Would it be possible to use Cryptocurrencies in China?

OnceTwiceThird

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Quote from: shoreno on November 28, 2019, 02:30:21 AM

Quote from: kerjakuat on November 28, 2019, 02:26:08 AM

Yes it was possible to use cryptocurrencies in China cause the banned are only on ICOs project and yet peoples still using cryptos in China which mean they cannot fully banned the used of cryptos in China.Bitcoin still being used in China and mining are very active in China so i dont think China banned would stop their peoples to used cryptos.

i dont know if you already heard the news about china banning mining and china banning cryptos and btc . they also banned ico on the past but now i still didnt get the latest info if what is their updates regarding on these banning but i can say that the use of cryptos on china is pretty limited or seems to be strict as when compare to other countries that dont have any issues related on the use of cryptos . including in our county the use cryptos are only growing and improving

China the only one country can make bitcoin down and up, I think they have many people keep investing with bitcoin and altcoin. Best country have community with bitcoin and know when have to make bitcoin up or down, I like when have community with bitcoin and altcoin to know when have to invest or sell bitcoin. By community we got many news about bitcoin condition on other country early to anticipation with bitcoin and altcoin price.

maman567

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Quote from: JotaroKujoCoin on November 14, 2019, 05:53:10 AM

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

China have banned bitcoin as legal currency and investment assets before last 2016, but right now we heard China president want adopt bitcoin as legal currency, I think is politic playing war where China against with US by fighting in USD price, I know China want to make United State currency or USD become lower price and not have value anymore, I am glad have country support with bitcoin as legal payment.

yulionoo

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I also do not understand the policies adopted by the Chinese government. Earlier in the end of October the Chinese government announced supporting the blockchain and would make its own crypto. and that makes bitcoin prices go up.
then at this time they say forbid crypto. which also affected the price of bitcoin falling to $ 7,000. in my opinion this is a strategy of the Chinese government they are manipulating the bitcoin market. so that bitcoin is dumped and they can buy bitcoin cheaply. because indeed most of the traders and miners of bitcoin come from china.

shoreno

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Quote from: kerjakuat on November 28, 2019, 02:26:08 AM

Yes it was possible to use cryptocurrencies in China cause the banned are only on ICOs project and yet peoples still using cryptos in China which mean they cannot fully banned the used of cryptos in China.Bitcoin still being used in China and mining are very active in China so i dont think China banned would stop their peoples to used cryptos.

i dont know if you already heard the news about china banning mining and china banning cryptos and btc . they also banned ico on the past but now i still didnt get the latest info if what is their updates regarding on these banning but i can say that the use of cryptos on china is pretty limited or seems to be strict as when compare to other countries that dont have any issues related on the use of cryptos . including in our county the use cryptos are only growing and improving

kerjakuat

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Yes it was possible to use cryptocurrencies in China cause the banned are only on ICOs project and yet peoples still using cryptos in China which mean they cannot fully banned the used of cryptos in China.Bitcoin still being used in China and mining are very active in China so i dont think China banned would stop their peoples to used cryptos.

Ozero

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Quote from: maman567 on November 27, 2019, 11:08:48 PM

Quote from: JotaroKujoCoin on November 14, 2019, 05:53:10 AM

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

I don't know what want by China with bitcoin, always have different said with bitcoin become legal currrency payment and some time said bitcoin will banned, which one true just on China president know about bitcoin, make become legal or banned currency there. I hope China want adopt bitcoin and altcoin as currency digital payment because China against US with USD currency.

The Chinese government a few days ago banned all cryptocurrency exchanges on its territory, but did not take any action to ban the use of cryptocurrency by citizens. Apparently, the ground is being prepared there for the predominant circulation of China's national stable coin CBDC. Perhaps we will see other actions by the Chinese government in relation to a decentralized cryptocurrency. Time will tell. However, I do not think that these measures will be tough.

maman567

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Quote from: JotaroKujoCoin on November 14, 2019, 05:53:10 AM

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

I don't know what want by China with bitcoin, always have different said with bitcoin become legal currrency payment and some time said bitcoin will banned, which one true just on China president know about bitcoin, make become legal or banned currency there. I hope China want adopt bitcoin and altcoin as currency digital payment because China against US with USD currency.

Mike Mayor

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Quote from: mk4 on November 14, 2019, 05:57:01 AM

1. As far as I know cryptocurrencies aren't banned in China.
2. Regardless if it's banned, you can still use bitcoin/cryptocurrencies. Assuming you don't get caught using it. It'd be wise to use Tor.
3. The best that China can do as far as I know is just to add crypto-related sites to their firewall. Beyond that? I don't think there's anything they can do.

Because they communist and want as much control out of their people as can possibly be. Look at how they have banned other things and it hasn't worked. You can still use google and facebook and visit other sites and people still do it and have so for years and it is banned. It is just to inconvenience you really and make it that much harder to do these things. I agree with you, there is nothing they can do. You don't know who is holding crypto and you can't tell unless they tell you they are.

SquallLeonhart

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I am surprised to see some people saying that cryptocurrencies are not banned in China. As far as I know, cryptocurrency is not legal in China, the People's Bank of China have said it several times that virtual currencies are illegal in the country, but that doesn't mean that there are not people that still make use of cryptocurrency.

