What will be the effects of China's central bank declaring all crypto illegal?

jostorres

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Quote from: Sithara007 on October 31, 2021, 11:10:09 PM

The authoritarian governments may follow the approach that is being used against media piracy. They may arrest some random big fish and hand out extremely hard punishments, and then hope that it will deter others from dealing in cryptocurrency.

But, is it that easy to catch someone who is making use of crypto currency? I believe that people who are in China will be able to maintain their privacy and make use of cryptocurrency without being caught. We are all very aware that crypto currency is decentralized, and as long as you are able to maintain that peer to peer transaction then you are hardly going to have any issue with anyone.

The only time I think the government will be able to find you is when you are making use of it centralized exchange, where you are required to do KYC, then the government will have access to information about you and be able to know your whereabouts. But for people who maintain their privacy, they won’t be caught.

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Quote from: perfect999 on October 31, 2021, 05:58:12 PM

This is worst if you are caught then you have to face some serious issues not only financial in many other ways as well because it's already happening in few countries where crypto is illegal they are giving them long term prisons fines and having their all assets as well because few months back I have one friend who was caught then he lost some good amount and until now facing some serious legal issues as well.

If some country banning crypto then you have to follow rules very carefully because this is not easy to do this all under this judiciary. Sometimes they have fake traders or things like this for having all updates about these crypto related peoples.

There is a difference between de facto ban and de jure ban. In China, the ownership of cryptocurrency is under de jure ban, but millions of Chinese residents continue to use it. And for the government, it is not practical to go after all these people, when the majority of them deals in amounts less than $100. The authoritarian governments may follow the approach that is being used against media piracy. They may arrest some random big fish and hand out extremely hard punishments, and then hope that it will deter others from dealing in cryptocurrency.

perfect999

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Quote from: Quidat on October 30, 2021, 06:47:51 PM

When you are a citizen into those countries which do impose up some bans or restrictions then you would really be finding this situation to be hard but it wont mean that you are totally being get rid of for you to avoid or being restricted on dealing with crypto.We could still make out some engagement though but it wont really be on the sense in full scale or totally free and once you do decide on dealing still with it
then you should be careful because you do know the risk once you get caught.

This is worst if you are caught then you have to face some serious issues not only financial in many other ways as well because it's already happening in few countries where crypto is illegal they are giving them long term prisons fines and having their all assets as well because few months back I have one friend who was caught then he lost some good amount and until now facing some serious legal issues as well.

If some country banning crypto then you have to follow rules very carefully because this is not easy to do this all under this judiciary. Sometimes they have fake traders or things like this for having all updates about these crypto related peoples.

jaberwock

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Quote from: Silberman on October 30, 2021, 03:07:38 PM

this is even worse as it is almost impossible to use your bitcoin privately if all what you have are devices manufactured by Chinese companies.

Hmm, I don’t really get what you mean by saying that it is almost impossible to make use of Bitcoin privately when the devices you’re using are manufactured by Chinese companies? I don’t think that is true, how exactly are they going to be able to know what you’re doing, or does devices which are manufactured by Chinese companies able to automatically block out users from accessing crypto websites? If that’s the case, then you should know that other countries where Bitcoin are banned will be able to do the same if users are making use of devices that are manufactured in the country, but I don’t think that is how it works.

Oasisman

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Quote from: Quidat on October 30, 2021, 06:47:51 PM

When you are a citizen into those countries which do impose up some bans or restrictions then you would really be finding this situation to be hard but it wont mean that you are totally being get rid of for you to avoid or being restricted on dealing with crypto.We could still make out some engagement though but it wont really be on the sense in full scale or totally free and once you do decide on dealing still with it
then you should be careful because you do know the risk once you get caught.

Illegal means you're going to jail once you get caught.
But it's not something to worry about when we're talking about cryptocurrency. There's several ways to avoid getting detected of course with the use of decentralised exchange.
I believe China didn't totally ban or block specific websites or it can even be by-passed.
Nevertheless, it seems like the Chinese FUD didn't cause the market to drop. So I guess, Bitcoin and crypto will be fine. In fact, China done this several times before.

Quidat

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Quote from: Silberman on October 30, 2021, 03:07:38 PM

Quote from: breathlessz on October 28, 2021, 12:36:43 AM

Quote from: Silberman on October 27, 2021, 01:13:28 PM

Quote from: Lubang Bawah on October 26, 2021, 03:53:55 AM

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

For people like us that are not living there and that do not have that citizenship then this does not affects us at all, however even if they decide to keep using bitcoin and other cryptocurrencies now they are at risk, the Chinese government is one of the most controlling governments around the world, so if you use a device that has some apps that come from a Chinese company you can be sure you are being spied all the time, so they now need to be incredibly careful especially if they are living at China at the moment.

