Topic: What will be the effects of China's central bank declaring all crypto illegal? (Read 512 times)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 .

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

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.

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.

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.

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.

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.

I do not know how things are with law and law in China, but in my state no one would pay attention to the decision of the central bank to ban the circulation of cryptocurrency. The central bank can give instructions to subordinate banks on issues related to its competence, but not to citizens, if this is not directly related to the activities of banks. In order to prohibit the circulation of cryptocurrency, an appropriate law or at least a by-law at the government level is needed.
Criminal liability is incurred only for acts directly indicated in the Criminal Code as crimes. In order to amend the existing criminal code, a decision of the country's legislative body is needed. Therefore, it is completely incomprehensible to me how the central bank of China threatens with criminal liability for the use of cryptocurrencies, or it is already interpreted in this way by other persons, because we have not seen a direct order from this bank.

You will always have a good connection, no one will pay attention to what a government impounds, however the miners have left there, but there are many investors, many traders who will continue in their activity, they will not mind looking for the best VPNs, when it comes to of money, I believe that no government can control individual economies, especially when they are benvolent.

Sometimes the news makes us see other scenarios, a scenario that has nothing to do with reality, CHINA is such a large country and with so many P2P exchanges that control is almost impossible, and every time there is bad news, instead of Doing FUD increases the price of BTC, Bad News in CHina + Good News anywhere in the world = Price of BTC increases., that's the way I'm seeing it.

I think China's capacity ranks second in the world, they are just behind the US.  More seriously, not only politically and commercially, they have been enlightened over the years by keeping too much of their bitcoin profits through the mining camps that are filled there.  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.

interesting points I agree with your a statement maybe Chinese government want to make its citizens submissive and must obey state regulations also by suppressing the crypto population ,but there may also be other thoughts that certainly want to be more profitable for the country chinese like dropping the price and then later rebuy

I don't see the ban would be permanent, i know it will be lifted soon the moment they realized that bitcoin is a part of the great revolution, and if they can't be a part of it, they will be totally left behind as most of the countries are now considering adopting bitcoin.

However, this is the first time that bitcoin will reach its new ATH without China around. And things have been better even without China. There are already other big countries who are ready to backed bitcoin so China will not be as important as it was.

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.

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.

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

They are really making this as a serious issue or they do really mind off things which arent supposedly for you to mind off because seeing on how this market handles these kind of situation then this wont really be that

a big issue or something that we should really be worry because no matter what happens then it would really tend to recover on its own and no matter how those country would  really be that negative with bitcoin

there would always be a community who would definitely support this one up and its a solid proof on what we are looking at the moment.

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.

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.

It is entirely possible that a government like China that spies every single aspect of the life of their citizens has a way to filter transactions made with cryptocurrencies, also since many of the apps that the Chinese citizens are using are exclusive to them it would not be weird that they have all kind of tracking devices, so if anyone tried to make a BTC transactions from their phone or their computer they will know it and they will go for you.

What happens if majority of the centralized exchanges bans users from China or banned countries to trade in their exchanges, then it will be a difficult task. They need to either trade in decentralized exchanges in order to cash them out and some of these exchanges are not having high liquidity and it is a risky proposition if you are trading huge numbers.

The good part is that, these news did not have a huge impact on the market this time around, usually these news will take the market down drastically but this time we did not see that kind of impact which was a positive thing.

In a country with a totalitarian regime, the population cannot have secrets! Especially financial, especially from the state! This also contradicts the concept of totalitarianism, where total control over one's subjects is one of the pillars ... Even if someone wants to, it is a crime, and such criminals will be seriously monitored. In short, the idea that a billion Chinese people want privacy does not work, it is more likely that their government will hide from them and the whole world everything that it considers necessary, even if it is not logical ...

