Topic: All crypto declared illegal in China!!!!!!!!!!!!! - page 2. (Read 1098 times)

The decision taken by the chinese government today certainly raises many questions among other countries because they are a country that has been in the crypto world for a long time suddenly banning all crypto currency transactions, and this will trouble those who have been in the crypto world for a long time and have benefited greatly, and they should also know that with the ban it will not have a bad impact on the value of bitcoin, And now the price is getting higher because many other countries have inaugurated transactions using bitcoin.

I don't think it has much effect on the crypto market. China has rejected cryptocurrency for a long time and since then Bicoin has not experienced a crisis, in fact Bitcoin is getting better and better. Bitcoin is increasingly being recognized by many people and getting a lot of support from various countries. Bitcoin is an enemy of banks, whether it is a central bank or other commercial banks. It is difficult to control even the government, perhaps this is the reason many countries have not legalized Bitcoin such as China.

I run mining with an application made by a Chinese person and now that application has been closed maybe because the Chinese government has banned any type of crypto in their country but the Chinese ban has no effect on the price of bitcoin. I think the Chinese state is afraid of the collapse of their country's currency, so they prohibit crypto in their country. The government is worried that later their citizens will transact using digital currency and the currency in their country will automatically collapse, the economy in their country will decline.

Well what has changed lol? They have only banned crypto like 20 times in the past. Seems like its hard to get rid of if they are still announcing bans.

But yeah I mean this makes sense doesn't it ... Bitcoin's unregulated nature collides with the government's wish for a state-dominated economy. Instead they are testing out their own digital currency - the 'Digital Chinese Yuan'. It has got none of crypto's decentralised qualities but is purely state-controlled .... but it digital. Another reason for them to Bitcoin from the picture. Again, (not that they have ever cared) they are trying to reduce CO2 emissions and all that so there is another excuse for them to do this.

How will it effect crypto? Well like I said they already banned mining, trading on Chinese exchanges and essentially banned crypto in some form or the other multiple times. So I don't think this 'new' ban will cause a major difference. The ban on mining caused a price dump earlier but the price came back. I think it will be the same for this (if there is any effect) but on a much, much smaller scale.

First I would like to say that news about China and whatever opinion they have about cryptocurrency no longer bothers me again and I no longer care about whatever they have to say about cryptocurrency, whether they are accepting it or not.. For some years now they have been saying that cryptocurrency has been declared illegal in China, and I don’t know we still continued talking about it till now if they have banned it years back?

Anyways, they have made their choice, but that doesn’t stop others from making use of cryptocurrency, and even their citizens will continue to make use of cryptocurrency and invest through peer-to-peer means, except that there wouldn’t be any mining activities there any longer.

This is why I couldn't blame other Chinese citizens to stay away from mainland China and seek shelter or freedom in Special Administrative Region (SAR) like Hong Kong or Macau. Those said regions are more likely to experience freedom and free speech and doesn't need to be scared of their mainland's Socialism.
Nevertheless, I think the cryptocurrencies are still widely used by the citizens in SAR especially in Macau that gambling is allowed like and they are known to be the Las Vegas of the East and probably using crypto as a form of payment or part of their transactions. I think this declaration of China isn't gonna make a huge impact for the cryptocurrencies.

I am even amused by this situation with the complete prohibition of transactions in cryptocurrency in China. Finally, the Chinese government has come to such a predictable decision. Now it remains to observe how such a prohibition will be implemented and whether the state will be able to control it. This will be a valuable experience for both people and states. We have seen so far that such attempts have not yet been crowned with success and, most likely, the state will not succeed this time either.

The latest article in Forbes on the subject is called China ‘Banned’ Crypto. Can The SEC Try Doing The Same?. First off, I like the quotation marks around the word  ‘Banned’. Indeed, we can't take seriously another 'ban' from China. Secondly, check this out


Fingers crossed, the author of the article won't be executed by some Chinese spies.  

Anyways, I'm starting counting down the days left to the unban, hopefully final and irrepealable.

for the umpteenth time as you have also explained, that China does the same thing and keeps repeating it but where it has happened, there has been no effect whatsoever with the ban that has been carried out so far after the implementation. but they keep repeating even though it is clear that there is a certain purpose behind the ban all this time.

they do that obviously because they understand that the community is indeed one of the largest mining companies. so they want to do the shock effect that what's done with intent has a specific purpose. is it impossible that they will create their own bitcoin. but it seems that they themselves are not ready or may be afraid of not being accepted by the general public.

so they do ban but they themselves understand that the community still holds quite a lot of mining products that have not been done anything. So it is true that of course there will be a dilemma for the government with the ban because it is clear that many will be harmed by the policy if it is to be enforced forever. so all can and understand what will happen with something like this.

governments are very confident that they know that most of the mining does take place in their country. obviously there are certain things that we can't predict until now, but the rumors are clear that they want to make bitcoin themselves, because they really believe they can make a clone / rival. but again it is not easy to be able to make changes or even replace bitcoin. as long as the people are still mining as usual.

what you say does seem easy to just forget about china because there are still many other countries that can do acceptance like el savador. but again they do that because they know that china is still one of the most reliable in terms of mining. so their confidence in it is very big and they know the potential of the community.

it is clear that the ban for the umpteenth time has been very well understood by many bitcoin users and they are no longer affected and continue to show that whatever the Chinese ban does not affect the development of bitcoin. like you said even if there is a disturbance it doesn't seem to last long and bitcoin will recover as usual.

whatever China does can also not be taken lightly, because China knows that its people are the largest miners in the world and we must admit and cannot turn a blind eye to it. they do that because they understand that their mining is fairly recognized.

but I agree with the colleagues above that we don't need to be afraid of the Chinese ban because so far whatever is mined by them is still being held, so it's clear that if there is a ban then the people who will lose will surely have an impact as well as the Chinese government.

