Bitcoin Forum

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

Chinese government is looking for all possible ways to ban bitcoin but United States are looking for more ways to regulate exchanges and cryptocurrencies.

China has even banned bitcoin more than eight or nine times.

Immediately after the last ban, bitcoin mining hashrates generated by Chinese went to zero. Chinese miners are the second with the highest bitcoin mining hashrates now, while United States miners are on the top list.

After the ban, we later knew that considering bitcoin as a property in China is a legal.

Government like control, but the technology which is blockchain that bitcoin came with is too decentralized for the government to handle and put under themselves. The government will be the government, but even many government officials like bitcoin.

As per your question, I would have thought that China would embrace crypto more than the US, but the reverse is the case.

However, the data at my disposal still shows that more Yankees are engaging in crypto than Chinese in terms of headcount and percentage of the population.

As of 2022 according to Coinbase (https://www.coinbase.com/blog/new-national-survey-of-2-000-american-adults-suggests-20-of-americans-own), 20% of Yankees (66.38 million people) deal with crypto. While Trple-A (https://triple-a.io/crypto-ownership-china-2023/) puts the Chinese percentage to be 5.5%, which is 31.06 million people.

Regardless of the accurate figure, the fight against crypto is a lost course.

America is a democratic nation that follows the Constitution and other laws. Most policies are debated in the legislative houses before enactment and implementation. Individuals and corporate bodies can sue the government because of any perceived unfriendly policy. This is not the case of China where all the powers rest on an individual or group of individuals. The legislative arm and the courts are puppets of the executive arm of government. From the above analysis, it is clear that the US will always be more friendly to cryptocurrencies than China except there is a change in the attitude and belief of the ruling class toward Bitcoin and others. The government of China wants to always have strict control over the financial and other activities of its citizen. But the US will move towards regulation which might not be effective because some states still have some level of autonomy.

Oh, crypto ban? It's like trying to stop teenagers from using TikTok  ;D ;D ;D, I don't think banning it is an effective strategy. Several countries have recognized the potential of cryptocurrencies and have implemented regulations to ensure their proper use. From a global perspective, it would be great to see more countries embrace crypto and take advantage of its potential benefits to explore and embrace this innovative technology.

As for me i would prefer China welcoming crypto in full than the US, While because they are major importers and exporters which i think would bring a huge progress to bitcoin. There's no country that doesn't imports from China.



It is very much possible for a country that is ban of using cryptocurrency to greatly surge in number of usage, just take my country Nigeria as for an example. We were restricted from trading cryptocurrencies to our various local bank account, few weeks after the announcement the population increased uncontrollably, So i think that is what happened to China.

The government has realized that they cannot ban it, apart from China and some countries that still have extreme attitudes towards bitcoin, many countries have lifted the ban and regulated it instead.
I don't know if they realize the potential of cryptocurrency and are looking to adopt it. But I see most clearly that they are trying to collect taxes, and cryptocurrency adoption in countries is focused on enacting regulations and taxing investors.
Regulations and taxes are inevitable, but it's still better than having them ban us outright.

Banning of cryptocurrency is what is nearly impossible to achieve by every country at the same time. That is the reason cryptocurrency and bitcoin will continue to flourish. Many countries are in battle of economic control of the rest of the countries. And these countries that are always in this secret battle tend to oppose one another in terms of decision-making relating to economic development.

This is exactly why if China Bans cryptocurrency, United States will try to embrace cryptocurrency and regulate it. And any day that United States thinks of banning cryptocurrency, you will see a competitive or rivalry country will embrace bitcoin. This is the reason bitcoin will continue to flourish amidst controversies.

if you are talking about decentralized Bitcoin that resides in your personal (not CEX exchanges) wallets then there is no way government can ban it. The ban comes into play when  you try to convert bitcoin to fiat or vice versa. In my country there is recently a crackdown on people who bought bitcoin from exchanges using credit cards. This rivalry of government towards decentralized Bitcoin will continue to get intense as government is not able to control bitcoin.  

Government that are after their citizens freedom of living their lives,has seen that there is no way they can put a ban on crypto,so they have turn to regulate it in order for the government to benefit from it by taxation. Bitcoin has uplifted its users from hardship and this a good impact,the US government understands this fact and that is why the US government will not ban crypto but regulate it so that both the citizens and government will be happy using bitcoin. As for China,the president wants everyone to see him as god. That is why he is why he wants to have controversy over their financial life by banning bitcoin and other crptocurrency. I still believe that as time goes when bitcoin have started conquering almost in all countries and China has seen the value that bitcoin is adding to the lives of those countries,he will shameful remove the ban on crypto in China.

Yes the ban is more like a joke, the effect the ban has is majorly on government institutions, individuals can easily carry on with their various crypto transactions. Just the way a good number of Nigeria youths that are tech savvy are into crypto and they are doing extremely well even when there is a ban on it by the authorities.

US for me. They're just strict but they're welcoming crypto adoption, unlike China, despite all of those announcements, they're likely cracking down places there that have been involved in any crypto-related activities like mining plus the fact that their government type isn't really friendly at all.

And that's good because their banks are also controlled by them so citizens that are wise understand that they shouldn't allow the banks to hold their money which is controlled by the government of China.

Well, we've been used to seeing this news, and even if they ban it. As you've said, there will be a lot of ways to hide it from the authorities.

The same as you, they're strict and like more regulations but much better than the latter.

I'd choose the US to break the rules and regulations on crypto bans over China. The latter can literally make you disappear if they don't like you, and your family won't be able to do shit about it. Whereas in the US, you can evade the law for a long time and you can even get out of the country when things go out of hand. Compared to China, who often employs drastic measures to eliminate those deemed enemies of the state, the US is still relatively lenient.

