China ban people from using usdt | Bitcointalksearch.org

Makus

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Quote from: Zigabel on January 10, 2024, 07:47:15 AM

China is basically trying to preserve value for their currency and that's why they want to fight dollar related transactions both in Fiat and in cryptocurrency, I think another thing could be the fight for regulations, they may want to be able to regulate the crypto space around and that could be the reason they keep putting out all these regulations to see if they can actually gain control and keep their space regulated and under their possible control but then I doubt how successful they can be with that.

These are my insights as to possible reason why all these restrictions has been placed in china, I may not be accurate enough probably there maybe other reasons but then this is just my taughts.

There is something don't do, and that is to underestimate china. China have in time passed broken enough records and they are yet to do more. They can even try disengaging them selves from the rest of the world and they'll do just fine, l respect them for doing what they say, and I believe they have kept good reputation on that. However your opinion is legit and it might be the reason for the banning of usdt.

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China is basically trying to preserve value for their currency and that's why they want to fight dollar related transactions both in Fiat and in cryptocurrency, I think another thing could be the fight for regulations, they may want to be able to regulate the crypto space around and that could be the reason they keep putting out all these regulations to see if they can actually gain control and keep their space regulated and under their possible control but then I doubt how successful they can be with that.

These are my insights as to possible reason why all these restrictions has been placed in china, I may not be accurate enough probably there maybe other reasons but then this is just my taughts.

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Quote from: Barikui1 on January 03, 2024, 12:34:05 PM

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.

I read this news sometime last week and I was surprised since China was known to have banned cryptocurrency and also frowns so much on it (at least that is what we know from the media and the body language of the country's government). But with the news, I was surprised if the enforcement of the same is light since that could only encourage the use of the USDT for payments and settlements. If the Chinese could be using the USDT, I am certain that they would be engaging in other cryptocurrencies as well.

Although we all know that many would engage in it no matter the ban and the obstacles by the government but to have been so obvious for the government to warn means that it is what is happening almost openly. I believe the government is now being pained maybe because the normal USD remittance is being replaced by the USDT. Thanks to the P2P initiative, it will be easy for the people of China to perpetrate it outside the radar of the government. But I don't think this can be good for the China's economy, no wonder the government is shouting again.

leonair

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Quote from: Barikui1 on January 03, 2024, 12:34:05 PM

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

China is a country where they want to make everything themselves rather than being subservient to others. And this is why they are not crypto Friday. Because they can't control crypto. China used to support Bitcoin at the beginning of its development but now they don't support crypto. So they sometimes ban anything crypto. So this is nothing new for them. But since china is a big country the news of their ban may have some impact on USDT though it is a stable coin so the impact will not be seen much here.

Publictalk792

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Quote from: Makus on January 09, 2024, 10:45:12 PM

Honestly speaking, I am disappointed on how these government would go extra miles to just lay false accusations and try to paint what white a black, and still deny their citizens from this too notch project. No matter how they try to make up by creating another project for them selves or try to make up for their citizens, it can never be like Bitcoin. The only thing that gets me excited is how my countries government which laid a ban on crypto just removed the ban last month. Honestly I was surprised, but it seems they are now beginning to see it important. Maybe other governments will one day come to realize that they were fighting the wrong project.

You are right and I can understand why you are upset about governments making false decisions and not letting people use projects like Bitcoin. It is not good to see authorities trying to change the truth and show a different story. It is good that your country government finally lifted the ban on cryptocurrencies but it is sad that it took them so long to see how important this technology is. But in my country we are still facing this problem. I hope our and other governments will also realize that they were wrong and will make a good decision regarding crypto currencies.

Makus

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Quote from: wxa7115 on January 09, 2024, 10:23:55 PM

The Chinese government is just doing what any other government wish they could do, it is just that they can do so with impunity as there is no one that can oppose them, but on the rest of the countries around the world, governments cannot openly ban cryptocurrencies as they will need an excuse to do it.

This is why the smear campaign against bitcoin and this market never ends, as they hope to convince enough people that bitcoin enables criminals so they can take action, but so far their attempts to do this have failed and they cannot do anything else but to try to regulate this market instead.

Honestly speaking, I am disappointed on how these government would go extra miles to just lay false accusations and try to paint what white a black, and still deny their citizens from this too notch project. No matter how they try to make up by creating another project for them selves or try to make up for their citizens, it can never be like Bitcoin. The only thing that gets me excited is how my countries government which laid a ban on crypto just removed the ban last month. Honestly I was surprised, but it seems they are now beginning to see it important. Maybe other governments will one day come to realize that they were fighting the wrong project.

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Quote from: Makus on January 06, 2024, 11:58:41 PM

It's very obvious they don't want anything doing anymore with cryptocurrency. With these decisions China has taken, I don't think they'll be turning their back to make changes anytime sooner. Unlike some other countries that had crypto restriction but later came to remove it because, they found it very useful, now they can see the beauty of crypto. But china being strict with many things, might even be the end of crypto in their country. However they are just denying their citizens from one of the greatest project mad by man, it's possible they can build theirs. But having their citizen behind bar for 7 years for just buying crypto, is too much.

The Chinese government is just doing what any other government wish they could do, it is just that they can do so with impunity as there is no one that can oppose them, but on the rest of the countries around the world, governments cannot openly ban cryptocurrencies as they will need an excuse to do it.

This is why the smear campaign against bitcoin and this market never ends, as they hope to convince enough people that bitcoin enables criminals so they can take action, but so far their attempts to do this have failed and they cannot do anything else but to try to regulate this market instead.

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Quote from: fapar on January 07, 2024, 12:34:15 PM

Quote from: o48o on January 06, 2024, 05:50:10 PM

This is a misconseption by people who don't understand how blockchains work in the first place.

Native tokens, or coins as a payment are inseparable part of decentralized blockchain tech. Incentives you get for protecting (mining or staking) the blockchain have to be worth something in order to motivate people to keep the chain secure. Otherwise it would need a whole new mechanism and i for one don't have a clue what kind of system that would be. Instances that claim they are only interested them as innovations, not payment methods either don't know what they are talking about, or want to sell us snake oil version of "cryptocurrencies" that are highly centralized spying network, that is operated by the authorities.

Ok, maybe I was too moralistic about “corruption and capital outflow”. Let me put it simply, we are talking about total control of the finances of citizens (of any country). Native tokens, consensuses, decentralization and other global principles of blockchain in this aspect, IMHO, are not correct to indicate. In the context of the thread, we are talking about USDT - a cryptocurrency pegged with an exchange rate to USD, the issuer of which is Tether. The National Bank and the Chinese authorities cannot regulate it, except to prohibit cross-border payments and, in general, its turnover in China, equating them to transactions with foreign currency. Therefore, comrade worker, keep the digital yuan and the catwife.

China might not be able to regulate it in a way they would have authority to block usdt, and national banks don't control usdt because it has nothing to do with them, but they can go with similar way as FATF compliant financial firms around the world, and require the proof of origin of the money when it's changed to yuan. And they can freeze an accounts if source for money is too opaque. Also tether can freeze tokens if they are obligated to by officials.

someone703

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The truth is, the crypto future in China, and everywhere else, is still a blurry mess. No one knows if their approach will crumble like a sandcastle or rise like a Bitcoin phoenix. But instead of throwing insults across the Great Wall, we can try talking things out. Maybe we can find ways to address their concerns without stifling innovation, like building bridges instead of walls.

So, let's chill with the "communist sheeple" talk and keep an open mind. The world of crypto is big enough for everyone, even the control freaks in Beijing. Who knows, maybe one day we'll all be sipping digital mojitos on the blockchain beach, laughing about how heated this whole thing used to get.

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Quote from: o48o on January 06, 2024, 05:50:10 PM

Quote from: fapar on January 06, 2024, 12:20:24 PM

But according to rumors, some of the major investors - the wallets participating in the Etherium ICO - are affiliated with the Chinese government.

Ethereum ICO was a long time ago. During that time governments had no idea how to regulate, or even if they needed to regulate crypto. But you shouldn't use rumors as a source anyway.

"I don't have a candle", as they say. Although the first mention of China’s interests in the development of CBDC dates back to 2014, and Etherium’s ICO was in 2016. My statement did not refer to an attempt to spread such a rumor and pass it off at face value, but to the fact that there is another opinion on the issue of “China and cryptocurrencies”.

