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

[Owlwk1]

China has been actively involved in the blockchain space and has shown significant interest in developing blockchain technology.I think , it is possible that China will have a leading force in the blockchain also it is possible that the BRICS (Brazil, Russia, India, China, South Africa trading currency will be based on the blockchain.

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[terencio]

I think China has a lot of potential to become a leader in the cryptospace, especially if they embrace blockchain technology and NFTs. I also agree that the US government needs to provide more clarity and support for the crypto industry, otherwise they might lose their competitive edge.

[killerfrost]

We need to monitor market trends and global events to make correct investment decisions. The imposition of unclear regulations and the departure of developers from crypto-related projects in the US could also be a factor in China becoming a leader in blockchain technology and crypto.

Whether China could take over the leadership in blockchain and launch a new bull market in crypto remains a prediction and uncertain. China is showing a particular interest in blockchain technology and has launched efforts to develop and use this technology in various fields.

[bussybuddy]

From the beginning of 2023 to now, China is more open to crypto, and conversely, the US is showing that they are quite imposing, I think the managers are expressing their own views and strategies. them with this field. Indeed, with crypto this market is too small, the legal corridor is not clear, leading to easy price fluctuations in the face of positive and negative information. Personally, I think that depending on the political power of countries in this market, it may be possible to build in line with economic trends but overall, it cannot stop the crypto market more widely known as well as its acceptance.

[noorman0]

After knowing that the mainland Chinese government is against bitcoin activities, I did not expect much that they would expand the crypto industry space to various territories. Hong Kong is China's only exclusive contribution to the crypto space which I think will be around for a long time until some of their special importance is achieved.

[yazher]

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.

Thankfully when other countries will begin to get bitter towards bitcoins and cryptocurrencies as a whole, other countries like Hongkong always reach out their hands to help those crypto companies that are in need of homes after they suffered some foolish lawsuits from the SEC or the US government. I hope when they take crypto companies like this, they won't change their regulations anytime sooner giving those companies a hard time recovering their losses from the previous damages caused by the past countries they were operating with.

[Jackl87]

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 don't follow the world wide political developments regarding crypto currencies that closely but since i am interested in cryptos which started in 2017 i always got the impression that China is very repressive regarding cryptos and they have introduced quite a few laws in the last few years to get more control over cryptos, to restrict them or to even ban them.
Of course with the recent developments in the US it seems like other countries could use that opportunity to position themself as a crypto friendly area because in the end the crypto space is a multi billion $ industry and every country that is welcoming this industry could make a lot of money with it.

[vv181]

If some of you are not concerned by oppressive and authoritarian regimes leading blockchain, I truly do not understand what is all of your standards toward cryptocurrency. A mere uptrend prices or market action?

Amidst the recent strict regulation that is being applied within the US, Hongkong does not specifically become the centre of attention. There is Dubai, which favours cryptocurrency adoption earlier, and also some rumour suggests the UK will follow trying to be a crypto hub. In the near future, I don't think China would follow Hongkong cryptocurrency regulations path.

[Doan9269]

After knowing that the mainland Chinese government is against bitcoin activities, I did not expect much that they would expand the crypto industry space to various territories. Hong Kong is China's only exclusive contribution to the crypto space which I think will be around for a long time until some of their special importance is achieved.

Though they may be against bitcoin adoption but that doesn't mean they can't make the utility use for the blockchain technology in some aspects of their economy even though China is very adamant as well in accepting other offers from without, but maybe due to the nature of the the blockchain technology being a decentralized network, they may give it some considerations for use, but OP should know that either of these two is not a determinant for the market rise or fall.

[fzkto]

After knowing that the mainland Chinese government is against bitcoin activities, I did not expect much that they would expand the crypto industry space to various territories. Hong Kong is China's only exclusive contribution to the crypto space which I think will be around for a long time until some of their special importance is achieved.

This is not the first time China has banned or allowed cryptocurrencies. The last time they banned cryptocurrencies again, it did not affect the market much. Now that they have allowed cryptocurrencies again, it hasn't affected the market at all. I thought this might really be the start of a new bull market, but as usual expectations were not in my favour. Now there is a new threat from the US. But I hope they will not ban anything.

[Xal0lex]

We need to monitor market trends and global events to make correct investment decisions. The imposition of unclear regulations and the departure of developers from crypto-related projects in the US could also be a factor in China becoming a leader in blockchain technology and crypto.

Whether China could take over the leadership in blockchain and launch a new bull market in crypto remains a prediction and uncertain. China is showing a particular interest in blockchain technology and has launched efforts to develop and use this technology in various fields.

China is too unpredictable and it is primarily interested only in its digital yuan, which is a direct competitor to cryptocurrencies. I am not sure that with such interests, China will develop cryptocurrency as well as the United States. I am more inclined to think that Hong Kong or the Arab Emirates could be the global leader in cryptocurrencies. Too much different news is coming out of those regions, but I certainly wouldn't count on China's support for the entire crypto community.

[Wapfika]

After knowing that the mainland Chinese government is against bitcoin activities, I did not expect much that they would expand the crypto industry space to various territories. Hong Kong is China's only exclusive contribution to the crypto space which I think will be around for a long time until some of their special importance is achieved.

This is not the first time China has banned or allowed cryptocurrencies. The last time they banned cryptocurrencies again, it did not affect the market much. Now that they have allowed cryptocurrencies again, it hasn't affected the market at all. I thought this might really be the start of a new bull market, but as usual expectations were not in my favour. Now there is a new threat from the US. But I hope they will not ban anything.