Even still, people will still find a way to play around these bans and restrictions, as they always have throughout history. Though if I'm going to break a law, I'd take my chances on a country that doesn't have the reputation of having criminals "disappeared" like smoke.

Banning crypto is no joke! It is true that cryptos can't be banned through a legal provision, but a government can take extreme measure to make cryptos irrelevant in their country. China has been doing that since the inception of ICOs but they haven't yet gone to extreme.

Also US has started taking some harsh measures against crypto companies. Apparantly they will not ban crypto entirely but they would want to regulate the crypto market in their country.

Don't underestimate the power of a government. They can go to extreme if they really want to achieve something at any cost.

I agree that this is a joke, the way I see countries that have not really accepted the legitimacy of crypto is probably about the fact that the legal corridor has not been able to solve the problems that come with it, some This market thing goes against the control criteria of the government apparatus. And we need time to like to think, I'm not too concerned about which side the US or China will do better, because I expect both will have a positive view of this area in the future, instead of banned, countries can find ways to properly regulate and control crypto-related activity, protect people, and facilitate the sustainable development of the market.

I'm more interested to see china welcoming crypto than US since there are so many crazy regulators in USA which is totally skeptical about existence and its usage. They are old school or maybe they don't want this because they can't control this currency.

Maybe for now China bans it but for sure in future if all things became well on crypto space they might consider back again to acknowledge crypto and let their people use it again.

The culture of the USA has an inexplicable influence on the whole world, probably it started with songs and movies, but grew into something more.
Now any event in the USA has a huge impact on the whole world. And I think that the full adoption of cryptocurrencies in the US will have an incredible effect in the world. Their adoption in China is not even comparable to such an event.
And I hope that all this will happen soon.

In other words they have both banned bitcoin in their own way. China with a regime that is more similar to the traditional definition of dictatorship while United States has a regime that is the modern definition of a dictatorship.

You seriously need to look at hashrate charts before making weird claims like this. As a matter of fact the hashrate only dropped a little after the ban, then the price started crashing which led to more drop in hashrate, it was never significant though and definitely never down to zero! lol

Yes it’s usually starts with crypto ban news from the governments office but soon they realise that it’s just imaginary thing. There is no possible way to ban every website/exchanger/wallet available out there and put the users down with it. In fact peer to peer transactions have proven a cryptos private network time to time thus keeping them in loop with the entire blockchain. There is simply no possible way to ban it and that’s what power of public ledger mean in broader sense.

If it wasn’t for blockchain through millions of computers then it should have been for nothing. The technology is literally being explored and used by various governments for their own purposes. Let’s say data vault.

So this is sure, they not gonna do anything about blockchain in the first place. It thus proves that there if blockchain is going to exist then bitcoin and other coins forever to the infinity. :)

I will rather go for United States, ban in America is not a complete ban everywhere as in China, you can still work out having your mining rigs around the States and also no legal ban on complete disapproval for use of bitcoin in the United States, China has made their own final say concerning cryptocurrency at large, anyone still found in using crypto or any other affairs related to that has gone beyond the law and is due to face the consequence, this makes me to believe more about a suitable and crypto friendly in United States than China

I don't know where you live, but if you think bans on crypto is a joke, you can move to a country where Bitcoin is illegal [1] and then create a business where you're accepting Bitcoin as the payment. You can launch a seminar to talk about Bitcoin there and don't forget share your experience after you did that.

Don't blame me if you get caught by police and you need to go to the jail :P

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[1] https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

Banning cryptocurrencies may not be effective in controlling the flow of cryptocurrencies, as crypto transactions and activities can be done privately. However, this also depends on how and to what extent countries implement crypto bans. On the issue of the United States being more accepting of cryptocurrencies than China, this is a view and desire of many in the crypto community. However, the adoption of cryptocurrencies must also be based on appropriate regulations and risk control to ensure the security and stability of the financial system. In short, countries need to be careful in accepting and managing cryptocurrencies. Banning cryptocurrencies may not be effective, but it is also necessary to ensure the security and stability of the financial system.

I would prefer that China embrace and legalize bitcoin. With their adoption, more individuals will get acquainted with bitcoin, implying a growth in the number of users who own bitcoin.


Bitcoin is simply too powerful for the government to regulate and control. Many countries have banned the usage of cryptocurrencies in their countries, but statistics show that some of these locations have the highest number of bitcoin users. Countries that are unable to regulate its use simply require individuals who use it to pay a tax.

Banning of cryptocurency is never a joke and doesn't look like one as it does have its effect on the market. For example, if US was to banned Bitcoin today, the market will react very negatively and until another law is passed to contradict the ban, the market wouldn't recover. The government understand this and have been using it to their advantages which is why China bans Bitcoin related services in the industry in the past.

While we have people still making use of cryptocurency when they're banned in a country, it can't be compared to when cryptocurrency was welcomed in the country. Using your china example, even though 30 million users are using cryptocurrency, that number would had been in their thousands if millions of Bitcoin was welcomed by the government.

China is 100% excluded from this scheme. No offense - but all totalitarian or near totalitarian systems will not allow UNCONTROLLED money flows. And there are a lot of reasons - from the loss of "control of the masses" to "sponsoring of anti-government groups." For this reason, China is unequivocally - crossed out from the list.

About the USA or other countries - I am also very pessimistic about the fact that cryptocurrency will become an official means of payment. The reason is banal, and in some sense intersects with the "Chinese problem", and I have already spoken about it more than once - not a single state will allow an uncontrolled and unmanaged asset as the basis of the financial system. The state is a set of certain entities, one of them is an independent from other "hands", and a financial system MANAGED by the state.
Accordingly, cryptocurrency, as some intangible asset, can be legally allowed, but as the basis of the financial system, no.

