Topic: What would people face in china if they buy crypto ? (Read 2016 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.
What would people face in china if they buy crypto ?
China 🇨🇳 the word or country that has been on topic this few days and maybe trending in this forum. I even dreaming about them being ruined by they're own policy. There were many or few millions in that country who are in cryptocurrency and in bitcoin and if they will all go to prison in doing it. That would be the biggest prison in the world. Just kidding. This won't happen after all they're just regulating it. They're not banning it right.
What would people face in china if they buy crypto ?
At this moment, there is no such ban imposed by the Chinese government but they are into the process of introducing strict guidelines regarding cryptocurrencies. Chinese people can still deal with the cryptos by using the platform from other countries, as government has just banned ICO's and local exchanges.
What would people face in china if they buy crypto ?
I recently see and heard critics that theres a news about china banning bitcoins and exchanges, so if people caught buying or using crypto they might get serious problems like paying a fee for a violation or worst getting in jail because that is their law and thats their government want so they must follow those rules if they dont want to be accused on such serious cases. hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
What would people face in china if they buy crypto ?
we don't know until chinese government giving new statement about crypto currencies and few days later, chinese exchanges closed their site. until that time, no one will know what will happen later, is it illegal or legal. maybe the best thing that china people can do is move their coins into other sites or selling their coins. but i hope that the next news could bring a new hope for crypto currencies world and especially for people which doing trading in crypto currencies.
What would people face in china if they buy crypto ?
Is it illegal already at that country? Oh I'm maybe out of this world for sometime. I don't think the Chinese government issued a paper trail regarding the implementation of such Law. For the last update I have read is just about ICO and those exchanges that being closed without issuing notice. I know china has soft touch in regard with bitcoin for they're millions of numbers of investors and user are they're citizen. I hope for the best of cryptocurrency and let just give them time to look deeper on it.
I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.
That's what I thought at first too. There was even an article where a Chinese official indicated that ICOs would be allowed once proper regulation is in place. However, reputable sources say there is more to come from the Chinese government re: cryptocurrency regulation in the short term, and that we haven't seen the worst.
Prominent VC saying that all OTC trading is going to be banned. No legal exchanges or OTC trading means crypto trading will go fully underground. And what could that mean for China's mining industry?
Spencer Bogart replied, Quoted: "Note again, that this is all unconfirmed and should be considered a speculative rumor for now. There's a lot of rumors floating around." I hope it was all like this but if all things go wrong and all rumors be confirmed this few days would be a messed. But still only those weak hands will panic about it but personally I'm little but concerned. Hope Japan make something more interesting news about cryptocurrency this few days, I'm stuck with bad news this past weeks.
I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.
That's what I thought at first too. There was even an article where a Chinese official indicated that ICOs would be allowed once proper regulation is in place. However, reputable sources say there is more to come from the Chinese government re: cryptocurrency regulation in the short term, and that we haven't seen the worst.
Prominent VC saying that all OTC trading is going to be banned. No legal exchanges or OTC trading means crypto trading will go fully underground. And what could that mean for China's mining industry?
What would people face in china if they buy crypto ?
I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.
If this is the case then there is really no cause for alarm but come to think of it whats will be the point of owning a bitcoin that I cannot convert to fiat for use since stores don't accept bitcoin yet, and government is coming again to ban the middle men that could made it possible. Wouldn't that mean the same thing as banning bitcoin within the country? All the same, I am anxiously waiting on the Chinese members of the community to give updates on the implementation of this policy.
The last we talked about the middleman he referring too and he not even mentioned that it is part of those being track by government. If that the case that would be an alarm bell for bitcoin users on that part of the world. I will in touch soon to my friend but it would be hard as he fly backed this weeks at home. I would love to hear some news regarding this issues maybe this one reason that price can't go bull run again. I hope he is fine now I'll advice him just to stayed here in my country instead.
What would people face in china if they buy crypto ?
I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.
If this is the case then there is really no cause for alarm but come to think of it whats will be the point of owning a bitcoin that I cannot convert to fiat for use since stores don't accept bitcoin yet, and government is coming again to ban the middle men that could made it possible. Wouldn't that mean the same thing as banning bitcoin within the country? All the same, I am anxiously waiting on the Chinese members of the community to give updates on the implementation of this policy.
What would people face in china if they buy crypto ?
I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.
If Chinese government pass a law that criminalize the used and purchasing cryptocurrency,, it is just to punished them because in reality "no one is above the law" and "ignorance to the law excuses no one".. In short they or we must follow the law in all cost.. But I don't hear such law in news or in forums that being circulated,, so assuming there is none what are we doing here..
Bitcoin is not banned in China. If you continue to use it nothing will happen to you and I'm sure people are and will be using it in the following months.
