Topic: [2017-12-27] Bitcoin Trading In China Blooms Despite Ban (Read 118 times)

It's ridiculous to forbid people to bitcoins. They did not have the right to do this. Crypto currencies have been created to ensure that no one can manage them.

Ban implementation don't work at all. I hate government gaining control over cryptocurrency it just makes every holders uncomfortable. Cryptocurrency is freedom and no one can stop its growth even the government itself. Puting users and investors in jail don't make sense.

Some say Bitcoin will speed up the developments towards free flow of money. Having lived in China long enough, I do not buy into this.

I think that China will eventually go after individuals, maybe sentence one or two high profile Chinese Bitcoiners to jail or even worse. That will scare off a lot of small investors.

No government can prevent anyone from buying and selling Bitcoin. Shutting down exchanges only results in an opposite effect, which in this case is something governments shouldn't want to happen at all.

I have pointed out a few times already that regulations are a great way for governments to maintain a certain form of control, and at the same time allows people and businesses to benefit, and indirectly the government as well.

Imagine how much jobs they are missing out on, and tax income. Crypto in its entirety can give any economy a massive boost in the long run with how digital everything becomes nowadays ~ shame on them!

bitcoin trading blooms because China banned only financial institutions from dealing with bitcoins
population can and is trading bitcoins using both peer to peer and foreign based exchanges
if they can penetrate the great firewall of china,they can surely find a way to cash their bitcoins in

Chinese government is simply stupid by banning the Bitcoin, china used to be a leading place for Bitcoin, now they are thrown out of the community.

I think so, they never issue a regulation that bitcoin or bitcoin trading is illegal which can lead citizens to the jail, they just ban exchanges.
Since a country can't ban bitcoin due to it's pseudonymous or even can be fully anonymous if you know how to do it, people in China will always find a way to trade bitcoin, some exchanges were located in China have moved out and run their business in HongKong or other countries. If they want to convert bitcoin, just use those exchanges.

No ban has ever worked. We have drug bans and people are getting high every day. We had prohibition...
A BTC ban will only impact the exchanges ad legal businesses ad through them the country's budget that will not get income from taxes. Ban only forces people to fly below the radar and hide, it doesn't make them obey.
Back when the ban was imposed I've written numerous posts saying it's not going to be effective as the traders will move abroad and they did, mostly to Japanese and Korean exchanges. It seems though they've even found a way to trade locally, under the nose of the officials. Very smart!

China has only banned exchanges, they haven't really banned bitcoin trading. If they really were worried about Bitcoin, you will see a crackdown across platforms, including peer-to-peer ones. Most people will comply with the ban just to avoid being harassed.

It seems that, in fact, the Chinese government can not fully control its ban on trade in crypto currency. People find ways to bypass the government's ban, thanks to the fact that the Internet is practically impossible to prohibit. We need this practice as to whether a separate state can completely effectively prohibit the circulation of the crypto currency. If this fails in China, then most likely, other states will not even try to do it.

It demonstrates that a ban doesn't work. It's just a logical event of happening that if you prevent people from doing one thing, they will hop over to the next best thing, and that's the peer to peer market. It's basically a big faak you (not a typo) in the face of the authorities, which is something I can only be happy about. I hope this should be some sort of a wake up call for other authorities to not follow the same route, because with regulations they will achieve more than with just straight banning it. It has also happened in other countries that after the government hammering down on crypto, the peer to peer market grows massively....

Despite the ban imposed on Bitcoin trading by the Chinese government, internet users in the country are increasingly trading the cryptocurrency using backstairs like peer-to-peer exchanges. On P2P platforms buyers are directly linked to the sellers as compared to conventional exchanges with centralized control or intermediary service.

According to the report from the South China Morning Post, government in China has noticed this activity and the National Committee of Experts on Internet Financial Security provided a comment, noting that trading cryptocurrencies over the counter is in full bloom and it means that authorities will be making more efforts to surveil the citizens.

Matthew Graham, chief executive at Sino Global Capital, a technology advisory company based in Beijing, notes that following the period of some caution in the wake of the measures taken by the Chinese government, citizens are again open for taking part in cryptocurrency trading with the number of market participants expected to grow further.

Read further here...

Well, just as what I and many of us have been suspecting. I am aware that many Chinese are really so interested wot work and do business with cryptocurrency yet the problem is that their government will never allow something which it can never control and this can be the reason why censorship is still being down by the authorities. And since Chinese are known to be creative and entrepreneurial, they can find ways and means to circumvent the orders from the government not to get involved with cryptocurrency. Hopefully, the government will soon realize that they are not actually siding with the people here and that eventually a new generation of leaders will rise up that can be more friendly to cryptocurrency. May that day comes fast.