Bank of China ex-advisor calls Beijing to reconsider crypto ban

[serveria.com]

Wow that would be big. Uberbullish news for Bitcoin. It would skyrocket into at least $35-40k immediately I guess. Too bad it's mentioned in the article that the guy is just an "ex-advisor" so his opinion is that of a private individual not of a country representative. Anyway, I'm sure China will lift the ban sooner rather than later. Bitcoin can't be stopped. 

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[Lucius]

~snip~
Anyway, I'm sure China will lift the ban sooner rather than later. Bitcoin can't be stopped. 

It's clear from my previous posts that I don't share all that enthusiasm about China and Bitcoin, although I understand why most people are fascinated by just the possibility of this happening. However, it is wrong to look at things only from the perspective of quick profit, and not to look at the long-term effects of such a decision. I would not like to go through all those dramas that have always been going on somewhere in the background of the Chinese crypto industry made up of lies, deceptions and insane trading volumes that they used to manipulate prices.

I know I'm asking too much, but will people realize that China has always done more harm than good for Bitcoin?

[Hispo]

Chinese government won't allow Bitcoin to come back again into their national economy as much as it was some years ago because there is a new player within this context: the digital yuan.

the CCP wants to encourage everyone there to install and use their centralized wallet so they can keep a tight control over their own society, we are taking about surveillance. the Chinese government wants to have a monopoly on the electronic money in the future, letting Bitcoin to grow in their society goes against their autocratic "values" and plans.

[stompix]

a former member

Some of you really forget this is China we're talking about and there former has a different meaning:


Usually, when you're former you should keep your mouth shut rather than trying to voice your opinion, a former president means nothing, an advisor would just vanish in seconds.

Everyone says that China would earn from taxation, but no one says how much? I will not repeat myself because I already wrote something about it in the previous post, but is it about $500 million or $5 billion and what significance would that have in the economy, which according to all forecasts will achieve significant growth this year, which will be measured in trillions.

Give it up, China has made quadrillions out of Bitcoin taxes, their whole industrial revolution happened because of crypto mining and they are producing now chips only because bitcoin mining gear has triggered innovation, even the Three Gorges Dam was built because of bitcoin mining, don't you know?
Sometimes there is no point in even trying to point out the obvious, there are some things that have become like the teaching of Jesus to some here, Bitcoin does that and that and everything else and you infidel have no business proving to us with numbers that what we think is wrong.

When I think about taxes I wonder what would a real poll show, how many of those that argue every day how Bitcoin generates revue though taxation are actually paying a dime at the end of the year on their profits!

[Synchronice]

Reversing the ban on crypto could be very beneficial for China even due to the fact alone that they're going to be able to harvest more money in taxes. On the monetary control/privacy side, it's not like China can't do their own chainalysis on their people. Pretty sure they can if they wanted to.

Everyone says that China would earn from taxation, but no one says how much? I will not repeat myself because I already wrote something about it in the previous post, but is it about $500 million or $5 billion and what significance would that have in the economy, which according to all forecasts will achieve significant growth this year, which will be measured in trillions.

It seems that after all these years, people do not understand that Bitcoin is a much bigger problem for China because of the idea it represents, than any financial benefit that could come from it. A country that censors the internet to an unprecedented extent will never allow its citizens to be financially independent in any way.

The best way to keep a prisoner from escaping is to make sure he never knows that he is in prison. Wouldn't it be beneficial to unban crypto but regulate it? Create state-owned crypto exchanges, let them operate through regulations similar to banks, request and implement KYC document for every customer. Majority of people are here to invest and trade, regulations can't be a huge problem for them but it can give power and control to government. If you don't do so, other countries will do and why to let control get out of your hands for no reason? It's inevitable.

[xSkylarx]

There would really be an effect if the government in China lifted it, but I am shocked about the data about mining as there are a lot of individuals evading their law, even if it is strict, just to own crypto and mining it. I don't know how they still remain anonymous or have not been tracked by the government, but they are really not that scared of their law. For sure, the lift would greatly increase the number of users of crpyto from China, as this is only holding them back from owning it, and we can also benefit from it.

[Dickiy]

In this case, the former adviser to a Chinese bank strongly advised the government to consider crypto transactions, maybe in my personal opinion he saw how the world was going in the future and of course he didn't want the Chinese people to be left behind.

There were still lots of Chinese individuals recruiting crypto employees on LinkedIn. Despite the ban, yes Chinese are trading crypto.

This will really boost the prices of cryptocurrencies when they open the country for crypto as they did before. So far they were planning to make Hongkong a hub for blockchain developments as was stated in the news. It would be a waste to completely abandon the crypto industry when there are really good developers in the country that have started since, projects like NEO and Vechain are among the top 100.

Yes, I still see about this, many Chinese companies are looking for employees who have capabilities about crypto, blockchain, and web3.
Of course it is undeniable that it will be a bullish indicator for the crypto market if the ban is removed, before that I also heard about the news that Hong Kong will become a city that develops Blockchain, but it does not focus on crypto, but only on blockchain for mechanisms increasing effectiveness and efficiency system within the company. CMIWW

[Kakmakr]

This might be why they are calling him an ex-advisor... because they did not agree with him in the first place. To China ..everything are about control and not the financial gain that they might receive if they allowed this technology.  

They want all transactions to be transparent and they want to track all of those transactions ...and they want to control how much money are leaving the country, because they want to manipulate the people via their control over the wealth and also to control the economy.