Even if exchanges will eventually shut down I believe it won't be permanent. The government wants to issue a warning and show people it's still in charge. That's it. They have no business in fighting the technology they are developing and that is bringing them tax money.
Even if exchanges will eventually shut down I believe it won't be permanent. The government wants to issue a warning and show people it's still in charge. That's it. They have no business in fighting the technology they are developing and that is bringing them tax money.
What would people face in china if they buy crypto ?
I personally believe that nothing would happen to them, yet. But soon as Chinese government includes bans on Chinese getting their hands on bitcoin, then its another story. I would probably go some places where bitcoin is traded freely than stay on China. Its just a matter of time before they actually impose laws pertaining on buying bitcoin and crypto in general.
The Chinese government themselves have said there's no way they can ban Bitcoin so any citizen who buys, sells or owns it isn't breaking any law.
Did they really say this? I recall that the Russian government recently said this (shortly after the Chinese exchange ban came to fruition) but I don't remember the Chinese government saying so.
They have however made it extremely hard to buy or sell, even more so if they're blocking access to foreign exchanges too which looks possible. This is cleaner and cheaper than actually outlawing it.
I've already seen screenshots that suggest that foreign exchanges are being blocked. BitMEX was being blocked within China as of a couple days ago, but I can't be sure that they weren't already blocking it before.
So what the average Chinese person is going to face will be a major grind. There'll always be a small cross section of real believers. The rest will leave it alone and walk away which is exactly what the government wants.
If other countries decide they've had enough of crypto this is exactly how they'll do it too. Once exchanges are gone so is most of the audience.
It's tough to say what would happen. China blocked access to Google; how many Chinese residents use Google everyday? Millions, I am sure. Living through the online poker boom and bust makes me think you are correct.
However, this isn't just a hobby. This is matter of securing wealth for future generations. If the rest of the world keeps pushing demand for BTC, Chinese investors won't ignore it, no matter what their government does. They've been defying their government's capital controls for decades.
The Chinese government themselves have said there's no way they can ban Bitcoin so any citizen who buys, sells or owns it isn't breaking any law.
They have however made it extremely hard to buy or sell, even more so if they're blocking access to foreign exchanges too which looks possible. This is cleaner and cheaper than actually outlawing it.
So what the average Chinese person is going to face will be a major grind. There'll always be a small cross section of real believers. The rest will leave it alone and walk away which is exactly what the government wants.
If other countries decide they've had enough of crypto this is exactly how they'll do it too. Once exchanges are gone so is most of the audience.
They have however made it extremely hard to buy or sell, even more so if they're blocking access to foreign exchanges too which looks possible. This is cleaner and cheaper than actually outlawing it.
So what the average Chinese person is going to face will be a major grind. There'll always be a small cross section of real believers. The rest will leave it alone and walk away which is exactly what the government wants.
If other countries decide they've had enough of crypto this is exactly how they'll do it too. Once exchanges are gone so is most of the audience.
What would people face in china if they buy crypto ?
The only thing we have to do is to wait. Since the Chinese government can only control exchange sites within their own territory and the internet with exchange sites domiciled abroad, we then need to wait on them to roll out plans on how they want to ensure total compliance on this new rule.
The road map will then give out what punishments await those who flout those laws but they should know the costs of what they want to engage in because that would mean screening every fund that comes from abroad or money from other exchangers such as PayPal, Payoneer, truelancer, fiverr among other means money can come from abroad.
Chinese citizens will to come tell us the clamp down post September 30.
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.
Do you encounter problems using exchanges based outside of China, if they ask for your residency information?
The problem is that to use a foreign exchange you need the ability to send or receive money to that country. Which is exactly what is difficult for Chinese citizens, and why they use Bitcoin in the first place.
What would people face in china if they buy crypto ?
There won't be need to buy bitcoin if you cannot make use of it or sell it. Since they are targeting the exchange sites and banks, it then mean platform to convert to fiat and from fiat to btc, become impossible so it ends the while process. However, I see it as a challenge not an impossibility because there is nothing wrong receiving fund from abroad.
What would people face in china if they buy crypto ?
There is actually no legal problem with that because Bitcoin is not being banned so people can still buy/sell the cryptocurrency but they can not anymore do it in Bitcoin exchanges as they are already closed for now. That is why there is a resurgence of transactions right now in LocalBitcoin.com. Peer to peer exchange is not prohibited. I am sure that soon Chinese can find creative ways to own Bitcoin and to move them anytime. Chinese are also very creative and resourceful people.
China can't stop the storm. Anybody can create and trade crypto as much as he could. New laws can be only applied for banks and exchanges platform.
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.
Do you encounter problems using exchanges based outside of China, if they ask for your residency information?
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.
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.
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
What would people face in china if they buy crypto ?
Jump to: