Topic: What would people face in china if they buy crypto ? (Read 2001 times)
I dont understand why people are interested in it,If china ban cryptocurrency and exchanges miners will change jurisdiction and will send their miners in another country or they will start cloud mining,What is problem? Exchanges?they will not use exchanges to withdraw money from china and they will not be identificied.its so hard but there is solution.If there is panic about price please read more about law of demand,btc price will rise up very very soon and the loser will be only iniciator of this strict regulations.
There is no report of putting people in jail when they caught buying a cryptocurrency. The news says China plans to cut off domestic access to digital plaforms and exchanges that enable people to trade digital currencies. This apart from earlier report of sweeping bans of local exchanges across the country and restricts their citizens from joining ICOs. Many chinese are also cryptocurrency holders and there still no report of arrest if ever owning a crypto is already punishable by law in their country. There are also reports that bitcoin trade goes underground after the crackdown.
I heard from news that China is banning bitcoins and exchanges but I don't think that Chinese won't make ways to buy crypto. As crypto is decentralize so there is so much ways for them to buy if they really want to. But with the situation that they will put in jail if they caught I think that there is no still regulation to that.
There is no report of putting people in jail when they caught buying a cryptocurrency. The news says China plans to cut off domestic access to digital plaforms and exchanges that enable people to trade digital currencies. This apart from earlier report of sweeping bans of local exchanges across the country and restricts their citizens from joining ICOs. Many chinese are also cryptocurrency holders and there still no report of arrest if ever owning a crypto is already punishable by law in their country. There are also reports that bitcoin trade goes underground after the crackdown.
China is not yet banned crypto currencies they just banned ICOs and shut down the crypto trading exchanges.Still no announcement yet from the Chinese government that they banned crypto currency(in my knowledge).So you can buy and hold crypto currencies if you want until they officially ban it.But I think china banned all the exchanges so it maybe hard to buy crypto currency anymore for chinese citizens.
china bank regulator is pushing for blockchain tech to be used for credit cards!
There is no problem in buying/selling cryptocurrency in China but the you can only exchange against other cryptos as there are exchanges ban in China. if you want to sell Bitcoin or other cryptos in china for Yuan then only solution is to sell it for cash. There is no as such law in china that prohibits crypto trading ban there...just exchanges are banned.
The bitcoin Chinese community is the real victim here. Not us, not the market. But what can you do?
What would people face in china if they buy crypto ?
nothing,there is no law or even a newwspaper article that forbids people to trade or buy cryptocurrencies
it is the banks and the trading platforms such as exchanges that are targeted
if you cannot convert or sell/buy cryptocurrency,you will not be using it,so there is no reason to punish common folks
it is much easier and effective to ban exchanges and banks from dealing with it
and then punish those that do not comply
So it means that china users can do bitcoin work and save it , so that in future if the local exchanges start to take bitcoin trading then that time they can trade with bitcoin what they are holding it.
Yes, but as a Chinese, I can see little possibility the gov will resume the exchanges, people will begin to do OTC trading in the future.
OTC is not banned publicly, whatever, with a VPN you can do trading on localbitcoins or any other P2P trading platform.
https://www.coindesk.com/state-owned-power-provider-denies-chinese-bitcoin-mining-ban-rumors/
So after the unexpected moved by the Chinese government to put a hammer ban on ICO's and closing their local exchanges, and it seems that bitcoin mining is next. Though there is no official announcement yet, but this news should significantly affect how bitcoin is being treated in China. These will have an impact to the ecosystem.
So for the Chinese it looks like the government wants complete shutdown of bitcoin, so your only logical choice is OTC only. But I don't know if they will target it next so just a word of precaution that you need to be careful.
What would people face in china if they buy crypto ?
nothing,there is no law or even a newwspaper article that forbids people to trade or buy cryptocurrencies
it is the banks and the trading platforms such as exchanges that are targeted
if you cannot convert or sell/buy cryptocurrency,you will not be using it,so there is no reason to punish common folks
it is much easier and effective to ban exchanges and banks from dealing with it
and then punish those that do not comply
So it means that china users can do bitcoin work and save it , so that in future if the local exchanges start to take bitcoin trading then that time they can trade with bitcoin what they are holding it.
Yes, but as a Chinese, I can see little possibility the gov will resume the exchanges, people will begin to do OTC trading in the future.
OTC is not banned publicly, whatever, with a VPN you can do trading on localbitcoins or any other P2P trading platform.
I’m not from China, obviously but I’m sadden about those bitcoin investors the Chinese friends we have that is part for the bitcoin community since before that is regulated hardly and closing exchanges is the hardest and most controversial their government has done. Thinks might come to a good way hoping for this coming years for bitcoin and China.
