very beginning had a much friendly approach on cryptocurrency usage and acceptance. The days of its legalized usage caused a big bump in the market. It always aims at standing high in technology adoption. That seems to be the major reason for providing support for cryptocurrency and bitcoin usage within the country when more other technology driven countries opposed it.

[avikz]

China is against everything that is western. They have their own version of computer operating system, own set of softwares made by Chinese corporations, own communication system and what not! That is very clever because during a war, China would not be dependent on any outsider. The way Taiwan conflict is going now, a war seems to be imminent.

On the other hand, Japan is a progressive nation unlike China. Japanese people are known for their discipline and civic sense. We also know that Japan is the first country which accepted crypto with a huge tax.

But when it comes to world stage and impact on economy, crypto doesn't have a lot of power to influence such trillion dollar economies. So I don't think China will understand the importance of crypto and revisit their decisions anytime soonner or later.