Topic: Asian Whales: China will ban Bitcoin trading in Chinese Yuan or USD but... - page 2. (Read 1694 times)
October 09, 2017, 11:06:24 AM
If they do that they risk killing the golden goose for China. Their citizens will have to compete by starting with a buy of a government alt-coin. Good luck with that.
October 09, 2017, 11:01:44 AM
There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.
your reactions ??
you are welcome
I already knew they are heading towards this. What they want to achieve is to have a watch over inflow and outflow of money from fiat to cryptos. By banning exchanges or suspending any other exchange unit, they want to provide only single option for exchanging bitcoin to fiat that is their government owned currency so that they can keep a watch of volume and can possibly track any illegal activity. your reactions ??
you are welcome
October 09, 2017, 10:47:45 AM
I don't understand what's the problem? Well let's say the exchange will not trade for yuan. It is impossible to trade for dollars? Then the dollars can be withdrawn on any account. You don't think that China may prohibit transfers of dollars? It seems to me that all of these rumors is an attempt to create problems where there are none.
October 09, 2017, 10:19:58 AM
The only way this works in the way China wants it to is to stop the BTC from leaving the exchanges. The CNYDT part is the easy bit and already achievable to an extent. Once the BTC is out in the wild the buyer is free and can claim anything happened to it.
October 09, 2017, 08:43:13 AM
That's an interesting situation. If they prohibit yuan and USD to be pair on any cryptocurrecies. I don't think it could affect bitcoin and altcoins directly because people can still be able to trade their bitcoins and altcoins. Actually, it's an advantage for because people will be focusing only on cryptocurrencies since they are not allows traders to trade cryptocurrency to fiat and buy cryptocurrencies with fiat. Anyway, i think people can still use other exchanges from other country like Japan. Why would i trade from chinese exchanges if you can trade with other foreign exchanges like bitflyer. Less hassle. China is full of drama. That's why Japan surpassed China.
October 09, 2017, 08:11:36 AM
I know it's just speculation but I can see why they would do that. It would kind of be like how Bitcoin is your gateway to altcoins. They'll use it in such a way that you have to get some one way or another to be able to trade cryptocurrencies. I don't like it, but it's quite smart.
October 09, 2017, 02:40:45 AM
There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.
your reactions ??
you are welcome
your reactions ??
you are welcome
no china not ban bit coins trading up to now it may going in the market. actually china people not create any coins they using bit coins for their daily needs and so most of the people believing it is true but it is not correct. china will issue about bit coins and try to giving new exchanges in future.
October 04, 2017, 03:15:08 PM
I just can not understand why China did not take the Chinese NEO coin for use, for example. Why was it necessary to create a new one? It will differ in its special status, that is, will it be more centralized or not? Does this mean that the new coin will only go inside China?
September 19, 2017, 06:26:38 AM
There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.
your reactions ??
you are welcome
your reactions ??
you are welcome
I´m convinced that this rumor is baseless speculation. What advantages would the government have from a cryptocurrency that is pegged to the Yuan?
Here is my opinion on what will really happen:
1. The bans will be strictly enforced and operators will shut down their operations voluntarily
2. China will issue licenses to new exchanges in the future
3. The old exchanges like Huobi that were actually using customer funds in the Chinese shadow banking sector will not receive a license
(maybe they will be allowed to have crypto to crypto operations without fiat trading pairs)
4. Individual Chinese users, who still want to use BTC will find a way to do so
September 19, 2017, 03:00:58 AM
They have their own rules on how to play in crypto world. Any country can do that, but they are missing bitcoins uniqueness. If there's a ban, there's always a way to unban and be legalize. One day China will learn to embrace bitcoin and cryptocurrency after they realize slight downfall of their economy, I believe that their actions banning cryptos made a huge impact in their economy for sure.
September 18, 2017, 10:43:03 PM
There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies. your reactions ??
you are welcome
you are welcome
Well, whatever plans the government may have I am just wishing them well and hope that soon Bitcoin can have a free access to the China market rather that they would allow their people to be a part of the Bitcoin bandwagon and not be left behind. Anyway, this is just an speculation as the more that the government is secretive the easier it is to spread ideas and opinions and get caught by the media and other people.
I am sure that the Chinese government is thinking of something on how to integrate Bitcoin and cryptocurrency and yet somehow they can still have some control of. They might come up with stricter rules and regulations for Bitcoin and everybody have to follow otherwise penalties will be imposed accordingly. The recent bans for both ICO and exchanges are just the way the government is exercising controls and showing the whole world that they are the boss.
September 13, 2017, 03:18:02 AM
There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.
your reactions ??
you are welcome
your reactions ??
you are welcome
Jump to: