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[magnus2022]

When Chinese government ban crypto mining and all related activities, bitcoin slumped overnight. Not only bitcoin suffer the effect, other coins also suffer serious loss of value. Crypto enthusiasts and investors lose billions of dollars due that effect. Now, cryptocurrency has survived the effect and a lot of people have regain their trust on crypto. Not only individuals and organizations but countries. A lot of countries are giving assurances that they will not ban cryptocurrency but will regulate. That is a good sign that cryptocurrency is the currency of the future.
As it stands, it seems China have shot herself on the foot. There is possibility that the government is regretting their action and may be planning to reverse the ban. Now, my question is do you see the possibility of Chinese government reversing the ban? What is your take on this?

 

[Margery]

Based on my observation the last time they banned cryptocurrency , they created the digital yuan next as an option , they did this because of the digital yuan and also China have always loved to launch its own cryptocurrency and an isolated economy

As I wrote above, their digital yuan is not a cryptocurrency in our understanding. It does not have a blockchain, it is simply an analogue of the fiat yuan and is tied to it in value. So to say that they launched their own cryptocurrency, I think it's too early.

 

[Wisdom01]

As I wrote above, their digital yuan is not a cryptocurrency in our understanding. It does not have a blockchain, it is simply an analogue of the fiat yuan and is tied to it in value. So to say that they launched their own cryptocurrency, I think it's too early.

its a digital currency and not a cryptocurrency ,I actually made a mistake in the first place by tagging it a cryptocurrency , i think china really want more development of their digital yuan in the first place

 

[Mayorla]

That is true, A lot of countries have introduced CBDC and none of them has worked out. Nigeria is a case study on this. Nigeria introduced its own CBDC and till this moment some people do not even know about it.

While some still prefer to continue using the traditional banking system instead of CBDC.

China is a communist state and Truly they would satisfy their own interest first.

 

[Wisdom01]

I think with the look of things China doesn't have any plans on removing the ban on cryptocurrency , the ban have been existing for a very long time , I hope the situation is removed to help cryptocurrency develop

 

[fiery phoenix]

I doubt it,having introduced their digital yuan,it means they want to put crypto behind them and focus on something they can control since the government is filled with control freaks.Indulging in crypto goes against their policies

 

[Wisdom01]

I doubt it,having introduced their digital yuan,it means they want to put crypto behind them and focus on something they can control since the government is filled with control freaks.Indulging in crypto goes against their policies

I think they are truly focused on the digital yuan for now , if they are really not placing concerns regarding the digital yuan they would not have kicked bitcoin out since ,but based on my observation they are truly focused on yuan

 

[btaliat]

People have already moved on with China decision to ban crypto in 2021. The deal has been done and there are now many alternatives to China. In fact, there are more miners in different countries. China has indeed, been thinking on how to go back to crypto.

 

[Wisdom01]

People have already moved on with China decision to ban crypto in 2021. The deal has been done and there are now many alternatives to China. In fact, there are more miners in different countries. China has indeed, been thinking on how to go back to crypto.

I think China made reference on banning cryptocurrency for a long time , I think the decision were already prepared by the country , they actually made reference on that , as they see cryptocurrency trading as one means to earn

 

[Wisdom01]

People have already moved on with China decision to ban crypto in 2021. The deal has been done and there are now many alternatives to China. In fact, there are more miners in different countries. China has indeed, been thinking on how to go back to crypto.

* They never saw cryptocurrency as one means to earn , that's why they intiated the digits currency yuan , which they have already built ATM machine for and many businesses in the country are using it as payment method

 

[btaliat]

I think China made reference on banning cryptocurrency for a long time , I think the decision were already prepared by the country , they actually made reference on that , as they see cryptocurrency trading as one means to earn

The fact is that China sees mining as being bad to the economy. This made them to ban crypto activities. They started their CBDC project. Unfortunately, crypto continued waxing despite the fact that the ban was in place in China.

 

[Wisdom01]

The fact is that China sees mining as being bad to the economy. This made them to ban crypto activities. They started their CBDC project. Unfortunately, crypto continued waxing despite the fact that the ban was in place in China.

Yeah the ban really was placed in China , I really wish China saw the development of crypto mining in the country and the amount of revenue they would have made ,but it seems they made the otherwise decision

 

[btaliat]

I think they are truly focused on the digital yuan for now , if they are really not placing concerns regarding the digital yuan they would not have kicked bitcoin out since ,but based on my observation they are truly focused on yuan

The CBDC Yuan is to me a failed projects. The citizens do not really want the idea. It is just as if they are forced to believe in the project just as they always force candidate to believe it too in other countries. People want a platform that will not centralized.

 

[Wisdom01]

The CBDC Yuan is to me a failed projects. The citizens do not really want the idea. It is just as if they are forced to believe in the project just as they always force candidate to believe it too in other countries. People want a platform that will not centralized.

Its true I guess they were probably making more revenues from cryptocurrency than they are from digital yuan , because I could remember that when they had not ban cryptocurrency , China was the center hub for many miners ok the first place

 

[btaliat]

China was making a lot of money when she was habitating miners compare to when she is promoting Yuan. Now, China has realized this and that's why she has been eyeing cryptocurrency again. Her ban on crypto doesn't have any effect at all.

 

[Wisdom01]

China was making a lot of money when she was habitating miners compare to when she is promoting Yuan. Now, China has realized this and that's why she has been eyeing cryptocurrency again. Her ban on crypto doesn't have any effect at all.

So they are still considering cryptocurrency ? , I really taught it was a life time ban , although I Think they did not plan things well , they probably taught the digital yuan would fetch them as much revenue as cryptocurrency

 

[fiery phoenix]

Inside China there is an independent state,Hong Kong.I hear the Chinese might access crypto if they to move to Hong Kong or regiater with a Hong Kong crypto exchange.Its one way among so many ways.Chinese people can also use virtual private services

 

[Riberet19]

So they are still considering cryptocurrency ? , I really taught it was a life time ban , although I Think they did not plan things well , they probably taught the digital yuan would fetch them as much revenue as cryptocurrency

As I understand (I have several friends living in China) the digital yuan is not being used hardly in the country, not even at the company level, the digital yuan does not seem to be fully integrated into the country's financial system yet, and young people mostly transactions with Wechat.

 

[Wisdom01]

As I understand (I have several friends living in China) the digital yuan is not being used hardly in the country, not even at the company level, the digital yuan does not seem to be fully integrated into the country's financial system yet, and young people mostly transactions with Wechat.

I really taught the government are really increasing the useage when I saw different news about the government implementing the useage on creating an atm machine for the digital yuan currency in the first place

 

[btaliat]

So they are still considering cryptocurrency ? , I really taught it was a life time ban , although I Think they did not plan things well , they probably taught the digital yuan would fetch them as much revenue as cryptocurrency

No country will do a lifetime policy. Though government is in continum but there are situations where another government will come to change the policies of the previous government. So, there is tendency that such a thing may happen in China.

 

[Riberet19]

I really taught the government are really increasing the useage when I saw different news about the government implementing the useage on creating an atm machine for the digital yuan currency in the first place

Likewise, the digital yuan has not yet been widely accepted, as I said not even in companies it is being used even when they were offered benefits for moving to use them in an official government statement.