Bitcoin Forum

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

China has taken the right step looking at the future! The Chinese government is aware of the risks related to cryptos and decentralization! They are aware that serious financial frauds can be organized using cryptos and hence they want to roll out strict regulations to prevent such misconducts from happening! That makes sense!

However, don't link the current downfall with this announcement! Such news may have affected botcoin's price to a certain extent but not entirely! There are other things that might have played their part as well! Don't forget about upcoming black friday and Christmas!

This just proves that China is taking blockchain technology and cryptocurrencies seriously, they are implenting laws concerning cryptocurrency. Soon we will see China is a really big country and will really help the whole blockchain technology to gey promoted and be utilized by many other countries.

China has never been soft with the use of cryptocurrencies in their country so it's off no news that they would further strengthen the rules and regulations concerning cryptocurrencies. However let's not relate proportionally the price of bitcoin to the upcoming developments in China. I don't know how China plans to fully utilize the features of the blockchain technology without any digital currency.

China has unrealistic aims. It was peace and prosperity without individual freedom and it wants to develop and lead in blockchain technology denying the real cryptocurrencies.
Needless to say they'll fail in both of their aims unless they correct them early. Bitcoin can prosper without Chinese government.

I'm not quite sure if this could be considered as either positive or negative news. The Shanghai headquarters seems to be in good spirits with this promotion, even it it seems like an attempt to profit in on the increased amount of speculation. Either way, whether good or bad, it's a very smart and strategic move. Maybe other countries will follow within similar footsteps, because it seems like Blockchain tech has taken the world by storm. I'm quite sure nobody wants to be left behind on the innovation, not even the governments.

Sooner or later every government has to do that. In my view cryptocurrency is no way beneficial for governments and centralized financial institutes like banks.
Banks have already started movement againest decentralized cryptocurrency aka BTC.

Currently, cryptocurrencies are owned and traded by no more than 5% of the total population of the planet. I am not a forecaster, but I see that the bulk of people react like "we heard about it, but don’t understand." What kind of mass adoption is it? China will begin with its society to introduce technology so that people can control it. These are the most high-tech sectors of the economy. It remains for us to either swallow dust to follow them or try to rise to a level that will fill the shortage of specialists for this industry

I'm less concerned about whether China will be a conductor of blockchain technology or not, like other countries. It would be better if instead of irrational competition, China and the United States, since they are the leading countries of the world, think about solutions to expand the new technology. But here we still come to simple mercantile tasks, China wants to promote the yuan, and the US dollar. Although fiat currencies should have already begun to be replaced by digital

Well for a long time crypto has been making an impact on the Chinese market, that most mining and exchanges companies favored it, and due to how popular the crypto is there the government saw how their currency would start to fall behind so they started taking actions, from  setting strict regulations and threatening to ban it , to creating their own centralized cryptocurrency, i feel like china is the first and other governments will do the same in the near future, because if you can't beat them join them.

China is free to deal with illegal cryptocurrency activities, but they should leave bitcoin traders alone and let them do their legitimate trade and investment without any harassment. Bitcoin runs on blockchain, and bitcoin made blockchain popular before other event started been birthed on the blockchain. So blockchain and cryptocurrency are interwoven when we speak of a truly decentralized system.

Yes, bank owners have to purse those legalities and tries to pull down Bitcoin's economy, and they're more like cry babies who lies on government side which I think biased scenario.
Despite of that possibilities, the people still remain strong and decisive with their principles because bitcoin was really a sustainable kind of asset. With issues on illegalities, I think more Chinese people is doing a lot of crimes involving fraud and scams which they usually do using fiat money, and now starting to divert for cryptocurrency bitcoin like scam investments.

I still don't think it is the sole reason of the recent dump in prices. I just see manipulators taking advantage of such negative news to spread FUD in the community, making investors think that it would continuously go down because of initial artificial sell-off and panic. Good thing is that we had now another support level and things go upward reversal recently, hitting nearly $7,200 after 8 hours from its lowest on approximately $6,547.

