Is China going to shift from Gold to crypto as ICBC considers ETH a digital oil?

[SquirrelJulietGarden]

they have successful CBDC is because its citizen also using it. but it was also not working from the begining.

In a dictatorship country like China or North Korea, I don't consider it as success because their government can force citizens to do many things without voice against governmental policies.

Their government surely consider it as their success but for their citizens, it's not success at all. They were not given choices and rights to pick what to use, future of the country. Only Xi wants to do many things in his close-minded vision to maintain his power and to satisfy his powerful dream. In Russia, there is another man like this Putin and in North Korea, there is Kim Jong Un.

CBDCs will be a global trend when governments want to take advantage of blockchain technology to maximize their governance on citizens.

https://cbdctracker.org/
https://www.atlanticcouncil.org/cbdctracker/
https://cbdctalks.com/

[electronicash]

they have successful CBDC is because its citizen also using it. but it was also not working from the begining.

In a dictatorship country like China or North Korea, I don't consider it as success because their government can force citizens to do many things without voice against governmental policies.

Their government surely consider it as their success but for their citizens, it's not success at all. They were not given choices and rights to pick what to use, future of the country. Only Xi wants to do many things in his close-minded vision to maintain his power and to satisfy his powerful dream. In Russia, there is another man like this Putin and in North Korea, there is Kim Jong Un.

CBDCs will be a global trend when governments want to take advantage of blockchain technology to maximize their governance on citizens.

https://cbdctracker.org/
https://www.atlanticcouncil.org/cbdctracker/
https://cbdctalks.com/

according to that link, the CBDC is still pilot. but whatever they do in their country is their business.
when it comes to ETH though, i think its every ETH investor's business. why the choose Eth is insane when they know its transaction fee is worse.

would it make sense that they are looking at the advantage of the unli supply token than having the limited supply?

[Volimack]

Gold is a perfect alternative but the crypto market is booming and China may be looking at crypto as a better investment than gold and shifting to crypto as the currencies rise in value. But that won't be possible anytime soon, with many parts of China banning crypto, so there's room for gold prices to rise further. China has always had a major influence on the global gold market. This time the people's interest in buying gold shows China's influence more and more.

[Z-tight]

Remember that China has its own successful CBDC that is growing and they'll focus on increasing its adoption not start advertising shitcoins instead.

I agree, China would choose anything they can control over what they cannot, and cbdc is perfect for them, it is pro surveillance and it helps them to better monitor their citizens finances. BTC isn't part of their plans, and surely Ethereum isn't as well, i don't know why people believe China is moving towards crypto adoption whenever there is a crypto related news coming out of that country; i don't know about Ethereum, but BTC doesn't need any adoption or approval from China, neither does China have to adopt BTC for any reason.

[Sim_card]

China government wants a digital currency in which they can know who are who is using it. So I am not surprised at this, because bitcoin gives the government difficult time to know who is using it and that was the reason for the ban. Since the government still believes that cryptocurrency is the future store of value, they thought that Etherum will be the best for them, unknown to them that it is a shitcoin and cannot be compared with bitcoin. The president loves it this way so that he can still have full control over the people of China. Bitcoin will not give him that full control. It is very funny to see a big country like China settling for shitcoin as their digital oil. The day that Ether will crash, China economy will face a big blow.

[retreat]

with such news, is it a sign?  

ICBC is one of the largest banks globally, with assets reaching trillions of dollars, that makes them a bank that has quite a good reputation globally and with their "positive" statement on Bitcoin and Ethereum it may be a sign that they are not completely closed off by developments from the crypto market. It's just that they are limited by Chinese government regulations and I am sure that there is something positive about their statement, since ICBC is majority owned by the Chinese government and it is impossible for their statement to be issued without the Chinese government considering it, so there is no need to be surprised that Maybe in the future China will open up to crypto trading or ETFs.

[fuguebtc]

Remember that China has its own successful CBDC that is growing and they'll focus on increasing its adoption not start advertising shitcoins instead.

I agree, China would choose anything they can control over what they cannot, and cbdc is perfect for them, it is pro surveillance and it helps them to better monitor their citizens finances. BTC isn't part of their plans, and surely Ethereum isn't as well, i don't know why people believe China is moving towards crypto adoption whenever there is a crypto related news coming out of that country; i don't know about Ethereum, but BTC doesn't need any adoption or approval from China, neither does China have to adopt BTC for any reason.

But there is an issue they need to pay attention to if they don't want to become outdated compared to the rest of the world. China is gradually becoming stronger and is considered America's most formidable opponent in the international arena, and if any country can take the position of America's number 1 power , it will probably be China. As we know, the United States is already getting involved in bitcoin by approving bitcoin ETFs and sooner or later the rest of the countries will do the same. If China remains stubbornly against bitcoin and cryptocurrencies , it will only cause them to lag behind the US in this crypto sector. So I think it's only a matter of time before they lift the ban and take a more friendly view of crypto.

Additionally, if we support and welcome bitcoin ETFs in the United States, why don't we think there will be similar impacts if China changes its crypto policies?

