Bitcoin Forum

Cryptocurrency ban in China is one of the most discussed topics in the community.
The truth is that bitcoin thrives in the country, despite the restraining policy of the local government.

Officially - possibly. Technically - how? With great chinese bitcoinwall? :)

not big problem
all china exchanger still open binance, kucoin, okex, okchanger, huobi and more
and crypto curency user in china still use crypto curency include bitcoin

The point is China is a sovereign nation like any other nation on earth and when they detect anything will harm their economy,they are at liberty to ban it.So they could one day wake up and ban bitcoin altogether without recourse to anyone.So that is a possibility we cant deny.

China can completely prohibit the crypto currency. They can come up with something of their own. There are a lot of them.

I think that eventually they will try but the problem is how can you truly ban something that you or anyone else have zero control over? Sure eventually you may be able to create some sort of program that would block bitcoin transactions but the problem then becomes what if another coin type pops up? Virtually anyone can create alt coins in the current world we are living in for various purposes so what's stopping someone from creating another coin to trade with. As much as they might potentially "hate" it sadly it's the future we are going to.

I believe that such kind of news is oriented on creating FUD exclusively.
Whales use panic sells for buying on the dip. Of course, crypto economy needs to be regulated, but there are different ways to do it except total banning.
Although China government introduces tough laws against crypto I'm sure they won't miss opportunities provided by blockchain technologies. As bitcoin is the essential part of this technological movement, so they definitely won't ban it completely.

China is the world's largest BTC holder, forbid what they will be? :-\ :-\ :-\

Why they have to ban it? It's gonna be really stupid, i think they would find a solution to control it / everyone would need to complete KYC to buy/sell on Chinese markets.

But if they would ban - it gonna be veery bad, -3k instantly

China is not ban in cryptocurrency but some regulations are possible in the country because every year chinese government block the trading site then again they will allow to survive in the market. So we don't consider the China this will always supporting to cryptocurrency. But US government is main killer in the crypto platform so other countries are favourable in Cryptocurrency.

The community of China will find the other way to support(Invest, Mining etc) Cryptocurrency, so far there is no regulation on Bitcoin so it will never ban in my opinion.

I do not think that China will ban the BTC. Against the backdrop of more and more countries that legalized the cryptocurrency,  this seems impossible.

Beijing - One of the popular virtual money alias cryptocurrency, Bitcoin, is experiencing a decline in exchange rates. Chinese policy is the reason.
The Chinese government issued a policy prohibiting the transaction of initial coin offerings (ICO). The ban was issued not without reason.
As quoted from Reuters on Friday (15/09/2017), there are several reasons Bamboo Curtain country banned Bitcoin transactions.

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the Bitcoin movement, it could be a lucrative investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

doesn't seem to be possible for bitcoin is not only the State-owned China only. Anyway, this would not be a great problem because there are still many other countries who would support the bitcoin if see the potential of this coin.

I do not think china will likely tire bitcoin
if they will make their own cryptocurrency they need bitcoin as their marketing container unless they make it only for their own country

I don't think so, many miners in China and China will receive money if have them.

China's ban on Bitcoin trading is utterly accurate news. But in my opinion, it does not affect the cryptocurrencies too much because the Chinese exchange floors in Binance, Houbi, Kucoin, and Okex are still functioning regularly, and the Chinese government can not ban the trading through those exchange floors. So you have peace of mind to trade as well as invest in cryptocurrencies.

China has started these banning of Bitcoins since last year but as we can see it, they cannot totally ban it. Many Chinese mining farms just transferred to other places but still mining Bitcoins until now. I believe that China cannot banned it totally even in their own country since they hold the highest mining farms and no one can ever regulate or banned Bitcoins even the government like what China is doing.
There are also a lot of Chinese Exchange. Binance is also a chinese exchange but china cant close it cause its in Hongkong. Chinese businessmen are smart enough especially in business. They are good in investment; instead of closing their projects, they just transffer it to other places where Bitcoin is open and accepted. I believe that what is happening right now is just a FUD to let people go on panic selling so the whales can still controll the market.

This is not possible, like not possible to ban Internet because it is decentralized.

