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BEIJING (Reuters) - China’s central bank will launch a crackdown on all types of virtual currencies this year, a vice governor of the central bank said on Thursday.

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic
The central bank will also push forward the research and development of its own digital currency this year, Fan Yifei said in a statement posted on the website of the People’s Bank of China (PBOC).


source :reuters.com

What do you think about this report ?? I lost 40% my capital with this storm , so sad !!  :'( :'(

Hmm. Isn't it that the Chinese government is already waging war against crypto since September of last year? How come you still lost 40% when they are no longer the superpower that they once are? I don't think that this is very surprising to be honest, that's why I believed that the next crackdown will be the bitcoin mining farm. If you are taking as to was causes the downtrend today, I don't think that this is one of the major factors as many of us already know that they already turn their backs on us. As far as their own digital currency, nah, I don't think that they will be successful, people wants decentralizes crypto not something back up by government with heavy taxes on them. Might as well go for stocks or mutual or any other trading portfolio.

 :-\I lost 40% capital cause i joined crypto market when bitcoin's price is 12k$ .At my point of view,when chinese govement and chinese  give some bad new with crypto market ,the market go down imediately . The capital form china is too much and they can do anything  :-\. But i saw many people took profit with "storm" at crypto market. I think i'm not goot and don't have enough knowledge for alive at this market. How about you ? Are you ok in this time ?

You will only loose your capital if you cash out now that the values are lower.
You will be ok if you hold what you have because in crypto terms you still have
everything. The only thing that has changed is the FIAT value.

i'm holding XVG and CMT rightnow , with a newbie like me , trade at this time is not good . I lost too much when go to Crypto market with too much knowledge . what a expensive lesson !! Hope i can study more at this forum :D

Perhaps these statements are another fake in order to reduce the price of bitcoin. But I can reassure everyone. Any digital currency controlled by the government has no difference from Fiat. All users of cryptocurrencies use them because they want to get away from centralization. People will not buy the digital assets of governments.

"crack down on cryptocurrencies" and meanwhile PBoC is creating "their own cryptocurrency"! can they be more obvious than this? they are trying to force their centralized altcoin on their people!


i find it very interesting and i would love to see how that turns out. in fact i am sure a lot of others (i mean the government of different countries) are as curious as i am about this and want to see what happens!

my guess is that it will gain some traction but it won't even come close to bitcoin and probably most of the altcoins because of a simple fact: it is centralized to PBoC and you can't fight bitcoin!

Market is currently on a downtrend and all of a sudden bearish articles are published...like clockwork. Also, this "news" is just a 2 line article, a bit odd isn't it? feels like a lame attempt to spread FUD by using the keywords "China", "crackdown", "virtual currencies".

And I don't think there's anything left to crackdown on, unless they want to push for more aggresive regulations. About their digital currency, no one cares, it's only relevant to chinese citizens.

What else is new? Can you post the link to the article here so we can read it?

Cracking down on ALL cryptos would be too harsh and I'm not sure if they'll push through with that and include bitcoins. AFAIK, they do earn from those miners. Electricity there is cheap and it brings money in when those btc get sold.

I've also lost money. Here's my position long-term hold in anyway. But if you can't lose, just sell. It's been a 3 month downtrend, and continuing to tank. Here, Another FUD but another reason the market is bleeding. we need to stop spreading FUD rather than keep spreading the good news.

Here's the entire link of the article:

https://www.reuters.com/article/us-china-finance-digital-currency/china-central-bank-will-launch-crackdown-on-virtual-currencies-idUSKBN1H515L

It's just...completely devoid of facts lol. Seems like a crackdown was announced without any details, and that's the end of that. But uh, how much more damage could they possibly inflict? All that's really left is a complete ban and I honestly don't think it will have drastic effects at this point. Maybe mining is next?

Either way, what they will do next is all conjecture at this point as they didn't even say how or exactly what they will crack down on.

There are a lot of other smaller friendlier countries that investors and crypto-startups/companies can always move off to. ;)
Binance have already done it. Hopefully more would follow.

Thanks for sharing the link. Totally uninformative article LOL. It's like they just met him on his way to the office and got a really short reply.

I wonder how mining would work with BTC banned in China though. You think the government would allow the miners to remain but would have to sell the coins to them?  I hope not since that would be more damaging to BTC's reputation than outright shutting down the mines.

I never trust these ignorant mainstream media for crypto news anymore.

Yeah  I don’t know if it  is true or just  a fake news new s like this  Is a black propaganda made by some unscrupulous people, if China government will ban crypto currency it must have a complete policy details on how  the law take  effects. Will let just see it before we conclude if its true or not.