China really wants to promote its national cryptocurrency. That's why we see such statements about possible penalties and the prohibition of another cryptocurrency. This is a very bad sign for the market, since China occupies a large part of the crypto market

That is another thing, but the core of it is after this news was spread through crypto space (we can't deny but we have witnessed it with our both eyes), bitcoin price suddenly goes down and yes manipulators will surely taking advantage of this to give an advantage to themselves.

This is the wrong policy for China regarding cryptocurrencies, they should stop.

the market reaction is normal because we already knew about the manipulators that waiting for a chance to take some cash instantly.

but for me?this action from Chinese government means they are serious in their support to crypto,what they only want is the clarity of the flow because we also knew the illegal businesses that wanted to use crypto as their way to bag money.

mind to tell us why this become a wrong policy?when they are only monitoring illegal activities?

We just cant be sure why bitcoin prices are dumping.  Because Chinese news? I think the scale is quite small and not enough to reduce the price of bitcoin right now because China is just a country. There are no fundamental factors at this time, in which international governments adopt policies regarding bitcoin.

We often hear market manipulation where whales deliberately drop the price of bitcoin and take advantage of the panic of investors and traders.
Relax, and finally i am sure the decline in the price of bitcoin is now a normal cycle where bitcoin will soon halving.

China is planning to launch its own cryptocurrency, which the government supports dozens of blockchain companies. They are just trying to influence Bitcoin so that their cryptocurrency can take a share of the market and capitalization.

Yes! I heard the news that they are going to lunch their own. We know that chinese know for their patriotism, when they will release their own blockchain technology expect that some chinese bitcoin and altcoin trader will switch to their local technology and they will switch with their trades.

in my opinion the strict controls that the Chinese government has to do have nothing to do with yesterday's bitcoin decline. and I think it's natural that China is more stringent in assisting the circulation of cryptocurreny which is easy to use for illegal activities. the Chinese government will soon implement blockchain technology. so maybe they will also make a regulation to tighten the security of cryptocurrency.

Illegal activities should be penalized so I admire the Chinese government for their support on crypto as well as protecting its people from illegal use of the cryptocurrency.

I don't see anything wrong about the China's Headquarter's decision and statement. It is for the sake of their prestigious country who don't want to increase a crime using cryptocurrency. Also, I don't think everytime there is a news from China, we can blame them for the price dump happening in the market. Remember that it is always about the demand and supply that can affect the whole market.

China always have new revolution about how to adopt and control with bitcoin, I can't believe how come China can get control whit bitcoin, China can control whit bitcoin price when have to higher or lower. But need check news in China always to know what happen with bitcoin next day to get chance with profit by investing on bitcoin or altcoin.

In some way I might agree with the fact that the news regarding China taking an interest in Blockchain technology, it affected the price of Bitcoin to raise. But  China implementing strict controls or policies on cryptocurrency is not really necessary since the crypto space has been around for sometime now. Considering this post, I don't really see any source of validity in the post. You should provide us with the source of your information regarding these implemented new controls by the Chinese government. People always wanna spread FUDs the least chance they get. This is likely to be FUD.

While I commend the speed and dedication that the Chinese Government is showing towards Blockchain development, I also want to urge them to make up their mind about what they really want for the market, every of their decisions both positive and negative seems to be affecting the Cryptocurrency market and so always changing their mind about what they want is kinda frustrating, if they want to fully support Blockchain technology and Cryptocurrencies, then they should leave things as they are and only ensure that scam projects with nothing to offer never sees the light of day.

Does anyone remember XI, where he praised blockchain technology but didn't really mention bitcoin at all, and even though he never mentioned bitcoin, the price of it went up around 7 or so percent the next day.

