What do you think China will lose by banning Bitcoin?

[goldkingcoiner]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

China has a lot to lose if they would allow even a smidgen of freedom for their people. Once the Chinese people get a taste of freedom, especially financial freedom through cryptocurrencies, they will definitely want more. And this is completely contrary to the ruling party strategy of controlling their people down to the tiniest detail. So obviously they will do everything in their power to prevent this. Not that they can, fully, with crypto. At some point the "ban" on cryptocurrencies will show cracks and more and more information will leak out about the world adopting cryptocurrencies. They cannot stop it.

All they are doing is prolonging the inevitable and losing out on profits from taxes.

[savetheFORUM]

The beauty of cryptocurrencies is that they are decentralized, meaning that no single authority can control or shut them down. And as long as people continue to use them, they will exist in some form or another.
banning cryptocurrencies would be like trying to ban the internet, it can't be done and no one knows for sure the Chinese don't use it and China just has rules that make it difficult for those who use it.
and perhaps another reason, the Chinese government will soon issue digital yuan they can control, and want to get rid of cryptocurrencies they have no control over.

If the first sentence is true then they shouldn't say that btc is banned on them but they can say that the use of it is only limited or there are some conditions to be met first before someone can use it. If that so or if let say btc is truly ban on them, I believe that there are still people who use btc secretly.

They can use a VPN for them to access btc sites which are blocked by their ISPs. On you second sentence. It's true and I think it already happened last time? It's a form of CBDC and CBDC's are still like a crypto but their obvious difference is that they are more centralized. For someone who wants to push its use then yes they can ban crypto first.

[lhrbeijing]

I heard that the U.S. has a complicated tax system.

Large transfers between private individuals in China in earlier years were not even censored. I heard that it will be reviewed recently, but I have never heard of filing tax returns with the tax office.

For ordinary citizens, the Chinese government mainly collects consumption tax and personal income tax.

When bitcoin was in circulation five years ago, no Chinese paid taxes to the government. Banning Bitcoin will not result in a drastic reduction in taxes.

[Kelvinid]

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

Perhaps, they love to do that, therefore, they lose everything from benefiting from this new technology. I couldn't say they are wrong but something they wanted to keep everything on their premises in control. It can be a loss of opportunity for their people to do business in crypto and do investment, but unfortunately, they don't have the voice to oppose it.

But what I see is that - they lose freedom. That is why many Chinese people are moving out from China just to have peace in mind and freedom to do things at their own.

[Leviathan.007]

Everything about China is completely different compering to many other countries because they hace a communist  system and a communist economic system where thry won't allow the normal people to hace economic freedom and the companies in there are being monitored by their government all the time so they won't accept something like bitcoin to give this freedom while what they lose is much more than what they get from banning bitcoin

[fuguebtc]

When bitcoin was in circulation five years ago, no Chinese paid taxes to the government. Banning Bitcoin will not result in a drastic reduction in taxes.

They did not pay taxes because at that time there were no regulations, tax collection was very difficult. I don't think China bans bitcoin because of taxes but because they fear their power is threatened, China is seen as an authoritarian country, meaning power will be concentrated in one place, here the government. If bitcoin is widely used and unregulated, government power will be weakened. The Chinese government is concerned that failure to control bitcoin will lead to money laundering, money flowing abroad or bitcoin will be used for anti-government support activities...I think these are the things that they are worried about.

[Fara Chan]

China has its own pledo in dealing with bitcoin, they don't think that bitcoin will be able to affect them, this country has strict rules about bitcoin, but Bitcoin will not just disappear in the country, because there are many ways for people to start investing, even if the state forbids it. Bitcoin has nothing to do with loss or gain for the country, because Bitcoin is not a product of companies or countries, we think you are wrong if you mention that.

[taufik123]

Everything about China is completely different compering to many other countries because they hace a communist  system and a communist economic system where thry won't allow the normal people to hace economic freedom and the companies in there are being monitored by their government all the time so they won't accept something like bitcoin to give this freedom while what they lose is much more than what they get from banning bitcoin

China is indeed different, but they are great in everything and are able to build their country into a developed country that is influential for the world. At first, when bitcoin was still not well known and the price was still very cheap, china did not have a problem about using bitcoin, especially in mining. But when bitcoin has grown and the price is fantastic, China begins to look at bitcoin.

