China implements new strict controls on Cryptocurrency - page 3.

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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.

the Chinese government so far we know that they really hate cryptocurrency because of unreasonable reasons for crtpto users, maybe now they have developed blockchain technology in their country which is applied in several companies and previously the president of China has announced that they will make their crypton itself uses blockchain technology that can be controlled by central organizations so they don't worry about things that can threaten their economy.

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Quote from: barabarian1 on November 25, 2019, 07:45:53 PM

in my opinion the strict controls that the Chinese government has to do have nothing to do with yesterday's bitcoin decline. and I think it's natural that China is more stringent in assisting the circulation of cryptocurreny which is easy to use for illegal activities. the Chinese government will soon implement blockchain technology. so maybe they will also make a regulation to tighten the security of cryptocurrency.

Maybe your right, they making their move to double the security of cryptocurrency because they will implemented blockchain sooner on their country, and they also saw that many complaints about crypto's transactions. the strict rules may help them and easy to find the scammers and other illegal activities. so this way of regulating everyone will benefit the good result. for now we should observe and let them do their motive and help everyone.

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Quote from: barabarian1 on November 25, 2019, 07:45:53 PM

in my opinion the strict controls that the Chinese government has to do have nothing to do with yesterday's bitcoin decline. and I think it's natural that China is more stringent in assisting the circulation of cryptocurreny which is easy to use for illegal activities. the Chinese government will soon implement blockchain technology. so maybe they will also make a regulation to tighten the security of cryptocurrency.

They are preparing for much bigger adoptions that's why they need to implement such strict policies. China always in the position where they wanted
to make sure that the advantage always in their side. This way the circulations of crypto behind their jurisdictions can be controlled and all illegal activities will be shut down and those who are planning to do the same will be chase down and stop immediately.

worldtraveller321

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they want a digital currency not crypto. in other words fully centralized and they will see every transaction.
as well even make a world currency in which they could control the world

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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.

Does anyone remember XI, where he praised blockchain technology but didn't really mention bitcoin at all, and even though he never mentioned bitcoin, the price of it went up around 7 or so percent the next day.

There is no doubt that China is a huge influence in a lot of things, including crypto-currency, and they definitely have the power to change or manipulate the price however they want, so it's no surprise to me people blame China for any price movements, although I honestly think they don't care.

adjed

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While I commend the speed and dedication that the Chinese Government is showing towards Blockchain development, I also want to urge them to make up their mind about what they really want for the market, every of their decisions both positive and negative seems to be affecting the Cryptocurrency market and so always changing their mind about what they want is kinda frustrating, if they want to fully support Blockchain technology and Cryptocurrencies, then they should leave things as they are and only ensure that scam projects with nothing to offer never sees the light of day.

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In some way I might agree with the fact that the news regarding China taking an interest in Blockchain technology, it affected the price of Bitcoin to raise. But China implementing strict controls or policies on cryptocurrency is not really necessary since the crypto space has been around for sometime now. Considering this post, I don't really see any source of validity in the post. You should provide us with the source of your information regarding these implemented new controls by the Chinese government. People always wanna spread FUDs the least chance they get. This is likely to be FUD.

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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.

China always have new revolution about how to adopt and control with bitcoin, I can't believe how come China can get control whit bitcoin, China can control whit bitcoin price when have to higher or lower. But need check news in China always to know what happen with bitcoin next day to get chance with profit by investing on bitcoin or altcoin.

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I don't see anything wrong about the China's Headquarter's decision and statement. It is for the sake of their prestigious country who don't want to increase a crime using cryptocurrency. Also, I don't think everytime there is a news from China, we can blame them for the price dump happening in the market. Remember that it is always about the demand and supply that can affect the whole market.

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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.

barabarian1

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in my opinion the strict controls that the Chinese government has to do have nothing to do with yesterday's bitcoin decline. and I think it's natural that China is more stringent in assisting the circulation of cryptocurreny which is easy to use for illegal activities. the Chinese government will soon implement blockchain technology. so maybe they will also make a regulation to tighten the security of cryptocurrency.

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Quote from: Mr. Spasybo on November 25, 2019, 03:08:34 PM

China is planning to launch its own cryptocurrency, which the government supports dozens of blockchain companies. They are just trying to influence Bitcoin so that their cryptocurrency can take a share of the market and capitalization.

Yes! I heard the news that they are going to lunch their own. We know that chinese know for their patriotism, when they will release their own blockchain technology expect that some chinese bitcoin and altcoin trader will switch to their local technology and they will switch with their trades.

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China is planning to launch its own cryptocurrency, which the government supports dozens of blockchain companies. They are just trying to influence Bitcoin so that their cryptocurrency can take a share of the market and capitalization.

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Quote from: DabsPoorVersion on November 25, 2019, 09:23:41 AM

~snip

We just cant be sure why bitcoin prices are dumping. Because Chinese news? I think the scale is quite small and not enough to reduce the price of bitcoin right now because China is just a country. There are no fundamental factors at this time, in which international governments adopt policies regarding bitcoin.

We often hear market manipulation where whales deliberately drop the price of bitcoin and take advantage of the panic of investors and traders.
Relax, and finally i am sure the decline in the price of bitcoin is now a normal cycle where bitcoin will soon halving.

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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.

the market reaction is normal because we already knew about the manipulators that waiting for a chance to take some cash instantly.

but for me?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.

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

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

mind to tell us why this become a wrong policy?when they are only monitoring illegal activities?

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

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Quote from: blckhawk on November 25, 2019, 08:14:39 AM

I still don't think it is the sole reason of the recent dump in prices. I just see manipulators taking advantage of such negative news to spread FUD in the community, making investors think that it would continuously go down because of initial artificial sell-off and panic. Good thing is that we had now another support level and things go upward reversal recently, hitting nearly $7,200 after 8 hours from its lowest on approximately $6,547.

That is another thing, but the core of it is after this news was spread through crypto space (we can't deny but we have witnessed it with our both eyes), bitcoin price suddenly goes down and yes manipulators will surely taking advantage of this to give an advantage to themselves.

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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.

China really wants to promote its national cryptocurrency. That's why we see such statements about possible penalties and the prohibition of another cryptocurrency. This is a very bad sign for the market, since China occupies a large part of the crypto market

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I still don't think it is the sole reason of the recent dump in prices. I just see manipulators taking advantage of such negative news to spread FUD in the community, making investors think that it would continuously go down because of initial artificial sell-off and panic. Good thing is that we had now another support level and things go upward reversal recently, hitting nearly $7,200 after 8 hours from its lowest on approximately $6,547.

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Quote from: fuguebtc on November 25, 2019, 06:15:40 AM

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!

Sooner or later every government has to do that. In my view cryptocurrency is no way beneficial for governments and centralized financial institutes like banks.
Banks have already started movement againest decentralized cryptocurrency aka BTC.

Yes, bank owners have to purse those legalities and tries to pull down Bitcoin's economy, and they're more like cry babies who lies on government side which I think biased scenario.
Despite of that possibilities, the people still remain strong and decisive with their principles because bitcoin was really a sustainable kind of asset. With issues on illegalities, I think more Chinese people is doing a lot of crimes involving fraud and scams which they usually do using fiat money, and now starting to divert for cryptocurrency bitcoin like scam investments.

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