Topic: Bans on crypto now looks like a joke - page 4. (Read 656 times)

Banning crypto from government regulations doesn't mean anything, even in your country Binane TR is available for crypto trading and you are free to trade any coin without anything related to government regulations, I think the government should consider that regulation and provide an opportunity for the community to trade crypto freely though there are rules that limit the use of crypto, for us it is fine as long as trading and bank withdrawals are allowed, because it will not replace any currency.

This is example I am gonna give: Türkiye (my country) didn't ban crypto totally. There is Binance TR that we do our daily trades between coins and Turkish liras. But they did ban buying/selling using crypto. But its very very ineffective. I personally didn't do it but I heard many people just use exchange wallet addresses to send and receive coins trading things like bicycle/motorcycle even cars. Banning crypto at this point is to scream at mountain. It will never be effective. (Try screaming at mountain lol).

When initially hearing about crypto bans from China, it is perhaps confusing and bewildering but that is just one reason why competition is relevant for the economy in the long run.  And more bans are introduced at different stages in order to increase the chances of competing with the US in a way that benefits them.  The current bans aren't just grassroots as bitcoin and crypto are becoming extremely important to the nation's economy.  Ban or lift the ban now with no pretense and I agree with calling it "as a joke"

The people's Bank of China argued that its ban on cryptocurrencies is to curtail financial crime and prevent economic instability. World is already moving towards digital even beggar use bar code for donation for begging from this we can see the level of digital world this time if crypto will ban than people will oppose many people leave county because in this native country crypto was ban. According to many experts, a cryptocurrencies are simply pieces  of computer code they can't banned.

Situation can drastically change over the course of time. If you have been here around 2015 or so, China was the leading country to support the implementation of crypto and legally accepted them as means of payment, but over the past few years, the situation changed, and the tables flipped favoring US.

Last week I have also read a post here on this forum that the miner's situation there in China is like fugitives escaping the grasps of their own country, I don't know how real it is but according to the stats provided above I think this is mostly the case.

These are the 2 most influential countries in the world, it would be great if one of them fully embracing crypto. But I won't be too concerned about whether the US or China will accept it or not, I will be more concerned with the country I live in, my homeland.
I won't get any benefit if the US and China accept crypto because I don't live there. But if my country fully embraces crypto before those two countries, although it won't affect the international market much, it will mean a lot to me.

The important thing is that the ban is issued, the consequences of punishment have been prepared too. After all, China is a giant country in terms of population, the implementation of this crypto ban may be felt by companies that usually serve the public.
You may find it difficult to stay on the surveillance radar if you are a casual enthusiast and are somewhat free to do with the cryptocurrency. This was proven in the news last month when a Binance employee helped a Chinese resident pass verification.

It is becoming very ridiculous to claim to be fighting crypto honestly, why wasting time fighting something that is inevitable?
Perhaps the government of China with all their supposed intellectual will brainstorm over this piece of information and determine if they fighting a lost cause. Time to go back to the drawing board to critically analyse their position.
And as for the United State they are fully aware of what to do, staying in the middle is not the best position. They are both welcome to the space anytime.  

Note:
Donald Trump NFT ........ crypto is bad, NFT are worthless jpeg right? Lol.

Although it's possible, US is unlikely to ban it because it will require legislation, and pass that would make it illegal, base on Investopedia. LINK
As for China, the Communist party there always want to track what their countrymen are doing, but we know that they can't do everything, and of course because of that there will still be people who are using cryptocurrency for various reasons.

They can't ban something that they didn't created themselves.
I wonder why don't the government just let their people do what they want with cryptocurrencies without any restrictions whatsoever. On the other hand, seeing countries banning crypto as a "joke" isn't a good thing either because if there is a country (especially when a huge country like China), issued a ban on it, most of the time it has an effect on the price of crypto.

As with US embracing crypto, as of now there are no legislations that are being passed to make it illegal. On the other hand, there will still be people who are anti-crypto like the one in the senate I guess that is building an anti-crypto campaign IIRC (Correct me).

I meaan in general bans have always been a joke, especially lately. Ban gambling? Underground casinos would surface. Apply Denuvo to games? Crackers/piraters would rise up to release it for free. There's always going to be some method or way people can bypass it.

Probably would be better if they regulate it if they actually want some semblance of control really. In China's case their way of regulation was creating their own to be used and banning other alternatives. Afaik though it never really stopped the popularity of other coins, so it was a fruitless endeavor.

U.S. would probably go with regulations instead of bans though.

The more crypto is banned, the more people will oppose the ban.
Many Bitcoin miners eventually had to move and leave China because of China's very harsh crypto ban.
China's Banking Supervision warned that the increasing use of crypto assets has the potential to increase financial stability issues.

But funnier still, China is even adopting Blockchain and wants to create its own cryptocurrency. If they ban crypto and Bitcoin, but why create their own crypto. this already proves that China does not want to lose full control.
Banning Bitcoin is the right choice so that no asset escapes their monitoring.

Currently, the taxes generated by crypto miners are a good source of income.
If they are banned it will be a coffer of money for countries that accept Bitcoin miners.
The problem of large energy use can already be overcome by the use of renewable energy which is more environmentally friendly.

