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This thread is ALL you need to know about cryptocurrency in China!

This thread is ALL you need to know about cryptocurrency in China!

All Cryptocurrencies

by COINS NEWS 43 Views

Hi guys, lived in China for a year before. I speak, read, and write Chinese fluently and I'm a westerner, like you guys. a ton of "crypto news sites" aren't really news sites, they're just desperately trying to get you to click on them for their profit. So this thread exists to simplify your understanding of owning crypto in China. After today, you can downvote any bull shit news articles that mention something "revolutionary" about Crypto in China, unless maybe we see it come from yahoo, CNBC, or Forbes.

-China doesn't care if its people own crypto or not.
-Using crypto to buy real things / services is illegal. a car wash / taxi ride / your lunch at a restaurant, doesn't matter.
-"Sending" someone crypto is perfectly fine. It's a friend/family member's birthday. Ok. Let me send them a litecoin. just fine.
-Purchasing crypto with Chinese Yuan is, for the most part illegal, but somehow Huobi gets around this.
-Blockchain Technology is not cryptocurrency. If you see an article that mentions blockchain in China, it is not relevant to cryptocurrency in China in any capacity. The Chinese government views blockchain as a method to enhance security / ensure an immutable method of tracking what the people of China do, be it searches on Baidu (CN google equivalent), YouKu (CN YouTube), or just tracking shipping and supply chain management.
-I could see the Chinese government one day opening up to crypto even if it is only a list of a few cryptocurrencies under speculative investment pretenses. It's a way to make money, but they don't want their own people to get rekt the way they did when the Chinese stock market crashed a few years ago. They opened up the stock market to plebs and a bunch of people invested in useless stocks and lost money.
-Mining: The chinese government will allow miners to use electricity to mine as long as the miners have the proper papers in order for large scale mining. You might have heard about this school's principal who was fired for using school resources to mine Ethereum? The electricity used to mine Ether here was meant for the school and was specifically subsidized for the school, not mining Ethereum.

If you have any questions, post them here. I may update this thread later on.

EDIT Reason: Clarification and formatting.

EDIT 2: Forgot to mention the state of mining in China.

submitted by /u/sgtslaughterTV
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