Quote from: o48o on January 06, 2024, 05:50:10 PM

Quote from: fapar on January 06, 2024, 12:20:24 PM

China is not fighting cryptocurrencies as innovations, but as means of payment. In this way they are trying to fight corruption and the outflow of capital abroad. Other governments do the same, but in a slightly different form (SEC, EU Commission).

This is a misconseption by people who don't understand how blockchains work in the first place.

Native tokens, or coins as a payment are inseparable part of decentralized blockchain tech. Incentives you get for protecting (mining or staking) the blockchain have to be worth something in order to motivate people to keep the chain secure. Otherwise it would need a whole new mechanism and i for one don't have a clue what kind of system that would be. Instances that claim they are only interested them as innovations, not payment methods either don't know what they are talking about, or want to sell us snake oil version of "cryptocurrencies" that are highly centralized spying network, that is operated by the authorities.

Ok, maybe I was too moralistic about “corruption and capital outflow”. Let me put it simply, we are talking about total control of the finances of citizens (of any country). Native tokens, consensuses, decentralization and other global principles of blockchain in this aspect, IMHO, are not correct to indicate. In the context of the thread, we are talking about USDT - a cryptocurrency pegged with an exchange rate to USD, the issuer of which is Tether. The National Bank and the Chinese authorities cannot regulate it, except to prohibit cross-border payments and, in general, its turnover in China, equating them to transactions with foreign currency. Therefore, comrade worker, keep the digital yuan and the catwife.

Makus

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It's very obvious they don't want anything doing anymore with cryptocurrency. With these decisions China has taken, I don't think they'll be turning their back to make changes anytime sooner. Unlike some other countries that had crypto restriction but later came to remove it because, they found it very useful, now they can see the beauty of crypto. But china being strict with many things, might even be the end of crypto in their country. However they are just denying their citizens from one of the greatest project mad by man, it's possible they can build theirs. But having their citizen behind bar for 7 years for just buying crypto, is too much.

o48o

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Quote from: fapar on January 06, 2024, 12:20:24 PM

But according to rumors, some of the major investors - the wallets participating in the Etherium ICO - are affiliated with the Chinese government.

Ethereum ICO was a long time ago. During that time governments had no idea how to regulate, or even if they needed to regulate crypto. But you shouldn't use rumors as a source anyway.

Quote from: fapar on January 06, 2024, 12:20:24 PM

China is not fighting cryptocurrencies as innovations, but as means of payment. In this way they are trying to fight corruption and the outflow of capital abroad. Other governments do the same, but in a slightly different form (SEC, EU Commission).

This is a misconseption by people who don't understand how blockchains work in the first place.

Native tokens, or coins as a payment are inseparable part of decentralized blockchain tech. Incentives you get for protecting (mining or staking) the blockchain have to be worth something in order to motivate people to keep the chain secure. Otherwise it would need a whole new mechanism and i for one don't have a clue what kind of system that would be. Instances that claim they are only interested them as innovations, not payment methods either don't know what they are talking about, or want to sell us snake oil version of "cryptocurrencies" that are highly centralized spying network, that is operated by the authorities.

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Quote from: Y3shot on January 06, 2024, 07:44:29 AM

China have always not been friendly with cryptocurrency, I'm not surprise about their ban on usdt, what I just know is that their decision is not going to last long. China I trying to isolate themselves from innovation which they believe they can do without cryptocurrency. China feels the decision they are taking against cryptocurrency is the best decision but not., they may be doing better in their economy but the country still need cryptocurrency and their is a need for them to accept crypto.

They are not isolating themselves from innovation. They want to control their economy as they want. They will issue their own CBDC which they have been working on for a few years. USDT is a stable coin that can be used in their local businesses, which they can not allow. Also a dollar pegged crypto is not so logical to think that china will allow it in their country. Previously they were vocal about banning bitcoin in their country, but now they are targeting certain altcoin too. This is not only about china but the whole world. Every government is trying to find their best interest in this fast-growing industry.

fapar

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Quote from: Y3shot on January 06, 2024, 07:44:29 AM

China have always not been friendly with cryptocurrency, I'm not surprise about their ban on usdt, what I just know is that their decision is not going to last long. China I trying to isolate themselves from innovation which they believe they can do without cryptocurrency. China feels the decision they are taking against cryptocurrency is the best decision but not., they may be doing better in their economy but the country still need cryptocurrency and their is a need for them to accept crypto.