[Woodie]

In the real world, if we are to ask someone on which of these two has more practical use between oil and gold... I believe 90% will go for Oil...so these guys labelling Bitcoin to be the Gold and Ethereum to be the Oil sounds like an encrypted message telling investors to try shit their attention to Ethereum which could  be more lucrative Unless this example given was out of context then we shouldn't take this seriously otherwise I see Ethereum pumping hard very soon!!

[SquirrelJulietGarden]

according to that link, the CBDC is still pilot. but whatever they do in their country is their business.

There are many phases for CBDC development and deployment to real usages in countries like Cancelled, Research, Proof of concept, Pilot, Launched. Many countries are still in Research, Proof of Concept to Pilot phase.

when it comes to ETH though, i think its every ETH investor's business. why the choose Eth is insane when they know its transaction fee is worse.

would it make sense that they are looking at the advantage of the unli supply token than having the limited supply?

Ethereum has its big change since the last bull run with their new burn program to make its new released supply is less than new burn tokens. It means since that change, ETH has became deflationary even there is no limited supply for that altcoin.

https://ultrasound.money/

[Die_empty]

with such news, is it a sign?  

ICBC is one of the largest banks globally, with assets reaching trillions of dollars, that makes them a bank that has quite a good reputation globally and with their "positive" statement on Bitcoin and Ethereum it may be a sign that they are not completely closed off by developments from the crypto market. It's just that they are limited by Chinese government regulations and I am sure that there is something positive about their statement, since ICBC is majority owned by the Chinese government and it is impossible for their statement to be issued without the Chinese government considering it, so there is no need to be surprised that Maybe in the future China will open up to crypto trading or ETFs.

China knows that overlooking the crypto sector will have grave consequences because it is the future of money. They are also aware about the investment potential of the sector and I am sure they don't want to lose out. The government might have banned mining but it will not be wrong to assume that they are indirectly opening thier doors gradually to crypto investments. ICBC management will not make such statement without authorization from the central government, it is clear that China is changing gradually.

In the real world, if we are to ask someone on which of these two has more practical use between oil and gold... I believe 90% will go for Oil...so these guys labelling Bitcoin to be the Gold and Ethereum to be the Oil sounds like an encrypted message telling investors to try shit their attention to Ethereum which could  be more lucrative Unless this example given was out of context then we shouldn't take this seriously otherwise I see Ethereum pumping hard very soon!!

Relating Bitcoin with gold might be because of its scarcity. While Ethereum is seem as oil because of it ability to be easily used to create smart contracts and other applications. Just as different materials can be derived from refining crude, Ethereum could serve different purposes.

https://cryptoslate.com/worlds-largest-bank-icbc-praises-the-evolution-of-bitcoin-ethereum-as-innovative-financial-assets/

[OgNasty]

They’re just now pivoting away from usd to gold. I think it’ll be a while before they go hard on crypto. Even if they did, I would expect that they would try to hide it, especially at first. Maybe one day we’ll see adoption from major countries, but so far El Salvador is leading the charge. Maybe another 10 years we’ll see it covered by China and the US.

[pawanjain]

In a detailed analysis report, ICBC emphasized the rapid development and increasing diversity of digital currencies. The bank compared Bitcoin with gold, highlighting the former's advantages in terms of divisibility and portability. These features make Bitcoin a more practical asset for transactions and investments.

The bank has labeled Ethereum as 'Digital Oil', indicating its recognition of the growing importance and potential of this digital currency. This comparison suggests that Ethereum, like oil in the physical world, plays a crucial role in the digital economy.

the Industrial and Commercial Bank of China (ICBC), one of the biggest banks in China praises ETH as digital oil as they halt buying Gold. difficult to believe when you read news like this when the country is known for its strict rules. when they allowed Hong Kong to have BTC and ETH ETF, there were already speculations the country may soon be reversing its crypto ban.

with such news, is it a sign?  

https://www.fxstreet.com/cryptocurrencies/news/ethereum-breaches-key-support-receives-digital-oil-tag-from-worlds-largest-bank-202406111655

It's hard to belive China seeing their past stances on bitcoin. They have ditched bitcoin and mining quite a few times in the past.
This shows that they cannot be trusted again and they can ditch crypto whenever they want.

[dezoel]

ICBC is one of the largest banks globally, with assets reaching trillions of dollars, that makes them a bank that has quite a good reputation globally and with their "positive" statement on Bitcoin and Ethereum it may be a sign that they are not completely closed off by developments from the crypto market. It's just that they are limited by Chinese government regulations and I am sure that there is something positive about their statement, since ICBC is majority owned by the Chinese government and it is impossible for their statement to be issued without the Chinese government considering it, so there is no need to be surprised that Maybe in the future China will open up to crypto trading or ETFs.

Them comparing BTC to gold is not a new thing, so that is something that shouldn't surprised us anymore, though it's also possible that you only read it first here, and that is why you feel positive about it. As for ETH, I'm sorry to say this but I find it funny when they considered it as a digital oil. LoL, really? But why that?

It's not awkward for BTC to be called as a digital gold because they had some similarities and for ETH, maybe it's better if they called it as a digital silver. China was once open to crypto but they only banned it, though I also believe that they will support it again. There is no need for them to abandon gold since, gold still has its own charm.