The chinese government, or government backed company, is cracking down on what you're allowed to do? Who would have ever guessed the censorship?

A lot of banking institutions around the world have a problem with it, and for good reason, and same to the governments. It just goes to show how controlled we all are, even if we think we are free.

Welcome to the world of crypto it has happened to all of us here. If you put in the dedication and time, you should be able to wiggle yourself out of that hole in no time! :)

I don't understand why people care what the Chinese think. Every cryptocurrency user should believe in the future of this asset. We've heard so many times how much people believe in him. Where's the evidence? I believe so don't sell coins and do not panic. When people will believe and want to use bitcoin they will always find an opportunity to use cryptocurrencies.

This is the most important part that makes all the rest of the news unimportant. They can say all they want, how they will fight crypto, how crypto is bad and is a bubble, but when at the same time they're making their own it makes them look like clowns. They shut down all the competition, because they can, because they are the lawmakers, so they can outlaw whatever they like, and then they make their own crypto to make money of the boom.
I can hear those corrupt Chinese politicians screaming at each other "No crypto is legal but our crypto" "You trade crypto you go to jail, you trade our crypto, you are fine!" "let's drink to that comrade!"  ;D

I started to watch Mr. Robot serial, I am close to an end of second serial. Interesting serial, one of the most interesting is collision between Chinese government and group of hackers. Do you think its possible to be like that in reality? I believe in that, Chinese are saying one thing today, tomorrow they do something else. How good they are in spinning news we saw with bitcash last year, and amount of fud that came from them,
I`m tired of them, I don`t even care about what they are saying because all they care is their own interest, they don`t care about ordinary people. They are manipulators, and believe me they don`t plan to crack down crypto, you will see, they will be one of the first countries that will be full crypto. They have a lot of technology and there is other future for them, what will be their main crypto currency, what will they allow to be traded there we will see.

This news story is from 2014 btw.   :)

The crypto market was much more centralized within china in 2014 which caused news of a chinese crackdown to have a much more powerful effect. Also in that time the crypto market was heavily centralized within the first silk road. Around the same time as china's crackdown occurred law enforcement apprehended Ross Ulbricht (aka Dread Pirate Roberts) and shut down silk road which may have negatively impacted the utility crypto was perceived as having during that time.

Similar things have happened recently. China claimed they would crackdown on crypto exchanges. Alpha bay, silk road 2.0 and many other deep web markets were shut down by law enforcement. It didn't appear to have any noticeable negative effect on the value of bitcoin, which could imply that crypto markets have decentralized enough for them to not be centrally affected by any single negative piece of news they way they were in 2014.

China has already banned digital cryptocurrency trading in September 2017.

In early 2018, BTC's minerals were shut down!

Many Chinese ico are carried out abroad.

China's central bank plans to issue its own digital encryption currency to get people involved!

The development of block chain globalization affects every country!

Countries that ban digital encryption now allow digital encryption to be legal in countries.

No country wants to fall behind in the block chain technology trend!

China's ban on digital encryption began in September 2017!

And the impact was so great that BTC skyrocketed after that!

I don't think China's ban on digital encryption is bad!

Unless they declare the digital cryptocurrency legal, the market will continue to grow!

China only sees the virtual currency from the downside only a site created by the Chinese central bank stated that virtual currency or cryptocurrency has been widely used in criminal activities such as money laundering and illegal fund splits Chinese authorities also decided to ban the use of virtual currency

it seems china want to be able control crypto currency by making it own. this is detrimental for btc because in china many big investors, so they pulled bulk btc they have. this is make btc price dump

Calm down, the storm must be gone bro, surely some people also experience the exact same thing that you experience not to get too panicked, it is still in some market trait that later you will also realize it after so long in the world of cryptocurrency after having many insights, the main key remains calm down, lest you hurt yourself it's not a smart investor character.

I don't believe that. Even if the Chinese government forbids the Chinese to use cryptocurrencies, it will have no effect. Everyone who has touched the world of cryptocurrency has changed. They will use exchanges and wallets outside Chinese jurisdiction. I very much doubt that anybody will support any cryptocurrency which is let out by the government.

Well this was the idea all along, governments helplessly try to ban cryptocurrency and bitcoin just because they are unable to get profit from it, because they can't make people pay transactions made by cryptocurrency, they say they want to implement the blockchain technology in their banks, but the truth is they can't because transactions made in the network must be anonymous and they can't do that, it is a trick to get more money from people.