For me, it could be China, the problem is that the United States is trying hard to impose the hegemony of the dollar, so if it adopts bitcoin, it will certainly make it primarily linked to the dollar, and this is what many want to get rid of.

The United States, through its strict policy towards bitcoin and cryptocurrencies, helps the Chinese government to attract bitcoin more to it, but what I personally hope is that we get rid of the control of both major countries and obtain decentralization.

All people are driven by their own self-interests, so it makes sense that there are so many people at China that are using bitcoin as the freedoms they have there are way more limited than what you can experience on other countries, however as free countries try to limit or ban the usage of cryptocurrencies this will ironically increase their usage, as people will want to be free of the constraints imposed by the governments as it is obviously they are doing this not out of concern for their citizens and instead they are doing so to protect their economies.

The United States and China's population is very distinct. But the probability of the custom or cultural acceptance within each country will likely favour the US instead of China. Instead of outright banning cryptocurrency or bitcoin, the US try to regulate its usage. It does not happen in China where it is completely controlled and opposed.


It is worth noting that how the current Bitcoin ecosystem operates is harder to be stopped systematically. A power of decentralization. It will surely limitate what governments can exert a force on bitcoin. So the best they can do is to regulate tightly.

Exactly, banned cryptocurrency transaction looks like a joke right now because not negative impact yet, maybe all investors have more experienced with cryptocurrency banned is not first time and have many countries announced for banning bitcoin. Seems joke later if any countries announce cryptocurrency banned in their country because investor have calm down and not panic yet how many time later with banned announcement.

Usually, China and United State are countries consistent announced about banned cryptocurrency every years, right now like drink a cup of water for investor when both countries announce banned crypto.

China is like a more independent country, they always tend to make their own products instead of using others, we have seen many examples of it, like Huawei (smartphone industry) which refused to provide informational insight and data flow, to US authorities. So the US banned the usage of their product of Google services for them plus all Android Operating Systems. There are many other similar examples that can be found, there is no WhatsApp in China you have to use their own product "WeChat". These examples point out that, they do not like to be controlled and questioned about their manipulation attempt either. Therefore they do not openly accept cryptocurrency and blockchain because they know, by doing that they will lose the biggest assets they have which is "data". Because everything in Blockchain, is transparent so they banned it and still using it.

There were many controversies on the manipulation of cryptocurrency by China, as they had banned it several times and I tried to cover it in my post (https://bitcointalk.org/index.php?topic=5434800.msg61598000#msg61598000). So, keeping the past acts of China in mind i would say "The USA" is likely to embrace crypto and blockchain technology and they had already embraced it in many ways. I know, currently, there is some heat against crypto but that's temporary (because of Elections).

I think you are wrong, let's understand, with your VPN's example, no wonder some apps and features are regulated (restricted) by governments in China but you can still use them by changing your IP or proxy ( like by using VPNs) but these VPNs are also working with the permission of governments. I think you should go through on how the network works, Your country is not producing it but instead sharing it with the whole world, and the internet providers of China are managed by the Chinese government as every other country manages theirs. So i think we should not use the world bypass because that is not an option for a country to accept if they had banned something. If you are using some restricted features with VPNs that's because the government has a light restriction policy for it.

And i don't think you are right about the ban as a joke because every single time when China banned crypto we have faced results and if they embrace it then we are likely to see the same impact (bullish) too, plus according to my knowledge, USA has not banned crypto as China did, so if they ban crypto, (as china did) then we are likely to see the highest impact than china. So, i think we should not take the bans as jokes because the fundamental analysis is still a thing.

Yeah people would always find way to do their thing. Banning crypto definitely government thinks it for their own good, but people prefers  to control their own property and funds than the centralized system. If government doesn't embrace the crypto as their citizens much prefer it then they got no choice but to ban it.

Fhe US isn't really big on outright banning the cryptocurrency giant. What it could be looking for is total control over bitcoin, hence why so many bills and regulations are being reviewed in the congress. In any case, I do think that this just makes China the better country to have their ban lifted even though looking at it the ban pretty much did nothing to stop chinese cryptocurrency users from ever using bitcoin and other currencies. So I'm guessing this lifting of sanctions is more ceremonial and less ahout removing strict parameters set in the past.

Bans on cryptocurrencies only redistribute the market. If the U.S. bans cryptocurrencies, miners will go where they are allowed. As a result, the U.S. budget will lose quite an impressive amount in taxes. A country that bans cryptocurrencies is hitting itself, but it does not have a global impact yet.

The more crypto is banned, the more people will oppose the ban.
Many Bitcoin miners eventually had to move and leave China because of China's very harsh crypto ban.
China's Banking Supervision warned that the increasing use of crypto assets has the potential to increase financial stability issues.

But funnier still, China is even adopting Blockchain and wants to create its own cryptocurrency. If they ban crypto and Bitcoin, but why create their own crypto. this already proves that China does not want to lose full control.
Banning Bitcoin is the right choice so that no asset escapes their monitoring.

Currently, the taxes generated by crypto miners are a good source of income.
If they are banned it will be a coffer of money for countries that accept Bitcoin miners.
The problem of large energy use can already be overcome by the use of renewable energy which is more environmentally friendly.

I meaan in general bans have always been a joke, especially lately. Ban gambling? Underground casinos would surface. Apply Denuvo to games? Crackers/piraters would rise up to release it for free. There's always going to be some method or way people can bypass it.

Probably would be better if they regulate it if they actually want some semblance of control really. In China's case their way of regulation was creating their own to be used and banning other alternatives. Afaik though it never really stopped the popularity of other coins, so it was a fruitless endeavor.