As a Chinese citizen, of course, you have to be careful with cryptocurrency, even now some exchanges prohibit Chinese citizens from registering, this is the impact of China's behavior which often creates controversy in cryptocurrency, even though we don't really know what the purpose of the Chinese government is.

It is always important to hear the voices of those that are affected by regulations like the ones that are being passed in China, now exchanges do not want to deal with any issues and are not accepting the business of Chinese citizens, this is similar to what happens to US citizens which are rejected outright by many banks as those banks do not want to deal with the regulations of the US government, with the difference this is even worse as it is almost impossible to use your bitcoin privately if all what you have are devices manufactured by Chinese companies.

When you are a citizen into those countries which do impose up some bans or restrictions then you would really be finding this situation to be hard but it wont mean that you are totally being get rid of for you to avoid or being restricted on dealing with crypto.We could still make out some engagement though but it wont really be on the sense in full scale or totally free and once you do decide on dealing still with it
then you should be careful because you do know the risk once you get caught.

Silberman

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Quote from: breathlessz on October 28, 2021, 12:36:43 AM

Quote from: Silberman on October 27, 2021, 01:13:28 PM

Quote from: Lubang Bawah on October 26, 2021, 03:53:55 AM

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

For people like us that are not living there and that do not have that citizenship then this does not affects us at all, however even if they decide to keep using bitcoin and other cryptocurrencies now they are at risk, the Chinese government is one of the most controlling governments around the world, so if you use a device that has some apps that come from a Chinese company you can be sure you are being spied all the time, so they now need to be incredibly careful especially if they are living at China at the moment.

As a Chinese citizen, of course, you have to be careful with cryptocurrency, even now some exchanges prohibit Chinese citizens from registering, this is the impact of China's behavior which often creates controversy in cryptocurrency, even though we don't really know what the purpose of the Chinese government is.

It is always important to hear the voices of those that are affected by regulations like the ones that are being passed in China, now exchanges do not want to deal with any issues and are not accepting the business of Chinese citizens, this is similar to what happens to US citizens which are rejected outright by many banks as those banks do not want to deal with the regulations of the US government, with the difference this is even worse as it is almost impossible to use your bitcoin privately if all what you have are devices manufactured by Chinese companies.

lucates

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Quote from: aprilnot on October 12, 2021, 11:32:57 AM

Quote from: Charles-Tim on October 12, 2021, 04:27:34 AM

Quote from: Novice08091 on October 11, 2021, 04:28:26 PM

I don't actually think their laws will get rid of crypto.

A single country can not eliminate bitcoin, see the recent China FUD, bitcoin was down 5% to a price around $41000, but just few days after, the price soar to over $50000. Bitcoin price now at $57000.

yes you are right, one country will not make bitcoin disappear. no matter what their efforts, bitcoin and crypto will survive. so I think they're doing something pointless. even if the country were to withdraw from all things crypto-related, it would only have a temporary effect. and will have no effect in the long term.

Absolutely agree because china has also banned google, facebook, youtube, instagram, netflix,snapchat,etc. Doesn't make any difference in crypto also. If that's any indication, bitcoin will be just fine 100 percent. Many people are become panic about this news but don't worry nowadays crypto is a major economy. And most investors viewing this as an opportunity and not as just panic sell.

breathlessz

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Quote from: Silberman on October 27, 2021, 01:13:28 PM

Quote from: Lubang Bawah on October 26, 2021, 03:53:55 AM

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

For people like us that are not living there and that do not have that citizenship then this does not affects us at all, however even if they decide to keep using bitcoin and other cryptocurrencies now they are at risk, the Chinese government is one of the most controlling governments around the world, so if you use a device that has some apps that come from a Chinese company you can be sure you are being spied all the time, so they now need to be incredibly careful especially if they are living at China at the moment.

As a Chinese citizen, of course, you have to be careful with cryptocurrency, even now some exchanges prohibit Chinese citizens from registering, this is the impact of China's behavior which often creates controversy in cryptocurrency, even though we don't really know what the purpose of the Chinese government is.

Cafex

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The market was affected by China's action a little first. But after some time, the market started going up at a really nice pace without even caring about China. We have even seen Bitcoin price reaching a new ATH level too. I think that this proves how strong the market is becoming day by day. It is getting stronger and more durable against FUD attempts.

