Chinese Banks Welcome Cryptocurrency, as the USA cracks down

[BenCodie]

China can stir the shit anytime they want and they did it many times since 2009.

How many times does fud come from China?

Ban it, unban it, crack down it, open for blockchain development and many shows from China. You can not know what they will do next!

Bitcoin Jumps 12% as China's Xi Embraces Blockchain, Boosting Crypto Sentiment in 2019.

Two years later, in 2021 China tightens crypto mining crackdown, bans trading.

One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China’s crackdown

Many times with opposite regulations from China and they will repeat it in future.

They wanted to enthuse development because the space is evidently a innovative breakthrough.
They did not want mining in their country because of the energy and resource consumption, which is something that China struggles with to this day due to its exponential rise and extremely high population.
Encouraging development while banning mining is actually two very strategic moves. If you've translated this as "ban, unban, ban, unban" then you aren't reading between the lines.
If you look into the "fine print" of all of the announcements that China have made toward Bitcoin/cryptocurrency, you will see the strategy. This is not to say they are pro-crypto, but if the US are turning against it, then I can definitely see them becoming for it.

What are you smoking?

China has been anti-crypto since around 2019, even going as far as kicking crypto miners out of the country. They'd rather make a CDBC than promote any cryptocurrency.

BRICS has nothing to do with cryptocurrency, and any developments related to it and "de-dollarization" can be ignored as far as crypto is concerned.

Yes, I saw the news link. But Hong Kong is not going to have much of an independent regulation after a few decades after that "london agreement" or whatever it's called expires in 2048.

I wouldn't say that they're anti-crypto. I would say (like explained above) that they have been strategic and probably wise to western involvement and maybe wanted to keep themselves and their population out of it until for that period of time. A few decades is still a bit out of scope of the near future too, not really something to be considering for the time being. Lots will happen between now and then I am sure

[noorman0]

That's definitely not it. They have special areas like Hong Kong which could be considered like that a bit, but even when Hong Kong didn't want to do something China wanted them to do, they rebelled and protested and then China sent soldiers and police to keep those protesters from going bigger and got what they wanted.

But I doubt that China still has strong authority to regulate the monetary policy of these privileged areas, as a sign that they have their own version of currency. For example, Hong Kong has HKD, Taiwan has TWD, and so on. So I think bitcoin welcome can also be a prerogative with this preference.

[fullhdpixel]

i remember when china banned bitcoin last 2021, and now, it seems that table is turning upside down.

With the way the Chinese nation operates, it is unlikely that Bitcoin would be allowed to thrive independently and unregulated. They are foremost in the quest for a Government backed digital currency and have attempted to halt all crypto transactions and activities, terming them illegal.

I do not expect that it would become a Bitcoin friendly state at any time in the future, this could be a marketing strategy for their stable coins, a way to instill confidence in people to use it.

Let's see but I think it's still fine if they allow Bitcoin with some conditions. What is important for now is people on that country can use Bitcoin again and it will have a positive impact in the price of Bitcoin. I think they banned cryptos before for some reasons and not that their government is creating its own digital currency but this is unavoidable and even on some countries where crypto is not banned, it's also happening.

It may have an impact with crypto but not too much since both of them are still different. For a country to be called Bitcoin-friendly, they may need to have a legal tender status of BTC first and have created Bitcoin cities and Bitcoin hubs.

[Cookdata]

Chinese Banks & the Hong Kong Financial Authority welcome cryptocurrency with open arms, as the USA brutally cracks down.  With Signature Bank having to shed it's crypto deposits, to Binance and Kucoin under heat.  Meanwhile Mainland Chinese banks are courting crypto companies.

China has negotiated a peace deal between Saudi Arabia and Iran, further making the US dollar less relevant.  Oil contracts can be settled in other currencies.

All of this is on the back of Biden's "Reject Bill" which supposedly targets Tiktok, and...  EVERY OTHER TECH FIRM ON EARTH with unchecked government power.

Learn about the paradigm shift that’s changing our world:
https://www.youtube.com/watch?v=dVMoRAL7_jw

Your profile looks odd, are you an official gate exchange representative, I wonder if you are, you should be making updates about their exchange and the account looks new, something doesn't feel alright. Anyways, back to your topic of discussion, is the bank looking to use bitcoin as a hedge since they are now calling on other people for a bailout? Was this not same China, Hong Kong particularly that sent out crypto investors and ban bitcoin mining in their city, they are now looking forward to accepting bitcoin into their banks, that is a big joke on them because I will never trust a word of the banks, my personal wallet will do the job better in an optimized way.

[bbc.reporter]

The status of Bitcoin in China is a grey area with constantly changing complexities. There has also been several layers of bans to Bitcoin from China, including the most recent ban to mining, causing the nation to drop from being the most popular for Bitcoin mining.

'Some' Chinese banks are considering being more friendly to cryptocurrency and related companies, but it would be a while before it counts as a crypto friendly region.

Agree that it is in the grey area, however, it also appears that China is also getting ready to open their doors again but only through Hong Kong. I speculate that the coins with the highest pumps for the next bull market might be by projects that are being created in Asia.

In America, the coordinated attacks and cryptospace crackdowns will only become stronger. I have noticed much of you argue that we know of this coordinated attacks already hehehe. We have not seen the real strength of these coordinated attacks. This is only the beginning.



The US banking meltdown that has so far claimed Silvergate, Signature and Silicon Valley Bank leaves crypto investors bruised and anxious about the spectre of tougher regulations as firms big and small lose access to funding.

Some even warn it may be an even bigger blow to the industry.

“Crypto in the US is dead” for firms that have links to the US financial system, one New York-based crypto trader, whose company lost access to financing, told DL News. “To be useful in real life it needs to be able to have APIs connected to banks. The government just nationalised the two networks that could do that in the USA.”

“Now, it’s like a scarlet letter” to be an American in the industry.

Source https://www.dlnews.com/articles/regulation/silvergate-signature-silicon-valley-bank-regulation-sec-fdic/