We don't know that for sure. Maybe right now cryptocurrency was ban from their country but I know soon they will realized their mistake from banning it and they will accept it and once that happens cryptocurrency market will be very huge and all of us will be shock because all coins will set their new ATH.

China is the biggest economy and very many people country. Its no good for cryptocurrency, i think China wishes do it a yan worldcoin but cryptocurrency linked a dollar , may be this one a reason.

China is still a major player in the cryptocurrency! And any changes in the attitude of the authorities to the cryptocurrency will be reflected fully in the global cryptocurrency market! Meanwhile, as many countries take steps to legalize the cryptocurrency, China is set against it!  I wouldn't be surprised if China banned the crypt! Perhaps cryptocurrency undermines the working mood of the population, and for the technical process of China it is unacceptable!

It does not seem to be happening. because in China now a lot of new crypto appeared. Maybe those bitcoin tires are banned just to make their famous and advanced artificial crypto. They always do not want to lose in any field. So if they can cryptocurrency products that control the world

In my opinion, to ban the bitcoin completely, the probability is 50:50.
But to ban whole cryptocurrency, I don't think so.
1. Cryptoeconomy is a must. It's a demand of the times.We have to adapt upon it, but no one can resist it.
2. The cryptoeconomy itself brings huge economical potentials. I would say that the country which able to dominate cryptoeconomy would be a lot stronger in global conventional economy.

So I think, rather than ban it as a whole, maybe Chinese gov would only set regulations that allow them to at least monitoring the activities and grab some benefits, or even make their own coins and platforms.

i think the central bank is coming up with their own version of the chinese crypto for monetary exchange use by the populace, it'll be on a blockchain regulated by the govt of course. not sure how that will interact with private cryptos.

The Chinese are a very peculiar nation. They are used to finding their own ways of solving each issue. The government of China since September last year also solves the problem of the crypto currency, and it is not yet known what they will do in the future. It is already good that there, they seem to have agreed to allow the continued existence of ICO projects, albeit under the control and regulation of the relevant bodies. Judging by the fact that the crypto currency in China is still going and the crypto-exchange markets are working, while there are not very strongly opposed to the crypto currency. Probably, this year, China should finally decide on its attitude to the crypto currency.

I hope this does not happen, that would be really bad for crypto, maybe the end of it.

Perhaps they will block Bitcoin. But they have their own cryptocurrency-Neo. Will run only it. By the way, maybe we should buy it?

I do not think there has been any improvement. for doing so in order to get them back. an important country and a very wrong decision.

I think he made a wrong move. I think the country is not satisfied with this development. they will be back from many world countries.

There is no such thing as total ban,people will still mine crypto or trade it anonymously.yup China has put a great restrictions on crypto but soon they will allow it as blockchain acceptance progress.

 I wouldn't be surprised if China banned the crypt! Perhaps cryptocurrency undermines the working mood of the population, and for the technical process of China it is unacceptable.

I think it's very difficult to ban bitcoin completely because China is one of the biggest BTC holders, so it's not possible to make a rule about bitcoin.

No, they won't. Why they ban bitcoin completely when China is the country that has most bitcoin whales on the world?

Definitly yes. China has the biggets bitcoin sources. They have the most great investors and rule by their goverments is open. Not only bitcoin is there main they also have neo and not its more powerful.

I'm not so sure on what's the real deal in China but as far as I know that there's no ban in China.

The only thing that what happened to China last time is that they are regulating the ICOs but it is not clear if there's a ban. But if there is a ban then the biggest miner supplier shouldn't be allowed to operate their business anymore.

It is not difficult for them to ban bitcoin but that's not going to happen and what's more possible is that they can regulate cryptocurrencies and ICOs.

I don't so maybe in future China will allow their people to use cryptocurrency but still, they dilemma how to legalize the cryptocurrency. China will take the lot of measures to protect their investors in a decent way but for that, we have to wait and see how people will react to it.

I thought about it too! Still, they want to bend their line into cryptography! And be independent! And NEO is probably better to buy on the availability of funds in each in the near future it will significantly increase the demand for the situation in China!

If the Chinese government wanted and could prohibit the crypto currency, it would have done so for a long time. Or there is no desire for the government to do this, or there is no real opportunity to ensure implementation of the decision. The Chinese government has been looking for ways to solve the problem with the crypto currency for too long, and apparently it has not come up with the best solutions. Recently there was information that China plans to authorize the ICO, but under the regulation of state bodies. This is already a good solution, which shows that China will recognize the crypto currency in the future.

It would be embarrassing for the Chinese gov to officially ban crypto and then suffer from the logistical impossibility of actually stopping the flow of crypto. This is true for all governments. Banning crypto is like banning water: You can try to block it, but it will always find another path to flow.

I think that the Chinese government wants to control the crypto-currency economy on the one hand, and on the other hand, to remain the leaders in the industry of ISO, crypto-trading. Perhaps, China also wants to have a national crypto currency.

Just the government is afraid of mass repressions on the part of the holders of the cryptocurrency, especially whales! After all, without a doubt, large whales cryptocurrency holders are also among the authorities! Therefore, they can not find a good solution! But I think that all of these, they are not banned! Perhaps they will take under strong control. And pay more attention to their national cryptocurrency!

That is absolute bullshit, at the same time they are going to launch own crypto. What is that, double standarts? Also I heard there are some changes in government,new leader is more loyal to crypto

Bitcoin was ban in China by the government because of reasons like; inability to control the activities of cryptocurrency, could easily be use as a platform for fraud, money laundering etc. The questions is can bitcoin be completely  banned in China? I will say it is possible since China is an independent countries and can do so if they deem fit, however I am more interested is will a complete ban actually be effective. I believe because of the decentralized nature of cryptocurrency world banning bitcoin completely will not be effective because the Chinese government lack full control.

The Chinese authorities are suspicious of crypto and bitcoin because they can not control and control all this.
I think it's all because of this.

I think he's doing the wrong move. I think the state is not satisfied with this development. they will return from many countries of the world. I hope they change their minds and legalize Bitcoin

you never know..

china can not completely ban bitcoin users.
while they have some big market exchange in it.
it may be true that their government always refrains but it certainly will not be able to withstand the crypto world.

Take it easy bro. Don't worry China will not totally ban Cryptocurrency on their country maybe right now they are studying to implement about the laws on cryptocurrency but one thing for sure they will come and join again cryptocurrency because I know they really believe technology behind of it and if that happens all of us will be happy.

IMO maybe cryptocurrency will be more heavily regulated (currently trading is forbidden but holding crypto is still allowed by the gov, maybe in the near future people of China will need to register their wallets with their government-issued IDs otherwise the possession of crypto is illegal) to protect their currency value & prevent illicit activities such as money laundering/ terrorism funding.

They are in the process of researching blockchain technology (and possibly creating their own cryptocurrency?) to win the Fintech supremacy race between superpower countries.

Sweden is currently seeking the opportunity to launch their cryptocurrency (e krona) based on iota platform
(source : https://ethereumworldnews.com/iota-based-e-krona-cryptocurrency-to-be-launched-by-sweden/ ,
https://www.forbes.com/sites/rogeraitken/2017/09/26/cashless-society-is-this-what-an-e-krona-in-sweden-could-look-like/#25290e4e165e).

Imagine the next war between countries would be the war between their cryptocurrency prices on exchanges, a war which each of us can participate.

Perhaps State policy they could declare it, but I think their system will not be and are not so strong against it is still circulating in their countries.

China is a very smart country. They never take harsh action. Most likely they are waiting for what will happen in the other large countries and follow their trends.

Till now directly or indirectly they didn't mention anything about the bitcoin banning. We have to understand the present situation because they don't want to ban the bitcoin because already they know the potential about bitcoin.

In fact, BTC has not got any development in China, and the government's related policies have restricted the development of BTC!

With the development of the block chain technology, I think China will open the BTC transaction in the future, provided that China has set up the regulation and tax policy!

I do not see any reason why would china ban bitcoin, since it isna legit digital currency, what they are trying to do is to regulate digital currencies and get rid of scam ICOs, since there are a lot of chinese who can easily create a digital currency of their own and just ran away once they get enough profit from it. As of now, there is no proof that china will ban bitcoin.

