BTC - China doing China things...steemCreated with Sketch.

in bitcoin •  6 days ago  (edited)

China no longer appears to be banning Bitcoin mining

First they ban it, then they don't, then they ban it, then they don't...

That has been the trend of China since 2010 for just about all things crypto.

Roughly 6 months ago China drafted a proposal that would ban bitcoin mining in the country.

Then a few weeks ago the president of China started talking about embracing blockchain technology, though bitcoin was never mentioned specifically.

Then yesterday, banning bitcoin was left off of the revised draft when it was released.

Hmm....

(Source: https://www.youtube.com/)

Who could have guessed?!

This is a very China thing to do.

My question now is...

What comes next?

The cryptocurrency trading/exchange ban lifted as well?

I wouldn't go that far yet, but they certainly seem to be moving much more towards embracing crypto than where they have been over the past few years.

In fact, this type of thing is exactly what many suspected they were doing in the first place...

Ban it until you can get a handle on the industry (and build your own), then slowly open it back up with appropriate regulations.

That sounds a lot like what they are doing.

The latest report can be seen here:

https://www.coindesk.com/chinese-agency-scraps-plan-to-eliminate-bitcoin-mining-industry

Stay informed my friends.

Image Source:

https://steemit.com/bitcoin/@jrcornel/what-happens-if-china-decides-to-lift-its-ban-on-cryptocurrency-exchanges

-Doc

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I does make sense to regulate and control if you are China. These private enterprises making the cash on their challenges electrical grid would not add up.

Though blockchain is a slightly different discussion than the cpu mining of bitcoin specifically. I could see them leveraging their huge population desperate for individual income and harnessing the money opportunity there.

Lately it seems that trade volume is down and their announcements don’t cause the huge pumps and dumps like it used to. Here’s hoping they have a handle on it and loosen up.

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Yep, good observations.

No matter what China does, the fate of the USD is sealed.

Yep, I would agree with that, though it may take a lot longer to play out than most here seem to think, or a lot faster, who knows?! :)

  ·  6 days ago (edited)

Very very powerful people want to ban it, but it can't be banned.
Rather, it can be banned, but it is an abundance technology.
Any country that bans it will be completely left behind.
It's so valuable it creates powerful people that will fight for it.

Well said. I think they are starting to understand that it isn't fully anonymous and it isn't really a competition to the local currency, like much of the world is starting to understand as well.

They never ever wholly banned it. Just banned crypto exchanges.

Correct. Though when you ban trading and crypto exchanges and then close up all fiat/crypto on and off ramps. It's in effect an all out ban. Though people are still finding ways around it.

It's like Trump deciding if he wants left- or right-handed mug... Then he uses baby mugs because it works as both...

Lol, indeed.

I think China is playing it really smart. Mine and hoard as much BTC as possible but ban trading till they know how will it impact their Yuan.