China says all crypto transaction are illegal - page 7.

senyorito123

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Quote from: Ever-young on September 24, 2021, 06:31:09 AM

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

I don't think so that these Chinese people losses faith in cryptocurrency, and there's no fact checks for this stories behind us. Only main stream media made all statements like this at worst perceptions, basically FUD started to fool our minds which isn't healthy for our mental capacity. Most traders specially Chinese residents would tend to worry, also with other countries who was also having huge numbers of holders.

Evgenklm

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How much can you tighten and simplify the cryptocurrency in China, and they started so well, because they were the first to make their own stablecoin at the state level, and now with their own bans...maybe they want to keep only crypto yuan in this way, and push competitors out of the market, but this is not accurate.

cryptobrzy

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I dont know how every few months we get the news that China is banning crypto currency… China in a big country like US and this type of negative news tends to affect bitcoin and prices dump but we have see riddle of a boy who cried wolf and this time the news didn’t really affect bitcoin much… lets all hope they get there affairs in order and everything works out for everyone

kak uli

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Quote from: dhemasm on September 27, 2021, 06:13:45 AM

Quote from: kak uli on September 27, 2021, 12:31:07 AM

I think China has the power to shake the market with a statement issued by them, just look at the market conditions after the statement from that country!! we can see that all prices have corrected or decreased. But we need to understand together that China has banned digital currency for the umpteenth time, but it has not made digital currency worse. Therefore I consider the Chinese state ban has no effect globally but only for panicked people who are afraid of losing their assets.

Yeah, I though they are seriously doing that but after looking some previous statement on some years before looks like they are just manipulating the market i suppose? You can see some impact when China Govt make an statement about this but ended up reaching ATH, beside that it's look like they are forcing or promoting their CBDC. Not sure too but i can't take China statement seriously anymore, They are keep repeating it for previous years too.

it may be true what you say that china has another purpose behind their statement, it may be that they want to manipulate the market by driving up the price of the digital currency they created. as I said before where a situation like this will panic some asset holders, in contrast to the previous prohibition, I see almost everyone experiencing a severe panic so that almost all digital currencies undergo a massive correction.

dimonstration

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Dimon69

Quote from: Em00n01 on September 26, 2021, 02:10:54 PM

I am hearing this kind of news from china since 2016 when i involved with crypto. China always try to create fud. I don't know what's they're gaining by doing this everytime. But the good news is their news are not effecting market like before.

There are many factors now that affect the market, unlike before before 2017 hype wherein every news of banning, restricting from many countries especially in China affects the market. Every news before makes the market to hype or dump. Now, many were disciplined enough to wait and trust the market. There are also organizations and big companies who involves in the market now,Maybe Chinese people already have their own way to do crypto despite the change of mind in banning and accepting of their country. We can just take every banning they do to buy at dip.

Al Qiyamah

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Quote from: Ever-young on September 24, 2021, 06:31:09 AM

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

Yes, China is known to have repeatedly issued statements that made the price of crypto currencies plummet, especially Bitcoin. I don't know what the intent and purpose is even though China is also the largest crypto market share in the world.

But everything China does is only temporary for Bitcoin and other cryptocurrencies, because there are still many people who believe in cryptocurrencies and for future investments.

Teknisi88

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Quote from: Ever-young on September 24, 2021, 06:31:09 AM

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

The launch of the digital Yuan could destabilize the cryptocurrency market if the Chinese Government tightens regulations at the same time.
When the digital Yuan will be one of the biggest risks to the crypto market once it is introduced later.

msmkluth

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In fact, this kind of news has no advantage other than giving the whale the opportunity to lower prices. For me, this has also increased the price of UNI in my hands in disguise.

Turbolinea

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It was really tough for me to hear about this news for real. It has been claimed many times that China banned cryptocurrencies but those kind of news were not more than just a speculation. However the situation is completely different now and the government really banned them this time. There were so many crypto users there so I wonder what they will do from now on. And I hope to see the market not being affected very highly by this action.

bison

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I wonder why China always issues statements like this, prohibitions and rumors that crypto is something bad, I think China is just afraid that the currency they will make will not be able to exceed the popularity of BTC which is the origin of crypto, so they are trying to reduce the influence of crypto in their country and bring out this kind of bad news, but in reality the impact of the news they make is not that big.

