Fake support?

[Crypt0Gore]

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I know that Hongkong is the soul location that's doing all this crypto thing, do you think that the whole country (china) will benefit from this or this case will be that Hong Kong will be the location for crypto things?

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

[zezaiement]

Regarding the specific situation in Hong Kong, it has been a major hub for crypto-related activities, including exchanges and blockchain projects. China invests a lot of resources in that.
Both China and the US have shown interest in blockchain technology, but their approaches and regulatory philosophies differ. The US has taken a more cautious and fragmented regulatory approach, with various regulatory bodies involved. China, on the other hand, tends to have a more centralized and controlled approach, mostly because of their politics.
China have some interesting statistics about producing almost 60% of world's goods, their perspectives are limitless imo.

[BenCodie]

China have always been growing their blockchain talent under the radar. This was evident at the time that NEO was born. A lot of the bans following only specifically relate to certain aspects of cryptocurrency but never on the industry as an absolute whole (despite how mainstream media had portrayed it each time). China (at these points in time) also could not afford Bitcoin to reign supreme, just like the US could not afford, or Russia for that matter. This might be different now and why they are boasting their talent and opening their arms publicly.

With the distraction of AI and other mega technologies that are shaping our world, I do wonder if Bitcoin or blockchain will take the stage again soon, and who will benefit most from it. I think it is clear that the US will not take that title.

[passwordnow]

Hong Kong is much better and it's a SAR of China. While policies are still different and it's like a baby of China, it has its own policies and they're not as strict as China. I'm more optimistic about Hong Kong on this approach as they're trying to do everything to make their economy better and offer a lot of incentives and opportunities to anything that they can source money and businesses. But with some policies that China will like to implement and they have to enforce that to Hong Kong, changes might come at any time. While as of now, things are better and a crypto hub in Asia can be named on Hong Kong or Singapore.

[nimogsm]

I think China is in the first line of interest in the economic sector. Not so long ago, the country completely got out of covid and will now catch up and try to occupy those niches that are promising. But I am also watching the situation with interest and I am just as interested in what will happen next. With the abolition of all bans, we will be able to see the result, which I think will surprise many.

[bettercrypto]

In the year 2021, China really banned all cryptocurrency mining activities. But last year (2022) it showed support for blockchain technology.

      And this step started when they supported web3 technology in cryptocurrency. However, we know that China is cautious, because they want to make sure that there is no threat to their stability and national security as well. So I can say that this is not fake news, and the times are really changing. And this is a link I read about the thing we are talking about https://news.coincu.com/190437-china-embraces-web-3-0/

[Captain Corporate]

I mean it could very well be just a governmental approach and not really just a "independently anyone can do whatever they want" approach. This way they could make sure that the government, which is basically just a single person, could get involved as much as they want via these companies and investments. Obviously its not them doing it, but they allow others to do it for them, and they get profits in return. You think alibaba is owned by jack ma? China gets a piece of it, same logic applies here. I believe they do not want to let everyone do whatever they want, that's not on the table, they just allow certain people and companies to do what they allow them to do and they want to get a piece of it because its a huge market and why not have some profit from what is possible?

[Texac]

I don't know if they and the US compete in this crypto space. but as far as I know, even if the Chinese government strictly implements the bans, their people still quietly use cryptocurrencies and even still mine bitcoins.  in a recent report, they even surpassed Russia, second only to the US in bitcoin mining. I don't think it's possible to ban crypto, it's just that they're more careful in their approach, and they're taking it slowly.  we live in the world of technology, there is no reason why a great country like China should ignore it.

[bittraffic]

I have read several news about it recently and it turns out Hongkong had been allowing crypto traders for months on local exchanges.  I think the volume will soon increase because they may also allow the local exchanges to operate on big cities like Shanghai and Shenzen.

Kind of 180 turn of China about crypto and if all turns out good. Institutions from the west may come as well. Yep they could be playing but all the time China always welcome technology. You know how it was in the past. They always adopt and learn new things and beat the original with their innovation. They Even beat Tesla with the EVs.

[jrrsparkles]

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I know that Hongkong is the soul location that's doing all this crypto thing, do you think that the whole country (china) will benefit from this or this case will be that Hong Kong will be the location for crypto things?

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

They banned it because it gives freedom of choice with their money but they are also accumulating since they are aware if potential growth of Bitcoin in the upcoming years so they may use it as reserve or something not under their name but they will never allow the decentralized monetary system so all they're trying is ti implement the centralized as well as new technology so they are in control along with not missing the trend.

[adaseb]

I am seeing posts about how on June 1st, crypto will rally hard because everyone in Hong Kong will be buying it. However I don’t think this will happen.

Most likely people already own it. And those who don’t, probably won’t buy it on June 1st. So most likely it’s good long term but in the short term I don’t think it will have much of an impact.

[nur rochid]

china is a smart country, of course if there is a good opportunity, then they will carry out their strategy, but the problem is sometimes the path taken confuses us, but indeed maybe it is part of their plan to dominate the cryptocurrency world, moreover we know in this business people dominates it will be easier to control it. maybe the previous china didn't want to just be a participant, but what they wanted was to be the ruler

[Fiatless]

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

China is using Hong Kong to test crypto policies. China would make Hong Kong a crypto hub to experiment with the economic implications of cryptocurrencies. If it benefits the economy, Mainland China might lift its ban on Bitcoin and other cryptocurrencies. But it will remain banned if it has negative consequences.

I am usually surprised about the stance of the US government on cryptocurrencies. Their lukewarm attitude might make them lose the opportunities that the industry offers. The Biden government has not given the crypto space a conducive environment to strive. If China lifts the ban on crypto mining, many miners will flee America because of strict regulations and the cost of electricity. But some American politicians that understand the crypto space are becoming vocal about thier stance on Bitcoin and others. Hopefully, a new government in the White House can change America's approach. If they don't, China might take the front row making them stay behind.

[TheUltraElite]

china is a smart country, of course if there is a good opportunity, then they will carry out their strategy, but the problem is sometimes the path taken confuses us, but indeed maybe it is part of their plan to dominate the cryptocurrency world, moreover we know in this business people dominates it will be easier to control it. maybe the previous china didn't want to just be a participant, but what they wanted was to be the ruler

Maybe they understood that their previous stance was wrong and then they started accepting these things as a method to grow their country and become further competitive to other countries. We should be skeptical about how much China will accept web3 development in future though. Economic changes may be forcing them to accept this pathway, it shows how we as a community can force the government to take a lenient move.

However there will not be much changes in prices due to this.

[arwin100]

china is a smart country, of course if there is a good opportunity, then they will carry out their strategy, but the problem is sometimes the path taken confuses us, but indeed maybe it is part of their plan to dominate the cryptocurrency world, moreover we know in this business people dominates it will be easier to control it. maybe the previous china didn't want to just be a participant, but what they wanted was to be the ruler

Maybe they understood that their previous stance was wrong and then they started accepting these things as a method to grow their country and become further competitive to other countries. We should be skeptical about how much China will accept web3 development in future though. Economic changes may be forcing them to accept this pathway, it shows how we as a community can force the government to take a lenient move.

However there will not be much changes in prices due to this.

They just see how big the potential of web3 technology so maybe they also want to adopt the changes since if they live on old style and let their selves behind on newly introduce technology then maybe it can affect to the growth on their country. For now they are not so friendly on crypto since maybe they are introducing something to their citizens but if this crypto and web3 thing will be so famous on their country for sure the government might change their mind and look at the possibilities to adopt it.

[YUriy1991]

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

Recent developments in China regarding crypto adoption are indeed interesting with their current approach and them embracing web3 and supporting certain crypto projects signifies a change in their attitude. For the end result is uncertain my reason is the crypto market is complex and constantly evolving. This will depend on a variety of factors, including the regulatory framework, technological advances and global market dynamics

[redwine49]

Regarding the specific situation in Hong Kong, it has been a major hub for crypto-related activities, including exchanges and blockchain projects. China invests a lot of resources in that.
Both China and the US have shown interest in blockchain technology, but their approaches and regulatory philosophies differ. The US has taken a more cautious and fragmented regulatory approach, with various regulatory bodies involved. China, on the other hand, tends to have a more centralized and controlled approach, mostly because of their politics.
China have some interesting statistics about producing almost 60% of world's goods, their perspectives are limitless imo.

That's right. They want money to come in their own country but they don't want to go outside china and actually they hate crypto which they can't control including bitcoin.
They just want web3 so they earn money&control the people outside china so they just want to be the first to use blockchain tech for their own benefit

[Sayeds56]

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I know that Hongkong is the soul location that's doing all this crypto thing, do you think that the whole country (china) will benefit from this or this case will be that Hong Kong will be the location for crypto things?

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

Indeed, these are  very interesting developments regarding regulation and adoption of crypto currencies in China which has attracted attention of  investors. all over the world These developments are crucial for the future of crypto space as China is the second largest economy of the world and shift of stance towards crypto currencies can potentially influence the crypto market and create positive sentiments among investors worldwide.

[kojektea]

I think China will really take advantage of this, but they have a special strategy of possibilities that makes it look like they have to show aversion to crypto to get any big opportunities out of it in the future. now China's rival, the US has banned crypto, if china formalizes crypto and dominates the market of course they will get stronger financial power than before. I even think whether in the future China will become the No. 1 economy in the world.

[Unbunplease]

China is a big player on the market. When it benefits them, they ban cryptocurrencies. But I don't think that will last. I think by 2024 the situation will change in a certain way, and China will have its say in the cryptocurrency market. Don't trust Chinese trickery