Topic: Would it be possible to use Cryptocurrencies in China? - page 2. (Read 647 times)

I know that their domestic cryptocurrency projects are not banned. Flooring not translated outside their licensed list is prohibited. All information surrounding the prohibition is unclear and has not been substantially verified. But if you don't live in China, there's no need to worry.

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.

Its possible that China can still use it. There are many ways to  get into online and I know people will always find ways to do it. If they banned it due to security issues in there country but I guess most probably they can get much in bitcoin then they must specify some rules about it. I don't really think they will banned it that seriously, they are one of the tops in bitcoin users I guess.

I guess you have got the wrong information. There's no such thing as banning of crypto in China. There are actually some merchants who are accepting crypto in the said country. Some exchanges are just forced to shut down but I believe that there's a continuous operation in China. It has been a long-time rumour that China would ban crypto but there are still lots of investors who are considering blockchain technology as their pathway to their economic success.

As i know having cryptocurrency or making transactions in China are not illegal. Some exchangers are not allowed here so they have moved to HongKong or other countries instead. However mining is not allowed here.

regarding the ban topic, as I know:

- the authority think the blockchain tech. is good as far as NO tokens or virtual currencies are issued! (as it could be useful for some sectors in
  some scenarios or cases, especially in Fintech. they are considering issue national DCEP using blockchain tech.) so that means, they are pro-
  blockchain tech. but against tokens, coins issued in any form... so the ICO, IFO, STO etc. in China are all banned and considered illegal. they banned
  those because partially they can, now even some foreign entities issuing ICO is banning the participation of Chinese (and US?) citizens alike
  with KYC proceedings. but it's still a gray area here, if some people want, they still can participate certain foreign ICOs...

- they banned the cypto-exchanges operating in China and banned all financial institutions from supporting the traders buying/selling cyptos directly,
  because partially they can. the banks, including weChat pay, Alipay etc. if they find out or are suspicious that you have using your bank account
  buying or selling cryptos, your account will be frozen without any prior notice.  but I said "partially" because there are now over hundred or thousand
  global exchanges and even DEX people can use, they blockade some domains but cann't block all...

- they didn't ban the people to buy/sell cryptos via per-to-per (or OTC), to own and withhold cryptos, to transact from personal wallet to another
  because they can not! would somebody tell me how can a person, an entity, or even a country to ban this through open internet? by suvillence
  of everybody's crypto-wallet?  I think the authority would do it if they can, but unfortunately they can not. I think until now there are also lots of
  Chinese prozessing cryptos, they can't just claim it illegal and arrest those people on this!

Bassically what they can do the best is keep rolling out statements, policies, warnings or even some real actions (like to cleasen illegal local exchanges）to panic those who own cryptos and help push negative sentiment to the market and drag crypto-price down, because if people
lose their investment, they tend to drop out and lose interest to cryptos, and that sometimes works like now...
 

As far as I know, Cryptocurrencies are not totally banned in China but rather they only restrict the exchange that is related to crypto. Most of Bitcoin mining held in China hence this is the evidence that Cryptocurrencies are not banned in the said county. Besides, even if they did their people cannot be stopped from using because there are some ways such as VPN in order for them to access this type of currency. However, there are some places where this cryptocurrency is banned perhaps because they see it as a threat to the current monetary system and linked to illegal activities like drug trafficking and more.

Just like what my country did. We can hold, trade and send bitcoin, but can't buy anything with bitcoin. And there isn't even a law governing cryptocurrencies. So what China and my country do are almost similar.

It is not banned in China, we can still use cryptocurrencies in China, as long as we have an internet connection and I think there is nothing to worry about even if they ban bitcoin, we can still use our mobile phones to use our cryptocurrencies without getting caught by the government.

It is not banned so there is no criminal offense.

Again, there is no banned.

For China, there are many big projects and trading platforms from this country. The Chinese government encourages startups with blockchain technology. However, the use of cryptocurrencies only occurs in some areas and some accepted currencies. I think this will happen in the future.

I think even people in China will hold cryptocurrencies, it will be useless not to make any purchases in China because what will be the used of your holdings if you can't convert it into fiat to buy things that you needed and wanted. Anyways, it is possible for China to use cryptocurrency because they are now creating their own digital currency same as Facebook's Libra coin, but bitcoin and other cryptocurrency is still banned.

China has not stated emphatically anywhere that they have banned cryptocurrencies but they have made strict rules about its usage and promotions. It's still safe to use hold your cryptocurrencies on your wallet and  using it purposely on online marketplaces because you can't use it physically to make any purchases in China.

We heard that China raided the office of a Binance operation in that country and that partly impacted the bearish sentiment of the market right now. China is a country of mixed signals and sometimes what you hear is not actually what you will experience or see. While there is no official ban on cryptocurrency, the government has made it known that they are not approving of it and is not allowing operation of virtual currency exchange within its territory and would probably exert effort so that their citizens not be involved with cryptocurrency related activities. So much for the hope of many that China is going to be opened soon for Bitcoin, it may never came maybe not within the next 5 years. No wonder that Bitcoin is retreating because the main driver for its recent rise was that news coming from China on the blockchain. The industry is having a famine of good news that it reacted positively to the statement of China's President even if he was talking about the blockchain technology and not really on Bitcoin. Oh well, there is must be something wrong here and I am not feeling good about it. Are we then under the extension of the rule of China?

As far as I know, the Chinese government is appealing to the Bank to adopt the Blockchain, how could they ban cryptocurrency there.
Maybe there are special rules that cryptocurrency should only be used for a few things.

People should understand that cryptocurrency transactions do not need confirmations from any third party. Even if the use of cryptocurrency is banned at a particular country, you can still make transactions in that country since you don't need a third party to confirm the transaction. But who says the use of cryptocurrencies in China is banned?  You should not waste time in believing FUDs spread in the crypto space. It is always advisable to do your own research before believing any news shared in the crypto ecosystem.

It seems like they don't know what they want exactly. I've read they want to ban Bitcoin, but at the same time launch their own cryptocurrency in 2020. They might not like BTC but want to stick blockchain technology.

More controversial talks were happening with the usage of bitcoin in China. Already China has the alipay and other digital payment processors which is much preferred than the real cash. China hasn't restricted the usage with strict regulations as Bangladesh or other countries does. This paves the way for better usage of bitcoin based on the users self interest.

As i know China does not ban cryptocurrencies. You can still buy, sell and trade them. However they are no longer allow cryptocurrencies mining companies in their country anymore because they cause problems with the electricity.

Maybe China has other options related to implementing Cryptocurrency, China is currently the country with the top economic movements. it could be that the government there wants to have its own version of cryptocurrency. We know that China is the most populous country, and China has influence in the world in all fields. I think it's possible that cryptocurrency will be used. maybe, with various rules and records that will be given by the government there.

China have announce for legal using bitcoin as currency payment by their president, but after pass three weeks ago still not have news about legal or not using bitcoin in China, I think they have make own crypto for legal transaction payment and still not available for bitcoin become legal transaction there, when China have possible using bitcoin and crypto I think give price higher for bitcoin later.