The U.S. Risks Losing Out to China on Cryptocurrencies

[GoldenGoose]

https://issuesinsights.com/2019/06/20/cryptocurrencies-are-booming-but-without-clarity-in-the-regs-u-s-may-lose-out-to-china/

I'm preaching to the choir here on the need for a regulatory framework for digital assets, but let it be a reminder to all of us to take a more active role in pushing for it to happen.

[Benchmark]

Bitcoin = ChinaCoalCoin. 

US legislators need to get off their ass indeed.

[ErikNL]

Quote

Earlier this month, it was announced that owning bitcoin in China is legal – but trading cryptocurrencies is not. And Chinese mobile messaging giant WeChat recently banned merchants on the platform from engaging in cryptocurrency trading.

How is this giving China advantages against the US? Sure they can have a better regulation in place than in the US, but that doesn't mean that the regulation is positive against cryptocurrencies. 

Besides that; having lots of blockchain related patents doesn't mean they need to be crypto related. 

[Guest]

Right now the U.S government is in such turmoil, top staff coming and going like an amusement ride. This initiative although important is probably getting the least focus right now. I would be surprised if anything gets done prior to 2020 and I mean late 2020.

[Zedy44]

China is the definition of regulation though.  The Chinese are ultimately not going to allow anything that could separate the people from the state so I wouldn't get too worried here.  I'm thinking they are going to watch Libra very closely and try to replicate it locally to simultaneously eliminate cash, integrate into their own social credit system, and allow end-to-end control of their citizens financially.

The only interesting blurb from the article I found was...

Quote

Earlier this month, it was announced that owning bitcoin in China is legal – but trading cryptocurrencies is not. And Chinese mobile messaging giant WeChat recently banned merchants on the platform from engaging in cryptocurrency trading. That, however, has not stopped rampant speculation among investors. 

One of the largest commercial crypto banks in Beijing has reported a significant increase in recent weeks in speculative borrowing, almost doubling its volume of loans in the last eight weeks alone.

There's some FOMO, but one "crypto" bank doesn't mean much.  I don't think the people of China care all that much.