Bans on cryptocurrencies only redistribute the market. If the U.S. bans cryptocurrencies, miners will go where they are allowed. As a result, the U.S. budget will lose quite an impressive amount in taxes. A country that bans cryptocurrencies is hitting itself, but it does not have a global impact yet.

Fhe US isn't really big on outright banning the cryptocurrency giant. What it could be looking for is total control over bitcoin, hence why so many bills and regulations are being reviewed in the congress. In any case, I do think that this just makes China the better country to have their ban lifted even though looking at it the ban pretty much did nothing to stop chinese cryptocurrency users from ever using bitcoin and other currencies. So I'm guessing this lifting of sanctions is more ceremonial and less ahout removing strict parameters set in the past.

Yeah people would always find way to do their thing. Banning crypto definitely government thinks it for their own good, but people prefers  to control their own property and funds than the centralized system. If government doesn't embrace the crypto as their citizens much prefer it then they got no choice but to ban it.

China is like a more independent country, they always tend to make their own products instead of using others, we have seen many examples of it, like Huawei (smartphone industry) which refused to provide informational insight and data flow, to US authorities. So the US banned the usage of their product of Google services for them plus all Android Operating Systems. There are many other similar examples that can be found, there is no WhatsApp in China you have to use their own product "WeChat". These examples point out that, they do not like to be controlled and questioned about their manipulation attempt either. Therefore they do not openly accept cryptocurrency and blockchain because they know, by doing that they will lose the biggest assets they have which is "data". Because everything in Blockchain, is transparent so they banned it and still using it.

There were many controversies on the manipulation of cryptocurrency by China, as they had banned it several times and I tried to cover it in my post. So, keeping the past acts of China in mind i would say "The USA" is likely to embrace crypto and blockchain technology and they had already embraced it in many ways. I know, currently, there is some heat against crypto but that's temporary (because of Elections).

I think you are wrong, let's understand, with your VPN's example, no wonder some apps and features are regulated (restricted) by governments in China but you can still use them by changing your IP or proxy ( like by using VPNs) but these VPNs are also working with the permission of governments. I think you should go through on how the network works, Your country is not producing it but instead sharing it with the whole world, and the internet providers of China are managed by the Chinese government as every other country manages theirs. So i think we should not use the world bypass because that is not an option for a country to accept if they had banned something. If you are using some restricted features with VPNs that's because the government has a light restriction policy for it.

And i don't think you are right about the ban as a joke because every single time when China banned crypto we have faced results and if they embrace it then we are likely to see the same impact (bullish) too, plus according to my knowledge, USA has not banned crypto as China did, so if they ban crypto, (as china did) then we are likely to see the highest impact than china. So, i think we should not take the bans as jokes because the fundamental analysis is still a thing.

Exactly, banned cryptocurrency transaction looks like a joke right now because not negative impact yet, maybe all investors have more experienced with cryptocurrency banned is not first time and have many countries announced for banning bitcoin. Seems joke later if any countries announce cryptocurrency banned in their country because investor have calm down and not panic yet how many time later with banned announcement.

Usually, China and United State are countries consistent announced about banned cryptocurrency every years, right now like drink a cup of water for investor when both countries announce banned crypto.

The United States and China's population is very distinct. But the probability of the custom or cultural acceptance within each country will likely favour the US instead of China. Instead of outright banning cryptocurrency or bitcoin, the US try to regulate its usage. It does not happen in China where it is completely controlled and opposed.


It is worth noting that how the current Bitcoin ecosystem operates is harder to be stopped systematically. A power of decentralization. It will surely limitate what governments can exert a force on bitcoin. So the best they can do is to regulate tightly.

All people are driven by their own self-interests, so it makes sense that there are so many people at China that are using bitcoin as the freedoms they have there are way more limited than what you can experience on other countries, however as free countries try to limit or ban the usage of cryptocurrencies this will ironically increase their usage, as people will want to be free of the constraints imposed by the governments as it is obviously they are doing this not out of concern for their citizens and instead they are doing so to protect their economies.

For me, it could be China, the problem is that the United States is trying hard to impose the hegemony of the dollar, so if it adopts bitcoin, it will certainly make it primarily linked to the dollar, and this is what many want to get rid of.

The United States, through its strict policy towards bitcoin and cryptocurrencies, helps the Chinese government to attract bitcoin more to it, but what I personally hope is that we get rid of the control of both major countries and obtain decentralization.

China is 100% excluded from this scheme. No offense - but all totalitarian or near totalitarian systems will not allow UNCONTROLLED money flows. And there are a lot of reasons - from the loss of "control of the masses" to "sponsoring of anti-government groups." For this reason, China is unequivocally - crossed out from the list.

About the USA or other countries - I am also very pessimistic about the fact that cryptocurrency will become an official means of payment. The reason is banal, and in some sense intersects with the "Chinese problem", and I have already spoken about it more than once - not a single state will allow an uncontrolled and unmanaged asset as the basis of the financial system. The state is a set of certain entities, one of them is an independent from other "hands", and a financial system MANAGED by the state.
Accordingly, cryptocurrency, as some intangible asset, can be legally allowed, but as the basis of the financial system, no.