Simply because they exit on crypto space very early I think around 2017 to 2018 while their recent crackdown is just a couple of years. Most of their citizens doesn’t hold crypto anymore so their news doesn’t gave much impact because Chinese is not on the market anymore.

China is open for blockchain technology but not with other cryptocurrency. Probably they will just launch their own but still not open with other currency. I doubt this will start bull run since Chinese buy power is still limited on their own blockchain.

[Yogee]

[.....]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.

Would they allow the coins or native tokens of those chains developed by non-Chinese companies though? They could end up banning all of them and allow only the "locals". Only Hongkong that would be open for all.

[....]Amidst the recent strict regulation that is being applied within the US, Hongkong does not specifically become the centre of attention. There is Dubai, which favours cryptocurrency adoption earlier, and also some rumour suggests the UK will follow trying to be a crypto hub.

I'm doubtful on UK but there should be no problem if both HK and Dubai ends up being a crypto hub in their respective regions.

[podluznyj]

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.

As I read in sources according to a study by one company, the global economy will receive an additional $1.76 trillion by 2030 through the use of blockchain, which is 1.4% of global GDP, with Asian countries benefiting the most from the technology.
China will get the most. He, along with India and Japan, will become the driver of blockchain development in Asia. And the US will get a little less.

[Blitzboy]

We need to monitor market trends and global events to make correct investment decisions. The imposition of unclear regulations and the departure of developers from crypto-related projects in the US could also be a factor in China becoming a leader in blockchain technology and crypto.

Whether China could take over the leadership in blockchain and launch a new bull market in crypto remains a prediction and uncertain. China is showing a particular interest in blockchain technology and has launched efforts to develop and use this technology in various fields.

China is too unpredictable and it is primarily interested only in its digital yuan, which is a direct competitor to cryptocurrencies. I am not sure that with such interests, China will develop cryptocurrency as well as the United States. I am more inclined to think that Hong Kong or the Arab Emirates could be the global leader in cryptocurrencies. Too much different news is coming out of those regions, but I certainly wouldn't count on China's support for the entire crypto community.

Interesting perspective, although I would argue that China' primary interest in its digital yuan does't preclude them from becoming a blockchain leader! Why cant a country pursue its digital currency and support the growth of crypto?

Remember, the cryptocurrency is a complex interplay of market trends, technology adoption, and regulatory environment. That said, why do we view China' unpredictability as a hurdle rather than an opportunity for surprise advancements?

As for Hong Kong and the Arab Emirates taking the helm, it's not implausible, but aren't we overlooking the fact that these regions, while dynamic, still have to contend with their own challenges? Any which way, its a captivating tale unfolding, wouldnt you agree?

[justdimin]

[.....]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.

Would they allow the coins or native tokens of those chains developed by non-Chinese companies though? They could end up banning all of them and allow only the "locals". Only Hongkong that would be open for all.

Absolutely not, there is no way that they would never even consider a possibility that they would get something like that, it is impossible. I personally believe that China do not even let the "locals" build anything, thye just use them as workers, so they are still the boss. I know that it is not that easy to understand for people at western nations because they do not see that as a possibility, but that's the reality, we just need to focus on that.

If you think that it won't happen or couldn't happen that is because you live in a free nation and can't imagine living by the word of just one person, but that's how china lives and nobody can breath even without president allows them to breath. That's why there won't be any foreign ones, and local ones will be under strict rules to follow.

[SaveOurSea]

China is a big market and of course China will be the leader of the cryptocurrency bullrun,
let's just wait until 2024 or 2025 because 2024 bitcoin halving and according to history price movement will be positive and bullish again,
so don't worry about US or SEC, because the market is not from there but from China.

[vv181]

[.....]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.

Would they allow the coins or native tokens of those chains developed by non-Chinese companies though? They could end up banning all of them and allow only the "locals". Only Hongkong that would be open for all.

[....]Amidst the recent strict regulation that is being applied within the US, Hongkong does not specifically become the centre of attention. There is Dubai, which favours cryptocurrency adoption earlier, and also some rumour suggests the UK will follow trying to be a crypto hub.

I'm doubtful on UK but there should be no problem if both HK and Dubai ends up being a crypto hub in their respective regions.

The UK rumour is not set lately, if we take years back, the Prime mister has stated an interest in cryptocurrency. Recently, the government is working its way to clearly regulate cryptocurrency worlds. See https://www.gov.uk/search/all?keywords=crypto&order=relevance.

In regard to the rumour, I follow Andreessen Horowitz's takes on their belief in the UK as a crypto hub. They have just opened up a new office over there. They are prominent cryptocurrency company investors, and noting the UK government's stance toward cryptocurrency, there is a possibility it will follow Dubai and Hongkong.

[DeathAngel]

It’d really be quite ironic if China ignites the next bull run after they played a huge part negatively impacting & effectively nullifying the previous one by banning bitcoin & forcing miners to leave.

I know they are somewhat being open to crypto in Hong Kong now but I am sceptical that they will suddenly open the gates to the whole country to enable mass buying by retail investors.

I hope China seize the opportunity that is possibly being given to them by a hostile regulatory environment in the US. Let’s wait & see how it develops.

[FahriZah]

We are everyone know as well the article china is most powerful country and who founder of crypto bitcoin they are come from also china her name we know Satoshi Nakamoto so we can expected crypto currency leader china and hopefully can starting bull market very soon.