But according to rumors, some of the major investors - the wallets participating in the Etherium ICO - are affiliated with the Chinese government. China is not fighting cryptocurrencies as innovations, but as means of payment. In this way they are trying to fight corruption and the outflow of capital abroad. Other governments do the same, but in a slightly different form (SEC, EU Commission).

Y3shot

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China have always not been friendly with cryptocurrency, I'm not surprise about their ban on usdt, what I just know is that their decision is not going to last long. China I trying to isolate themselves from innovation which they believe they can do without cryptocurrency. China feels the decision they are taking against cryptocurrency is the best decision but not., they may be doing better in their economy but the country still need cryptocurrency and their is a need for them to accept crypto.

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Quote from: naira on January 04, 2024, 12:03:23 AM

China clearly upholds that forever. Considering that China can easily detect the transaction activities of its citizens, every internet traffic there is clearly monitored. The use of USDT or other types of crypto will be at risk of fines or penalties and China could even make the companies involved go bankrupt. The Communism system aims to maintain equality or instead it has now become a deadly weapon for its own citizens. Additionally as China looks to expand adoption of the digital Yuan, it is clear that regulations with other payment alternatives will be rejected without negotiation.

I wouldn't say forever because we can't predict the future. And in fact I think they unbanned cryptos last time? But USDT is still a crypto so why they will ban it? Oh well, maybe they change their mind quickly Cheesy

. They are not the only country who can act like that anyway.

I think India is one of those that I remember. Not just China but in any country or we can rather say their governments, can also detect any kinds of transactions. They are powerful enough to coordinate with the telecommunications company and other entities that will help them combat the issue. So for our safety, it's better to just avoid dealing with it. Whether we are a user or a company owner.

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Quote from: Barikui1 on January 03, 2024, 12:34:05 PM

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

We really need to understand the problem of the Chinese government. Firstly, we are aware than China has so many restrictions about bitcoin and the cryptocurrency at large which USDT is also affected because it is also a cryptocurrency.
In this new article, is China indirectly fight the United States because a stable coin was pegged to their dollar or it is a crypto related fight only. If the former is the case, it is also possible for the people of China to develop a stable coin that will be pegged to Yuan. The cryptocurrency industry is a free world and anyone and any country can succeed if they want.

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Quote from: kentrolla on January 03, 2024, 12:48:06 PM

China can never be crypto friendly and has left no stone unturned to stop people from indulging into anything to do with crypto, it will eventually fail like it has failed in the past and now I feel it's nothing new to an communist regime that it wants it's population to stay poor and behave like sheep.

Honestly, I wonder why. That's if we don't include China's needless scare and protection of her local currency, believing cryptos will weaken it if allowed. Ever since that Chinese ban on Bitcoin in 2017, I've not looked at China the same way I did pre-2017. I used to assume that China was for scientific advancement and discovery but her attitude towards the cryptocurrency industry leaves a bad taste in the mouth.

Quote

It would be loss to China already billionaires and millionaires are leaving Chine for other free nations where they don't have restrictions on anything and everything, this will only add up to the list of miseries it will go through.

But of course, China should be aware of that. Revenue from tax is leaving that country and China can't recover from that even if it decides to lift the ban on all crypto activities today.

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Quote from: Obim34 on January 06, 2024, 01:55:50 AM

The Chinese people are trying as much to be smarter than the system, all their intentions are based on protecting and regulating their affairs by themselves and of a truth i still think they are doing very well. China has place banned not only on the use of Tether (USDT) in forex trading but has done lot more by not making Binance accessible to the Chinese people and down to the extent of shutting down every crypto related affairs in their country leaving only their digital yuan.

Yes we are seeing communist at it's best, it don't care about it's people or their growth but they are only bothered about themselves as they had targetted Binance long time ago which led to their exit from their market and also I heard there are government operations mining farma in China as the regime wants to be benefited but people shouldn't get any way to make.extra buck else their forces labor market for manufacturing units may go for a toss.

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The Chinese people are trying as much to be smarter than the system, all their intentions are based on protecting and regulating their affairs by themselves and of a truth i still think they are doing very well. China has place banned not only on the use of Tether (USDT) in forex trading but has done lot more by not making Binance accessible to the Chinese people and down to the extent of shutting down every crypto related affairs in their country leaving only their digital yuan.

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