Topic: Why has China declared war on bitcoin and digital currencies? - page 2. (Read 633 times)
China government wants overall control on Chinese crunncy but digital currency lile Bitcoin is most popular in China as well as in the world that's way China is fearing from digital currency.
what makes the Chinese state fund raising. there is the same with Indonesia. whether they are not pushing this bitcoin to develop. I do not understand from other countries forbid bitcoin to flourish. I really want the currency cryptocurrency used as a means of payment. and can be used from other means.
China is the most active market for bitcoin trading on exchange exchanges. But lately the Chinese government plans to block domestic access to home and overseas platforms that allow for centralized trading. There is no definite clarity only China plans to make their own digital currency.
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?
China has never declared war on a crypto currency. They pursue the interests of their country, although they may also make a number of mistakes. They are looking, as always, their own way of using crypto currency. If the government does not find other solutions to this issue, China will return to the world of decentralized crypto currency. So far we see that such opportunities still exist.
In due time, all companies in China simply can not serve Bitcoin transactions. There will be sanctions for those who violate, although the current sampat form of punishment is still not ascertained. They think bitcoin is very dangerous.
China has declared war on cryptocurrency, only because it is impossible to control the outflow of capital from the country through cryptocurrencies, thereby causing economic imbalance of the foreign exchange market.
It's their right, but seriously do they do it? As far as I know, most of the bitcoins belong to the Chinese and they make good money on it.
That's true. Their government might just be concern knowing that a lot of their people's money are just wasted on scams so they became strict towards it. But it's very obvious that China really do want to get into bitcoin after all.
Chinese government is one of the countries that has a very strict policy, and its not that they dont understand the idea behind Bitcoin, but their government were being threatend that they cannot control over their people financialy.
If you properly regulate the centralized ecosystem, you as government can obtain as much control over people as you want. China however is too paranoid to even take that in consideration, and just want to make sure capital doesn't leave the country. I think it's safe to say that this is one of the main reasons they aren't happy with all the crypto developments. In most cases people wire funds to an exchange with foreign bank accounts, and that alone is something they at all cost want to prevent. It's not really a surprise at the end of the day -- their prior actions were indicative enough to not be surprised about everything that happened recently.
Yes, we can say that they are really paranoid because they are afraid on something they can't even control in the first place. Just imagine how much money flowing in and out without them at the middle, damn, the government will really be pissed off with that. And the solution of them? Make a U-turn and declare war on crypto. The good news though is that crypto survived the scare and we did continue to survived without them in the equation. As far as the effect on the Chinese crypto community? I don't know but I think it didn't deter them from engaging underground just to continue with crypto trading.
Chinese government is one of the countries that has a very strict policy, and its not that they dont understand the idea behind Bitcoin, but their government were being threatend that they cannot control over their people financialy.
If you properly regulate the centralized ecosystem, you as government can obtain as much control over people as you want. China however is too paranoid to even take that in consideration, and just want to make sure capital doesn't leave the country. I think it's safe to say that this is one of the main reasons they aren't happy with all the crypto developments. In most cases people wire funds to an exchange with foreign bank accounts, and that alone is something they at all cost want to prevent. It's not really a surprise at the end of the day -- their prior actions were indicative enough to not be surprised about everything that happened recently.
Chinese government is one of the countries that has a very strict policy, and its not that they dont understand the idea behind Bitcoin, but their government were being threatend that they cannot control over their people financialy.
If you properly regulate the centralized ecosystem, you as government can obtain as much control over people as you want. China however is too paranoid to even take that in consideration, and just want to make sure capital doesn't leave the country. I think it's safe to say that this is one of the main reasons they aren't happy with all the crypto developments. In most cases people wire funds to an exchange with foreign bank accounts, and that alone is something they at all cost want to prevent. It's not really a surprise at the end of the day -- their prior actions were indicative enough to not be surprised about everything that happened recently.
Bitcoin has already spread around the world. A ban in one country can affect the entire market. Chinese traders will use the South Korean and Japanese exchange. Hashing power will be moved to other countries where there are a lot of cheap electricity. Bans can't stop bitcoin. The most reasonable solution is the legalization. But the government does not understand this.
Yeah, A certain ban to a specific country specially China, cant stop someone from doing or using Bitcoin transactions. Deapite of a strong Bitcoin ban in China, there were still chinese people who secretly trade cryptocurrency. Chinese government is one of the countries that has a very strict policy, and its not that they dont understand the idea behind Bitcoin, but their government were being threatend that they cannot control over their people financialy.
China’s government is starting an all-out war against bitcoin
and other digital currencies by banning fundraising through initial coin offerings
and shutting down all mainland digital currency exchanges?
This is probably china thinks Bitcoin as bubble which can truns into zero or get scam anytime. and other digital currencies by banning fundraising through initial coin offerings
and shutting down all mainland digital currency exchanges?
Furthermore china Ban Bitcoin due to the reason of Bitcoin is out of control and
China bank get worried about loss of their profit and there existence due to bitcoin.