And we are now seeing that there's really no effect in btc or in crypto in general.
Instead of continuous decline after their announcement, btc bounced back after a slight dump.
And now, we are heading to new ATH. This clearly shows that even without China in this market, btc or crypto will survive, and may reach new heights.
Their total banning is just affecting their citizens who are into crypto. Removing the chance of jobs related to crypto businesses, such as those miners.
They are now seeing that they can't cause the downfall of crypto. Maybe in few years, they will change their stand towards crypto.
Chinese government is known to changing their stance, so I am thinking that give them time, and they may change again their story.

But, must you make use of Monero? Because you know that it is not everyone that likes making use of Monero right? A lot of people prefer coins like Bitcoin, and Ethereum than these other coins such as Monero that are not widely being used. And if people decide to make use of Bitcoin, but only by using decentralized wallets and exchanges and doing peer to peer transactions, will the government be able to track you or even know that you’re still making use of cryptocurrency? Because, I know very well that transactions that are done peer to peer wouldn’t be tracked by the government, because they wouldn’t be aware of it.

It only comes to the knowledge of the government that a citizen is trading and using cryptocurrency only when they are making use of centralized wallets and exchanges which are regulated by the government.

Chinese government wants to remain dominant by keeping their citizens scared of them, so they don't want btc to give their citizens the freedom to become rich some day and due to this dislike for btc, they banned it. But their CB's declaration of crypto going illegal there will have absolutely zero (no) effects to the crypto industry. This will only circulate btc out of the hands of Chinese and some other country will take advantage of it by buying at 'cheaper than market' value because of the helplessness of Chinese people.

For the exact same reason, experts are always suggesting about cryptos are always beyond the control of any kind of regulations. Because, people will innovate new things so that they could easily pass through those regulations. This had happened in the past many times and I believe it will keep repeating in future as well. The ban from China is not a new thing for Chinese and definitely they must have developed a solution to continue enjoying cryptos and its better benefits.

Digital yuvan may not fit many people for obvious reasons like privacy and freedom that will definitely make lots of people to start adopting crypto again.

I guess these kinds of news from China never make big waves, so this time as well I don't see some strong effects, on the contrary price of BTC is over $60k again... I believe that speaks for itself that news from China is often just FUD, and when majority expect the price to drop the opposite happens! And it's like that happens for the first time... for years the story is just repeating itself from time to time, it's why I don't trust news from China and about China!

I believe the same as you do, I think this is going to eventually come back to haunt them, they are creating with their actions the perfect market for cryptocurrencies that are specialized in privacy and they are also giving the people that are holding bitcoin a reason to move out of their country and never comeback as they do not want to deal with their oppressive regime anymore, people want freedom and while we understand that some kind of limit to those freedoms is necessary to live in a civilized society at the same time they are not very good at tolerating instances in which their freedoms are being restricted and there is not a good reason for it.

Well, its really hard for the government to track all their citizens who are still making crypto transactions secretly because bitcoin alone will never be tracked knowing its users will remain to be anonymous especially now that China will already give sanction to those who will be caught. There might be some who will definitely stop from doing so but i think those who have been holding huge amount of crypto in their portfolio will definitely find ways or even transfer into another country wherein crypto is not restricted.

However, China is known to be the most largest contributor in crypto mining and this recent ban will certainly create big changes in the crypto market. But things come out too far from what we expect. Crypto has remain to be strong and stable and it even become even bullish after few days from banning. So China has not created a huge negative impact on crypto now.

Certainly there's no country who can control and take command crypto like bitcoin, even the most powerful country like USA cannot make the industry vanish or dissolve it.
Bitcoin is unstoppable and can survive many negative remarks and especially doesn't depend on China's position about bitcoin. Yes they may create a big impact on markets value but it won't last for long because it's just a short-term effect.

I bet China couldn't even keep track about their citizens using bitcoin or mining btc even if their government keeps on banning bitcoin and other cryptocurrencie or something that is related.

And tell me - how is China connected with bitcoin? Mining? Until recently, China owned almost 3/4 of all mining. Yes, mining, which was suddenly banned, would create panic, most likely the price went up very much. But this problem turned out to be not a problem - the migration of mining centers from China to neighboring countries, the same Kazakhstan, began. In total, if in 2019 China owned 75.5% of mining, now it is no more than 46%, and taking into account such pressure, it will fall even more.
Miner production? Well, it is unlikely to be banned, or immediately transferred to Taiwan, Hong Kong, ... Therefore, the influence will be purely "synthetic", and soon the market will return to its previous level .. Or lower ... or higher

The effect is not going to be any strong effect, so far we have seen how far the effect can go. I don’t think there is much that is going to happen and moreover this is no longer something that is going to be an issue to be much worried about since we already know what’s going to happen whenever the government carries out a rule like this; people are going to quickly move to making use of decentralized platforms.

We have seen these things happens in other places where Bitcoin has been banned, and people quickly switch to making use of P2P, so this can’t be stopped.

The more bitcoin is banned, the higher it gets sympathy from its community. So the demand will never stop that makes bitcoin even reaching another heights despite of the Chinese Communist Party that never gets tired of banning bitcoin. Now that its permanent, i even think that bitcoin will be better without China's connection. And its a good thing that Russia is here that may even take place the position of China. At least, the President of China knows the value of bitcoin and its really an edge knowing that.

Before all this I have a theory, and it may sound a bit crazy, but every time China prohibits something, the immediate effect is that Bitcoin and cryptocurrencies go up, because everyone will look for a way to enter and win, that's like telling people that money is a bad thing, do not look too much ... When people are concerned about money and are forbidden the ways to obtain it, they become irreverent and more so if it is by mandate of a government or entity that does not help its population to improve your private economy.

This is something simple that everyone is looking for, you cannot say no to people to make you more slaves, the market would react positively, at least I see it that way.I do not know if anyone agrees with my quick analysis, which may be merely speculative but cannot be ruled out.

This is also what I noticed from bitcoin. It has always been the center of negative publicity, but it was never a huge problem as people still buy bitcoin anyway despite governments and other huge entities warning them not to go near the said cryptocurrency.

China has been taunting such bans for so long now that it no longer is a threat if they decide to ban bitcoin for real this time. The world has since moved on from news coming in from China, that whatever happens in that region no longer concerns what's happening in the bitcoin ecosystem.

We dont know on whats happening behind the curtains because they might be having making these decisions but turns out that they are accumulating coins or crypto secretly and just trying to
show off into the world that they are totally against with crypto but honestly they had been doing something like this.In overall we could really say that the market doesnt really
been affected much with these kind of news or sentiments but there are times that it could be badly be affected but we know that this market could recover
on its own and as long theres some demand then we cant really be that easily to fall off.

The transition to the American dollar, as a temporary measure, is the most logical move for this situation. Simple, understandable, and really predictable for ordinary people, and this is very important. And the most important thing is stability, as long as the dollar is the blood of the world economy, nothing bad is guaranteed to happen to it, and everywhere it will be welcome as a means of payment

I do not think that you could be that free in china and do whatever you want to do. Lets be honest with each other china is a dictatorship just like North Korea, sure they have a much better life than people in NK and that seems to be the situation that makes China look better. However, the system that they are ruling their nation is literally exactly same as NK and that is why that there is nobody that could do whatever they want without fear from being murdered.

If you go against what CCP wants then you will not be just jailed, hell even the journalists get so much jailed there that even a slight discomfort in a paper means they are going to get jailed and you are telling me that people could use crypto without a problem?

My thoughts is that some chinese would still mine and use cryptocurrency even if it's illegal in their country. As of now, USA (overtake as others may call it) on mining because of the government's decision. Still, it didn't affect much in cryptocurrency. They have to do it illegally though and secretly to avoid being called as a criminal since it is now illegal to use crypto in their country.