This has been discussed in the forum since last year and I don't think that they actually ban crypto's but they are regulating ICO's but it's unclear on what's really the situation their in China. But what I'm sure of is that there's no existing ban in bitcoin there.
You may not see any reason and even I but they have their own reason to do the ban or regulating cryptocurrencies in their own jurisdiction.

I think if China really ban bitcoin it will hit very hard at its price. As one day, China caused a price increase, so it may collapse.

What a joke, they won't ever ban crypto, as long as they create own blockchain and also they have some changes in government, so new crypto loyal managers have come

Menurut saya negara cina tidak mungkin melarang sepenuh nya ada nya bitcoin ,  pertumbuhan bitcoin di suatu negara semakin maju . saya pikir negara cina melarang ada nya bitcoin itu tindakan yang kurang pas. Karena setiap warga terbantu ada nya bitcoin itu sendiri. Jadi, selagi bisa menghasilkan uang atau pendapatan apah boleh buat.

maybe if only the Chinese government want to learn the blockchain system and try to be able to control the movement will be better than forbid it while technological progress in the future will surely grow rapidly and it would also need instant financial transactions as well to offset all that.

I doubt that technically there is an opportunity to completely block Bitcoin. Although China has already shown its ability to block Google but block the possibilities of blockchain is much harder.

It is possible, as China is one of the countries that don't want bitcoin anymore and they like to make their own blockchain with their NEO.
They created a coin to compete with other to be more regulated on their country, especially that they have now NEO and NEP5 token,
they don't need bitcoin anymore and don't want this btc to go rise again.

it looks like later chinese will mimic bitcoin as they imitate all products of other country's products ...
to ban bitcoin will not work at all, now the online system, there is always a gap for bitcoin sales even if it is prohibited by a country.

Agree with you! Chinese government has fewer and fewer methods to ban cryptocurrency.

I don't want to believe in such things - a dreamer inside myself is waiting for the canceling of that law.

How can this prohibition be achieved? constant surveillance for every resident of the country? or can it be turned off the whole country from the global Internet network?

There are certain rumors or maybe news regarding this issue that China are now ready to formalize and legalize the cryptocurrencies. If it's true, that would be a great news for everyone.

The Central Bank of China believes that the crypto-currencies threaten the stability of the yuan. And therefore, they will not restrict monitoring, prohibitions and blocking of accounts in social networks. But China will not give up completely from the crypto currency.

Incorrectly written, sorry. China bans, blocks social networks constantly and conducts monitoring.

I think it is too late to ban it in any country, as all countries have their own big amount of btc holders and people would protest.

I think china wants to banned bitcoin completely because china doesn't like any interference things from outside, but if all other countries or most of big countries agree to adopt then china will follow it, because there  is a chance that bitcoin could be use in a lot of things in the future, so if china missed to join then they will be left behind, so now the government still focus on observing btc

Since September last year, the Chinese government began to pursue a policy of deterring crypto currency at home in the country, and this was explained by the fact that the crypto currency is a threat to the country's economy due to the fact that it allows uncontrolled withdrawal of money from the country, and the crypto currency allows criminals to facilitate the commission of various crimes related to money laundering and others where anonymity is required. In addition, the ICO was criticized there for the possibility of using its scammers. Since then, they have been looking for their own solutions to these problems, then closing exchanges and exchangers, then banning the mining of bitcoins, then introducing other restrictions. Apparently, they did not come up with any special solutions to these issues, since the exchanges and exchangers began to open almost semi-legal. Also there, at first, they decided to issue their own national centralized crypto currency, but after a while they also stopped dealing with this issue. Such external indecision on the part of the government suggests that they have not found effective ways to solve these issues. Therefore, we can say that it is not going to prohibit the crypto currency at home in the country. This is also confirmed by the fact that recently there appeared information on the permission to conduct ICO under government control.

I completely agree with you. You can ban at any time and this is not the best way. It is much easier to take part in the process and eventually lead it. That's what the Chinese authorities need to do.

I am sure the Chinese government will not be able to forbid the use of bitcoin while the chaos in the Chinese state is very reversed with what is forbidden because some of its own people are the biggest users of crypto currency.

There can also be a variant like special manipulation of rumors that the Chinese government wants to block Bitcoin.
The goal is only to lower the cost of bitcoin even lower.