Do you think China is playing a double game?

[tygeade]

China always plays double standards both in the political and economic ecosystem. They have not openly criticized Putin for invading Ukraine and they are not also supporting Ukraine. They don't want to lose the benefits of their trading with the West so they support Russia secretly, while they are also pretending to promote peace. Hong Kong is its economic lab where China experiments with Western economic and political policies (capitalism). While mainland China is used for the implementation of socialist and authoritarian policies. China doesn't want to lose the benefits many nations are deriving from cryptocurrencies so Hong Kong serves as the avenue to get those benefits.

I feel like they are just staying in the middle and that is a smart move that many should have taken. I mean I understand that Ukraine wouldn't have been able to fend off Russia without help of anyone else, but lets assume that Europe defends Ukraine, then USA shouldn't, or if USA does then EU shouldn't, or if one nation does the other shouldn't. There is no nation openly working with Russia right now, but there are so many with Ukraine.

Even though I believe Ukraine is 100% right to join EU if they want to, and Nato is something that can be accepting them or not based on merit, and not what Russia says. But also as someone who lives in a nation that has nothing to do with this, absolutely far away and we didn't say a single word about it, I just worry about the costs that will result, not just financially but what if nukes starts? That scares me a lot.

[Z390]

China never liked things getting out of their control, they need to be in power, and thats why they ban crypto mining first, if truly they plan to support crypto from now on they might come up with a fair rules for crypto miners in China, I think if China can be more opened to a centralized way of embracing crypto and also CBDC side by side it will be cool and other countries will learn from this.

[FUCKBSVFUCK]

I'm not exactly sure what China is doing as they want to fight with this situation, they're just making a good example of them that will really be a big help for bitcoin and cryptos because they don't want to let this situation happen to their countries.

[Iadegbola34]

It's difficult to say for sure what China's intentions are with regards to cryptocurrency, but it's possible that they are testing the waters in order to regulate it or take advantage of the current situation in the US. However, it's important to note that China has a history of cracking down on cryptocurrency and has previously banned both trading and mining, so their recent actions could also be seen as contradictory. As for the situation in Hong Kong, it's true that the region has become increasingly under China's control, but it's unclear how much influence they will have over its cryptocurrency industry. Ultimately, only time will tell what China's long-term strategy is with regards to cryptocurrency.

[bbc.reporter]

Does that mean China is utilizing this negative situation in the US on crypto to its favour or they are just testing the possibilities in order to regulate it. Do remember this is how China became the 2nd larget economy in just 20 years.

They might be, however, China's President Xi has already mentioned some years ago that he wants China to become a leader on different internet technologies including blockchain. Hong Kong might only be the beginning and to test different regulations and observe what they can use in IT economic zones of Shanghai.

This news was published on 2019.



Xi Jinping, President of the People’s Republic of China and General Secretary of the Communist Party of China, said the country needs to “seize the opportunity” afforded by blockchain technology.
Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi said blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation.

Source https://www.coindesk.com/markets/2019/10/25/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain/

[bettercrypto]

We do not know what the officials in China are planning or thinking. Just from what I see I don't believe that China doesn't like Bitcoin or cryptocurrency.

          They're just putting it out there like they don't want it but I think China is also hoarding potential altcoins that could bring them good profits in the future. Also, I think they are just doing bad things to altcoins so that when the value falls, they will suddenly buy a bulk of it and then hold it until the bull run happens again. In short, this is a Chinese marketing strategy as far as I can see.

[bbc.reporter]

@bettercrypto. However, we already know what China is planning. They want to be the leader in information technology and blockchain.

I speculate that China will be again become the biggest mover in the cryptospace market when they open their country again. This will begin in Shanghai, I reckon.

I am not quite certain if this is real, however, this is a commemorative NFT rumored to be created by the Shanghai Data Exchange under the direction of the Chinese government. This is issued in Ethereum.

https://launchtower.cryptonatty.io/

[YUriy1991]

I speculate that China will be again become the biggest mover in the cryptospace market when they open their country again. This will begin in Shanghai, I reckon.

