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China's Digital and Bitcoin Future

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  • China's Digital and Bitcoin Future

    There was report published recently by Ernst & Young (EY) and Singaporean bank DBS entitled “The Rise of Fintech in China: Redefining Financial Services”.
    They highlighted how China has outpaced London, New York, Silicon Valley, Singapore, Hong Kong and other leading global fintech hubs by a significant margin.

    it looks like the bank users are moving very quickly to mobile or online payment apps in China. I think this can be seen as a positive sign and boost for Bitcoins as well.
    Reason? No KYC requirement, very low fees and other factors.

    All these could boost the global bitcoin user base in the near term.

    What do you think?

  • #2
    China has always been a major target for Bitcoin, as there is a lot of usage there especially with technology around. So, it’s definitely a positive sign and could only boost it one way and that’s up. However, I believe it’s already in good place with country like China. So, it’s definitely great for global users with Bitcoin continuously carrying good vibes and is likely to continue in years to come, so it’s only getting stronger day by day.

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    • #3
      China is a closed society with a dictatorial government and very strict capital controls. Now, the big fishes in China are always looking for ways to move their money without being tracked! Of course, it can be used for genuine transactions too which depends on whether the local rules allow for that!

      Nonetheless, a good payment system and/or investment platform if you deal in Bitcoins but there seems to be some cobwebs to be removed so that it can be fully used like any normal currency!

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      • #4
        Chinese users have been active in Bitcoin markets and must be behind the recent lift in the prices to the recent values of around $900, aiming for the psychological round figure of $1000. Now major Chinese players are also sending money abroad and thus transacting via Bitcoin to escape the normal scrutiny! But with a hostile PBoC (Chinese Central Bank) and strict capital controls, it remains to be seen how far this can go! Bitcoin is a good investment option for a long term approach.

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        • #5
          No KYC requirement ~ means a free hand to do all the illegal things?

          Well at times normal KYC can be faked but KYC is a must especially in this day and age!

          Of course, Bitcoin and other crypto currencies have made a good start and set for a long haul challenging and competing with the normal currencies. But the land of Crpto Currencies is entirely electronically based and any big disruptions in it might cause big problems!

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          • #6
            I searched the Heat Map of China with respect to Bitcoin’s legality and found it full of red, meaning restricted. So I don’t know what rules are in place to control or usage of Bitcoin. Now China is a major industrial power house and any disruption in money supply by other means, e.g. by Bitcoin might upset the usual flow of currencies and can cause problem in the monetary & fiscal policies. Don’t know what role Bitcoin would really play in such scenario!

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            • #7
              Yeah China is a major factor in the overall scheme of things for Bitcoins. So those dealing in Bitcoins needs to watch out for China factor and take appropriate steps.

              Chinese factor was also a reason for heightened volatility of late in the Bitcoins market. Obviously China is a major market for it and if the usage really explodes from here especially in the domestic arena then it would give boost to the overall Bitcoins usage over the world.

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              • #8
                Partly in agreement with Andrey Tolstov. China might become a major market for Bitcoin given the population which at last count was around 1.3-1.4 Billion. So we can see enormous potential! Consider everyone using ONLY Bitcoins! But that might be quite unrealistic as the Central Bank (PBOC) and communist dictator government won’t allow other forms of payments/investments to grow beyond a limit which might affect the financial stability of the country which at present is delicately poised between flat growth and expected higher growth!

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                • #9
                  Hmm, given the choice Chinese might give Bitcoin a try, especially the new users who might find it exciting enough as it is fully digital and with low fees and ease of paying, exchanging and doing other transactions.

                  But how successful it would become remains to be seen but as pointed by others the potential is quite huge. There must be good conducive environment too for Bitcoin usage, in the absence of which it would become quite difficult obviously!

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                  • #10
                    Bitcoin’s future in China would be determined by its government/central bank. So in the absence of a clear legal status and regulation, Bitcoin usage won’t take off spectacularly! China is also a closed society as pointed by some here. Thus there would be big hurdle for Bitcoin’s usage in China in the near future until there are clear cut rules whereby people and businesses can freely use Bitcoin without any fear! So even though the potential is high but I am cautiously optimistic!

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                    • #11
                      Yes China is a big market and anybody who captures it would make millions over years.

                      With Bitcoins, it can act as a source of payment and investment which can compete with regular payment systems. But how far the government would allow that remains to be seen as nothing moves in straight line or is simple! China is also on the way to become a superpower, so in such a time a stable financial system is required.

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                      • #12
                        China of course is a big market and one would expect it to be conducive to Bitcoin which in turn would help the latter to become more popular. But it remains to be seen how things work out as nothing can be certain and one can just follow the developments. Financial systems are also quite delicate as it affects the economy and well-being of its citizens. Any disruptions and the whole country might collapse! So government would be extra cautious on extra-judicial currency like Bitcoin.

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                        • #13
                          Well China is a closed society having a Dictatorship form of government and people really have no option of freedoms and the like. So in such a situation, Bitcoin has been used to send money abroad and to indulge in money laundering which prompted the authorities to come cracking at the Bitcoin exchanges and heavy users!

                          Unless & until Bitcoin is made fully legal and there is a regulatory mechanism in place, its spread and popularity would not be too much!

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                          • #14
                            Of course China is a big player and market for Bitcoins from miners to end users. But how exactly this will affect the Bitcoin in the overall scheme of things remains to be seen! I think given the large population and disposable income with rising wealth with most Chinese, most people might be open to Bitcoin’s usage. But if people use it for illegal activities then that is not good and gives Bitcoin a very bad name!

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