U.S. would probably go with regulations instead of bans though.

Although it's possible, US is unlikely to ban it because it will require legislation, and pass that would make it illegal, base on Investopedia. LINK (https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp)
As for China, the Communist party there always want to track what their countrymen are doing, but we know that they can't do everything, and of course because of that there will still be people who are using cryptocurrency for various reasons.

They can't ban something that they didn't created themselves.
I wonder why don't the government just let their people do what they want with cryptocurrencies without any restrictions whatsoever. On the other hand, seeing countries banning crypto as a "joke" isn't a good thing either because if there is a country (especially when a huge country like China), issued a ban on it, most of the time it has an effect on the price of crypto.

As with US embracing crypto, as of now there are no legislations that are being passed to make it illegal. On the other hand, there will still be people who are anti-crypto like the one in the senate I guess that is building an anti-crypto campaign IIRC (Correct me).

It is becoming very ridiculous to claim to be fighting crypto honestly, why wasting time fighting something that is inevitable?
Perhaps the government of China with all their supposed intellectual will brainstorm over this piece of information and determine if they fighting a lost cause. Time to go back to the drawing board to critically analyse their position.
And as for the United State they are fully aware of what to do, staying in the middle is not the best position. They are both welcome to the space anytime.  8)

Note:
Donald Trump NFT ........ crypto is bad, NFT are worthless jpeg right? Lol.

The important thing is that the ban is issued, the consequences of punishment have been prepared too. After all, China is a giant country in terms of population, the implementation of this crypto ban may be felt by companies that usually serve the public.
You may find it difficult to stay on the surveillance radar if you are a casual enthusiast and are somewhat free to do with the cryptocurrency. This was proven in the news last month when a Binance employee helped a Chinese resident pass verification.

These are the 2 most influential countries in the world, it would be great if one of them fully embracing crypto. But I won't be too concerned about whether the US or China will accept it or not, I will be more concerned with the country I live in, my homeland.
I won't get any benefit if the US and China accept crypto because I don't live there. But if my country fully embraces crypto before those two countries, although it won't affect the international market much, it will mean a lot to me.

Situation can drastically change over the course of time. If you have been here around 2015 or so, China was the leading country to support the implementation of crypto and legally accepted them as means of payment, but over the past few years, the situation changed, and the tables flipped favoring US.

Last week I have also read a post here on this forum that the miner's situation there in China is like fugitives escaping the grasps of their own country, I don't know how real it is but according to the stats provided above I think this is mostly the case.

The people's Bank of China argued that its ban on cryptocurrencies is to curtail financial crime and prevent economic instability. World is already moving towards digital even beggar use bar code for donation for begging from this we can see the level of digital world this time if crypto will ban than people will oppose many people leave county because in this native country crypto was ban. According to many experts, a cryptocurrencies are simply pieces  of computer code they can't banned.

When initially hearing about crypto bans from China, it is perhaps confusing and bewildering but that is just one reason why competition is relevant for the economy in the long run.  And more bans are introduced at different stages in order to increase the chances of competing with the US in a way that benefits them.  The current bans aren't just grassroots as bitcoin and crypto are becoming extremely important to the nation's economy.  Ban or lift the ban now with no pretense and I agree with calling it "as a joke"

This is example I am gonna give: Türkiye (my country) didn't ban crypto totally. There is Binance TR that we do our daily trades between coins and Turkish liras. But they did ban buying/selling using crypto. But its very very ineffective. I personally didn't do it but I heard many people just use exchange wallet addresses to send and receive coins trading things like bicycle/motorcycle even cars. Banning crypto at this point is to scream at mountain. It will never be effective. (Try screaming at mountain lol).

Banning crypto from government regulations doesn't mean anything, even in your country Binane TR is available for crypto trading and you are free to trade any coin without anything related to government regulations, I think the government should consider that regulation and provide an opportunity for the community to trade crypto freely though there are rules that limit the use of crypto, for us it is fine as long as trading and bank withdrawals are allowed, because it will not replace any currency.

I was talking about hashrates from Chinese miners. Is that what you are talking about too or bitcoin mining hashrates worldwide? It is not possible that bitcoin mining hashrates can drop to zero, that could be the end of bitcoin. Or you mean that bitcoin hashrates produced by Chinese miners do not fall to zero?

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https://i.imgur.com/599Krpb.jpg

https://www.statista.com/statistics/1200477/bitcoin-mining-by-country

-   I believe that the right time will come when every country will accept the concept of Bitcoin or Cryptocurrency. Because there were no countries before that they were able to change crypto or bitcoin but in the end they still withdrew it because they couldn't really control it no matter what they did.

So what you said is correct that even if they can't control this thing, they are still making a way to benefit from it such as tax and other things that they can benefit from this kind of business industry.

I can't see how the USA will become crypto friendly in the near future. Both China and the USA will remain hostile towards all cryptocurrencies, because they will keep pushing their CBDC projects(as we all know, CBDC are NOT cryptocurrencies).
Banning crypto is the same as banning drugs, alcohol, prostitution and gambling. It doesn't work. It only gives more space and more business to the criminals and mobsters. Having a good regulatory frame is way better than a total crypto ban, but the politicians and the bankers simply don't care about the crypto industry. They want money in their pockets. This is the only thing they care about.

Both these countries will never admit the truth that they are using cryptocurrencies. It's like saying they are waving the white flag. But it's all a lie.
Just look at their advertisements in the sports industries like NFL, MLB, NBA, and more, they are all crypto related companies from gambling platforms to exchange and other industries.
It became a joke because of them. They cannot purely ban it because it will depend on the people, the investors. Let's not kid ourselves, these two whale countries might have the biggest assets help than how much is circulating.