It is interesting to consider the potential impact of China's re-entry into the cryptocurrency market, especially given their history with the industry. What do you think will be the main factors driving their returns and how is China's strategy to enter the crypto market and how do you see this affecting the global crypto landscape?

[fuguebtc]

China never liked things getting out of their control, they need to be in power, and thats why they ban crypto mining first, if truly they plan to support crypto from now on they might come up with a fair rules for crypto miners in China, I think if China can be more opened to a centralized way of embracing crypto and also CBDC side by side it will be cool and other countries will learn from this.

Not only China and all other governments have that mindset. They will never let anything get out of hand and threaten their power. Like the US government, they are not as radical as China, but they also want to suppress us and control us more. I believe governments are aware of the potential of cryptocurrency, they are just looking to control it rather than destroy it. It's just that their approach is quite extreme and affects us.
I don't believe China will ban crypto forever, there will come a time when they claim to use it, but we will follow their rules, not freedom our way.

[Abiky]

Yes, that is, I think China is trying to pull the rug out from under the feet of the United States, which is waging a war on crypto. This is a great opportunity for the Chinese government, the great competitor of the American economy.

I think they are trying to take advantage of the anxiety created by the US and attract crypto companies, as this way they will benefit economically and also prevent the US from controlling Crypto alone.

Unfortunately, the United States, with its hostile policy towards crypto, is helping China in its game.

China wants to stay ahead in the game, so it has no choice but to adopt crypto/Blockchain tech for its own benefit. And what better way to do it indirectly through a territory it controls? The US better make crypto regulations more flexible or it could be left behind in the dust by its rivals.

One thing for sure is that Hong Kong is one of the world's largest economic hubs. Therefore, adopting crypto/Blockchain tech should help China attract investors and companies that will ultimately benefit its economy. Maybe Russia will "mimic" China by adopting crypto/Blockchain tech through a territory it controls? These are uncertain times we're living into, so expect the unexpected. Just my thoughts

[summonerrk]

We all know China banned Bitcoin and altcoin trading first. ~~~
 China became the 2nd larget economy in just 20 years.

There is a saying that China has no friends, China has interests.
It means that the Chinese government always acts on the basis of benefits. In the case of bitcoins, at first they were afraid that this process is uncontrollable and potentially threatens to collapse all financial institutions of the world, the current economic situation. But later they realized that they wanted to manage such a process, created a digital yuan. I think everything will come down to the fact that he will not be close in ideas to bitcoin anyway. Bitcoin is freedom and transparency. And the government (especially China) will not allow this.
Remember how they controlled the lockdowns.

[bbc.reporter]

News update.

This is very good news coming from Hong Kong! This is not only a speculation anymore! This will certainly pump bitcoin and altcoins before this year will end. There might also be projects that will be speculated as the Chinese Ethereum. It was argued that it is Neo but I disagree. The real Chinese Ethereum will be whitelisted by the government of China. Wait for this.



Hong Kong will allow retail trading of cryptocurrencies as early as the latter half of this year, the Securities and Futures Commission announced on Tuesday, adding that it will accept applications from exchanges to offer such services from June 1.

The move comes as Hong Kong pushes to become a hub of the crypto industry even as other jurisdictions remain cautious following the collapse of cryptocurrency exchange FTX late last year.

Source https://asia.nikkei.com/Spotlight/Cryptocurrencies/Hong-Kong-greenlights-retail-trading-of-cryptocurrency

[Crypt0Gore]

Hands down, China is smart, they did all these to be in control and it's working thus far, it shows that they have somehow find a way to start benefitting from crypto, and also projects that have to run from China must go through the right process or risk getting nailed by the government, to me this is what the US is looking forward to, they just don't know how to do it yet.

About Bitcoin mining, it's still functioning in China, the reason they destroyed so many miners years back is because many citizens are into illegal Bitcoin mining, they are stealing the country's grid power to mine Bitcoin, any country will do the exact same thing that China did.

Chinese are still mining Bitcoin, but it's now limited compare to years ago, now some are using solar panel if they can afford it and I heard that those who are ready to pay for their grid power consumption are allowed to keep mining Bitcoin.

[Ptb73]

China doesn't like when things get out of control. Now, by their actions, they just want to regain control.
They want to centralize Bitcoin lol

[DeathAngel]

Maybe they see the US being hostile somewhat to bitcoin without any regulatory clarity and think if they step in & offer regulation to big companies they will move there & China can make a lot of money out of it. China see an opportunity to gain ground on the US in the fight to be the number 1 for digital currencies. Let’s see how it plays out.

[FrozenBit]

It is possible that China sees an opportunity to gain an edge in the global competition for digital currency dominance by providing clear regulations and attracting large companies. As such, China is likely to strengthen its influence and competitiveness in the digital currency space. In addition, they are also trying to develop a digital yuan - CBDC helps the government increase transparency and control over their financial system, as they can track transactions and have the ability to enforce regulations more effectively. So what impact they will have on the cryptocurrency market, only time will tell.

[freedomgo]

What do we expect from China than to play dirty games with those countries that are against it. And with this scenario, they make sure that everything should still fall on their control. For US, they legalize bitcoin but they also give sanctions and create laws that will put bitcoin into restrictions. I guess they just want to secretly follow the idea of China, but act as if China is their best enemy.

[serveria.com]

We all know China banned Bitcoin and altcoin trading first. Next they went ahead and banned miners. After that they rolled out their own digital Yuan. Which I am afraid did not succed as expected by CCP. Now suddenly they are allowing HK to go ahead with crypto and become a hub of Bitcoin as well as Altcoin economy. The biggest bank in HK a few days back declared that they will support crypto.

I mean what do you guys think is going around with this decision of China. As per my understanding HK has become a shadow control colony of China. Which was not what they had promised to UK. This situation could become a problem for USA and it's allies in the future. Already we can see big companies (banks) in the US are now buying shares of Microstrategy, whereby they are indirectly investing in Bitcoin. As they now realize the potential of Bitcoin.

Does that mean China is utilizing this negative situation in the US on crypto to its favour or they are just testing the possibilities in order to regulate it. Do remember this is how China became the 2nd larget economy in just 20 years.

I'm not sure if they'll use HK as testing grounds for Bitcoin adoption or not but I'm sure China will embrace Bitcoin sooner or later. And it's going to be BIG! Remember the effect "China bans Bitcoin" FUD was causing? Imagine the same effect but in the other direction! 

[Abiky]

There is a saying that China has no friends, China has interests.
It means that the Chinese government always acts on the basis of benefits. In the case of bitcoins, at first they were afraid that this process is uncontrollable and potentially threatens to collapse all financial institutions of the world, the current economic situation. But later they realized that they wanted to manage such a process, created a digital yuan. I think everything will come down to the fact that he will not be close in ideas to bitcoin anyway. Bitcoin is freedom and transparency. And the government (especially China) will not allow this.
Remember how they controlled the lockdowns.

Of course they do. They're not that stupid. Even their alleged alliance with Russia is fake. China may be doing this for its own benefit. The same thing can be said about its apparent adoption of crypto/Blockchain tech through Hong Kong. They will allow investors to pour money into Blockchain startups and companies in HK, but they won't allow people to use crypto for their own benefit. Otherwise, that would mean China is letting people enjoy true financial freedom.

I think the UAE (especially Dubai) will become the next epicenter of the crypto/Blockchain industry soon. Many companies already announced their intentions to move there. Money talks, so time will tell us which country will benefit the most out of this craze. Who knows where the crypto industry will be heading in the long run? Just my opinion

[jrrsparkles]

For anyone who thinks that China banned the cryptocurrencies only last year had to know that this is not the first instance they banned and to my best of knowledge they banned bitcoin in 2013 and followed by many times but they do know its impossible to stop the Bitcoin completely for being utilised so banned mining operations which also backfired to them cause the miners simply moved to other country so there isn't any effect on hashrate.

HK bank is operating in multiple countries so its not possible to operate for them in China unless they revoke the restrictions but they are free to operate in other locations.

No matter the status of bitcoin legality in China, there are people from China who is holding huge chunk of Bitcoin and always been a part of BTC whale group.