The Chinese will be forced to comply with laws banning cryptocurrency if such laws appear in the future. In any case, no one will openly work with cryptocurrency. And this will be a significant blow to the cryptocurrency in this country. People will use cryptocurrency, but in much smaller amounts. Now statistics show that the percentage of bitcoin production in China is zero. That is, there is no official production, but there are probably still small farms that secretly continue to do this. However, in general, the ban is valid.
We see that such a ban did not affect the decline in the price of bitcoin for a long time, and today the price of bitcoin almost reaches $ 60,000.

Bitcoin thrives from the very beginning with bad publicity.
Everyday you get FUD from somewhere, ever since 2009. And at every step BTC has overcame it and became stronger.

So, who cares about China? They want to go back in time and rub sticks to start a fire? Let them go for it...

Indeed. That can create a rebellion from their people because they use strict rules to control all people while people need to realize that they have the freedom to do whatever they want. The government can control them but not all of their lives because every person will have their own will. If the Chinese government still wants to do that, that will be up to them and we should not worry about that because crypto can continue to grow even if China is not in the circle.

I don't think the Chinese care much about these laws. They continue to work in cryptocurrencies despite the ban laws. They have many means and tools to hide their identity away from the eyes of the tyrannical Chinese government. The Chinese government will not succeed in preventing the Chinese people from using cryptocurrencies. In addition, they have lost important resources. To the state treasury through the taxes that were imposed on cryptocurrencies and also the dollars that were coming from mining and mining equipment. This stupid government will soon discover its mistake.

I have never lived in a totalitarian/authoritarian state although the current leader that we have is being labeled such. But in terms of Chinese politics, I guess it is mortal sin to criticize the government or the CCP, especially publicly. Doing so cannot be equated with merely buying Bitcoin despite a ban in place. I don't think somebody would perish in the thick of the night simply because he/she tried to sneak a P2P Bitcoin purchase.

Moreover, China has been against Bitcoin since 2013. It has already banned it numerous times. Are you not curious why despite all those pronouncements and decisions and orders, Bitcoin is still present in China? Would you somehow consider that by banning Bitcoin many times, China is in effect admitting that it cannot actually ban Bitcoin?

You have probably never lived in a totalitarian/authoritarian state and that is the reason why you think that it is possible to go against the government. I China, making a single social media post against the government can land you in jail and you may just vanish from the public without your friends and family members having no knowledge about your whereabouts. The state surveillance will be everywhere, and whatever you do with your laptop or mobile will be monitored. Given this, do you think that a great number of Chinese citizens would still go against the government and trade in cryptocurrency?   

There are many misunderstandings regarding the chinese ban of cryptocurrency trading.

The original text from authority is:
（二）虚拟货币相关业务活动属于非法金融活动。开展法定货币与虚拟货币兑换业务、虚拟货币之间的兑换业务、作为中央对手方买卖虚拟货币、为虚拟货币交易提供信息中介和定价服务、代币发行融资以及虚拟货币衍生品交易等虚拟货币相关业务活动涉嫌非法发售代币票券、擅自公开发行证券、非法经营期货业务、非法集资等非法金融活动，一律严格禁止，坚决依法取缔。对于开展相关非法金融活动构成犯罪的，依法追究刑事责任。

It clearly says, the cryptocurrency related exchange business is illegal, means exchanges and centralized dealers are illegal. But it did not say the trading of cryptocurrency is illegal.

Of course it will be difficult to trade without centralized exchanges, but there are still decentralized exchanges and many private person that trades cryptocurrency, those are not illegal unless you trade daily as a business. For example, a chinese family, farther buy 0.1 ETH from his son, who mined ETH using his graphic card, how is that illegal?

And  when a foreign dealer trades with chinese people on a foreign platform, even by chinese definition that service is illegal, but in practical a chinese law have no effect to any person/entity that is not in china

So the whole chinese cryptocurrency ban is aimed at centralized chinese exchanges and professional chinese dealers, nothing more. Many western medium misunderstood that, showing that they don't know much about cryptocurrency either

Chinese people are basically more independent today maybe because they can live on their own even without the help from the government. And with this bitcoin investment, i know that helps them a lot to generate profits. So i really believe not just the crypto community itself but also the Chinese bitcoin supporters are not affected that much because they can transfer into another place where crypto is legal if they want it too. But knowing China, even if they say the ban is permanent, i know they will eventually lift the ban once they see the whole world has adopted bitcoin and crypto. Otherwise, they may be left behind from the existing revolution.

If you are just new into this market then you would typically freak out but if you had been get used to into this market then you would just say "meh" here we go again kind of lines.
Banning and events like these arent something new.It do make out some fuds and talks about crash in price but it didnt happen but instead those movements are just ordinary ones
No matter how hard the market would crash or price decrease it would always be having that kind of recovery in the end of the day.

Here is a great chart I saw comparing china's bitcoin bans with contrasting price moves afterward.

Newcomers to crypto may view chinese bitcoin bans as a doomsday event where the sky is falling. Historical trends however are not that bad.

China's economy may take a big hit as crypto miners exodus from the country. Taking with them considerable capital, electrical consumption, jobs and economic growth which are attributed to cryptocurrency innovation.

If china banned the wheel, shortly after it was first invented. Undoubtedly, they would suffer in ways. Perhaps the same can be said of their stance towards crypto.

This is going to become a cat and mouse game. Let's see how good China is in monitoring their citizens all over the web. It is easy for a totalitarian state to restrict its people's movements in the real world, but it's quite different when it comes to the online universe.

I don't think the Chinese people are that naïve as to do and say everything the CCP tells them to even in their online lives. China's rulers will definitely be not as successful in the online world in terms of control. The Chinese Bitcoin supporters won't stop buying or HODLing Bitcoin simply because the country's central bank declares it illegal.

It did temporarily brought the price down when they announced it and quickly bounce again.
China had isolated itself again from this new economy which other countries the rest of the world may even move into despite having CBDC of each country.

China may have different views on this so we'll just know what really will happen after years, a hundred years later we may know what else will happen but right now, crypto is going to reign.

There might be some effects but those would be temporal because basing off with those strong supports below then there are lots are ready to accumulate or buy whenever the price had plummeted down neither because of the sentiments been causing or nothing at all.

They can declare all those bans that they want but doesnt mean that this market would be over. Support and demand are still strong as ever and would become more stronger as adoption is on the move.

China is just a single country even though finance capabilities are high but we know that the market doesnt only spin up on a single country.

Nothing will happen to the crypto market. Maybe a small crash and it will recover soon. Didn't the central bank already issue warning to their people about bitcoin? They have been doing this for years and now literally no one cares. You are correct. Those laws won't get rid of crypto currencies. People will still use it. As long as they are not getting involved with fiat or the banks, there is no way the government can do anything.

First of all this was a known thing to happen and it came at no surprise since they first started stating they will be banning the mining of bitcoin and cryptocurrency multiple times, and to be honest i was surprised that they haven't done this much much earlier since everything related to internet and any sort of freedom is prohibited or rather controlled by the government, and for the banks to declare the use of bitcoin illegal is not not going to have any impact because we are way past that point.

why so worried about it, in this world there are so many countries and that prohibits only one, why should we panic about it.
even if it is a country with a very good capability in the global economy that prohibits it, it will not have much effect.
even if there is movement in the chart caused by it, but you should see the recovery after it happened.

China has been on the struggle to pull down bitcoin from the ban on ico in 2017. Most countries trying to ban on bitcoin has expounded the P2P transactions , the market is growing higher and India some more countries have been trading P2P. Contrary to the believe of China to stop bitcoin but it keep increasing the popularity.

Rebellion is quite farfetched. We are talking about China where the government hides dictatorship under communism. They would be very strict with the laws if they do make them like that, people might have to move out or use some other methods, like using wallets which cannot be tracked for long term holding. But at the end of the day they would always be at a risk of being found out and being charged for it.
Much like India where the government every once in a while tried to pass the Bills that would make the cryptocurrencies illegal, causing a huge unrest and people can be behind the jail for more than 5 years for using them, but these laws are never passed because the amount of people using cryptocurrencies increases every single day and I do think that the government is not ready to disturb the peace of rest of the country because of that.
Here in China, I do think they might not affect the market value much, we have seen from the past examples as well but the young population involved in cryptocurrencies would defiantly move out of their country, causing massive brain drain. Plus since other countries are adopting bitcoins as well, they might have to change their decision to be in par with them as well.

This is quite true. People of China know the importance of cryptocurrency and how it could possibly change the monetary system. They are one big community and Cryptocurrency is quite popular there. Its just that the CCP wanted to control everything which they cant do with crypto. In my opinion, people in china are smart enough to not know the alternatives which is the decentralised exchanges. P2p transaction at black market would also be a great option.

Crypto has come to eliminate errors from the world economy. Many countries that made crypto to be legalized in their various communities are testifying about the positive impact Crypto has caused to their economy. Those countries that is trying to make crypto illegal in their countries, it will really affect their economy and also increase unemployment in the country because decentralized currency has the power to improve their economy. China just want to try if their centralized currency can take over decentralized in the areas of investment which it will hard for any centralized currency to take the place of decentralized currency in the world.
Those citizens that are used to crypto investment will never give up on crypto because they believed that crypto currency came to eliminate delay in transaction to any country that make it legalized.

So far, there has only been a statement from the People's Bank of China about the illegality of transactions in cryptocurrency. Although this bank is the central bank of this country, it does not have the powers that the legislature, or even the government of China, has. While lawmakers are silent and even a general decision on cryptocurrency at the government level has not been made, such statements should not be paid too serious attention. Apparently, it is only being clarified how the citizens of China will react in the event of a ban on transactions in cryptocurrency. And at the same time they will see how people will bypass such a prohibition and whether the government will be able to block it. This is not to do stupid things and not be a laughing stock in the eyes of the whole world.

China had so many ridiculous rules that limiting the freedom of their people, including that they declare all crypto transactions illegal. Imagine if I live there, I would be purely devastated and may end up in extreme depression. If they think that they could convince the whole world in doing the same restrictions like them, it won’t happen especially for crypto-friendly countries.

I know that the Chinese crypto community are not giving up finding loopholes and it’ll be difficult to trace them if transactions are done by P2P.

In addition to what has been said, I think there will be an effect like that of the dry law, in that at first all crypto-related activity will be reduced, but little by little people will increasingly learn how to escape state control, using Tor and p2p exchanges for example.

I understand that China, in its eagerness to control, has made a mistake by turning its back on the crypto world, and the US is about to make the same mistake with the very strict regulation that is on the way.

Highly doubt they could identify anyone who uses Bitcoin though. If they were to ever set crypto users as criminals, users would just simply hide, and that's it. Using Centralized exchanges isn't a requirement after all, DEX's exist though it would probably be just a bit more difficult. Plus, Bitcoin isn't only used by the Chinese, it's a currency for the world, not for a country. Even if they ban it, people can simply move out, and even if they were completely left out, there would still be millions of others that would be willing to use it. Honestly, it doesn't have that much impact, nor should it. It affecting the market is simply because of FUD imo.

There doesn't seem to be any major negative impact, and there's no reason for the impact to be delayed, so I'd say we're fine. It truly seems that we're finally past the times when any FUD related to China caused something like -15% price drops and perhaps even some midterm negative impact (when combined with some other factors). It's kind of like marginal utility: it happened so many times, that it doesn't produce the same effect anymore. It's still bad news, of course, because a huge part of the population lives in China, so it does affect a lot of people. But at least the global market it doing okay.

