China cracking down on bitcoin again - page 6.

The Sceptical Chymist

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Cashback 15%

Quote from: poptok1 on October 11, 2019, 07:48:41 AM

Who needs billions of independent, smart and knowledgable citizens rather then obedient workers?

Yep, that's China--and the US is only a little different in that respect; we just have a different economic and political model. On the other hand, the US hasn't regulated bitcoin to nearly the extent that China has, and it's sad to see it happening over there.

Didn't China also crack down on mining as well as banning China-based exchanges? I can't remember if I read that or not, as I don't follow mining news too closely. All of this sucks for the Chinese, because crypto is huge for them and my guess is that they see it as a big middle finger aimed squarely at the Chinese government's face. After all, crypto can be regulated, exchanges can be shut down and mining operations dismantled by law, but there's nothing the government can do to eliminate bitcoin and the rest of the cryptocurrencies.

I'm hoping this doesn't become a worldwide trend. China may have its own thing going on (always has), but you can bet other countries are following what's going on as far as crypto goes.

magneto

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Quote

I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.

Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.

Could be possible that that's the reasoning behind it.

More likely than not though China is not just specifically targeting crypto exchanges in their crackdown, but rather just the entire cryptosphere as a whole. As an extension to that policy stance, they simply try to stop anything that would enable users from accessing BTC or whatnot.

Wechat and Alipay has already started flagging transactions a while back, but I haven't actually heard anyone getting banned. I do know for a fact though that Chinese traders on there are now a lot more cautious than before, e.g. asking people to not speak of anything crypto related in Wechat's dialogue when conducting a transaction.

semobo

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I am not sure how many times they did to bitcoin,but what I am seeing from all these crackdown there will be a bullish movement in near future so we can expect the bullish trend on prices back! Cheesy

Beparanf

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Burpaaa

Since they plan to have their own cryptocurrency , it is expected to happen that they will track again if there are who still using it since they already announce banning it year 2017 and said to be all shutdown year 2019. Maybe the transaction with Alipay and Binance is just happened recently since knowing how strict China is they won't let it run long. Its just sad that the effort created by alipay and binace will be ending so fast. Alipay need s to follow rules and Chinese investor and trader will eventually find their way again to do trading thru different method.

poptok1

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Bobby Fischer was right

Quote from: ecnalubma on October 11, 2019, 07:26:38 AM

Chinese government is very serious in cracking down Bitcoin, I think they will never change their stance over this asset...

It seems quite reasonable, at least from their stand point, no absolute control, no gains from data to the social credit system, no support from the government. We know that most, if not all companies are required to work for the benefit of greater china. Nothing wrong with that, fair competition tends to evaluate what really works and what's a dead-end.
Simply speaking the communist party is afraid of bitcoin and other independent means of exchange. Those can have unnecessary influence on peoples views or ideology and as such are not welcomed. Who needs billions of independent, smart and knowledgable citizens rather then obedient workers? So you are most likely correct in assuming, that their stance will never change.

ecnalubma

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Chinese government is very serious in cracking down Bitcoin, I think they will never change their stance over this asset same as India. No wonder that some Chinese crypto companies operate overseas just to escape this government pressure, however still this wont stop their citizen getting involved in Bitcoin trading.

alyssa85

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The latest attempt features Alipay (payment processor):

https://cointelegraph.com/news/official-alipay-to-ban-all-bitcoin-related-transactions

Quote

Alipay, the digital payment arm of Chinese e-commerce giant Alibaba, has declared that it will be banning any transactions related to Bitcoin (BTC) and other cryptocurrencies.

On Oct. 10, Alipay reiterated its anti-crypto stance in a Twitter thread, which warned that the company is closely monitoring over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations. Alipay wrote:

“If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.”

This move follows various reports that Alipay is being used for BTC transactions.

Binance uses Alipay for buying crypto

On Oct. 9, major crypto exchange Binance confirmed on Twitter that it has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat.

Binance CEO Changpeng Zhao, also known as CZ, clarified that the exchange is not working directly with WeChat or Alipay, and users are still able to use them for peer-to-peer transactions.

This announcement followed the implementation of Binance’s peer-to-peer trading for Bitcoin, Ether (ETH) and Tether (USDT) against the Chinese yuan (CNY) earlier, as reported by Cointelegraph.

I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.

Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.

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