Once again there will definitely be positive and negative sides to anything that China does with the ban, but at least we should not be free to focus on countries that are starting to recognize bitcoin and this will obviously be counter-productive to what China is doing and can be ascertained. the people themselves who are harmed and will affect the state in the end.

Maybe people who are worried about the ban on Bitcoin by China, they think FUD from China can make the Bitcoin price fall, the fact that several
times China has banned Bitcoin, has not stopped the price of Bitcoin from rising. Maybe only down for a while, and even then because some
newbies panic. But not long after that the price of Bitcoin went up again. I agree with you, we should ignore whatever China does, because it's their
right to do whatever they want. As long as they ban Bitcoin only for their own citizens, it's not something we need to worry about. We'd better focus
on collecting Bitcoin, and follow the positive news about El Salvador which legalized Bitcoin as a legal tender. That way we are more motivated
to continue holding the Bitcoin we have until the target we want is achieved.

There are millions and millions of well educated people in China and of course they don't like the Communist party, but the problem is that they are still a minority. What the zombified majority needs is proper education instead of constant brainwashing.


We don't need to "cut" anyone except for the Communist government of China. In fact, they'll be cut anyway sooner or later. Their days are numbered. They have no place in the modern world. China's people suffer from them harder than anyone.

At this point I wonder why people care, unless some of the forum members live there then why do they care that China is banning bitcoin for the 1376th time? Let them do whatever they want with their country and let them miss the biggest opportunity of the early century, the countries that adopt bitcoin early are the ones that will get most of the benefits from bitcoin and as such we should stop thinking about China and concentrate in countries like El Salvador and others that want to follow them.

"Find" is probably the wrong word.  The options are already there.  Trading peer-to-peer or using DEX (the legitimate kind, not the shitty token ones) can both easily subvert those pesky totalitarian government types and their silly laws.

But this time it's more serious, or we can say that it's getting worst, in short China is always against crypto, and crypto would never grow in this country. What's the effect? Seems like the bad effect was just temporary as bitcoin is now bullish rising to $50k+ and would probably increase more in the last quarter.

If this is the case, then it will be better if crypto market will cut its connection into China. Crypto market without China will make it more smooth sailing knowing there are already big countries who are now supporting bitcoin and its crypto market. Although China has the largest mining activity for crypto, it will never be a huge loss really since it has always been a total destructor of the crypto market since they come up with their own crypto. However, those Chinese citizens who are holding bitcoins at the moment will probably face the consequence so if they are free to move in to other countries, better do it now.

Cryptos are just being used as tools to create crime incidents but never its goal to be used in a negative way. Satoshi aimed for freedom and financial stability when he invented that. For me, the real motive of China why they put restrictions from using cryptos is because bitcoin has already beaten their own digital currency because probably a lot of Chinese people have their own investments in bitcoin and even in solid altcoins. Those illegalities caused by cryptos are never the real reasons why they have banned all crypto related transactions, its just that they are just too selfish that the whole population of Chinese should only use their own digital currency, yuan.

The Chinese government has certain reasons for prohibiting transactions using cryptocurrencies. several incidents that have been carried out by criminals to carry out drug buying and selling transactions, smuggling and money laundering.
The price of bitcoin often fluctuates and cannot be controlled by the Chinese government, which is one of the reasons China restricts transactions using bitcoin or other cryptocurrencies.

Well if there citizens well not protest against what the Communist party do to their country then provably this regime is hard to pull out on their country. And even billionaires can even lift their fingers to those official and they are easily put on bars if the government doesn't like on what those billionaires do that against their own will. Hopefully we can see a fair state in china where everyone is free to choose towards there decisions and other things they like.

Just one small correction: not China, but the Communist government of China. Communist governments are afraid of everything decentralized because they want to keep everything under control. I don't know how many people in China really support that outdated regime today, but I hope in the near future they will be in the minority, and this nightmare will be over.

The ban of all related crypto activity made by China is not a fair one to it's citizens at all, knowing too well that China contains a very high number of crypto currency users, miners exchanges and so much more and they are all going to be seriously affected with this ban. This will also affevt the price of crypto market as most people might pull out their money/investment from the crypto market in other to avoid the wrath of the government upon them as law breakers.
Now, I see that this is not the fear of technology or some new idea of technology,but the fear of Bitcoin/crypto currency taking the place of banks within the province of China, leaving the government money regulatory bodies to  being the boss of your finance with rule from nobody.
China placing ban could be for a while, and later uplift it, but if they don't, then there will be room for it's citizens to improvise.