There is no doubt that China is a huge influence in a lot of things, including crypto-currency, and they definitely have the power to change or manipulate the price however they want, so it's no surprise to me people blame China for any price movements, although I honestly think they don't care.

they want a digital currency not crypto. in other words fully centralized and they will see every transaction.
as well even make a world currency in which they could control the world

They are preparing for much bigger adoptions that's why they need to implement such strict policies. China always in the position where they wanted
to make sure that the advantage always in their side. This way  the circulations of crypto behind their jurisdictions can be controlled and all illegal activities will be shut down and those who are planning to do the same will be chase down and stop immediately.

Maybe your right, they making their move to double the security of cryptocurrency because they will implemented blockchain sooner on their country, and they also saw that many complaints about crypto's transactions. the strict rules may help them and easy to find the scammers and other illegal activities. so this way of regulating everyone will benefit the good result. for now we should observe and let them do their motive and help everyone.

the Chinese government so far we know that they really hate cryptocurrency because of unreasonable reasons for crtpto users, maybe now they have developed blockchain technology in their country which is applied in several companies and previously the president of China has announced that they will make their crypton itself uses blockchain technology that can be controlled by central organizations so they don't worry about things that can threaten their economy.

thats good initiative from chinese government because this will bring more accurate usage of crypto in their country since the adoption is starting now.this means that China is serious on their plan of accepting blockchain.
this is only a partial result because people from china or those who are relying on this country .

Well, this is a new step for changing. the illegal activities will diminish and those who will make a scam doings like other exchanges will afraid. in china they had a lot of exchanges or mostly of exchanges are made there. the top 5 exchanges on cmc are located in china so sure they are affected. they will if they do illegal activities. so soon we can be sure that our funds is in good hands if china is going to regulate it.

Agree. It's impossible to say that just news from China 100% affected the price during last week. Thank you for reminding me about black friday!

If they are looking for illegal activity and fake volumes and market manipulation then it is a good initiative by the government rather than a bad one, right now the market is recovering as i speak and it was evident that they have no plans to boost the currency part of blockchain but they will be implementing blockchain for their personal gains and hence these are not that of a surprise that they will implement strict control over the market.

Well, there's a new saying in crypto sphere right now, "China shows that they have unban crypto, so that they can ban it again", LOL. Next to Russia, China is the most inconsistent as far as their support on crypto, in my opinion. That's why I take everything with a bag of salt news coming from China here. The only thing that is clear right now is that they are into blockchain and they're the leading country as far as filing a blockchain patent and it looks like they wanted to be a step ahead on this game.

Take a look at how China has treated google and facebook. They have sought to create the social network, the search network of their country. They create domestic e-commerce sites. Bitcoin and other cryptocurrencies are the technologies they have learned and the next step is that they seek to kill bitcoin and other cryptocurrencies to build their crypto. China has more than 1 billion people and they are aware that the market from their country is potential.
In terms of human resources, they have enough programmers to create their own blockchain.

It's indeed true,  there has been a trend whenever something comes from the western world,  Instead of z China going with the flow, they just decide to create a version of the very same thing or I will say duplicate it for its citizens for their very own reasons. With their stance against cryptocurrencies it wouldn't be surprising to see them outing their very own cryptocurrency.

What can you do to stop them? Go and tell them to stop this because this is not the right way?
China has the right to do it because they know the risk of having a cryptocurrency for trading. They are now focusing on making their own centralised cryptocurrency that only the government can handle. I don't know what would be the result of that but chinese people would eventually support that.

The good side is that it can be a filter for fake projects, so that projects that are properly maintained can be justified legally.
Because of illegal projects I could have the potential for money laundering which would also harm many people including investors and users.

when talking about adoption and acceptance from the government, we are certainly aware of the rules of the game they will set. So far, what PBOC has done is correct to eliminate negative tendencies. I am sure they will also be more stringent for what coins can be traded someday, even tighter than what the US has done. The economic motives of sovereignty must always meet the element of profit for the country itself.

This can be helpful in curbing the crime related to cryptocurrency.
The crime rate has almost doubled since the last year. This step from the Chinese government for curbing illegal activities in fact will help in increasing the positivity around the crypto space and might bring more of traditional investors towards cryptocurrencies as the only thing traditional investors fear of was no regulations.