But not because of the price, but because they can't manage bitcoin the way they want, because bitcoin is a decentralized digital asset and no one will be able to fully control it. this will be a threat to China as a country that has a communist system and an economic system that is always monitored.

Bitcoin miners from China are now scattered in various parts of the world after China banned bitcoin and banned bitcoin mining activities in China.

For now, China has no connection with bitcoin, and this means there is no more influence on the price of bitcoin that comes from this bamboo curtain country.
and china is currently developing its own blockchain system, is it possible to compete with bitcoin or is it just a project that won't go ahead?

[Antonas1]

~ We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.
What do you think countries have to lose by making this choice?

China has blocked a lot of things besides Bitcoin/Cryptocurrency. Call it popular search engines like Google, social media like Whatsapp, Facebook, even TikTok, which is known as a social media made in China. And they never worry about that, because they already have something to replace all that things.

I'm sure they've thought about the impact of a ban on Cryptocurrency activities. With their technology and economic strategy, it seems that China has nothing to lose by banning all Cryptocurrency.

[SquirrelJulietGarden]

China has blocked a lot of things besides Bitcoin/Cryptocurrency. Call it popular search engines like Google, social media like Whatsapp, Facebook, even TikTok, which is known as a social media made in China. And they never worry about that, because they already have something to replace all that things.

They have a Great Firewall but it does work as they wanted and can not block all Chinese to access the Internet resources from other nations like Western. The pandemic shows that if their citizens want, they can break the governmental restrictions to access to other resources with freedom of speech.

I'm sure they've thought about the impact of a ban on Cryptocurrency activities. With their technology and economic strategy, it seems that China has nothing to lose by banning all Cryptocurrency.

They can ban Bitcoin or Cryptocurrency mining in a short period but they won't keep it lasting too long. If they see the whole world accept Bitcoin and Cryptocurrency mining, they will not self-kill themselves by banning that industry.

They know their nations have abundant energy resources for it and they can get profit from it too by running Bitcoin and cryptocurrency mining. China is a nation that care most about financial profit, economical benefit, their governmental power so if they see great opportunities, they will not skip it.

I don't exclude scenarios in future when many governments will engage in Bitcoin and cryptocurrency mining.

[posi]

China has its own pledo in dealing with bitcoin, they don't think that bitcoin will be able to affect them, this country has strict rules about bitcoin, but Bitcoin will not just disappear in the country, because there are many ways for people to start investing, even if the state forbids it. Bitcoin has nothing to do with loss or gain for the country, because Bitcoin is not a product of companies or countries, we think you are wrong if you mention that.

It is true that it is not possible to completely ban bitcoin but if your country bans it and you continue to invest and use bitcoin then you are breaking the law and if you get caught it will probably be a big crime, this is an action that is not recommended or followed. China became a power without bitcoin, so banning bitcoin, I believe doesn't affect them at all. The impact of bitcoin on an individual or an organization can be enormously beneficial, but for an economy it is nothing. Bitcoin is too small to affect larger economies.

[awik p]

~ We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.
What do you think countries have to lose by making this choice?

China has blocked a lot of things besides Bitcoin/Cryptocurrency. Call it popular search engines like Google, social media like Whatsapp, Facebook, even TikTok, which is known as a social media made in China. And they never worry about that, because they already have something to replace all that things.

I'm sure they've thought about the impact of a ban on Cryptocurrency activities. With their technology and economic strategy, it seems that China has nothing to lose by banning all Cryptocurrency.

when viewed from its function, bitcoin has not affected international relations, for example bitcoin as a legal tender for export-import activities, I think China will suffer losses, because China has trade relations in almost all countries in the world. On the other hand, of course, China has taken this into account in the economic development of their country, and so far it seems that it does not interfere with economic activities in that country

[Antonas1]

~

They have a Great Firewall but it does work as they wanted and can not block all Chinese to access the Internet resources from other nations like Western. The pandemic shows that if their citizens want, they can break the governmental restrictions to access to other resources with freedom of speech.

