Topic: Bitcoin proves hard to kill in China - page 2. (Read 491 times)
It is very hard to completely eradicate the usage of bitcoin from an over populated country like China. If people are not able to use bitcoin in a legal way, they will obviously use black market. The loss is for the government. They could have provided a proper legal framework to the Chinese bitcoin users to take them under a taxing environment. This would have helped the government to earn the tax revenue and the users would have got the legal status. Government is loosing on the both ways.
even you put fence on your garden and it is adoring and people want to get in they will just go over it, like what china did to bitcoin they didnt putthe great wall on it it is just a kid zone fence which its people will find a way to execute and will pprobably do the same way like before, though if china will resist and continue fight bitcoin some of its citizen will just fly to other country and continue doing bitcoin as it is a good source of profit and willl give such big money in return and for their own sake of savings .
Obviously that it is hard to exterminate all those bitcoins who are still on China, it is almost impossible because bitcoins are still untreaceble, and there is no way to discover who is really owning them without a good trace of the funds.
But why are they trying to do it? i dont understand why the whole government is trying to stop those who are using bitcoins, because it makes no sense, they applied a regulation for the icos, far as i know, they didn't had any problem with bitcoin, nothing more than the exchanges, and this is why they closed all of them.
But why are they trying to do it? i dont understand why the whole government is trying to stop those who are using bitcoins, because it makes no sense, they applied a regulation for the icos, far as i know, they didn't had any problem with bitcoin, nothing more than the exchanges, and this is why they closed all of them.
Over-the-counter market for cryptocurrency grows after authorities close exchanges.
Chinese investors are still trading bitcoin and buying initial coin offerings, suggesting authorities in Beijing are struggling to clamp down on cryptocurrencies just weeks after announcing that public exchanges would be shut down.
Observers feared the closure of Chinese exchanges would lead to a sharp drop in demand for bitcoin, given China has been a key source of demand. Instead, more of the buying and selling of cryptocurrencies has gravitated towards the private over-the-counter market.
Bitcoin, the best known cryptocurrency, has set a series of records in recent weeks. At the same time, the renminbi share of OTC bitcoin trading has risen from about 5 per cent at the beginning of September, before exchanges were shut, to about 20 per cent a month later, according to data cited in a report by the National Committee of Experts on Internet Financial Security, a government-backed research group.
Chinese investors are still trading bitcoin and buying initial coin offerings, suggesting authorities in Beijing are struggling to clamp down on cryptocurrencies just weeks after announcing that public exchanges would be shut down.
Observers feared the closure of Chinese exchanges would lead to a sharp drop in demand for bitcoin, given China has been a key source of demand. Instead, more of the buying and selling of cryptocurrencies has gravitated towards the private over-the-counter market.
Bitcoin, the best known cryptocurrency, has set a series of records in recent weeks. At the same time, the renminbi share of OTC bitcoin trading has risen from about 5 per cent at the beginning of September, before exchanges were shut, to about 20 per cent a month later, according to data cited in a report by the National Committee of Experts on Internet Financial Security, a government-backed research group.
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