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

[bbc.reporter]

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.

Hehehe this should not really come as a shock, I reckon. China has already begun stimulating their economy by loosening their monetary policy and create an environment where it is easier for their consumers to get credit and liquidity. I speculate that by the time the cryptospace is welcomed through the borders of Shanghai, China will be overflowing with liquidity that will be ready to flow into crypto.



Xi Jinping’s government is preparing to stimulate consumer spending and prop up the property sector to boost the faltering economy under policies which will underpin commodity prices and benefit Australian exporters, economists and business chiefs say.

Top Australian executives at companies trading with China said there would be some short-term pain from the myriad of pressures on China’s economy, but they were confident a stimulus package would turn the heat down in the short term.

“The government is signalling pretty clearly they will use monetary policy which we are seeing,” Mark Whelan, ANZ Bank’s head of institutional, told The Australian Financial Review from Shanghai.
“I would expect some of the other stimulus they are still working through is more likely to be about how they will move the property market in the direction they want.

Source https://www.afr.com/world/asia/china-shifts-to-stimulus-to-salvage-faltering-economy-20230614-p5dgfc

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[FrozenBit]

Now as we see from the news that the interest in Chinese crypto is much more positive than in the US, I am not sure how long this will last when the polar ring can turn. change, when in recent years the economic competition between the two leading countries in the world. Allowing cryptocurrency trading in Hong Kong could take advantage of the US crackdown on crypto and attract large companies to move their operations to Hong Kong. This requires strict management and reasonable government regulation to ensure safety and transparency for crypto users. If Hong Kong becomes a global hub for crypto businesses, that will likely increase China's influence in the international crypto market. However, to achieve this, cooperation and support from the government and other regulatory organizations is required to create a crypto-friendly business environment.

To sum up, enabling cryptocurrency trading in Hong Kong could have the potential to become a global hub for crypto businesses and bring major economic benefits to the region. There is a need for strict management and reasonable regulation to ensure the safety of users and for the sustainable development of the cryptocurrency market.

[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.

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.

That's fine! We are allowed to have different opinions. We are not living in North Korea!

NFT market is the best way for new-age money launderers to make their money white. So yes, the market may not die down soon because money laundering will always take place and those JPG images on blockchain will see an increase in value. Afterall, someone has to buy it at a high price to show the investment and then sell it off at an even higher price.

But NFT market has no utility at all, apart from parking money and laundering money. I can make thousands of copies of these images and flood the market at any point in time. So I am not sure what cultural values you are referring to. If someone has money, buy an original painting by the renowned painters. That would fetch much higher return on investment.

I predict that the NFT market will die down in the next 2 years. Hopefully, I will still be around that time.


 

[tvplus006]

...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...

In any case, residents of mainland China will continue to violate the laws by trading on the Hong Kong cryptocurrency exchange. Thus, until the Chinese government lifts its previous bans on cryptocurrencies, Chinese citizens will not be able to return to the cryptocurrency market en masse.

[monineklutak]

China will takeover the cryptocurrency market and it will happen!.
Millions of marketcap dollars will come from China because China has allowed its citizens to trade and use cryptocurrencies,
of course with this we will see a bull run that we haven't seen before,
this is also predicted some experts that they say the next bullrun is a very great bullrun.

[masulum]

China will takeover the cryptocurrency market and it will happen!.
Millions of marketcap dollars will come from China because China has allowed its citizens to trade and use cryptocurrencies,
of course with this we will see a bull run that we haven't seen before,
this is also predicted some experts that they say the next bullrun is a very great bullrun.

Has China legalized crypto transactions and trading? because as far as I know, until now China has still not declared to allow crypto transactions and trading there. So far, it is Hong Kong, not China. Maybe I'm late reading the news, but from some of the searches I did, there was no news that said that China was canceling the ban on cryptocurrencies there. CMIIW

[fzkto]

China will takeover the cryptocurrency market and it will happen!.
Millions of marketcap dollars will come from China because China has allowed its citizens to trade and use cryptocurrencies,
of course with this we will see a bull run that we haven't seen before,
this is also predicted some experts that they say the next bullrun is a very great bullrun.

Has China legalized crypto transactions and trading? because as far as I know, until now China has still not declared to allow crypto transactions and trading there. So far, it is Hong Kong, not China. Maybe I'm late reading the news, but from some of the searches I did, there was no news that said that China was canceling the ban on cryptocurrencies there. CMIIW

It was supposed to happen on 1 June, but if I understand correctly, it only applies to Hong Kong. It does not apply to the rest of China. Although you are right, I haven't seen an official statement either. I think that if it happened, the capital would be directed to crypto. But so far only bad news from America.

[eaLiTy]

~
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.

