It is illegal in China to mention cryptocurrency at all. I've learnt China has a power shortage. By banning crypto they will be able to use that power for other things. According to their claims, crypto is actually banned due to mining, which consumes a lot of electricity. I know what I'm saying may not sound good, or could be rumor but there's a point to it. The use of cryptocurrency is banned in China, but it does not affect purchases.
Mining in China had been banned some couples of months ago and majority of the miners had moved to other countries to continue with their operations, I don't know why the authority in China decided to ban cryptocurrencies activities again after all this had nothing to do with power consumption in their country, well I believe citizens of that country would devise an alternative ways of using cryptocurrencies anonymously without any trace, I think the chinese crypto users wouldn't just surrender and give up easily. 
Topic: All crypto declared illegal in China!!!!!!!!!!!!! - page 4. (Read 1098 times)
China declares all crypto-related transactions illegal and forbids overseas exchanges from serving its citizens.
The PBOC said all crypto-related transactions are not allowed under the law.
Activities considered illegal cover a range of operations, such as buying and selling virtual assets as a central counterparty, and providing intermediary or pricing services for crypto transactions. It also includes token issuance financing, crypto derivatives transactions, and other activities suspected of illegal sale of tokens.
"Those who carry out related illegal financial activities that constitute a crime shall be investigated for criminal responsibility in accordance with the law,"
China's market regulators and the Ministry of Public Security said cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property."
How will this impact Bitcoin and other cryptoprojects?? What do you think guys?
The PBOC said all crypto-related transactions are not allowed under the law.
Activities considered illegal cover a range of operations, such as buying and selling virtual assets as a central counterparty, and providing intermediary or pricing services for crypto transactions. It also includes token issuance financing, crypto derivatives transactions, and other activities suspected of illegal sale of tokens.
"Those who carry out related illegal financial activities that constitute a crime shall be investigated for criminal responsibility in accordance with the law,"
China's market regulators and the Ministry of Public Security said cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property."
How will this impact Bitcoin and other cryptoprojects?? What do you think guys?
Didn't China already banned cryptocurrencies few months ago ? What's different this time ?
This Country has repeatedly restricted the use of cryptocurrencies and it doesn't impact cryptocurrencies in the long term now.
From what I read on Cointelegraph an old announcement from China is getting viral on social media causing the sudden fall in bitcoin's price.
I think this is just temporary and in just a few days we will be able to see the bitcoin back above $45k range.
When China announced that mining would be banned, prices dipped, but when they finally put a full ban on crypto in China, I think that prices of most cryptos will drop a bit. I think since this is a pretty predictable dip, that its worth to buy into. Still dont know which one, but I think that it would be profitable to most crypto people to aquire some coins during the dip.
This is a bad news that China ban crypto currency to their country. I don't know if it will really affect the market because we all know that China is the best for having a big and good economy and a percentage of their population using crypto currency. By this case I think the supply of bitcoin even other altcoin will increase so that the market will fall down.
It is illegal in China to mention cryptocurrency at all. I've learnt China has a power shortage. By banning crypto they will be able to use that power for other things. According to their claims, crypto is actually banned due to mining, which consumes a lot of electricity. I know what I'm saying may not sound good, or could be rumor but there's a point to it. The use of cryptocurrency is banned in China, but it does not affect purchases.
What is up with all these BTC getting banned in China threads ? Don't you guys ever get tired of posting the same stuff again and again? This isn't the first time China banned crypto and it will certainly not be the last time.
BTC price dropped a bit because of this news, but recovered quickly because most investors are not really afraid of these bans anymore since history has proven that BTC will continue marching forward no matter what.
No world government can completely stop BTC or other popular cryptocurrencies in my opinion.
BTC price dropped a bit because of this news, but recovered quickly because most investors are not really afraid of these bans anymore since history has proven that BTC will continue marching forward no matter what.
No world government can completely stop BTC or other popular cryptocurrencies in my opinion.