And that's why they start drama with bitcoin along with all cryto currency and exchanges...
As a bitcoin lover, also want that every single country will accept BTC soon...
China's government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges. Two of the largest cryptocurrency exchanges in China, OKCoin and Huobi, issued statements on Friday.
From what I read recently, China created a government-backed fund to finance startups.
https://www.forbes.com/sites/ralphjennings/2018/04/26/china-is-tightening-its-grip-on-cryptocurrency-to-promote-rather-than-purge-it/#3ab4f6aa5482
But in general the attitude towards crypto remains restrictive in China, imho.
And I think that one of the most important reasons is the continuing fight against capital outflow. China experienced enormous flight of capital in 2016. Capital outflow reached $725bln that year. The situation became better in 2017 but the amount of "shadow capital flight" has been on the same level since 2015. And cryptocurrencies are among the instruments used to avoid capital controls.
I suppose that government will continue its battle against capital outflow and the crypto will remain uder pressure.
https://www.forbes.com/sites/ralphjennings/2018/04/26/china-is-tightening-its-grip-on-cryptocurrency-to-promote-rather-than-purge-it/#3ab4f6aa5482
But in general the attitude towards crypto remains restrictive in China, imho.
And I think that one of the most important reasons is the continuing fight against capital outflow. China experienced enormous flight of capital in 2016. Capital outflow reached $725bln that year. The situation became better in 2017 but the amount of "shadow capital flight" has been on the same level since 2015. And cryptocurrencies are among the instruments used to avoid capital controls.
I suppose that government will continue its battle against capital outflow and the crypto will remain uder pressure.
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?
The Chinese government never declared war on the Crypto-currency. They take it quite seriously and study the ways of its use and implementation. It even established the Institute of Digital Currency, which is studying this new phenomenon in financial relations.Yes, the government of China in September last year announced that the crypto currency is a threat
for the economy of the country because it allows uncontrolled withdrawal of funds from the country. Since then, they are looking for their own ways of solving this issue. However, there was not banned crypto currency as it was done in some other countries. Recently, even the information appeared that there they are going to finally allow the ICO, but under the regulation of state bodies and that they will do so in order to protect the rights of investors.
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?
Its kind a hard to tell where the stance of Chinese Government is heading at this moment. They are showing signs to embrace blockchain technology but they are uncertain with cryptocurrencies, maybe this year the game will change and their tone against crypto will be more welcoming.I won’t call it an ‘embrace’. They may have not totally banned crypto, but they want control adn regulation over it - which is not a surprise. They want to have and utilize crypto, but they want it to be under their control and regulation. They will benefit and profit from crypto however their government will not allow such a decentralized wntity to run free within their country, not under their watch at least.
I do not think that there they are going to finally ban all the crypto currency, most likely these are some temporary difficulties.
They don't have to ban crypto ever. If you look at their actions, they are trying to prevent people from accessing exchanges, preventing people from conducting crypto versus fiat trades, and the list goes on.In other words, they legally want to make it impossible for the mass to either buy or sell crypto, and it seems to be working already. Only a small percentage will ignore the legal framework and still buy and sell crypto.
Will they ever lift these measures? Or soften them up? I don't know and it actually doesn't really matter. Bitcoin will grow regardless of China being on board or not. Bitcoin is too scarce to suffer from country exclusion.
At some point owning even one tenth of a whole coin will be a tremendous achievement. High demand from buyers, but low urge to sell for those who already have Bitcoin.
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?
When last September, the Chinese government decided to impose its prohibitions and restrictions on the crypto currency, they clearly stated that they consider the currency a threat to the country's economy, since the crypto currency allows uncontrolled withdrawal of funds from the country. That is, the government said that it can not control the Crypto currency. Since then, they are looking for ways to solve this problem.They also stated that they will create their national centralized crypto currency, but they have not been created so far. Then the pressure on the crypto currency was weakened, most of the stock exchanges and exchangers remained there, freely went crypto currency. Recently there were even news that in China the ICO will be allowed, but this process will be regulated. I do not think that there they are going to finally ban all the crypto currency, most likely these are some temporary difficulties.
This is good news I think China is beginning to think to open their eyes to cryptocurrency.
https://bitcointalksearch.org/topic/breaking-china-may-legalize-ico-soon-3204253
https://bitcointalksearch.org/topic/breaking-china-may-legalize-ico-soon-3204253
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?
Its kind a hard to tell where the stance of Chinese Government is heading at this moment. They are showing signs to embrace blockchain technology but they are uncertain with cryptocurrencies, maybe this year the game will change and their tone against crypto will be more welcoming.I won’t call it an ‘embrace’. They may have not totally banned crypto, but they want control adn regulation over it - which is not a surprise. They want to have and utilize crypto, but they want it to be under their control and regulation. They will benefit and profit from crypto however their government will not allow such a decentralized wntity to run free within their country, not under their watch at least.
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