Hong Kong is the hotbed for cryptocurrency after China started cracking down on the cryptocurrency space but countries like Singapore, Vietnam are more open to the cryptocurrency space and majority of the businesses from India are moving to GCC countries as they are crypto friendly. With US cracking down on the cryptocurrency space and they have already imposed restrictions on China, they need to open the market with the help of cryptocurrency to counter these restrictions and if that happens it will have an impact on the overall market.

[pixie85]

~
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.

Hong Kong is the hotbed for cryptocurrency after China started cracking down on the cryptocurrency space but countries like Singapore, Vietnam are more open to the cryptocurrency space and majority of the businesses from India are moving to GCC countries as they are crypto friendly. With US cracking down on the cryptocurrency space and they have already imposed restrictions on China, they need to open the market with the help of cryptocurrency to counter these restrictions and if that happens it will have an impact on the overall market.

It's a fake crackdown if you look into it.



As you can see, a lot of mining is taking place in China. This is data from this year.
And we have this piece
https://cointelegraph.com/news/hong-kong-legislator-invites-coinbase-to-the-region-amid-sec-scrutiny

I think that 2021 fake crackdown was done only to make introduction of CBDC easier and warn people that moving money out of the country via crypto is illegal.
The Chinese are smart. They know bitcoin cannot be banned, which is why they want to to make Hong Kong into a crypto hub.

Freedom is an enemy in China and you keep your friends close and enemies closer. If they get control of a large part of the industry they'll be able to influence it without officially fighting it.
 

[jrrsparkles]

China will takeover the cryptocurrency market and it will happen!.
Millions of marketcap dollars will come from China because China has allowed its citizens to trade and use cryptocurrencies,
of course with this we will see a bull run that we haven't seen before,
this is also predicted some experts that they say the next bullrun is a very great bullrun.

China will not allow a decentralized Money to circulate into their economy but at the same time they don't want to let the opportunity to slip away from their hands that's why they are playing smart by making cryptocurrency legal in HK while restrictions on the rest of the place is to accumulate the business related to cryptocurrency in their territory and make revenue from it while they also keep their citizens away from using the same technology.

[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.

That's fine! We are allowed to have different opinions. We are not living in North Korea!

NFT market is the best way for new-age money launderers to make their money white. So yes, the market may not die down soon because money laundering will always take place and those JPG images on blockchain will see an increase in value. Afterall, someone has to buy it at a high price to show the investment and then sell it off at an even higher price.

But NFT market has no utility at all, apart from parking money and laundering money. I can make thousands of copies of these images and flood the market at any point in time. So I am not sure what cultural values you are referring to. If someone has money, buy an original painting by the renowned painters. That would fetch much higher return on investment.

I predict that the NFT market will die down in the next 2 years. Hopefully, I will still be around that time.


 

You cannot just dismiss it as only an opinion because look at the NFTspace. It is growing and has created many different platforms that act as infrastructure like Opensea, Looksrare and Blur. Multiple wallets like Metamask have implemented NFTs in their software, centralized exchanges have NFT sections created in their sites, what else do you need to use as proof that it will not go away in the next 2 years?

I predict that you will certainly be still around in 2 years to witness the growth of the NFTspace by more than 2x. This is a very conservative estimate.

[Blitzboy]

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.

That's fine! We are allowed to have different opinions. We are not living in North Korea!

NFT market is the best way for new-age money launderers to make their money white. So yes, the market may not die down soon because money laundering will always take place and those JPG images on blockchain will see an increase in value. Afterall, someone has to buy it at a high price to show the investment and then sell it off at an even higher price.

But NFT market has no utility at all, apart from parking money and laundering money. I can make thousands of copies of these images and flood the market at any point in time. So I am not sure what cultural values you are referring to. If someone has money, buy an original painting by the renowned painters. That would fetch much higher return on investment.

I predict that the NFT market will die down in the next 2 years. Hopefully, I will still be around that time.


 

Your skepticism around NFTs is noticeable, but let's avoid generalizing! Sure, as a new tech, there's a misuse scope, including money laundering. Isn't that true for all currencies, even cash? You question NFTs' usefulness, which is fair. The real value of a limitless duplicate-able JPG image, right? And yeah, digital music tracks can be duplicated too, but people pay for originals. Its about ownership, authenticity, and supporting creators directly.

Arguing for traditional art over NFTs, arent we barring digital artists from monetizing their work? Not all are inclined or equipped to create physical art. Shouldnt a pixel artist reap benefits similar to a traditional painter?

[bbc.reporter]

News update.

I am not quite certain if China's plans for their blockchain ambitions will pump Conflux and the other Chinese projects presently being traded in the cryptospace, however, I am quite certain that this will be one of the biggest storylines on the peak of next bull market. This is why as investors it might be good to begin your research on Chinese projects.

One of the next biggest pumps might be the pumps being caused by the new Chinese Ethereum storyline hehehe. It was Neo on 2017, my speculation is it will be on Coinflux on 2025.