Although true, that doesn't mean the news in the OP shouldn't be discussed here. It's a big news in the world of cryptocurrencies, and imo it shouldn't be ignored.
What's interesting is that some Chinese Bitcoin holders are actually buying more these days. Here's a fragment from the latest Bloomberg article on the matter:
These policies are not new to us, so we view them as a buy signal,” said Stephen, a Shanghai-based crypto investor who preferred to be identified by his first name only. He bought $20,000 of Bitcoin over the weekend, he said, adding that it’s still possible via many centralized and over-the-counter exchanges.
Overall I think Chinese crypto holders will adopt somehow to the current situation.
I have seen this same scenario last bull market when bitcoin reach new ATH at aroun 20k$ china create news and FUDs regarding banning or cryptocurrencies and mining on their country but it turns out it is just a way to manipulate the market to store plenty of cryptos then create once again FOMO news.
It's the same this year, China just wants to buy more bitcoin for themselves and at the same time rule the market so that they can get ahead against their rival nations especially USA. I think there's no way that we're going to be worrying about this one, in a way it's much better if we were to see this as an opportunity to buy more bitcoin since the prices are going down.
since the beginning, the Chinese state has strongly opposed the circulation of bitcoin for its people, in fact they have firmly rejected the circulation of bitcoin from the start, the form of the bitcoin ban applied there is very strict whether bitcoin miners can be penalized maybe we don't know but they firmly refuse to adopt bitcoin as some other countries in the world have done
Let’s try & forget about China shall we. They’re effectively excluding themselves from the future of finance.
Hopefully in the future China’s mood swings don’t affect the price.
Hopefully in the future China’s mood swings don’t affect the price.
I have seen this same scenario last bull market when bitcoin reach new ATH at aroun 20k$ china create news and FUDs regarding banning or cryptocurrencies and mining on their country but it turns out it is just a way to manipulate the market to store plenty of cryptos then create once again FOMO news.
is it a scenario devised by the Chinese government to manipulate the crypto market?Or maybe it's the Chinese government that doesn't like how the investment shifts in their country?
I don't care if it's FUD or FOMO being popularized. but it is troubling a lot of people in the crypto market.
I have seen this same scenario last bull market when bitcoin reach new ATH at aroun 20k$ china create news and FUDs regarding banning or cryptocurrencies and mining on their country but it turns out it is just a way to manipulate the market to store plenty of cryptos then create once again FOMO news.
is it a scenario devised by the Chinese government to manipulate the crypto market?Or maybe it's the Chinese government that doesn't like how the investment shifts in their country?
I don't care if it's FUD or FOMO being popularized. but it is troubling a lot of people in the crypto market.
I have seen this same scenario last bull market when bitcoin reach new ATH at aroun 20k$ china create news and FUDs regarding banning or cryptocurrencies and mining on their country but it turns out it is just a way to manipulate the market to store plenty of cryptos then create once again FOMO news.
snip..
In 2010 when I heard bitcoin for the first time, my manager talked about bitcoin going viral in China. However, in recent years China has become the country that contributes the highest FUD. There may be some relevance between the current FUD and the past conditions of BTC. Where BTC experienced an increase in users because China accepted BTC at that time. Currently, Binance and Huobi are deregistering new user from China, i think another exchange will follow, which can be a good thing, because in the future, market will not be subject to FUD from China anymore.
Aren't we tired of hearing fud from china Everytime ?
The difference this time is that exchanges are reacting to the china ban news and removing access for Chinese users on thier trading platform. This exchanges ban is creating more panic than the china news.
So here we go again and again? China and China for how many times?
the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??
instead news like this only brings bad reaction to the market things that we don't want to happen usually.
the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??
instead news like this only brings bad reaction to the market things that we don't want to happen usually.
In 2010 when I heard bitcoin for the first time, my manager talked about bitcoin going viral in China. However, in recent years China has become the country that contributes the highest FUD. There may be some relevance between the current FUD and the past conditions of BTC. Where BTC experienced an increase in users because China accepted BTC at that time. Currently, Binance and Huobi are deregistering new user from China, i think another exchange will follow, which can be a good thing, because in the future, market will not be subject to FUD from China anymore.