Even I agree with this. China is trying to maximize the use of cryptocurrencies reading their this news and I think that they might also depict the rate of crime using cryptocurrencies but thinking rationally it is a challenging task. We all know how bitcoins are been used in the illegal activities anonymously and even if the records are tracked, it would not be easy to find out the source of the incoming funds as there already are a lot of mixers and those stuffs.

Talking about the price dump, any great news from china impacts on the price of bitcoins because the population of china which is the world top country in terms of population. Now, we can imagine the number of investors from china and any news about the cryptocurrencies from their government might create a panic situation and it might surely affect in the price dump.

telling them to stop isnt really consider as a wrong way but as long as you have a valid reason to support your advocacy of stopping them who knows they might change thier mind and realize thier mistakes but i also think that they are doin this for a reason and one of those reason i think is because they are now creating thier own centralized crypto but i also dont think that all chinese citizens will embrace it because i think that being too centralized isnt good anymore

China is pushing towards Global Blockchain Dominance by implementing nee strict controls on cryptocurrency, apparently this is not the first time we will see such news from the chinese government. But this is a huge step in the right direction.

I still don't want to associate or believe that it is this same news that caused the price of Bitcoin to go down. But as you know it, people will believe anything as the cause of Bitcoin price dip, especially when it has to do with China. Normally people associating the blockchain technology with cryptocurrency is a normal thing.
The blockchain technology became popular because of the cryptocurrency; not much about it was known till Bitcoin into the light.

Definitely not the reason why, I see the market is just undergoing market correction from the previous increase, and will soon increase again for another reason of halving. going back to the topic, what China is doing to the blockchain implementations is an ideal thing most blockchain enthsiast country should do. In order to avoid frauds and scams, they should regulate blockchain like the way Chinese does. For this reason, only the chosen worthy blockchain projects would be in the market.

The government isn't fan of negotiation because before they make an action there is always a meeting about of that certain problem. The citizens could do is only to complain and suggest but i don't think there would be someone will going to complain to the government about of dealing with cryptocurrency.

Because they are a powerful country and independent when it comes to making decision for the own good of their own country. If some people will stop the government, even if you have justified what you want to say, before you even finish speaking, they already have an answer to defend their decision and that will makke them really good when it comes to making actions

Why would they do that? Why do they want to control everything? After all, crypto can bring much more benefit if everyone can fully use it.

Welcome to the news about countries trying to control the largest population in the world, it is expected China would come up with something to restrict the use of cryptocurrency when they were promoting blockchain last week and i am sure they are planning their version of digital coin and they might even force everyone to use that, China does not control the world market.

They want to control their people. They know blockchain technology is here to stay but they want to keep the value to their own country and that is why they want their own currency so the money stays with the government.
I am not sure what illegal activities they are talking about but if mining bitcoin is one of them and you supporting that well... Why are you here then? Do you know exactly what steps China will take because I don't?

Don’t you think that china are even the biggest whales that we have in this cryptocurrency sphere, because it was just barely a month that their president came up with this same block chain speech/ cryptocurrency that looks like it favored bitcoin through the declaration of support for it and made the price of bitcoin to spike to $9000, now  they are coming up with this story again, which they know would crash the market so they can get the opportunity to buy and accumulate at a cheaper rate again.

I am expecting them to come up with another favorable speech again that will make people to start investing out of fomo that would make the price to spike again. Anyway, they have some good and valid point here which I don't think is enough to have crashed the value of bitcoin this much.

In any case, there will be ways around this control.There are a lot of anonymous crypto-currencies, the movement between the wallets of which is simply impossible to track.But it is better of course to carry out transactions legally to avoid unnecessary problems.I think the Chinese authorities will cope with their task.

You are right, we cannot control the Chinese people and we need to understand that the impact of china over the bitcoin is low. They can implement whatever rule they think is good for them and if they want to restrict the use of crypto in their country, that will only harm them.

