Chinese crypto industry still blooming despite ban: Binance buys CryptoWorld.com for $194,888, Alibaba launches large cloud crypto mining platform, Chinese car dealership selling Ferraris for BTC

Chinese crypto industry still blooming despite ban: Binance buys CryptoWorld.com for $194,888, Alibaba launches large cloud crypto mining platform, Chinese car dealership selling Ferraris for BTC

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12 thoughts on “Chinese crypto industry still blooming despite ban: Binance buys CryptoWorld.com for $194,888, Alibaba launches large cloud crypto mining platform, Chinese car dealership selling Ferraris for BTC

  1. TheProdigalS0n February 14, 2018 / 12:48 am

    IMHO China will reintroduce BTC/crypto trading in the near future (approx. 1-2 years or less). China instituted the total crypto ban because it’s most likely in the process of instituting heavy controls/regulations to ensure it has total control of its crypto markets before reintroducing same. Before the total crypto ban, China’s crypto markets were essentially unregulated. This framework adversely affected national currency reserve and capital investment issues/concerns through easing the ability of money laundering and capital outflows. China had to put an end to this and get its totalitarian hands around crypto before re-allowing crypto to flourish/trade. Once China reintroduces crypto, it will most likely only embrace: (1) centralized cryptos; (2) non-privacy cryptos; (3) business enterprise focused cryptos; (4) utility cryptos; (5) cryptos that do not aim to directly challenge/replace fiat currency in a decentralized manner that its government cannot control or openly monitor/track; and (6) “store of value” cryptos. China isn’t dumb. It recognizes that crypto is now being embraced (if not cautiously) by many of the world’s economic powers and it will not be left behind.

    Japan, the US, and the EU/UK are taking a “do no harm” approach that includes sensible regulations/controls. It’s clear they envision the crypto market/funding model becoming a sort of NASDAQ 2.0. More than any other major economy, Japan has gone “all in” on crypto. Japan sees crypto as the future & won’t make the same mistake it did in the 1990s when it was left behind during the internet/mobile/software tech boom. Furthermore, as we have seen from the US Senate hearing, the US sees real value/benefits in cryptos and will cautiously embrace/regulate same to ensure organic growth & protect investors. Moreover, the UK/EU has taken a similar approach to the US (as the UK/EU have no choice but to continually compete against NYC & Hong Kong to remain in the financial capitals/hubs of the world). IMHO Russia will never institute a wholesale ban on cryptos as Russia needs this tech to move funds due to US financial sanctions on Russia’s high net worth citizens, government officials, and to challenge the petrodollar. Economic powers in the Middle East (e.g. UAE, etc) are also in the process of embracing crypto. In addition, while South Korea may also have similar concerns as China in regards to money laundering, cash reserves, & cash/capital outflows, it’s clear even South Korea is starting to come to terms with the reality of the turning crypto tide. This essentially encompasses the vast majority of economic power in the world openly embracing crypto.

    China is no fool. Much like its extreme control/regulation of the internet & social media (e.g. “Great Firewall”), China is most likely in the process of setting up the regulatory/compliance framework to ensure its total control of domestic crypto markets to limit capital/currency outflows that can negatively impact its economy and currency. Even with the ban, China is still in business/partnership with many cryptos to build its tech cities/hubs of the future such as “the crypto that cannot be named” and WTC (amongst others). If China doesn’t embrace crypto trading/tech in the future, it risks Hong Kong losing its seat asa world hub/capital for the financial/asset markets. I do not see China willingly ceding this position.

    Have no fear. Crypto will be coming to China once again in 1-2 years (or less), albeit highly regulated/controlled by the government. “I wish you good fortune in the (crypto) wars to come.”

  2. CONTROLurKEYS February 14, 2018 / 12:48 am

    Not booming cuz you cherry picked some helpful examples.

  3. IceCoin February 14, 2018 / 12:48 am

    If China only embraces some “centralized” version of cryptos, what is the point of this? I don’t see any significant difference between fiat and “centralized” cryptos. It’s like you want the tires but not the engine

  4. IceCoin February 14, 2018 / 12:48 am

    As a Chinese, I’m really fed up with what the policy makers. All they care about is how to stabilize the rulings, not the quality, or fairness of people’s life

  5. SilenTulip February 14, 2018 / 12:48 am

    Alibaba ‘p2p nodes’ platform is not related to crypto mining, the company had an official announcement in Jan. Crypto trading is still available to mainland investors either via “crypto to ustd” or “crypto to crypto”. BTC/USTD volume on Okex ranked NO. 2 according to coinmarketcap.com, which almost triple the volume of GDAX.

  6. Straightedge779 February 14, 2018 / 12:48 am

    The ban is only for regular citizens. They have strict financial controls on their citizens. Of course they would ban cryptocurrencies, cryptos allowed your average Zhang to ignore those regulations and do so relatively anonymously.

    And don’t think for a second a majority of people will ignore the PRC’s ban – if the government says it’s banned because of terrorism, most citizens will truly believe it. They always believe the propaganda from the government – just look at what they say about today’s Japan. Any other person would bust out laughing due to how ridiculous their claims are, but not Chinese citizens. Hell, they literally outright lie in their [history textbooks.](https://www.theguardian.com/books/2017/jan/13/china-rewrites-history-books-to-extend-sino-japanese-war-by-six-years). Where as according to a recent Stanford University study, Japan’s textbooks were [more accurate](https://www.nippon.com/en/in-depth/a00703/) than even America’s.

  7. dfifield February 14, 2018 / 12:48 am

    Bitcoin is everywhere,spreading so fast.

  8. marketp2p February 14, 2018 / 12:48 am

    Crypto world is tired of chinese policy makers’ manipulation. they have lost all the credibility. bitcoin has banned china.

    whoever is foolish enough dealing with devil only have themselves to blame, when next round of crackdown happens.

  9. hardwood198 February 14, 2018 / 12:48 am

    Binance is in hongkong, not China.

  10. MAGIGS February 14, 2018 / 12:48 am

    Ferrari? Pshhhh… wake me when it’s Lambos… /s

  11. xxx1612 February 14, 2018 / 12:48 am

    Now btc is getting mainstream on purchases 1 million bitcoin is not that far

  12. MAGIGS February 14, 2018 / 12:48 am

    In all honesty… I want to pay off my loans, get a reasonable used car. If it shoots to the moon, I want property, and a nest egg and to travel and no longer work in the service industry.

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