Silberman

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Quote from: Lubang Bawah on October 26, 2021, 03:53:55 AM

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

For people like us that are not living there and that do not have that citizenship then this does not affects us at all, however even if they decide to keep using bitcoin and other cryptocurrencies now they are at risk, the Chinese government is one of the most controlling governments around the world, so if you use a device that has some apps that come from a Chinese company you can be sure you are being spied all the time, so they now need to be incredibly careful especially if they are living at China at the moment.

Rajamuda

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Quote from: Lubang Bawah on October 26, 2021, 03:53:55 AM

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

Their trust in Bitcoin certainly will not easily weaken, this is already like a hobby that is difficult to leave.
Moreover, apart from Chinese citizens, there are very many people out there, and still in the increasing interest in Bitcoin, the more crowded they are in doing certain things that can still be done, and of course that can cover up the certain negative news related to the price rate, because it is still there are many other things out there that can push the role of Bitcoin/cryptocurrencies.

jaberwock

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Quote from: Novice08091 on October 11, 2021, 04:28:26 PM

My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero. I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

I don’t see nothing much that is going to happen apart from the fact that some of their citizens who are investing in cryptocurrency and also mining cryptocurrencies are going to drop out from it, but that is going to be just for some time. Once government begins activities like this and start declaring cryptocurrency illegal in a country, people will get scared at first and a lot of them are going to stay clear from that asset, because they’re scared, they’re going to have a problem with the government.

But, as time goes on they're going to still get back to that asset and they will look for other ways that they can have access to it. And in the case of cryptocurrency it is always very easy to gain access to it because it is decentralized.

Lubang Bawah

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Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

Congyang

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Quote from: Fredomago on October 21, 2021, 03:11:33 PM

Quote from: Congyang on October 21, 2021, 02:29:10 PM

in fact they would rather leave their current country than do what the government says.
because it will be very difficult while still in the country with the dictatorship system.
people will always be required to fear the government and this is like a necessity that they have excess authority to regulate their citizens.
on the other hand, running away is the best choice when you still want to be on this path even though what is prohibited is bitcoin, not crypto, but in crypto bitcoin has become an extraordinary thing and cannot be simply eliminated.

If you believe in something and you are capable of doing the right thing moving away from the threat is the best to continue your support, as you mentioned those people who understand the value of Bitcoin/crypto they are aware and they are willing to move forward even the government implies rules against this business.

They all in supporting what they understand if it's needed to move from one country to another just to continue their support. It won't be hard for them doing so.

The principle of knowing the value than fearing to something that doesn't understand what's the benefits of.

Exactly as you said. the miners in china already believe in what they are doing especially with the bitcoin mining they do. they believe their lives will be guaranteed and they take bold actions by leaving the country.
but maybe it will be better than them having to stay and survive the regulations issued which almost make no sense for people who depend on crypto for their lives.
I don't know what his fate will be but when I am in that position I will try to survive in another country instead of having to live with unclear regulations

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Quote from: tippytoes on October 21, 2021, 04:11:21 PM

Quote from: dbc23 on October 21, 2021, 03:48:57 PM

Quote from: Novice08091 on October 11, 2021, 04:28:26 PM

My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero.

Even the ban doesn't stop people from investing in china. But secret internet service and privacy crypto would just be a better option for those scared of taking the risk due to regional restrictions going with this will limit the amount of investors that would have Bitcoin in their portfolio.

Quote

I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

Where there is a challenge there is always a solution. If a solution isn't accessible then an alternative or improvised approach is adopted. If a solution hasn't been adopted then I think it's time for developers to act on making crypto most especially Bitcoin accessible to Chinese citizens and also provide a completely secret web services where Chinese citizens can transact in cryptocurrency anonymously

This is why I don't believe all crypto transactions in China are totally eradicated. I have the feeling that some of their citizens are hiding their transactions via privacy coins right now. Of course, they have been long in this mining and trading already, so they should know how to get around their government. But what I am wondering is, will Chinese government be firm with this standpoint or will they later reverse their total banning of crypto? They have seen that they don't have great influence in the market as bitcoin just hit its new ATH, and that is, without them.

Taking into consideration the decentralized nature of this market it is fair to say that they are never going to eliminate the use of cryptocurrencies completely at their country, but what matters is that it is forbidden and if they catch you doing it then most likely you are going to face some kind of sanction or even some jail time, and it does not matter where you are living jail is one of the places where you never want to be.

albon

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Quote from: Botnake on October 22, 2021, 12:00:14 PM

Quote from: LogitechMouse on October 22, 2021, 09:50:52 AM

There might be a small effect with regards to crypto but it is small that it will recover afterwards.
I still remember when China announced that they will ban ICO in 2017. Instead of having a huge effect towards the downside in the market, it is the complete opposite.