There's a lot going on in China atm, not sure if this article is relevant but if it's ture: https://beincrypto.com/china-experiences-second-major-bank-run-this-month-further-highlighting-a-need-for-digital-currencies/ ....

It possibly affect the price of Bitcoin but there's no assurance that it is the major reason. Based on what you have said, aren't the government just preventing illegal activities using cryptocurrency to happen in China? Nevertheless, China is really up to something. They won't act like this if they don't have something. Sooner or in the next years, they might have launched their own cryptocurrency.

let's hope china doesnt control the world

China may be affected by such actions. Now too many people use cryptocurrency, and if the government restricts cryptocurrency in the country, people may not agree with this and arrange a protest. Moreover, the situation in the country is tense

This is what I like most from China. The Chinese government is serious about handling and developing its technology along with the blockchain. They are also committed to providing education that is truly trusted and informative to their citizens by monitoring the circulation of news about blockchain that is not true. Look at their seriousness. In the next few years, China will become the leading position in the emerging field of blockchain

I doubt, after what they have said that they wanted to adopt the blockchain technology that almost hype everyone and now they are doing something that really makes panic to all people, it's really hard to read what China really up to, is it their way for them to accumulate more Btc or their way for people to panic sell and once the price is low they will introduce their own crypto.

I rather prefer them to make sure everything goes by the book and take action against illegal activities rather to just deny everything and block it.

This is a positive thing for crypto users in every aspect as it looks like China is trying to at least accomodate and accept the fact cryptocurrencies are a thing to have in the near future.
As a main currency for either their country or overall as a part of initial country taking such actions as example for others that want to adopt the same technique.

it seems that china policy isn't too clear right now...

If everything is seen as a news, then it is a news and doesn't make a big market deviation. With cryptocurrency each and every statement rolling out of the different authorities too shatter the market as the cryptosystem is highly speculative by development. China's move is watched closely, it is for cryptocurrency related as well as on world market.

Already it made strict regulations, but that isn't followed strictly. Now once again regulations were compiled, but to what extend this is gonna get followed need to be analyzed to find the true impact of china's decision.

that is what we must understand that not because they are putting some laws meaning it is bad for the crypto because they are only protecting the righhts of their people specially in this investments that mostly risk to enter.

so for them to give assurance to the Chinese people atleast this action must take place.

Actually not, they are also regulating their market that projects that will enter their people should not affect their governance, and if they see a cryptocurrency investment platform or a crypto itself imposed a risk to their people, they act on it right away. That is the main good points that China is doing that others aren't. Because for me, proper education to the people and restricting them to enter dangerous investment should be implemented for these kind of projects not to be encourage entering their people anyway.

China does have a pretty strict policy for their citizens, management is more dominated by orders from the government that is there. it is difficult for them to adopt technology from outside, they prefer to use technology made by them. and in fact investment does have a high risk, especially for those who do not have much knowledge

The reason why China is very strict in terms of controlling cryptocurrency is because they want to dominate bitcoin. They want to create their own because they also want to control people. They utilizes bitcoin very well but there is a reason why they do it. Blockchain technology is its priority because they know that it will help their economical growth faster and develop its market.

Does this people ever stop talking about cryptocurrency? Lol. Every single day I go online there is always news on China and cryptocurrency :o.

Well, they are doing the right thing by implementing these new rules and doing their best to keep things under control. It's not every government that has such time for cryptocurrency or looking into it. Good to see that China is taking it seriously, I hope they allow their citizens to start making use of cryptocurrency, because from what I've heard, people are trading underground there. I have also seen news that they are going to allow mining of Bitcoin, not sure as to whether this is true.

Just like countries in the developing world, none of their governments are putting interest in cryptocurrency. Basically, when countries think about regulation, it will end up more adoption of cryptos among its citizens. China, in my observation, is moving toward a full fledged crypto country status due to its government intentionally or unintentionally.

Yes bit they want to put to many restrictions up. That is never a good thing. They getting people ready for their own currency to get people to move to and use it and not bitcoin. They know they can't stop the technology but they can try to control it to a point.