They only look at the risk of crypto but they never acknowledge its benefits. Maybe they really see it as huge threat for their own projects that's why for now they try to eliminate it so people could think about adopt their creation.  We already see their action never actually works since even how tight they are in terms of not allowing bitcoin to circulate in their country their are still people in their country use this because they think its beneficial for them to use bitcoin for investment or other matters.

China is very smart. They play a big game with world and saved money of their citizens. China banning News outcomed when Btc price was above 50k and at one time it was looking that Btc will hit 100k this time. All theirs citizens sold their btc above 50k and other world was dumped to 40k-30k-20k and finally 15k. China knows that they cannot make fully banned on btc but they saved their fund.

USA presented many bills to regulate or ban on crypto but they not win over Btc yet and it's looking impossible and you are saying right thay its looking complete joke when any ban news outcome.

I don't think that crypto ban in china is looking like a joke because it is total in all activities that has any connection with cryptocurrency and if caught is a penalty of a jail time. I remember China had a strict law against cryptocurrency in 2017 including mining and in 2021 it further made a harsh regulation against it. However, citizens are hopeful to see a policy shift from banning crypto trading. Talking about USA, the country has been a libra one. They are trying to shift from ban to more proactive modern technology and ways of handling creation of blockchain technology. Therefore, tightening of the crypto exchanges is more of a priority and that is one reason they have a binance as binance.us. More call for tightening of crypto exchange regulation after the ftx scam.

I am actually more leaned on China embracing Bitcoin rather than the US. This is because in the past a lot of Chinese really took crypto seriously and when bans happened some even migrated to other countries that were more tolerant towards crypto currencies. And besides, population of China is no joke either, if ever those people really get into crypto, I believe that there would be a huge movement in this industry with regards to volume. Not just on bitcoin but to all the other crypto currencies they get their sights on.

And about crypto banning, it really doesn't hold that much weight anymore compared to the past since it has been approved and lifted lots of times already. People also realised that regardless of the ban, most hodlers would never dump which is why despite bad news people tend to hold onto their bitcoins more nowadays.

What you say is also true, because even if the government does not ban crypto with very specific regulations, the country's currency will still be used by citizens when making withdrawals from crypto. And also it will not endanger the value of money from a country as long as the use of the country's currency is still running smoothly, because I see that the presence of crypto among the people has made it easier for citizens to find income.

And will not forever depend on jobs in government agencies which will also greatly assist the government in eliminating unemployment in the country. Even though every crypto trade has a risk, everyone who has been working on it for a while certainly understands it very well because every risk must be borne by themselves.

This does raise the question as to whether this was the intention or not. In light of FTX recently finding majority of the apparently lost capital, it has been made clear that the FTX debacle was more market manipulation than it was true bankruptcy. Did Chinese officials know what was coming and truly protected their citizens? Did CZ know and inform his allies? CZ was close with SBF at some stages, so the latter is definitely not unlikely.

The other side of the coin is that a parabolic rally was on the horizon if FTX were not to have collapsed and China did not want their citizens to be involved in it. I think that is a lot more unlikely given the circumstances however.

The OP thinks it was a joke because lots of Chinese can still use a crypto. I'm not only sure if it's true because China is a strict country and for sure they also ban VPN and similar tools or ways to bypass the restriction being applied. Then they prepare tough penalties for the person to discourage accessing cryptos illegally.

I first heard ICOs on 2017 and I think it did also peak during that year. So it's been 6 years already ever since they ban it. China prolly started banning ICOs because of the rampant scams and then they move on later on banning Bitcoin mining because they believe on those environmentalists. The last thing that they ban is Bitcoin and other standard cryptos. Won't you consider that extreme?

I can understand songs and movies because they had a bigger audience than anyone else and they realized in the 60's that if they want to keep their culture and be the strongest power in the world than they need to sell their culture as well. That was a very well managed move and it allowed them to be loved or hated but at least known more than any other nation.

However, when we are talking about this age? Like tiktoks and instagram reels? They are still the most known one as well, that is a bit beyond me. Right now everyone has the same outreach and maybe the crumbs of those era still helps them a bit but a lot more people all around the world should have been popular, sure some are, but not a lot of people and it is still USA if you look at the top names.

The simultaneous implementation of cryptocurrency bans by all nations is incredibly difficult. Because of this, cryptocurrencies like bitcoin will keep growing. Many nations are engaged in a conflict about who will dominate the rest of the world's economies. And when it comes to making decisions about economic development, these nations that are always engaged in this covert conflict tend to disagree with one another.

While both countries have their records of human rights violations and are imperfect, they represent very different values. The USA is for freedom, which is freedom to live, to make choices, to believe, to have a private life, etc. China is for control, which is control over the economy, companies, lives of important and regular people in their society. Since Bitcoin is for financial freedom, I'd rather see the USA embracing it more than see China somehow managing to allow it and make profit to fund more repressions.

Any crypto ban is a mere joke at this point as it has lived to surpass every criticism raised upon its existence. It is just another crystal proof that crypto as we know it is of the essence like time.

The fact is that well-built capitalism is a phenomenon when a nation works for an excellent result. There is healthy competition, and the products being created are getting better and better.  People themselves are drawn to them. That's why we love the USA, they used to offer their products to the whole world.
And that's why I write that if they accept cryptocurrencies throughout the territory, it will be the most important geopolitical phenomenon for bitcoin.

I don't think it will be unstoppable, even though the government in certain countries continues to ban its people and of course at the same time crypto continues to be outperformed by other countries, so the ban will cancel itself. and this has happened in several countries including in my country.
I think the form of the ban is because the government itself doesn't understand the use of crypto.

They sort of are already? I mean Coinbase is a publicly traded company, I understand that Biden didn't go out and gave a speech about how awesome bitcoin is, and maybe he never will, neither did Trump as far as I can remember.

However, we need to also remember that we are talking about a nation that allowed a crypto exchange website to get a publicly traded stock. If they allowed such a thing that means they are pro-crypto, that is as high as you can get, people can trade there, and people can own crypto, be taxed from it, mine crypto and many other things. I can't really say one thing that is banned about crypto there, sure you can't create your own and rug pull people, but anything legit could get legal there anytime they want.

Personally, big countries like China, the US or Russia are better off being neutral than having a share, because what I see is that countries like that will always look at it from a profit standpoint and control it from within. Therefore, if the position is neutral crypto growth will be much more stable without the interference of big powers. Maybe some of us see it when countries like China and the US are crypto-friendly to have a big impact on adoption? may be true but the US and China have a much broader goal which is to control every financial transaction entering every exchange at any time if it is to pass regulation. That is what we need to fear, not only from the positive side but the negative side where anonymity has completely disappeared.

I agree banning of cryptocurrency or bitcoin is not no longer effect. A case study is Nigeria. Many months ago the government put a ban cryptocurrency transactions. What it means is that  one could no longer buy bitcoin directly from any crypto exchange like binance and pay directly from their bank. If you do so your bank account will be frozen. What did the citizens do, we switched to Peer to peer trading for sales and purchase of cryptocurrencies. Although  there are risks associated with this, we got no other option. As a matter of fact, when the country was hit by inflation after some months, many people started to adopt bitcoin to save their wealth. So you see the ban on bitcoin transactions wasn't effective at all up till date. I feel that the bank has made my country miss out on a lot of development that bitcoin and its associated technologies would have brought in.

China and Bitcoin? Folks, it's a game-changer, huge! China's population? Enormous! If they go crypto, transaction volume will go through the roof, believe me. And not just Bitcoin, all those other cryptos will soar too.

China has played nice with crypto before. When bans hit, some Chinese folks moved to crypto-friendly countries. But now? Crypto bans don't pack a punch like they used to. It's like a rollercoaster, up and down.

And let's not forget, hodlers don't just sell their cryptos because of bad news. They know bans don't change much, folks. Holding onto crypto? Could be a bigly win in the long run.

Bottom line, China and Bitcoin? It could shake up the crypto world.

I want to know fully accept crypto, like what do you mean?because usually every country has a different treatment of crypto, in my country crypto is legal as a commodity asset but prohibited as legal tender.

It's best if you link the link so that we can read as material for discussion, as far as I know China is very extreme towards the journey of crypto to its people and many restrictions are binding and they cannot be violated.

This ban is general in nature and there are consequences for us banning it, but there are loopholes that can be taken for those who like crypto, including the Chinese state which strictly prohibits crypto.

In my opinion America is not against the concept of crypto, but they are trying to limit some infrastructure for crypto use. For example, regulating the exchange (exchange), taxes imposed and also the highly developed technology industry there. My knowledge of America may be very limited and my understanding may be inaccurate if I am not up to date.

Maybe besides not understanding how the government uses crypto itself, the rules from the country itself can also be a factor in this so that the government requires several revisions to the rules if it wants to make an agreement on crypto. I'd love to see countries like El Salvador and the Central African Republic that have agreed and adopted Bitcoin that can be used to pay for anything there, but somehow the governments of other countries don't see these two countries as very accurate examples at this point in terms of crypto.

Well truth be told both china and the US are both great users of crypto-currency regardless of the stand of their government on it, China has the largest amount of miners in the world and has good influence on crypto-currency.

The issue is that it’s hard to ban something that’s it’s decentralized you hardly have any control over it that’s why any ban placed on Crypto-currency usually fails.

I think this whole banning of crypto nonsense is actually just a technique for the government to actually make their stand on the clear fact that they can't seem to control this decentralized technology that is so wonderful and the decentralized nature of course scares them so the alternative is to get rid of what you can't control but this move of thiers actually only spams the air on Bitcoin adoption to the next level by the masess. Like every other country the USA is trying to make a way to the acceptance of bitcoin but same time still looking for a way to control the technology but the latter is the case with China.

This is a low bar because China has a soft "ban" on crypto currency. I have yet to see any strict enforcement or fines being levied against crypto users, but it's not as if China is welcoming of crypto. Anything that isn't overt government ban is more embracement of crypto than what China currently has.

The Biden administration are planning regulations on crypto and it would not surprise me if they introduce CBDC's after the 2024 election if he wins. They're already trying to roll out the regulatory framework that would allow for CBDC's to displace Bitcoin. Don't rely on the goverment to embrace crypto.

Wayback it is something that getting feared by the community on seeing bans on some countries whom do decide that they would really be making out some blocks about BItcoin or entire crypto space but we know

that later on with these decisions would really be turning out to be that revoked or would really be reconsidered once again which means that it isnt something that a serious thing that we should mind off.
Hence, no matter how hard they would ban it, there's no way that it could be stopped on what are the things that supposed to be achieved and this is the beauty if the community does really have that solid support.
Banning or any fuds that been generated in the market around seems to be really a joke because as long the community is really that solidly supportive then there's no way on taking down this market.

Comparing a Bitcoin ban and a VPN ban is not appropriate as they are fundamentally different. To clarify, when a country bans VPNs, you can still use them on your phone, but doing so would be considered illegal. If caught, you may face fines or even legal charges. However, it is possible to keep your VPN usage hidden since you are the only one using it.

On the other hand, if your country prohibits the use of Bitcoin, you can still hold onto it, but you will not have the freedom to use it as you wish. For example, converting it to your local currency may be difficult. This restriction means that you would have limited options for using your Bitcoin.