It is completely cant get rid off no matter how hard they do try on banning things because crypto is something that cant be handled out because people could make out transactions anonymously.

Trying out via ISP? People could make use of VPN and its untraceable if you do ask me and if you are a citizen out of those countries banning up crypto then accessing wont really be that a problem

but of course it would really be having corresponding risk once you do get caught.It do sucks but if you are really that serious or eager on dealing with crypto then you could still possibly do it.

China has been doing this for a long time and this is usually the reason why Bitcoin would slowly go to bear market after its recent bull run due to correction and their FUD but it looks like people are getting used to it because this is usually their strategy to make Bitcoin price to go down.

Yet people are learning over time and if only their country will ban Bitcoin it doesn't matter to any other countries as long as they don't ban it too since Bitcoin is a decentralized coin no one can directly ban it even if all of the country will going to ban from using it. Not unless if we can't access our wallet anymore if there's no internet is working but that's the worst case scenario.

Do you seriously believe that people will rebel because of crypto? China has been a totalitarian country for many-many years, and they literally mowed down people on the streets because they tried to protest. And currently hundreds of thousands of people are in concentration camps because of their religion.

What crypto ban means is that millions of people who would have liked to invest in crypto or use it will now won't do it because of the fear of being prosecuted.  For most people crypto investment is no something worth risking going into prison.

There are no effects until China steps up their enforcement, which won't happen for a while. CNY's sustainability is the key here. If China finds out their own currency is being edged out by crypto, they'll step up the enforcement and outright ban the currency, not just empty threats or proclamations that don't mean anything. This is also a country that is currently operating concentration camps of muslims by the millions, so expect them to aggressively come after crypto with extreme penalties. I don't think they'll be successful (as in entirely or significantly eliminate crypto transactions), necessarily.

Bitcoin doesn't lean on China, so there's no need to worry. Didn't China from the beginning rely on and hold on to Bitcoin? China is a country that doesn't know how to return the favor. In the past they raised the name of Bitcoin as a driver of the digital economy, but the fact is that now that everything has been drained, China without thanks has responded to Bitcoin by throwing it away.
There is not the slightest bit of China behavior that we should emulate.

Bitcoin does not teach someone to forget, but gives advice so that we appreciate someone's work even though we don't know who Satoshi is. There are many things that we need to avoid, never rely on the Chinese economy once in a while, because it will only ensnare heavy shackles for you to pay in the future.

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.

But discourage many people from using/owning cryptocurrency.


Obviously they know since there were many similar attempt.


While it's true, Monero is preferable option since user carelessness is less likely to reduce privacy.

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.

If you want privacy, you can use bitcoin, but you will have to learn ways to have maximum privacy while having bitcoin, Monero is regarded as anonymous coin as no open ledger for transactions. Also, did you think Chinese (the citizens) will never use bitcoin again? They will and Chinese government will bring up another FUD. Bitcoin and decentralized currencies are not easy to restrict.

I do not think so. One thing about bitcoin is that individual have their opinion, you will see a leader that will support bitcoin while another leader againsting bitcoin, that is just what bitcoin is. Another thing is how a country is operating, we can see how Donald Trump did not support bitcoin while Warren Buffett is a bitcoin critic, but yet USA has the highest number of bitcoin ATMs and high bitcoin adoption. China is more subjected to control by force from Chinese government.

The battle of bitcoin is against the world leaders at large. It is not only against China. Till bitcoin begins to fight back, China will loose nothing. Yes, it is also the Chinese adage that says "an enemy of your enemy is your friend". This means that if China does what OP suggested, all other enemies of bitcoin will unit with China to follow sooth.
But you have nothing to bother about. The blockchain technology is technically synonymous to bitcoin. This technology is very strong and reliable beyond China destruction. Since it's the technology on which btc foundation is laid, you expect nothing than adoption by all.

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.