In yet another example of the country’s commitment, China is moving forward with a new blockchain infrastructure plan for one of its largest cities. However, the city’s governor announced the plan and what it could mean in the short- and long-term future.

Specifically, China is set to develop a blockchain infrastructure in Shanghai by the year 2025. Nevertheless, the official government update stated that the plan is to “strengthen the application of blockchain in the real economy.” As well as using that application in other sectors as well.

Source https://watcher.guru/news/china-to-develop-blockchain-infrastructure-in-shanghai-by-2025

[tsaroz]

News update.

I am not quite certain if China's plans for their blockchain ambitions will pump Conflux and the other Chinese projects presently being traded in the cryptospace, however, I am quite certain that this will be one of the biggest storylines on the peak of next bull market. This is why as investors it might be good to begin your research on Chinese projects.

One of the next biggest pumps might be the pumps being caused by the new Chinese Ethereum storyline hehehe. It was Neo on 2017, my speculation is it will be on Coinflux on 2025.



In yet another example of the country’s commitment, China is moving forward with a new blockchain infrastructure plan for one of its largest cities. However, the city’s governor announced the plan and what it could mean in the short- and long-term future.

Specifically, China is set to develop a blockchain infrastructure in Shanghai by the year 2025. Nevertheless, the official government update stated that the plan is to “strengthen the application of blockchain in the real economy.” As well as using that application in other sectors as well.

Source https://watcher.guru/news/china-to-develop-blockchain-infrastructure-in-shanghai-by-2025

China have a restrictive sphere on crypto. Has made it difficult for people to hold and trade crypto if not illegal. That way China would not be able to contribute much to the global crypto aspiration but as you mentioned, Chinese local crypto could be a cash cow for we outsiders. As they have limited option, any of considered "Chinese" crypto would rise when the bull comes. I might keep a little stock of conflux on my next buy.

[GreatArkansas]

~
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.

Hong Kong is the hotbed for cryptocurrency after China started cracking down on the cryptocurrency space but countries like Singapore, Vietnam are more open to the cryptocurrency space and majority of the businesses from India are moving to GCC countries as they are crypto friendly. With US cracking down on the cryptocurrency space and they have already imposed restrictions on China, they need to open the market with the help of cryptocurrency to counter these restrictions and if that happens it will have an impact on the overall market.

It's a fake crackdown if you look into it.

https://www.talkimg.com/images/2023/06/16/H2yLo.png

As you can see, a lot of mining is taking place in China. This is data from this year.
And we have this piece
https://cointelegraph.com/news/hong-kong-legislator-invites-coinbase-to-the-region-amid-sec-scrutiny

I think that 2021 fake crackdown was done only to make introduction of CBDC easier and warn people that moving money out of the country via crypto is illegal.
The Chinese are smart. They know bitcoin cannot be banned, which is why they want to to make Hong Kong into a crypto hub.

Freedom is an enemy in China and you keep your friends close and enemies closer. If they get control of a large part of the industry they'll be able to influence it without officially fighting it.
 

This proof is a good basis that the USA and China are one of the biggest players countries in the cryptocurrency market.
So for me, the United States of America will maintain its spot as number 1 in terms of hashing power on Bitcoin.

By this means, a country is more into blockchain technology, best example is this graph where you can see hashing power is high in the country.

[michellee]

News update.

I am not quite certain if China's plans for their blockchain ambitions will pump Conflux and the other Chinese projects presently being traded in the cryptospace, however, I am quite certain that this will be one of the biggest storylines on the peak of next bull market. This is why as investors it might be good to begin your research on Chinese projects.

One of the next biggest pumps might be the pumps being caused by the new Chinese Ethereum storyline hehehe. It was Neo on 2017, my speculation is it will be on Coinflux on 2025.



In yet another example of the country’s commitment, China is moving forward with a new blockchain infrastructure plan for one of its largest cities. However, the city’s governor announced the plan and what it could mean in the short- and long-term future.

Specifically, China is set to develop a blockchain infrastructure in Shanghai by the year 2025. Nevertheless, the official government update stated that the plan is to “strengthen the application of blockchain in the real economy.” As well as using that application in other sectors as well.

Source https://watcher.guru/news/china-to-develop-blockchain-infrastructure-in-shanghai-by-2025

China have a restrictive sphere on crypto. Has made it difficult for people to hold and trade crypto if not illegal. That way China would not be able to contribute much to the global crypto aspiration but as you mentioned, Chinese local crypto could be a cash cow for we outsiders. As they have limited option, any of considered "Chinese" crypto would rise when the bull comes. I might keep a little stock of conflux on my next buy.

The Chinese government may restrict its citizens from holding and trading crypto but not for the government itself. The Chinese government wants to master crypto first with its secret projects that maybe no one knows about. So if it's China's secret plan to ban its citizens from using crypto, it's already half done.

