Fake support?

[DrBeer]

It's like with Alibaba and its owner Jack Ma - the state said "now you can't do this, now we will do your business", and Jack Ma left China with his family, and disappeared "from the air" for almost half a year.

is that true? where can you get that information?

It's very easy to search for information.
https://www.ft.com/content/2f7c7a10-2df3-4f1b-8d2a-eea0e0548713

Next, search for information using the keywords "Jack Ma the state takes control of business". Find out how "subtly" Beijing eliminates unwanted businessmen with power, money, and an unwillingness to put up with a new totalitarian regime that rolls back freedoms in the Chinese economy and society. Yes, you won't find anything real in the Chinese media, because the media in China is also tightly controlled by the government.

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[Mpamaegbu]

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

China's first ban on crypto was in 2017 and that caused a lot of crypto related companies to relocate. Binance was affected with that and it flee China. I was just coming into this industry and that stuff panicked me. Anyway, what's happening now in China isn't unexpected. When that ban happened, a lot of crypto veterans speculated that in later years China was going to regret that action and then begin a catch-up process. I think that's what the Chinese government is indirectly doing now. It's better late than never.

[summonerrk]

---

They're tricky. And they will do what brings benefits, while something not threatening the existing order in China.

Recently, the Belarusian authorities took an unusual step - they suddenly legalized and even supported cryptocurrencies, abolished taxes on their payments and the like. All miners and cryptomaniacs have come out of the shadows. But the authorities said in advance that this law would cease to apply in two years. It turns out that if you come out of the shadows - at the end of the law, you may be threatened with deanonymization. And then the authorities will know that you are a cryptomaniac.

Perhaps the Chinese government is also doing a multi-pass now, like in chess. It's not clear to me personally yet.

This is why we should always be wary of the movements the governments take when it comes to cryptocurrencies, the tactic that you are mentioning is a standard one on their book, this is just a way to find out the people that are hiding from them and make them think they have taken a posture on one direction and then move to the opposite direction, if anything the only thing that surprises me is that they have said this from the beginning instead of trying to hide it in some way or form.

Yes, it's really weird. Usually the authorities keep silent about this intention and then plunge everyone into shock. Nevertheless, this law was in effect until 2023, and six months have passed since its termination. The authorities were silent, and everyone uses cryptocurrencies as usual. But it is obvious that regulators from the authorities can start acting at any moment. I think this can happen if the government needs additional money in the budget.

[karabiber]

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

China's first ban on crypto was in 2017 and that caused a lot of crypto related companies to relocate. Binance was affected with that and it flee China. I was just coming into this industry and that stuff panicked me. Anyway, what's happening now in China isn't unexpected. When that ban happened, a lot of crypto veterans speculated that in later years China was going to regret that action and then begin a catch-up process. I think that's what the Chinese government is indirectly doing now. It's better late than never.

Famous Chinese bans. The fear that the People's Republic of China will ban cryptos which i think is used to spread fear in the crypto market is no longer working. The reason for this is that with the bans they have made in the past years the miners have already gone to different regions. I also think that the Chinese Government will change the negative mood about cryptos.
Hong Kong's crypto currency move which has been talked about recently and became official recently has enabled many projects to perform positively at this point.

Chinese origin coins diverged positively in this process and started a small rally. I find this positive. When the market went stagnant, some coins diverged and cash flow to the market was realized in this period. I can say that Hong Kong's move has been the savior of China in terms of cryptos. Developments such as Hong Kong's regulation decision and China's first broadcast of Bitcoin on state television have recently begun to change their minds.

[Mpamaegbu]

~snipped~

The fear that the People's Republic of China will ban cryptos which i think is used to spread fear in the crypto market is no longer working.

I perceive it too that there's no much influence from the Chinese anymore. They've over used their boogyman on the crypto space so much so that any negative pronouncement on cryptos from them this day doesn't shake the market anyone unlike what it did in 2017. To tell you the truth, I'm not perturbed with whatever news on cryptos that comes out of China this day. I've long exhausted my anxiety for them. I believe it's so too for many people.

[Unbunplease]

It is likely that China launched this fake cryptocurrency ban to create a situation for panic sales of cryptocurrencies. Over the past two years, they have successfully bought up everything they could at very low prices. The East is a delicate business. Now it's time to start reversing the process.

[dezoel]

I don't see why this would be a fake move, and even if they don't like cryptocurrency but still accepting or allowing it because they want to stay ahead of their rivals, this is still a good thing for Bitcoin and cryptocurrencies in general because China is one of the most powerful countries. They might have taken the step to beat the US in the crypto movement as you said since they are not really on good terms with the USA right now.

Hong Kong has been crypto-friendly for some time now, and a lot of people are benefitting from it, if China tries, it can surely become a bigger hub for crypto than Hong Kong considering it has a way higher population than Hong Kong.

[irhact]

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?

I don't think the support is fake this time, some of the bans that China gave in the past wasn't attacking Bitcoin directly but the market misunderstood it and something the market is just looking for the slightest negative news to react negatively and starts dumping most especially when we're in a bear market. I think China has seen the importance of web 3 projects and wants to bring all the activities to the country.

China is looking to overthrown US as the world power and they understand they can achieve this with accepting digital currency and the new innovation that's coming from the industry like web3 and the metaverse. But lets not expect them to accept Bitcoin as legal currency.

[woez]

I think In the competition between China and the US, both countries recognize the potential of cryptocurrency and blockchain technology. While the US has been cautious on regulations, China's latest move could be an attempt to gain an edge in the crypto world. However, it is difficult to predict the outcome of this competition as it is influenced by factors such as government policies, technological developments and market dynamics. It is important to continue to monitor developments and seek insight from experts and trusted sources to form a good understanding.

[CarnagexD]

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?

I believe that success of one country in integrating crypto does not determine the failure of another country. I don't think that there is a hidden propaganda behind china, but maybe they just now see the benefit or the development of crypto especially the investment opportunity it can provide. Though it isn't what truly their intentions are, accumulating more crypto doesn't mean it will beat US or another country. That just mean that they are just trying to capitulate more than the other country. Nothing more.

I think as long as the economy remains stable, no wars, or epidemics, the market will remain on a sweet spot accumulating wealth because right now, crypto has already gotten lower and still at lower prices.

[Cling18]

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?

I believe that success of one country in integrating crypto does not determine the failure of another country. I don't think that there is a hidden propaganda behind china, but maybe they just now see the benefit or the development of crypto especially the investment opportunity it can provide. Though it isn't what truly their intentions are, accumulating more crypto doesn't mean it will beat US or another country. That just mean that they are just trying to capitulate more than the other country. Nothing more.

I think as long as the economy remains stable, no wars, or epidemics, the market will remain on a sweet spot accumulating wealth because right now, crypto has already gotten lower and still at lower prices.

China is actually known to be a business minded country and they focus on earning on what could benefit their economic situation better. I don't think they are trying to compete with bigger countries that support crypto currency. I agree that they might have finally seen the value of cryptocurrency that they are now supporting it. Each country has the right and make free decisions whether to support crypto or not but I don't see any competition about it.
Accumulating cryptocurrency is actually a smart move on their part to unlock greater blockchain potential that will later be beneficial to both the crypto business and their economy. In terms of business, I see nothing regarding China's acceptance of cryptocurrencies again.

[panganib999]

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?

Never heard of this news, could you cite your source?

Although in hindsight, they have been hinting in the past about creating their very own cryptocurrency (Digital Yuan), so this attempt at embracing web3 and cryptocurrency might just be a preemptive measure they're taking to make sure that the Digital Yuan is fully utilized when it gets launched.

Of course, this means that there wouldn't be any effects on bitcoin's price or the outlook of the government over the cryptocurrency giant, they still hate it, they'd probably continue banning it. So we still can't expect them softening up on bitcoin or other cryptocurrencies for that matter any time soon.

[DrBeer]

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?

There's probably another problem here. The U.S., accustomed to regulating everything, i.e. wrapping any business in legislative norms, are afraid of using cryptocurrencies as a mechanism of global tax evasion, as well as a method of financing all sorts of international, illegal groups, regimes, etc.
Cryptocurrency, especially anonymous one, is just such a tool, and realizing that there is a technology and it is impossible to prohibit it, they are trying to legislate norms that will prevent the implementation of the above schemes - tax evasion, withdrawal of funds, financing of anti-cheating regimes or criminal groups.

China, meanwhile, wants to use the situation for its own good, and is trying to become a "safe haven" where it will be possible to conduct what the U.S. prohibits, of course, getting profit from it.

[_BlackStar]

An economic war between China and the US is inevitable - so perhaps this is a clear move for China to get on the other side of the US. Even the US seems eager to fight crypto with some unfavorable regulations and policies for investors and traders. I don't know if anyone other than me has that mindset on US vs Crypto - but I think it's one of those realities that might be pretty easy to prove.

[southerngentuk]

China is one of the most powerful countries in the world and has the potential to significantly influence the crypto landscape. If China takes steps to embrace cryptocurrencies or explore the possibilities of blockchain technology, that could have a significant impact on the adoption and development of cryptocurrencies globally. So it's possible that China's momentum could include staying ahead of rivals, such as the United States, in the cryptocurrency movement. Competition among countries for emerging technologies is not uncommon, and each country may adopt different strategies to maintain a competitive advantage. This will be very important and significant for the global crypto landscape, as China is taking steps to take action. It will be interesting to see how things play out and how different countries position themselves in this growing industry.

