It never ceases to amaze me how many “moonboys” we get in this subreddit that don’t know how to read a post. I’ll just copy and paste all of my original thoughts from my comment in the relevant thread here:
Translation: *We believe that Bitcoin and stablecoins are crypto assets. Crypto assets are an investment item, they themselves are not currencies. So we believe that (the main place) crypto assets will develop is to become a substitute investment or investment tool. If we examine it as an investment tool, many countries including China are researching just what kind of environment would be appropriate for these investment tools. Although these regulatory rules will be to a minimum, these are still regulatory rules [this is stressed as rules that must be followed]. It is also necessary to ensure that speculation of these assets will result in minimizing financial risk. Before we role out and new regulations or laws with regards to crypto assets, we must ensure that the present laws and practices are being followed.*
We can’t forget this is quite literally “Xi Jinping’s China” that we’re talking about. I say quite litererally because Jack Ma, one of China‘s richest men, disappeared for a couple of months for simply voicing a disagreement with the CCP. Now I daresay that we need to keep a close eye on Li Bo for the next couple of months.
My final take: I said China would be getting on board sooner or later. I am nearly, positively, 100% certain that new regulations will revolve around strictly custodial services surrounding bitcoin unless the amount is below a particular threshhold in USD or RMB.
You can find my previous takes here in a different thread – https://old.reddit.com/r/CryptoCurrency/comments/j4e2iz/the_state_of_cryptocurrency_in_china_if_anyone/
**EDIT:** This is what the media is trying to make you think with a different entirely fabricated example:
**”The Speaker of The House comes out as a vegan.”** is the headline we read on Monday from the New York Times.
Tuesday rolls along. Some Chinese news outlet publishes this headline: **”America is going green and loves eating vegan.”** because of Monday’s headline.
Anything sound funny about that?