This is true! I remember up the year where the news been stating about China is banning out Bitcoin and mining things which it did really make out that negative impact in overall market condition which the price
had gone come down and the rest of the news are pertaning on other places too which giving out on the same decisions.Until the time we've seen some changes where its like on what happen on that El Salvador
event which it did make Bitcoin as their main legal tender.There's soo much happening within this market and you should really make yourself that emotionally stable and wont be
easily get affected whenever you do face up these sentiments or news.

Do not underestimate the ability of states to regulate and ban the circulation of cryptocurrencies. In China, as far as I know, the ban on the use of cryptocurrencies is not formalized by the regulations of the government or the legislature. It was at the level of the Central Bank of China - the People's Bank of China, and this is not the same thing. Therefore, where the banking system cannot control the situation with cryptocurrency, the Chinese are relatively easy to bypass such a ban.
As long as the G20 countries adhere to the previous decision that cryptocurrencies do not pose a threat to global financial stability, there is no need to fear serious bans on cryptocurrencies.

China and USA both are having different reasons to restrict the use of cryptocurrency, let's take China they never want to give such thing called decentralisation even in their current technically evolved era they only allowed wechat for paying via QR codes and any other apps are banned so basically they want complete control and tracking history. Whereas USA is different and more democratic so suppression will not work their so the government is trying to generate as much as revenue from they can.

I think all the leading countries will soon find a compromise that will satisfy everyone. I am sure that the heads of state will control the industry so as not to harm their financial system and later there will be integration in the role of conventional payments. A total ban is not a solution, it's just not a desire to understand the new technology which is of interest to people.

It's kind of funny to me when I hear about countries banning bitcoin, those countries are just disturbing themselves, because am sure their citizens will keep on using bitcoin either legal or illegal way, since they believe what they are doing is not bad, government is just fighting for their own selfish interest.

Their was a time the central bank of my country was banning accounts linked to crypto transactions, they wasted their time and later free everyone, now they don't really care anymore. I was suprised that bitcoin got more awareness in my country during that period of time, everyone wanted to know what bitcoin was all about and why banks where blocking their customers accounts.

The point line is still back to the benefits of incoming financial control. And when the government cannot provide other alternatives or cannot be affiliated with the centralized exchange, then the flow of incoming and outgoing funds still cannot be fully controlled. Except those who are willing to agree to KYC/AML. The banking system will support its disapproval of costly crypto adoption.

Yes, banning decentralized cryptocurrency is a pure joke because there's no way it can be totally executed since it is something that's out of the government's control in the first place. What I see in all this ban is that the government only blocks the means of them growing their country's economy and it will be much better if they embrace crypto.

Trying to generate as much income from crypto as you can is a smart approach to it. I mean think about being able to tax people automatically for each trade, and then being able to store that tax in crypto that you took from people. That means you are going to be so rich as a government, the treasury will be filled with crypto, mainly bitcoin but other stuff as well and you would be holding that since nations do not need cash quickly, and they will be able to use that as a leverage power.

Like how any government holding gold means something, like they can back that fiat with gold, this would be same but instead of gold we would have bitcoin instead. I personally hope that every single nation moves to something like that for our future.

Ban on crypto is a joke. The truth remains that the world, or government can't do anything about bitcoin.
The worse they can do is go after institutions promoting bitcoin and cause them to fall so that they may have reasons to paint bitcoin in a negative light. They went after miners, the miners left the country, it is over them now and they should be more accommodating of bitcoin because it is the future.

A country banning crypto will miss out on the wealth distribution to their citizen. China is unbanning thru Hongkong while the US is already having plans for crypto regulation. Although governments will not like the adoption, none of them will likely ban it. They already see that crypto is still used in China after banning it.


They will be forced to embrace when they will miss the revenue from the miners and taxes from other crypto companies for they have the option to just move elsewhere. There is still an effect on prices every time there is an announcement of a ban though, the price still plummets.

Yes, I remember last time our country's government agency promotes anti crypto. They are being broadcast in all networks telling that crypto can only harm you and make your assets in danger so do not invest. Funny that they spend a lot for ads but people doesn't believe in them, some other people yes but mostly they are not. Governments should promote anti hyip, scam policy instead of those non sense news.

China has been a big player in mining, but not in trading or adoption. Meanwhile the US is a home to the biggest Bitcoin exchanges and other companies, and a lot of trading volume is coming from it. EU is also a very important market. If these two entities ban crypto trading, it would be like the asteroid that killed the dinosaurs. Most coins will die, Bitcoin will survive but will become very small in all senses - price, popularity, community, network.

I mean, I already knew that banning crypto was not the most effective way to stop the adoption in any way, shape or form.

But are they actually that much Chinese people how use Bitcoin?
I thought the Chinese government was very strict and sometimes cruel when came to enforce their laws, and I assume Bitcoin would not be an exception to that norm, keeping on mind their economical objectives are based on pushing for the adoption on their on Centralized Central Bank Digital Currency.

Where would their liquidity come from anyways? Doing P2P for cash there in mainland China must be dangerous...  ???

So many questions on this matter.

Except for China, I don't think there's a place where crypto ban has been made very strict to adhere to, though many thought that crypto wouldn't have gone this far since they believe that it can be an avenue to increase cyber crime because they have no right to regulate the network, some gave other contrary opinions against bitcoin as well, but where we thought crypto wouldn't have reach it has gone beyond that.

There we are again with the banning of Bitcoin, then eventually it will be withdrawn. Since then, several countries have banned Bitcoin and later lifted the ban.

Then here we are again now, China I believe that they also have cryptos or bitcoins The same goes for the U.S. That's why they are doing everything they can to control cryptocurrency or bitcoin but they still fail, Now the country China themselves know the potential that Bitcoin or cryptocurrency actually has.