There are still people that are making use of cryptocurrency, but from what I've heard they have gone underground, and it seems Paxful still sells cryptocurrency to people that are living in china. And recently I read in the news that the Chinese government will be lifting their ban on Bitcoin use and mining, I don't know for sure when they will do that or if they have done it already.

Eugenar

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Quote from: dimox on November 24, 2019, 05:30:44 PM

i dont kno the exact whats going on in that country, but i ever read some article if China prohibit mining, because it have big cost in tool and source which will detrimental that country. this is from government view. and i think you can have crypto for trading or exchange.

China unlist the mining infrustructure to their ban projects. Meaning to say that China will still be open for miners even though it has a big cost and might affect their natural resources. They see the benefits that cryptocurrency could bring to them. If we can see they are supporting Blockchain technology so much, it means that they could support cryptocurrency as well because crypto is the main product of the blockchain technology implementations

LUCKMCFLY

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It is known that China plans to launch its own cryptocurrency or stablecoin, is sweetening its people with Blockchain capabilities, in cryptocurrency technology, and Bitcoin speaks, but badly, this is to try to prepare those who do not know them.

The idea of the Chinese government is that its cryptocurrency has mobility, acceptance and, especially, its use, with the aim of maximizing the benefits of technology, which at one time can bring liquidity to the government and, therefore, encompass Many needs such as debts, buying gold or whatever the intention is to capitalize.

So, if possible, there is already an application that the Chinese can install, but in turn they are protected by their government, all this has advanced for the preparation of their stablecoin.

Quote

Yet if we look at the Chinese government’s track record, each of these crypto crackdowns have followed a predictable theme: the government moves in whenever ICO scams become more prevalent. ( See this recent anti-ICO/trading article from Xinhua. Also: Our friend Joyce Yang's terrific newsletter at Global Coin Research goes into this in some detail.)

In this article they tell something about the situation: https://decrypt.co/11983/chinas-love-hate-relationship-with-crypto

Cryptoenthusbusa

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I didn't hear news that cryptocurrency banned in china.I think you heard wrong.

xiboothrezi

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Quote from: JotaroKujoCoin on November 14, 2019, 05:53:10 AM

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

Regarding the law, this involves complex rules and regulations. Don't be affected by issues with unclear sources without clear facts and sources. This must be studied more deeply, by making the applicable laws there a clear source. As far as I know, China is quite open with cryptocurrency, not fully banned, maybe there are only certain restrictions to be able to control the adverse effects that might occur.

dimox

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i dont kno the exact whats going on in that country, but i ever read some article if China prohibit mining, because it have big cost in tool and source which will detrimental that country. this is from government view. and i think you can have crypto for trading or exchange.

Ryan Dugan

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Quote from: Palider on November 24, 2019, 10:49:05 AM

Quote from: JotaroKujoCoin on November 14, 2019, 05:53:10 AM

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

In my own understanding ICO,IEO, bitcoin and other decentralized coins are banned in China, and not all crypto currency. And actually now china will embraced blockchain and after that statement they annouce again in planning to own crypto currency.

And I think if you holding bitcoin, doing some transaction, launch ICO or IEO you will be considered criminal and authority will caught and detain you. And I think why decentralized coin are banned in China is because of the threat on thier goverment banks and people are always victims of scam ico,ieo.

No they want to control the people. They don't want freedom for them. That is how they do it. Threaten you with the law because of a different view. Should only get arrested if you are hurting another person on purpose.
Mining doesn't. It is money and control. Or power as they say. It is only ever about one of those two things and the truth is a muddy puddle. Are decentralized currency rally banned? How can you prove if it is dencetral or not?

diazepam666

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i really do not want to speak about their play jile station issue on their current issues going in hong kong because from the past few years chinese market and chinese investors where doing the big part the crypto market.
So that government should support them and we need to have some more investment on cryptocurrency platform.

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Quote from: JotaroKujoCoin on November 14, 2019, 05:53:10 AM

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

that's what you heard. not what happen.
and if you're in china, you might not want to use cryptocurrency anyway, cause others payment menthods are way advanced than some bitcoin things.
it's instant, trackable, and no fees at all.

Xcode7

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Quote from: fiulpro on November 24, 2019, 11:24:04 AM

Firstly it is not banned in China and secondly you can just hide it and that too very easily , government cannot check each and every transaction therefore trust me if you use the right things you could have plenty of security with it and government won't interfere at all , we have wallets which can just be used momentarily and disappear forever from your data base , you can use paper wallets and I don't think it will be a problem

I also believe that there are still users there but they will not report that they use crypto. if people believe in crypto security then they will continue to use it despite regulations prohibiting it. especially for those who earn from crypto

fiulpro

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Firstly it is not banned in China and secondly you can just hide it and that too very easily , government cannot check each and every transaction therefore trust me if you use the right things you could have plenty of security with it and government won't interfere at all , we have wallets which can just be used momentarily and disappear forever from your data base , you can use paper wallets and I don't think it will be a problem

Maotezi

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Quote from: JotaroKujoCoin on November 14, 2019, 05:53:10 AM

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

First of all, the simple question is, if the state forbids something in its constitution, you cannot do it, or you can, but you will bear sanctions because you violate the law.
Cryptocurrencies aren't banned in China, at least for the time being, which doesn't mean it can't be changed. If it is forbidden and you continue to use cryptocurrencies, then you are engaging in crime, which the state will not allow.

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