Will China takeover as the leader in blockchain and start the new bull market?

[bbc.reporter]

Many similar questions are being asked about China after rumors of a blockchain is being backed by Beijing. There are some people who say that it is Conflux, however, there is a blockchain developed by Beijing academy of blockchain called Chain Maker, where government controlled businesses like Tencent and China Construction are also supporting the project.

NFTs are also being supported by the government in Shanghai through approvals of the creation of NFT trading platforms.

However, everything begins in Hong Kong, where their government has allowed all users to buy and sell crypto. If mainland China follows, it might bring the cryptospace back to the bull markets that are more similar to 2017. The pumps during those bull market years with China were bigger and higher.

Another argument on why China might become the leader in the cryptospace is because the American government has been imposing regulations without clarity that causes many developers confused and leave or stop working for projects based in America.

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[pakhitheboss]

At the moment it is is using HK for all cryptocurrency related activities. It has a simple strategy in my opinion. It is utilizing the benefits of US crack down on cryptocurrency through HK and safeguarding it's mainland retail investors. All major companies from the US have either moved or are under the process of moving to HK. Through HK it will start controlling the cryptocurrency market. I am sure it will make HK a global hub for all cryptocurrency businesses.

[disconnectme]

I am surprised that China is the one that seems friendly to Crypto and blockchain industry rather than USA, but the thing is that with China they want full control, and I don't see how they will allow Crypto to go full speed without government intervention which is against everything crypto is all about. The Honk Kong move is a step in the right direction because the HK is the gate way to mainland China, and I won't be surprised if we see HK exchanges driving the volume in the coming bull market.

[Odusko]

I am surprised that China is the one that seems friendly to Crypto and blockchain industry rather than USA, but the thing is that with China they want full control, and I don't see how they will allow Crypto to go full speed without government intervention which is against everything crypto is all about. The Honk Kong move is a step in the right direction because the HK is the gateway to mainland China, and I won't be surprised if we see HK exchanges driving the volume in the coming bull market.

Before the previous China attack on cryptocurrency, China was the location where most crypto miners reside and seem to be the most cryptocurrency-friendly country then, up until there began a crackdown in the early time.
But now that China has begun to make moves to accommodate cryptocurrency again it may have an underlying effect on cryptocurrency activities such as excessive control and centralization which I think was the main reason why China push off crypto in the first place.

[Argoo]

Many similar questions are being asked about China after rumors of a blockchain is being backed by Beijing. There are some people who say that it is Conflux, however, there is a blockchain developed by Beijing academy of blockchain called Chain Maker, where government controlled businesses like Tencent and China Construction are also supporting the project.

NFTs are also being supported by the government in Shanghai through approvals of the creation of NFT trading platforms.

However, everything begins in Hong Kong, where their government has allowed all users to buy and sell crypto. If mainland China follows, it might bring the cryptospace back to the bull markets that are more similar to 2017. The pumps during those bull market years with China were bigger and higher.

Another argument on why China might become the leader in the cryptospace is because the American government has been imposing regulations without clarity that causes many developers confused and leave or stop working for projects based in America.

China has always supported the introduction of blockchain technology into its economy, but has a negative attitude towards cryptocurrency. At the same time, Hong Kong has grown economically thanks to the introduction of advanced technologies in science and technology. Therefore, they also have a positive attitude towards cryptocurrencies, because many there register their enterprises to engage in entrepreneurial activities using cryptocurrencies, and this is beneficial to the Hong Kong economy. However, it is not yet clear how this will be reacted to in the future in mainland China. There, as always, they are not in a hurry with their assessments. But I don’t think that China will support the circulation of cryptocurrencies.

[Bolivar_Tony]

I think not just China, but China and America, they are the big two horse that have huge influence on the cryptospace for some time now, So i think the two adapting it will make massive impact than one, though America is clapping down on crypto companies but let's hope the next America president will support crypto

[coin-investor]

Many similar questions are being asked about China after rumors of a blockchain is being backed by Beijing. There are some people who say that it is Conflux, however, there is a blockchain developed by Beijing academy of blockchain called Chain Maker, where government controlled businesses like Tencent and China Construction are also supporting the project.

I hope you update this thread and include the link this is an interesting development because when China is involve they can make a huge impact in the market.

However, everything begins in Hong Kong, where their government has allowed all users to buy and sell crypto. If mainland China follows, it might bring the cryptospace back to the bull markets that are more similar to 2017. The pumps during those bull market years with China were bigger and higher.

Hongkong has always been the testing ground for China so they are likely to follow Hongkong's lead if it becomes successful they might lift the ban and encourage trading of Cryptocurrency again, China's contribution to the industry is huge and China's participation will lead to our much-awaited bull trend.

Another argument on why China might become the leader in the cryptospace is because the American government has been imposing regulations without clarity that causes many developers confused and leave or stop working for projects based in America.

I hope we see the day that both countries support Cryptocurrency and take out a lot of restrictions Cryptocurrency is already more than a decade and it will not die with their imposed restriction because of the technology that fits our modern generation.

[irsykes]

If China starts ambitious in the world of Crypto like in the past 2017 strong support for the Crypto Fan Altcoin project will be extraordinary. It's just that the Chinese drama that I remember was always made news about the prohibition of Crypto last year had a big impact on the Crypto market. but it doesn't make sense in my opinion because the largest Bitcoin holder of China

[o48o]

Many similar questions are being asked about China after rumors of a blockchain is being backed by Beijing. There are some people who say that it is Conflux, however, there is a blockchain developed by Beijing academy of blockchain called Chain Maker, where government controlled businesses like Tencent and China Construction are also supporting the project.

NFTs are also being supported by the government in Shanghai through approvals of the creation of NFT trading platforms.

However, everything begins in Hong Kong, where their government has allowed all users to buy and sell crypto. If mainland China follows, it might bring the cryptospace back to the bull markets that are more similar to 2017. The pumps during those bull market years with China were bigger and higher.

Another argument on why China might become the leader in the cryptospace is because the American government has been imposing regulations without clarity that causes many developers confused and leave or stop working for projects based in America.

Bull market can get triggered by a rumor but i can't understand why people tend to see china as a huge player in it. Sure they have lots of people but it's notoriously authoritarian regime. They allow it as long it doesn't start to be a shadow banking system, and also people are afraid how west wants to end privacy and regulate cryptos, you might want to take a look what china has done to privacy. Mass surveillance next level and make snowden leaks look like kids stuff.

So if you people think that china of all places would allow it cryptos and their permissionless ideology, you have maybe take 2 steps back and see what they are doing
China is not even trying to hide their surveillance, because they know no one can do anything about it. Ccp doesn't ask for public approval or permissions.

I understand that trading allowed in china is good for volume and liquidity but that's all i can see it affecting. And remember that they are allowing trading of few cryptocurrencies in controlled cexes, so i don't see this as bullish for permissionless ideology of cryptos.

[Kelvinid]

China can't just see and get calm when seeing other countries adopting cryptocurrencies. They'll think before that closing their door from crypto helps them a lot and making their own digital currency is in demand. They'll overthink the impact of such action and now, they're getting back to get in touch and wanted to bring back blockchain on their territory and later own, they've thrown it again.

Though we can say there us a huge impact of their leaving crypto but we're not sure about this time. If it helps to increase demand and price, then much better but still, we don't have to expect much from it.

[Wexnident]

I hardly doubt it. Blockchain in of itself isn't really limited to crypto, so them starting development about it wouldn't really bring any big changes imo (though some waves may be created but that's about it). Plus, wasn't there already talks about China doing blockchain research a few years back already? It being said again once more doesn't mean anything at this point imo. China opening up crypto again might bring some changes but it should be temporary impacts. Though it still remains that China's main identity is of surveillance, so I hardly doubt "decentralization" itself would grow from there.

As for them being the lead since America's being, well, America, I doubt it. In the first place, I don't think there's any need to tie developments to a country? It is cryptocurrency after all.

[bbc.reporter]

Many similar questions are being asked about China after rumors of a blockchain is being backed by Beijing. There are some people who say that it is Conflux, however, there is a blockchain developed by Beijing academy of blockchain called Chain Maker, where government controlled businesses like Tencent and China Construction are also supporting the project.

I hope you update this thread and include the link this is an interesting development because when China is involve they can make a huge impact in the market.

Okay, I will try hehe. However, do not expect pumps on the Chinese projects immediately. What we should be doing is be the first to know the updates on which Chinese projects are going to be whitelisted in Hong Kong and mainland China.

According to some people in social media, Hong Kong's regulatory guideline might start with allowing projects with proven track records before it whitelists newer, riskier projects. It might also not yet allow leverage and stablecoins.

[Lamkuthang]

The question of whether China will emerge as a leader in blockchain and trigger a new bull market is a topic of speculation and discussion. My view is that what needs to be considered is the impact of regulatory actions by the US government, which creates uncertainty for developers. This situation may encourage some developers to seek alternative jurisdictions or hinder the growth of US-based projects.

[nesty]

It is hard to say or predict the future of the blockchain market. The Chinese government has been supportive of blockchain technology and has invested heavily in its development. Many Chinese companies have been actively exploring blockchain use cases and developing blockchain based solutions. Blockchain is a global market and there are many other countries and companies that are also making significant contributions to its growth and development. Blockchain is relatively new technology and there are many challenges that is need to be overcome before it can reach its full potential. China may play an important role in the future of blockchain, maybe the can start a new bull market no one can predict.

[CapGelatik]

Of course China will be top one in terms of investors and mass adoption, because in China it has legalized crypto currency,
and is a breath of fresh air for the crypto market, but indeed this requires stages and is indirect,
because we are still in the bearish season so what we have to do is be patient and wait until bullish arrives.

[DeathAngel]

After banning mining & also banning retail investors buying bitcoin, China is recently relaxing rules around bitcoin & a small select group of alts. Retail investors in Hong Kong can now buy bitcoin & a small group of altcoins. I don’t know if or when this opportunity will open up to the rest of China but already they have changed their stance.

As recently as yesterday the SEC in the US started proceedings against Binance US. They seem to be making things hard for the crypto industry in America. China could be more than willing to open their doors to accommodate if the US closes their doors..  

[merekamo]

If I see trend and growth crypto in China. I say yes. China has potential to become a leader in the cryptospace, and there are some reasons. There are rumors of a blockchain being backed by Beijing, and the Chinese government has shown interest in supporting NFT trading platforms. If the government continues to support and invest in the development of blockchain technology, it could propel China to the forefront of the cryptospace. In other side, for American government's unclear regulations have caused confusion among developers, leading some to stop working on US-based projects. This could give China an opportunity to attract talent and become a more attractive hub for crypto development.

[bbc.reporter]

It appears that Conflux's development team is placing themselves to be near the people who might be influencial on creating the whitelisting process in Hong Kong. I would also speculate that the whiltelisted projects in Hong Kong might also be the first projects to be whitelisted in Shanghai once mainland China decides to open their country for the cryptospace again.



Further solidifying our growing partnership with Web3 advancements in Hong Kong, Conflux is pleased to announce that it has become a senior member of the Institute of Web 3.0 in Hong Kong.

As the only regulatory-compliant public blockchain in China, Conflux holds a unique advantage for projects seeking to build and expand into Asia. Therefore, our decision to join the Hong Kong Web 3.0 Institute as a senior member aligns perfectly with our initiatives. We are honored and enthusiastic about collaborating with other industry players in the Web3 space and actively demonstrating our support for Web3 development in Hong Kong.

The Institute will be led by Norman Chan, the former Head of the Hong Kong Monetary Authority (HKMA). Li Feng, CEO of China Mobile International, will serve as the Honorary Chairperson. Chan’s extensive experience in traditional finance during his tenure at the HKMA will contribute to establishing a standardized framework for digital currencies within the new Institute.

Source https://confluxnetwork.medium.com/conflux-joins-hong-kongs-new-web3-institute-2e14b8bb648

[avikz]

First of all, NFT is not cryptocurrency. It's just a very simple use case of blockchain and will die down sooner than you expect.

Secondly, the idea of cryptocurrency goes directly against the ideology of Communist party of China. So I don't see China taking over as a crypto leader anytime in the future. However, countries like Singapore can become the powerhouse of cryptocurrency business and then Dubai can take over the 2nd spot. Not China.

[bbc.reporter]

First of all, NFT is not cryptocurrency. It's just a very simple use case of blockchain and will die down sooner than you expect.

Secondly, the idea of cryptocurrency goes directly against the ideology of Communist party of China. So I don't see China taking over as a crypto leader anytime in the future. However, countries like Singapore can become the powerhouse of cryptocurrency business and then Dubai can take over the 2nd spot. Not China.

I very much disagree that NFT will die down sooner. It has the potential to have financial value similar to cryptocurrency and not only that, it also has cultural value for the community that own and hold them. I would also argue that because of the regulators in America are presently going after tokens and classifying them as illegal securities, some investments in tokens might go to NFT.

Also, I am not quite certain if you are updated with the news, however, China has been opening up on the cryptospace again. I have been sharing news all over the forum about this.