China implements new strict controls on Cryptocurrency

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Quote from: Lauren Smith on December 03, 2019, 07:11:35 AM

Quote from: xiboothrezi on December 02, 2019, 04:47:48 PM

This is what I like most from China. The Chinese government is serious about handling and developing its technology along with the blockchain. They are also committed to providing education that is truly trusted and informative to their citizens by monitoring the circulation of news about blockchain that is not true. Look at their seriousness. In the next few years, China will become the leading position in the emerging field of blockchain

Yes bit they want to put to many restrictions up. That is never a good thing. They getting people ready for their own currency to get people to move to and use it and not bitcoin. They know they can't stop the technology but they can try to control it to a point.

We should think deeply, why China wants to use cryptocurrency, but it will be their national currency. It will be the currency with the participation of third parties, to have power and control it! I think no sane person will use a centralized shitcoin when there is bitcoin. But how to use Bitcoin if the ban is introduced? I can not answer this question

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Quote from: xiboothrezi on December 02, 2019, 04:47:48 PM

This is what I like most from China. The Chinese government is serious about handling and developing its technology along with the blockchain. They are also committed to providing education that is truly trusted and informative to their citizens by monitoring the circulation of news about blockchain that is not true. Look at their seriousness. In the next few years, China will become the leading position in the emerging field of blockchain

Yes bit they want to put to many restrictions up. That is never a good thing. They getting people ready for their own currency to get people to move to and use it and not bitcoin. They know they can't stop the technology but they can try to control it to a point.

sana54210

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Does this people ever stop talking about cryptocurrency? Lol. Every single day I go online there is always news on China and cryptocurrency Shocked

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Well, they are doing the right thing by implementing these new rules and doing their best to keep things under control. It's not every government that has such time for cryptocurrency or looking into it. Good to see that China is taking it seriously, I hope they allow their citizens to start making use of cryptocurrency, because from what I've heard, people are trading underground there. I have also seen news that they are going to allow mining of Bitcoin, not sure as to whether this is true.

Just like countries in the developing world, none of their governments are putting interest in cryptocurrency. Basically, when countries think about regulation, it will end up more adoption of cryptos among its citizens. China, in my observation, is moving toward a full fledged crypto country status due to its government intentionally or unintentionally.

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Quote from: joinfree on November 25, 2019, 06:02:55 AM

China has never been soft with the use of cryptocurrencies in their country so it's off no news that they would further strengthen the rules and regulations concerning cryptocurrencies. However let's not relate proportionally the price of bitcoin to the upcoming developments in China. I don't know how China plans to fully utilize the features of the blockchain technology without any digital currency.

The reason why China is very strict in terms of controlling cryptocurrency is because they want to dominate bitcoin. They want to create their own because they also want to control people. They utilizes bitcoin very well but there is a reason why they do it. Blockchain technology is its priority because they know that it will help their economical growth faster and develop its market.

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Quote from: peter0425 on December 02, 2019, 11:00:19 PM

Quote from: FaithInCrypto on November 25, 2019, 08:18:59 PM

Quote from: peter0425 on November 25, 2019, 09:42:54 AM

this action from Chinese government means they are serious in their support to crypto,what they only want is the clarity of the flow because we also knew the illegal businesses that wanted to use crypto as their way to bag money.

Illegal activities should be penalized so I admire the Chinese government for their support on crypto as well as protecting its people from illegal use of the cryptocurrency.

that is what we must understand that not because they are putting some laws meaning it is bad for the crypto because they are only protecting the righhts of their people specially in this investments that mostly risk to enter.

so for them to give assurance to the Chinese people atleast this action must take place.

China does have a pretty strict policy for their citizens, management is more dominated by orders from the government that is there. it is difficult for them to adopt technology from outside, they prefer to use technology made by them. and in fact investment does have a high risk, especially for those who do not have much knowledge

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Quote from: peter0425 on December 02, 2019, 11:00:19 PM

that is what we must understand that not because they are putting some laws meaning it is bad for the crypto because they are only protecting the righhts of their people specially in this investments that mostly risk to enter.

so for them to give assurance to the Chinese people atleast this action must take place.

Actually not, they are also regulating their market that projects that will enter their people should not affect their governance, and if they see a cryptocurrency investment platform or a crypto itself imposed a risk to their people, they act on it right away. That is the main good points that China is doing that others aren't. Because for me, proper education to the people and restricting them to enter dangerous investment should be implemented for these kind of projects not to be encourage entering their people anyway.

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Quote from: FaithInCrypto on November 25, 2019, 08:18:59 PM

Quote from: peter0425 on November 25, 2019, 09:42:54 AM

this action from Chinese government means they are serious in their support to crypto,what they only want is the clarity of the flow because we also knew the illegal businesses that wanted to use crypto as their way to bag money.

Illegal activities should be penalized so I admire the Chinese government for their support on crypto as well as protecting its people from illegal use of the cryptocurrency.

that is what we must understand that not because they are putting some laws meaning it is bad for the crypto because they are only protecting the righhts of their people specially in this investments that mostly risk to enter.

so for them to give assurance to the Chinese people atleast this action must take place.