All of those thinking that people in China are struggling, think again. I see people simply move to Hong Kong and problem's solved. But in terms of punishment and if China is eve going to do anything like legalize it, they have to. They are losing too much not doing it.
I think you are underestimating the difficulty of moving to Hong Kong. If you are a wealthy individual in China the Capital Controls in place ensure
that you can´t easily move your wealth out of the country. Macau is basically next to Hong Kong and the only way to move non-negligible amounts
of money from mainland China to Macau is by using a service like a "junket operator" (basically a subset of organized crime that enables money transfers
for wealthy gamblers and in return gets commissions from the Macau casinos).
Therefore you can imagine that it is exponentially more difficult to move wealth from mainland China to Hong Kong, because unlike Macau
Hong Kong doesn´t really have the pretext of gambling and entertainment and instead is a well-known financial hotspot.
I haven´t even mentioned the other difficult aspects of simply leaving the country like abandoning your family or losing your job (assuming
you had one in China in the first place). The Capital Controls are only one of many problems that make your whole proposition
a rather tough endeavour.
Now that bitcoin is banned in China and its usage is strictly prohibited , government might take strict actions against the unauthorised users .
There might be some heavy fine or some penailty set against the law breakers who try to use bitcoin in CHina.
There might be some heavy fine or some penailty set against the law breakers who try to use bitcoin in CHina.
What would people face in china if they buy crypto ?
nothing will happens bit coins buying and selling inline using trading and bank accounts. so how could they stopping. in china more products are manufacturing so they earning millions of money in their daily life. so up to now in china nothing will happens to buying bit coins. bit coin is nothing but to saving money so how could they have to stop this.
I feel sorry for chinese people. their gov are banning anything !
True. The bitcoin Chinese community is the real victim here. Not us, not the market. But what can you do? You are under a authoritarian government and as citizens you have to follow what they say, otherwise you will be dealt with swiftly. But for sure the Chinese bitcoin community will try to look at alternatives to buy and do trading.However, there are no clear law regarding buying crypto. So there are no penalties yet. And for the record, they only banned ICO and not bitcoin in general to I think it is still legal to have bitcoin and crypto in their possession. And I haven't read or seen news lately pointing that bitcoin is ban in China. The government just banned ICO for the fear of entities taking advantage of their citizens and scamming them. They just want to protect those investors losing their money.
What would people face in china if they buy crypto ?
Nothing,there is no law or even a newspaper article that forbids people to trade or buy cryptocurrencies it is the banks and the trading platforms such as exchanges that are targeted if you cannot convert or sell/buy cryptocurrency,you will not be using it,so there is no reason to punish common folks it is much easier and effective to ban exchanges and banks from dealing with it and then punish those that do not comply
So far, I still have to read any news that the government filed a case or penalized anybody who retained his share of any cryptocurrency. What I understand is that the government knows that banning Bitcoin itself can be so hard to implement so they did it indirectly by banning ICOs and Bitcoin exchanges as certainly without these infrastructure people can start getting out from their crypto investments. However, we understand that the Chinese government retains full control of the lives of its people, there can still be many who will continue on dealing with cryptocurrency but they also feel the pressure. We are then hoping that soon the government would reverse its decision and instead would come up with a strict and better regulatory framework which crypto players can do business in.
I feel sorry for chinese people. their gov are banning anything !
All of those thinking that people in China are struggling, think again. I see people simply move to Hong Kong and problem's solved. But in terms of punishment and if China is eve going to do anything like legalize it, they have to. They are losing too much not doing it.
Now in China, it has been banned for crypto-exchange exchanges to trade in crypto currency for the population. As far as I know, there are no restrictions for the citizens themselves, and if they find a way to trade crypto currency, they can do it. They can also do so through exchanges of other countries, such as Hong Kong, South Korea (ICO is currently prohibited), Japan and others. However, since October 1, China was going to legislate only to regulate the circulation of the crypto currency, and not to prohibit it.
What would people face in china if they buy crypto ?
I see if the Chinese people buy cryptocurrency, then this will not bring anything to them will even make them lose, because their government has clearly closed the activities of ICO in their country, so even though they have digital currency, they can not do transactions in their country, will even be considered a crime if they continue to engage in activities related to cryptocurrency.
What would people face in china if they buy crypto ?
The Chinese people will once again will be happy if they can buy bitcoin once again because i believed some of them are just force to sell their bitcoin because it was the mandate of their government that if they will not follow they will going to face the consequences of defying their law.China is now showings signs that they were going to remove the ban because they admit that they cant manipulate the bitcoin.
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