Actually, I'm not talking about the potential of the "rebels" still moving by any means because the discussion doesn't go in that way. But yeah, they do exist. Even so, it will not make China lose.

~ If they see the whole world accept Bitcoin and Cryptocurrency mining, they will not self-kill themselves by banning that industry.
They know their nations have abundant energy resources for it and they can get profit from it too by running Bitcoin and cryptocurrency mining. China is a nation that care most about financial profit, economical benefit, their governmental power so if they see great opportunities, they will not skip it. ~

Unfortunately, economic benefits are not gained only with Bitcoin. Let's assume all countries are busy with the Bitcoin mining, China will look for business chance in it without following the trend, because they have a strong commodity to trade (reference: https://tradingeconomics.com/china/exports-by-category).

[lhrbeijing]

Somewhat ironically, in China, not only those websites, but even my visit to this website requires a VPN.
But despite China's many restrictions, I still feel it is necessary.

Because I am a citizen in higher education, I can clearly discern ideological issues.
But students receiving compulsory education in China are vulnerable to the so-called democracy and freedom of the Western world.
We have been deeply aware of the root cause of the unrest in Hong Kong, which started from the infiltration of young people.

I always feel that it is 2022, and no one will believe in the so-called democracy and freedom on this planet, right?

[lhrbeijing]

Government issues Policy Statement on development of Virtual Assets in Hong Kong

Hong Kong wants to compete with Singapore for a fintech hub, which will prompt the government to accept cryptocurrencies as soon as possible.

[Gallar]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

for the government there may not be any changes, because they themselves make the rules, and they must also know the consequences of the regulations they make.

and the ones who will definitely be affected are people who like to invest in cryptocurrencies, with regulations like that they will definitely invest secretly, and that is definitely very uncomfortable.

[Fara Chan]

It is true that it is not possible to completely ban bitcoin but if your country bans it and you continue to invest and use bitcoin then you are breaking the law and if you get caught it will probably be a big crime, this is an action that is not recommended or followed. China became a power without bitcoin, so banning bitcoin, I believe doesn't affect them at all. The impact of bitcoin on an individual or an organization can be enormously beneficial, but for an economy it is nothing. Bitcoin is too small to affect larger economies.

Violating the law is another part after the prohibition applies, but the problem is that the prohibition is not applied correctly in several existing countries. Returning to the topic of the problem, if the prohibition is applied to Bitcoin in particular, then no one can limit bitcoin to grow and develop, given that the country that previously banned Bitcoin did not fully succeed.
So that the applicable rules are not optimal, because Bitcoin is not influenced by anyone in its journey until now.

[bitgolden]

Taxes, taxes, taxes. China is a nation with over a billion people, and they have trillions of dollars, which means even just 1% of it going into bitcoin would be 10+ billion dollars, and even at 10% tax that would be 100+ million dollars and that’s just once. Imagine all these people and all that money to end up with constant trading and profiting, you would make billions in taxes as a nation. That’s what governments always need, more taxes because taxes are the only income of a government and that’s how they make a profit.

This is why I do not believe that we should be focusing on anything like banning, we should be focusing on something much better with more taxes, so they can build more things to help the nation.

[qwertyup23]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

Of course, they are losing on this opportunity to have access to a revolutionized technology that may potentially be utilized by more countries in the future. Like what most have mentioned, China is a communist country. This means that the government has absolute control over the properties and services that businesses offer. Since BTC and cryptocurrencies introduce freedom of payment, it is nothing but obvious for them to prohibit something that cannot be controlled or regulated.

I just hope that the loss of China means the gain of other countries. For example, El Salvador has already made BTC as their legal tender; and more countries have started to integrate BTC to their economics and financials.

[worle1bm]

More importantly the people or say the population as a whole is affected with all these ban stuff as we all are familiar that CCP will never allow freedom to it's citizens because a country banning social media platforms can go beyond any limits to suppress the mass.But the government in secret has accumulated lot of Bitcoin so they don't loose they gain and people face the actual loss.