China has already made their switch, or there start of a switch from the Yuan fiat currency to Digital Yuan.  It's not actually legitimate cryptocurrency, as it's as centralized as it gets, and is just an even easier way to track all of it's citizens.  I know they recently found out a good chunk of their gold stock was fake (lulz), and I'm sure the dictatorship has bitcoin and other crypto personally that is undisclosed, for investment purposes..but they won't adopt a legit cryptocurrency until the dictatorship is ceased/over thrown.  

China doesn't control Hong Kong, but it seems HK is starting to lose that control.  They have also agreed with the e-cny to start offering digital yuan in I believe airports, currently. That's a pretty damn big deal.

I have been lucky enough to obtain a digital yuan "hardware" wallet set, as well as an individual wallet with some digital yuan funded on it.. I like to collect stuff from oppressive regimes ( those who don't study history, are bound to repeat it )

I am not exactly sure what to make of this news, i know that any news about BTC coming out of China will surely make the rounds, and this statement from the ICBC is going to be interpreted in many ways. However, i don't think it changes anything, China has not lifted any ban they had on crypto, so this isn't a sign of anything positive for BTC in that country.

I don't know why some people are so concerned about the direction China has taken concerning BTC, they have already chosen a path and it is easy to understand why. Based on how things are run over there, they prefer things like cbdc, something that would give them more control over their people and surely not a decentralized money they cannot control.

Am even surprised that Eth is more recognized than BTC as a cryptocurrency.
Although I have heard and read on several news about China adoption of cryptocurrencies, this proves that they are actually making steps and won't ignore crypto currency in the future both as a legal tender and as a valid means for payments upon completion of trades and transactions.
Crypto currency is indeed the next thing after gold and real estate that will make sense for returns in investment in coming years and am sure that any country that wants to attain the world power status has to at least have investments in cryptocurrency and encourage the use of it in for payments and transactions despite any regulations that might be put in place.

China has a long history of only wanting their citizens to consume content from their own country. They usually refuse to let their citizens use for example a specific social media platform and instead creates one of their own.

It will be no surprise if that is what they do with crypto as well. It would be interesting to see them try create an alternative version to crypto.

I welcome this type of news from such Countries with very little expectations. This is China we are talking about, not some Country like Bolivia or Peru. Countries like People's Republic of China always want complete control of their Citizens, Finances and rally for world domination.

Does adopting Ethereum as digital oil give China more power? Does it make China more economically sound vs other superpowers? IMO, I don't think so. They have been banning and strict on crypto trading and mining for so many years and now all of a sudden they like crypto?

Hong Kong has complete autonomy so they weren't allowed by China however China do have some say in the decision making of Hong Kong even if it isn't that definitive.
A bank saying this despite the ban knowing how strict China is with their rules, we might get something similar to crypto. They might release a token in eth blockchain, who knows?

Do not trust governments, especially when it comes to Bitcoin and cryptocurrencies. I cannot believe that the Chinese government is quickly changing its mind about Bitcoin and cryptocurrencies and is comparing Bitcoin to gold with preference and also calling Ethereum digital oil. This is too much.

I can think of one thing, and it is in the context of the competition with the United States to control the world economy. Perhaps Trump’s change in attitude towards Bitcoin and cryptocurrencies is the main reason. Perhaps they thought that Trump was seeking to control the field of Bitcoin and cryptocurrencies and they did not want the prize to go to him alone.

Statements such as this are not new. I believe it was 2017 when another Chinese bank released a list of "good" cryptocurrencies and this centralized shitcoin (meaning Ethereum) was on top of that list.

That doesn't mean that China is going to adopt crypto or even ETH instead of gold. They are still pretty much on a gold accumulation spree and the more tensions rise the more they'll accumulate gold.
I seriously doubt that they have the delusion of thinking a centralized shitcoin that they don't even control has any potential for their country.

Remember that China has its own successful CBDC that is growing and they'll focus on increasing its adoption not start advertising shitcoins instead.

they have successful CBDC is because its citizen also using it. but it was also not working from the begining.

the news is surprising to me because they have the NEO and the VET that were pretty much known since the country is exporting products and the project is for tracking counterfeit products.

ETH is not even theirs which means if they pump eth, many tokens will also pump.i think they also up for BTC, they can't just ignore this after all its citizens have been been mining BTC in the begining of BTC.