[2017-11-29] China After Bitcoin Ban

tokenzone

member

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Merit: 10

Quote from: iamTom123 on November 29, 2017, 09:15:50 AM

Well, I am not interested anymore with what's going on in China after they decided to let go of Bitcoin and deny their citizens to enjoy the services offered by many Bitcoin exchanges. I understand that Chinese can still get into (and many are still into) Bitcoin using over-the-counter transactions though am not sure if they can convert their Bitcoin to the local currency however I know that Chinese are actually very good in finding ways and means to get what they want and that's the reason we could assume that right now they are still in the Bitcoin market but not in the same way as before.

Actually, I have no problem if one day the government will decide to open up the China market for Bitcoin and cryptocurrency even if done in a very strictly regulated platform. China has one of the best market for Bitcoin and it has the biggest potential to contribute to the growth of cryptocurrency though we also realize that the country had been the main source of big headaches which pulled the market down many times in the past.

So many are still speculating if China can be back into the table or will they remain to be adamant in their decision to close the door to Bitcoin. This would be good to watch out.

Yes, Chinese residents have the opportunity to buy and sell major cryptocurrencies using Chinese Yuan through bank wires. WeChat and Alipay, are the two platforms based out of Hong Kong in the special administrative region outside the mainland China's jurisdiction. It is a large amount of money, and the authorities of China will try to limit it as well.

tokenzone

member

Activity: 112

Merit: 10

Well, it is all the same in every country I guess. The government is, of course, afraid of losing control over the money circulation. In spite of the CB position, the number of crypto communities in Russia is growing rapidly. Many people in Russia are interested in blockchain technology and digital currencies. People in Russia still use Bitcoin as a financial instrument.

warrior333

sr. member

Activity: 406

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Quote from: tokenzone on November 30, 2017, 07:12:16 AM

Anyways, it is a major player who can give an impulse to neighbor countries to make a decision. Russia, for example, closely cooperates with China. Russian authorities, in particular, the Central Bank of Russia, make announcements on cryptocurrencies every day but the consensus has not been reached yet.

Never Russia does not recognize bitcoin. Russian citizens are forced to use the ruble. This paper. It's worthless and useless. With the help of the government of Russia withdraws from the citizens of their savings which remained from the time when the Russian economy was viable. if allowed to use bitcoin then all will go to him. In such a situation how to manage the economy?

Kemarit

legendary

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Merit: 1353

They have been totally forgotten. I think most of us here doesn't care want happened to them after their U-turn and hardline stance against bitcoin. And it looks like that we are really doing fine without them. As guess the article show's that it has a impact on their economy without bitcoin's cash flow. Maybe they now realizes that they made such big mistakes staying away from bitcoin. Bitcoin has really made Chinese earn a lot of money and that money is of course being poured on their economy. But without bitcoin, the rest of the Chinese citizens looks on other ways to earn and I'm sure that it is below what they earn from bitcoin trading. Only those whales remains above the current "banning" of bitcoin. But the most affected here is the casual Chinese bitcoin enthusiast.

tokenzone

member

Activity: 112

Merit: 10

Anyways, it is a major player who can give an impulse to neighbor countries to make a decision. Russia, for example, closely cooperates with China. Russian authorities, in particular, the Central Bank of Russia, make announcements on cryptocurrencies every day but the consensus has not been reached yet.

iamTom123

hero member

Activity: 490

Merit: 501

Well, I am not interested anymore with what's going on in China after they decided to let go of Bitcoin and deny their citizens to enjoy the services offered by many Bitcoin exchanges. I understand that Chinese can still get into (and many are still into) Bitcoin using over-the-counter transactions though am not sure if they can convert their Bitcoin to the local currency however I know that Chinese are actually very good in finding ways and means to get what they want and that's the reason we could assume that right now they are still in the Bitcoin market but not in the same way as before.

Actually, I have no problem if one day the government will decide to open up the China market for Bitcoin and cryptocurrency even if done in a very strictly regulated platform. China has one of the best market for Bitcoin and it has the biggest potential to contribute to the growth of cryptocurrency though we also realize that the country had been the main source of big headaches which pulled the market down many times in the past.

So many are still speculating if China can be back into the table or will they remain to be adamant in their decision to close the door to Bitcoin. This would be good to watch out.

tokenzone

member

Activity: 112

Merit: 10

There were a lot of news and rumors in cryptocurrency market during the last month. Many people have simply forgotten about China as a factor. We decided to describe the current state of the market.

The People's Bank of China poured 810 billion Renminbi ($ 122.4 billion) into the economy of the country last week to reduce the lack of liquidity in the financial system and to calm the bond market.

According to Reuters, the recent warning from the People's Bank of China about the need to reduce the country's debt burden caused great concern in the debt market. Every fourth Chinese company operates on the pyramid principle. By limiting the activities of such companies on the exchange, the PBC plans to slow the bubble increase.
An additional capital was formed because of an agreement between commercial banks of China and the People's Bank on the repurchase.

Read more: https://tokenzone.io/all-posts/china-after-bitcoin-ban

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