Aren't we tired of hearing fud from china Everytime ?
The difference this time is that exchanges are reacting to the china ban news and removing access for Chinese users on thier trading platform. This exchanges ban is creating more panic than the china news.
So here we go again and again? China and China for how many times?
the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??
instead news like this only brings bad reaction to the market things that we don't want to happen usually.
A friend of mine messaged me about this and I've said the same thing that it had happened again and it's no longer new. the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??
instead news like this only brings bad reaction to the market things that we don't want to happen usually.
A lot of newbies were surprised with this FUD that has brought by China but for everyone who has been long on this market, nothing new.
So here we go again and again? China and China for how many times?
the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??
instead news like this only brings bad reaction to the market things that we don't want to happen usually.
the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??
instead news like this only brings bad reaction to the market things that we don't want to happen usually.
In 2010 when I heard bitcoin for the first time, my manager talked about bitcoin going viral in China. However, in recent years China has become the country that contributes the highest FUD. There may be some relevance between the current FUD and the past conditions of BTC. Where BTC experienced an increase in users because China accepted BTC at that time. Currently, Binance and Huobi are deregistering new user from China, i think another exchange will follow, which can be a good thing, because in the future, market will not be subject to FUD from China anymore.
China does a lot of regulations to prohibit bitcoin or other crypto so that its citizens don't transact crypto. actually all countries have their own regulations for their citizens to accept or prohibit crypto and some countries such as china have banned crypto. but don't worry, there are still many other countries that accept and support crypto and currently, it can be seen that crypto is growing and advancing. it proves that with some countries banning crypto doesn't mean crypto is dead and undeveloped.
So here we go again and again? China and China for how many times?
the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??
instead news like this only brings bad reaction to the market things that we don't want to happen usually.
the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??
instead news like this only brings bad reaction to the market things that we don't want to happen usually.
Damn,OP.What's the point of adding so many exclamation marks in your title?
Are you panicking?This sounds over-dramatic.
The China crypto ban was pretty much expected.We just didn't know when it will happen.
Bitcoin and the crypto world will be fine without China and all the FUD that was coming from there.
I'm expecting many Chinese to use illegal ways to trade cryptocurrencies.Using VPNs won't do the work,because most exchanges are KYC.Perhaps the non-KYC exchanges will be flooded with Chinese traders and some privacy coins like Monero will explode in terms of price and usage,because my Chinese crypto supporters will start using them.
Are you panicking?This sounds over-dramatic.
The China crypto ban was pretty much expected.We just didn't know when it will happen.
Bitcoin and the crypto world will be fine without China and all the FUD that was coming from there.
I'm expecting many Chinese to use illegal ways to trade cryptocurrencies.Using VPNs won't do the work,because most exchanges are KYC.Perhaps the non-KYC exchanges will be flooded with Chinese traders and some privacy coins like Monero will explode in terms of price and usage,because my Chinese crypto supporters will start using them.
This is not new news for the market, China's ban has been in place since 2017 until now. Every time China's ban was spread, the market fluctuated and then the market goes up again. Instead of taking this as bad news and spreading FUD, then I think this is an opportunity where we can buy more bitcoin before it bounces again.
It only affects to China citizens, I don't think it will affect completely to other countries. We are still here in the Bitcoin sphere full of good hopes, should not spread information that makes many people doubt. The popularity of Bitcoin is still growing in various countries, even more highlighting the positive side of helping people to improve their finances and living conditions.
I am grateful that in my country there is no prohibition at all on cryptocurrencies, and it's not illegal. And I'm sure there will be more people who support Bitcoin, so the interest will continue to grow even though there is a negative feed back.
I am grateful that in my country there is no prohibition at all on cryptocurrencies, and it's not illegal. And I'm sure there will be more people who support Bitcoin, so the interest will continue to grow even though there is a negative feed back.
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