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If everything is seen as a news, then it is a news and doesn't make a big market deviation. With cryptocurrency each and every statement rolling out of the different authorities too shatter the market as the cryptosystem is highly speculative by development. China's move is watched closely, it is for cryptocurrency related as well as on world market.

Already it made strict regulations, but that isn't followed strictly. Now once again regulations were compiled, but to what extend this is gonna get followed need to be analyzed to find the true impact of china's decision.

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it seems that china policy isn't too clear right now...

DreamStage

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I rather prefer them to make sure everything goes by the book and take action against illegal activities rather to just deny everything and block it.

This is a positive thing for crypto users in every aspect as it looks like China is trying to at least accomodate and accept the fact cryptocurrencies are a thing to have in the near future.
As a main currency for either their country or overall as a part of initial country taking such actions as example for others that want to adopt the same technique.

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Quote from: xiboothrezi on December 02, 2019, 04:47:48 PM

This is what I like most from China. The Chinese government is serious about handling and developing its technology along with the blockchain. They are also committed to providing education that is truly trusted and informative to their citizens by monitoring the circulation of news about blockchain that is not true. Look at their seriousness. In the next few years, China will become the leading position in the emerging field of blockchain

I doubt, after what they have said that they wanted to adopt the blockchain technology that almost hype everyone and now they are doing something that really makes panic to all people, it's really hard to read what China really up to, is it their way for them to accumulate more Btc or their way for people to panic sell and once the price is low they will introduce their own crypto.

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This is what I like most from China. The Chinese government is serious about handling and developing its technology along with the blockchain. They are also committed to providing education that is truly trusted and informative to their citizens by monitoring the circulation of news about blockchain that is not true. Look at their seriousness. In the next few years, China will become the leading position in the emerging field of blockchain

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China may be affected by such actions. Now too many people use cryptocurrency, and if the government restricts cryptocurrency in the country, people may not agree with this and arrange a protest. Moreover, the situation in the country is tense

worldtraveller321

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let's hope china doesnt control the world

airdnasxela

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It possibly affect the price of Bitcoin but there's no assurance that it is the major reason. Based on what you have said, aren't the government just preventing illegal activities using cryptocurrency to happen in China? Nevertheless, China is really up to something. They won't act like this if they don't have something. Sooner or in the next years, they might have launched their own cryptocurrency.

conex

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There's a lot going on in China atm, not sure if this article is relevant but if it's ture: https://beincrypto.com/china-experiences-second-major-bank-run-this-month-further-highlighting-a-need-for-digital-currencies/ ....

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Quote from: Hamphser on November 27, 2019, 10:22:45 AM

Quote from: icewitch0612 on November 25, 2019, 09:40:55 AM

This is the wrong policy for China regarding cryptocurrencies, they should stop.

What can you do to stop them? Go and tell them to stop this because this is not the right way?
China has the right to do it because they know the risk of having a cryptocurrency for trading. They are now focusing on making their own centralised cryptocurrency that only the government can handle. I don't know what would be the result of that but chinese people would eventually support that.

You are right, we cannot control the Chinese people and we need to understand that the impact of china over the bitcoin is low. They can implement whatever rule they think is good for them and if they want to restrict the use of crypto in their country, that will only harm them.

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Quote from: Tcode53 on November 28, 2019, 03:11:38 AM

China is pushing towards Global Blockchain Dominance by implementing nee strict controls on cryptocurrency, apparently this is not the first time we will see such news from the chinese government. But this is a huge step in the right direction.

In any case, there will be ways around this control.There are a lot of anonymous crypto-currencies, the movement between the wallets of which is simply impossible to track.But it is better of course to carry out transactions legally to avoid unnecessary problems.I think the Chinese authorities will cope with their task.

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Quote from: BitAssetUS on November 25, 2019, 03:43:01 AM

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

Don’t you think that china are even the biggest whales that we have in this cryptocurrency sphere, because it was just barely a month that their president came up with this same block chain speech/ cryptocurrency that looks like it favored bitcoin through the declaration of support for it and made the price of bitcoin to spike to $9000, now they are coming up with this story again, which they know would crash the market so they can get the opportunity to buy and accumulate at a cheaper rate again.

I am expecting them to come up with another favorable speech again that will make people to start investing out of fomo that would make the price to spike again. Anyway, they have some good and valid point here which I don't think is enough to have crashed the value of bitcoin this much.

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Quote from: avikz on November 25, 2019, 05:39:59 AM

China has taken the right step looking at the future! The Chinese government is aware of the risks related to cryptos and decentralization! They are aware that serious financial frauds can be organized using cryptos and hence they want to roll out strict regulations to prevent such misconducts from happening! That makes sense!

However, don't link the current downfall with this announcement! Such news may have affected botcoin's price to a certain extent but not entirely! There are other things that might have played their part as well! Don't forget about upcoming black friday and Christmas!

They want to control their people. They know blockchain technology is here to stay but they want to keep the value to their own country and that is why they want their own currency so the money stays with the government.
I am not sure what illegal activities they are talking about but if mining bitcoin is one of them and you supporting that well... Why are you here then? Do you know exactly what steps China will take because I don't?

Topic: China implements new strict controls on Cryptocurrency (Read 648 times)