Orange89

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I WANTED EVERYONE TO BE HAPPY IN LIFE

That's the biggest problem for the centralization, the centralized authority like Government don't want you to transfer your money without their concern that wanted to track you and verify the transition and at the end put some tax to their citizen and earn income, these statement is really a balderdash they should understand banning is not a solution crypto and blockchain is making alot of goods and introducing new technology to world

aylabadia05

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Quote from: BAGOBO on September 26, 2021, 02:08:10 PM

Quote from: aylabadia05 on September 26, 2021, 08:04:34 AM

When it comes to economic strategy games, China is great. They plan something well then in their plan make their business rivals emotional. For example in crypto. They try to manipulate the market by developing the issue that crypto is a danger to the country's economy and so on so that the price of the coin decreases. When the price drops, I'm sure they will buy in large quantities.

There are so many issues from China that have an instant effect on the price crash of the crypto market but they deliberately don't publish the news gradually, hence identifying large deposits in cryptocurrencies when the market is down and then the next issue might be published after take profit.

Is it true that one of them is the prohibition of cryptocurrency by them?
Because if it was true that one of them, my guess was true that it was a strategy used by China to reap a big profit from Cryptocurrency. So far that I know about them in cryptocurrency activities like that. Or it could be what I thought was wrong

dhemasm

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Moderator

Quote from: kak uli on September 27, 2021, 12:31:07 AM

I think China has the power to shake the market with a statement issued by them, just look at the market conditions after the statement from that country!! we can see that all prices have corrected or decreased. But we need to understand together that China has banned digital currency for the umpteenth time, but it has not made digital currency worse. Therefore I consider the Chinese state ban has no effect globally but only for panicked people who are afraid of losing their assets.

Yeah, I though they are seriously doing that but after looking some previous statement on some years before looks like they are just manipulating the market i suppose? You can see some impact when China Govt make an statement about this but ended up reaching ATH, beside that it's look like they are forcing or promoting their CBDC. Not sure too but i can't take China statement seriously anymore, They are keep repeating it for previous years too.

midaslordes

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Activity: 504

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Every market cycle I always see this FUD news and I am so familiar with the act of china like this because what they will do is once that the FUD is successful that's the time that they will start accumulating and adding up their hodlings.

nurilham

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Activity: 1498

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China did that several times to clear crypto there. actually it doesn't really matter, it's just that because of the many negative news about crypto out there, many people panic and sell their crypto. that's what makes the crypto market shake. moreover, of course, there are certainly many Chinese crypto lovers and if it is banned then crypto lovers will decrease and that makes the crypto market even more shaken. but don't worry too much, the crypto market will recover and many countries are still supporting crypto.

kak uli

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Activity: 1246

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Quote from: Ever-young on September 24, 2021, 06:31:09 AM

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

I think China has the power to shake the market with a statement issued by them, just look at the market conditions after the statement from that country!! we can see that all prices have corrected or decreased. But we need to understand together that China has banned digital currency for the umpteenth time, but it has not made digital currency worse. Therefore I consider the Chinese state ban has no effect globally but only for panicked people who are afraid of losing their assets.

Banulit

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Activity: 674

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Quote from: Ever-young on September 24, 2021, 06:31:09 AM

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

Well its been always a scenario in the crypto-space that china announces crypto as illegal that creates FUD but after that they will lift the ban because they already accumulated an enormous addition in their reserved.

raidarksword

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I had been hearing this every year yet they not banning at all, they just want to make FUD just to buy at low price. Same old news, yet everyone still panic and I don't know why people still believing this stuff anyways hence china also holds bitcoin. Anyways, only newbies fall for this old and recycled news every year and only strong hands will be victorious in this industry. HODL is the key in this industry.

Tashana

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Quote from: andeluna on September 26, 2021, 04:35:19 PM

I dont know if china is banning crypto currency in their country but base to the link you provided and as other say its a fake news. China is a big economy thats why they think crypto currency will be a treat to their economy because we all know that most of the big whales in crypto currency are in the U.S thats why some people make a fake news and articles to make a bad effect to crypto market.

No, this news is true. China’s news of a total ban on cryptocurrency is true because they need to defend financial stability. China has developed rapidly in recent years. The Chinese government cannot allow any factors to affect their stable development.

andeluna

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I dont know if china is banning crypto currency in their country but base to the link you provided and as other say its a fake news. China is a big economy thats why they think crypto currency will be a treat to their economy because we all know that most of the big whales in crypto currency are in the U.S thats why some people make a fake news and articles to make a bad effect to crypto market.

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