Meanwhile, the news of this update shows us that the Chinese government is serious about working on these crypto projects. And it could be a sign for the next bull run. Any government that realizes the profit potential of crypto will start researching what they could get if they could do something with crypto.

And if Coinflux is a secret Chinese project, maybe people can start investing in the coin. But before investing, people should do more research to find out the advantages of the project. But we don't know what will happen to China in the future. We can only speculate because we don't know China's secret plans for crypto and can only guess based on the news circulating.

[bbc.reporter]

News update.

I am not quite certain if China's plans for their blockchain ambitions will pump Conflux and the other Chinese projects presently being traded in the cryptospace, however, I am quite certain that this will be one of the biggest storylines on the peak of next bull market. This is why as investors it might be good to begin your research on Chinese projects.

One of the next biggest pumps might be the pumps being caused by the new Chinese Ethereum storyline hehehe. It was Neo on 2017, my speculation is it will be on Coinflux on 2025.



In yet another example of the country’s commitment, China is moving forward with a new blockchain infrastructure plan for one of its largest cities. However, the city’s governor announced the plan and what it could mean in the short- and long-term future.

Specifically, China is set to develop a blockchain infrastructure in Shanghai by the year 2025. Nevertheless, the official government update stated that the plan is to “strengthen the application of blockchain in the real economy.” As well as using that application in other sectors as well.

Source https://watcher.guru/news/china-to-develop-blockchain-infrastructure-in-shanghai-by-2025

China have a restrictive sphere on crypto. Has made it difficult for people to hold and trade crypto if not illegal. That way China would not be able to contribute much to the global crypto aspiration but as you mentioned, Chinese local crypto could be a cash cow for we outsiders. As they have limited option, any of considered "Chinese" crypto would rise when the bull comes. I might keep a little stock of conflux on my next buy.

Similar to every pump that have occured in the cryptospace, they always started with a storyline and China's blockchain ambition will certainly be one of the biggest and bullish storylines during the next bull market on 2025. As an investor it would be a mistake if you did not buy some Chinese projects' tokens while much of the cryptospace market is in the stage of disbelief.

[Abiky]

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 may have launched its own CBDC first, but that doesn't mean it'll beat the US in the long run. It's a communist country after all. Capitalism always prevails, so it should only be a matter of time before the US becomes the leader of the crypto/Blockchain industry. That is if Congress gets its act together by revising existing crypto regulations. We all know how hostile the SEC has been against the industry lately. China is trying to gather the attention of mainstream investors by embracing crypto through Hong Kong. I'm yet to see whenever its efforts will be a success or a huge failure.

The UAE is also trying to get into the game by making Dubai the world's next crypto hub. It's survival of the fittest. Whichever country becomes the leader of all things crypto, will rule the world. We'll see what happens in the future. Just my opinion

[bbc.reporter]

@Abiky. America is presently the leader of web3 and blockchain, however, it might not hold this position very long if uncle Gary and the SEC will continue cracking down on the cryptospace projects and services under their jurisdiction. This will cause investors and developers to invest and go to another jurisdiction where they are encouraged to create and develop new projects.

In China's opening for the cryptospace, it will be Hong Kong first then Shanghai. This news update supports this argument. However, they might do this under whitelisting.



On August 15th, Hong Kong Chief Executive John Lee Ka-chiu expressed that Web 3.0 is a new direction for the development of the Internet. Hong Kong maintains an open and inclusive attitude towards innovators worldwide engaged in virtual asset businesses and aims to create a conducive environment.

Source https://twitter.com/wublockchain/status/1691288400765321216?s=12&t=fx2RmsbaS0qNJTJTdpNu2w

Source of the news. Use a Google to translate.

https://bau.com.hk/download.html?id=1140707314792357888&url=https://bau.com.hk/article/2023-08/14/content_1140707314792357888.json

[Abiky]

@Abiky. America is presently the leader of web3 and blockchain, however, it might not hold this position very long if uncle Gary and the SEC will continue cracking down on the cryptospace projects and services under their jurisdiction. This will cause investors and developers to invest and go to another jurisdiction where they are encouraged to create and develop new projects.

In China's opening for the cryptospace, it will be Hong Kong first then Shanghai. This news update supports this argument. However, they might do this under whitelisting.

Yes. The SEC is pushing hard with its aggresive crypto regulations. If all crypto exchanges, and companies move away from the US, the country will go backwards in terms of FinTech innovation. It seems like China will "eat its cake". The UAE is also getting into the game. This shows us that crypto won't die even if one country decides to turn hostile against it.

That's the beauty of decentralization and censorship-resistance. Countries that embrace the revolution will win big in the long run. It seems like China is taking advantage of the situation for its own benefit. Who knows if this will make China the largest economy in the world within the not-so-distant future? Just my opinion