China can just do anything negative with regards to crypto and we that are outside China don't care. They banned mining Bitcoin on the country but it didn't push Bitcoin downwards. They might be a strong, powerfun and an influential country but I don't think that they are that powerful enough to put down crypto. They can declare crypto as an illegal one. Those Chinese people who are a big supporter of Crypto may just live outside China and continue what they are doing. They are just saying it because they can't control Bitcoin and they don't want the people out there to own something that they themselves can't control.

Of course China would really want to control their people including all their investments. And since when it comes to crypto investments, its hard to track the owners so what they did is to impose a permanent ban on crypto so that their citizens would not hold crypto anymore as it becomes a threat to their digital yuan. But seems crypto this time is not totally affected because bitcoin continues to surge despite of the current banning from China. And it even exceeded its previous ATH without China around. I must say China will never give a huge impact to crypto anymore, and its definitely a good thing for crypto and bitcoin.

Although China launched strict campaigns and laws to eliminate Bitcoin and cryptocurrencies 8 years ago and so far, the cryptocurrency market has not been affected by only a small percentage of decline, and Bitcoin and currencies continue to rise due to the centralization of crypto that preserves people’s privacy and not disclosed Their identity and to the market values estimated in trillions, of course, the crypto market will lose a large country like China, which would have been a strong supporter of cryptocurrencies due to a large number of investors and miners in it, but the results of this are not bad for crypto in the presence of countries and huge companies that support crypto.

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Quote from: LogitechMouse on October 22, 2021, 09:50:52 AM

There might be a small effect with regards to crypto but it is small that it will recover afterwards.
I still remember when China announced that they will ban ICO in 2017. Instead of having a huge effect towards the downside in the market, it is the complete opposite.

China can just do anything negative with regards to crypto and we that are outside China don't care. They banned mining Bitcoin on the country but it didn't push Bitcoin downwards. They might be a strong, powerfun and an influential country but I don't think that they are that powerful enough to put down crypto. They can declare crypto as an illegal one. Those Chinese people who are a big supporter of Crypto may just live outside China and continue what they are doing. They are just saying it because they can't control Bitcoin and they don't want the people out there to own something that they themselves can't control.

Of course China would really want to control their people including all their investments. And since when it comes to crypto investments, its hard to track the owners so what they did is to impose a permanent ban on crypto so that their citizens would not hold crypto anymore as it becomes a threat to their digital yuan. But seems crypto this time is not totally affected because bitcoin continues to surge despite of the current banning from China. And it even exceeded its previous ATH without China around. I must say China will never give a huge impact to crypto anymore, and its definitely a good thing for crypto and bitcoin.

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There might be a small effect with regards to crypto but it is small that it will recover afterwards.
I still remember when China announced that they will ban ICO in 2017. Instead of having a huge effect towards the downside in the market, it is the complete opposite.

China can just do anything negative with regards to crypto and we that are outside China don't care. They banned mining Bitcoin on the country but it didn't push Bitcoin downwards. They might be a strong, powerfun and an influential country but I don't think that they are that powerful enough to put down crypto. They can declare crypto as an illegal one. Those Chinese people who are a big supporter of Crypto may just live outside China and continue what they are doing. They are just saying it because they can't control Bitcoin and they don't want the people out there to own something that they themselves can't control.

doomloop

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Quote from: marine4u on October 21, 2021, 05:57:47 PM

Theoretically, it shouldn't be an important issue but there would be skepticism. Bitcoin has outperformed its position compared to 2018, the last of the sentiment field has removed the extreme for the China Fud. Without those damn roadblocks, keep your eyes on the extreme optimism that bitcoin represents.

Simply we can conclude that bitcoin has defeated all the recent FUDs of China; I'm just wondering what would have happened by this time for bitcoin price levels if China did not have banned all the crypto related activities; probably we might be trading around $80k by this time. Still, getting into a new ATH even after no more crypto activities in world's second high-power country, must be a great achievement for bitcoin ecosystem, indeed.

The consequence of China's ban on all crypto related activities has been nullified literally but we must need some more time to confirm the same.

Overall, we can conclude like, rest of the world must be having all the option to support bitcoin or Chinese people might have migrated into other crypto friendly countries to continue their usual business or ban from any country will not have any significant effect on the progress of bitcoin.

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