[Nwada001]

no, they don't want to accept cryptocurrency which they can't control.
They just want to play with blockchain tech. i do think that will be digital Yuan or something similar

No, they are not playing with the blockchain; they are gradually accepting it. They have made recent moves over the past few weeks in the acceptance of most crypto, before the SEC sued Binance on the 5th of this month and Coinbase on the 6th of yesterday . Hong Kong has approved almost the same crypto that the SEC has said to be secure, but those exchanges failed to register them. Bitcoin has also been approved for investors in Hong Kong to invest in.

So with such a move, I don't see it as something in which they are actually playing with the blockchain, but they just want to benefit from it since they have tried so hard to stop their citizens from partaking in it, but it was all to no avail. I think they have rethought the entire situation, and maybe they have figured out ways to monetize and tax those involved in it.

[redwine49]

no, they don't want to accept cryptocurrency which they can't control.
They just want to play with blockchain tech. i do think that will be digital Yuan or something similar

No, they are not playing with the blockchain; they are gradually accepting it. They have made recent moves over the past few weeks in the acceptance of most crypto, before the SEC sued Binance on the 5th of this month and Coinbase on the 6th of yesterday . Hong Kong has approved almost the same crypto that the SEC has said to be secure, but those exchanges failed to register them. Bitcoin has also been approved for investors in Hong Kong to invest in.

So with such a move, I don't see it as something in which they are actually playing with the blockchain, but they just want to benefit from it since they have tried so hard to stop their citizens from partaking in it, but it was all to no avail. I think they have rethought the entire situation, and maybe they have figured out ways to monetize and tax those involved in it.

i think they want to control it (monetize and tax) but why not stablecoin? i think stablecoin is more urgent than just an exchange like binance and coinbase.
Or i think this is a politics, they want to get a piece from crypto world so they can or want control/manipulate crypto market

[yohananaomi]

no, they don't want to accept cryptocurrency which they can't control.
They just want to play with blockchain tech. i do think that will be digital Yuan or something similar

No, they are not playing with the blockchain; they are gradually accepting it. They have made recent moves over the past few weeks in the acceptance of most crypto, before the SEC sued Binance on the 5th of this month and Coinbase on the 6th of yesterday . Hong Kong has approved almost the same crypto that the SEC has said to be secure, but those exchanges failed to register them. Bitcoin has also been approved for investors in Hong Kong to invest in.

So with such a move, I don't see it as something in which they are actually playing with the blockchain, but they just want to benefit from it since they have tried so hard to stop their citizens from partaking in it, but it was all to no avail. I think they have rethought the entire situation, and maybe they have figured out ways to monetize and tax those involved in it.

i think they want to control it (monetize and tax) but why not stablecoin? i think stablecoin is more urgent than just an exchange like binance and coinbase.
Or i think this is a politics, they want to get a piece from crypto world so they can or want control/manipulate crypto market

I think it's natural for a country to be able to control whatever work its citizens do with the aim of being able to monitor it and find a way out if a problem occurs.
but for bitcoin it is clear that no one will be able to do that, apart from having a policy where all transactions must go through state institutions, but will no one violate it? of course there will always be and it's normal where there is a ban then they will look for opportunities to be able to do it.
I agree more that there is a political element in it to be able to make it yourself and finally be able to easily control and at the same time seek profit from the results it makes.
it must be remembered that the population of people and users there is quite a lot and that intention could be because they feel that they have the power to do that.

[Woodie]

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?

Anything that will put China one step ahead of the US is always going  to get a green light...After all this sudden uturn is a sign to uplift Russia their ally.

And knowing very well that China is part of this BRICS , imagine how influential this crypto uptake the markets can benefit from this because this also indirectly undermines and puts pressure on the US dollar, and some how removes the reliance of this Currency as the benchmark...

To be honest this is all calculated and being done systematically, the US won't see it coming as they still watch from afar while everyone is jumping on this technology.

[Hamphser]

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?

Im not really that taking it seriously.We do have those past experiences about banning and now they are tending to support? Never ever again to have that kind of trusting up on what their decisions because it

could really make out some u-turn in a snap if they wanted to.This is why i dont really trust up China or whosever country that would be claiming adoption because those decisions could really be reverted back
as they do like. If ever China do make out decisions on engaging and supporting crypto this time then so be it and just let them be. They do have that power and decisions on making on but we cant
really deny the fact that if the case that it would happen then it would really be meaning that it is bullish.

Fake or not, lets see on what would happen afterwards. We've been seeing news and fundamentals about HK acceptance on platforms but of course it would be having that strict compliance of terms and conditions.