I take China the next country to adopt Bitcoin before Uinted States of America. China banning of bitcoin is a verbal irony that has no weight. Though I have taken my time to make some research Bitcoin users per country but I believed that the people who are using cryptocurrency, bitcoin in particular are more than the countries that have adopted it.

Almost all the countries that proclaimed to ban bitcoin are reluctant of the ban and their citizens are using the currency very well without the authority interference. So the ban as the top said is like play to the users.

Correct me if I am wrong I would be glad to be corrected but I can recall back in the days when countries like India proposed a law to ban Bitcoin and any forms of cryptocurrency. I read only that it never went through and it was just a "draft".

By just banning Bitcoin, it won't stop people on finding ways to be able to still use it. VPN exists for a reason for cases that their ISPs decided to ban crypto sites. *Insert VPN ad here like what you always hear from any paid Youtubers, lmao*.

Aside from what I mentioned before, surely people would still be able to do P2P trading like those usual bank transfers that can be done either direct DMs to people. Government would go so far into putting people behind the bars just to fully stop them from using any forms of crypto at all.

What country are you from by the way? I am quite familiar with the old news of a certain country having their banks ban crypto-related transactions. Was it really that bad of an effect to your country? Banks here in my country (Unionbank to be particular) even launched crypto trading into their app.

You are right, when the central bank banned accounts linked to cryptocurrency, people where still buying and selling bitcoin through P2P, am sure it will be very difficult to dictect, if you are buying bitcoin and you are sending money to the seller, their is always a space for remark, most people using P2P where warning their customers then to stop using anything related to bitcoin or cryptocurrency as Remark, since the remark is optional they should leave it empty. Am sure only people from my country will easy understand it.
Am from Nigeria, it was all banks that where banning accounts linked with cryptocurrencies or bitcoin, but some banks are strict why some are not really strict, I heard some banks had agent's on binance P2P, if you can trade with them, they are going to report your account directly, I don't really know how true that was, but then I decided to trade with agents that have stayed long on binance P2P.

Any strict prohibition regulations will not work for the majority of people trust cryptocurrencies for future assets, basically the authorities are not on the side of the people and they only care about regulations to benefit them, some opinions about crypto ban regulations are just a formality because they are not able to control the economic cycle in cryptocurrencies, so eventually they will consider new regulations that place limits on the use for trading and assets.

When you read any news about a government or an official entity that has prepared Crypto, this does not mean that it is able to force the non-use of Crypto at all, because this is not technically possible.  Crypto is a system technology based on a decentralized blockchain, unless it can specify access to platforms and trading exchanges.  Even with this, the possibility of overcoming these obstacles is not impossible, as the many examples show.  In my opinion, the most that the crypto-blocking authorities can benefit from is the lack of legal recognition of these activities, and thus maintaining clear evidence of guilt on which any citizen can be accused and his assets also seized.  The best example of this opportunistic policy is China, which still has a monopoly on the mining sector despite laws that strictly forbid the use of crypto.

This is what many people fail to realize, even if governments are put in place with the best of intentions by the people with the hope those which are elected to represent them look after their interests, we know this is not what happens, politicians look after themselves and they only pay lip service to the causes and needs of the rest of the population, then it is obvious that something like bitcoin which gives the power of printing their own currency and the complete custody over their funds to the people is something those politicians do not like at all and they will try to destroy it or at least to regulate into oblivion.

i like both of them, because this 2 country always development their production, these 2 countries are bound by a very hot trade war for now, especially china because russia seems to be allying with china to get supplies from china, but they have to use yuan for their transactions.

China had been announcing they banning crypto, bitcoin and even miners ever since for how many years now and yet bitcoin and crypto as a whole is still standing strong up until now. It has been a joke everytime I heard that kind of FUD and it's sickening now just to spread FUD just to control the market sentiments.

I think its because China is the first one to adapt the Bitcoin's volatility that most of the people there prefer Bitcoin itself than their currency. Due to those reason China decided to banned Bitcoin, but people are unstoppable especially if you know you can earn a lot in a complicated system that you are knowledgeable. I think VPN would do the thing, government couldn't even stop people for FUD that's the power of decentralization.

If the choices were only those two countries, I personally would choose America, because for some reason, when it comes to crypto, I prefer America to China. Maybe because America is wiser in responding to the presence of this crypto, for this reason I prefer America to China when it comes to crypto.
 
In my personal opinion, preventing or prohibiting people from staying away from something that is digital will indeed be very difficult. Because there are many ways to trick him and it will be difficult for the government to trace. So it's only natural that Chinese citizens can invest arbitrarily in crypto, even though the government has banned it. So basically it's true, banning crypto, so people can't invest in it, is difficult, even impossible.

Let me tell you, the banning of cryptocurrencies is no longer a big deal. People always find ways to bypass any country's firewall, you know what I mean? It's like playing hide and seek with your little cousin; they'll always find you. But, the banning of crypto still has an impact on the market, as seen in the recent dip. However, don't get it twisted, crypto is not dying, it's just getting started!

China has already proven that it's a crypto badass, with over 30 million Chinese using crypto despite the ban. But what about the US? Well, let me tell you, the US is like a superhero that's been hiding their powers for too long. With their massive economy and technological advancements, the US has the potential to become a crypto leader.

I will like to see China lifting the bans placed on crypto

There are lots of crackdowns and fuds which had been created and its true that its not dying anytime soon. No matter how hard they would be trying on prohibiting or banning it, there's no way of stopping it.
Sooner or later which these countries who had banned out crypto would really be lifting up those decisions specially on the time where they do see that most countries would really be going along with it,
but im not really that too optimistic that this would be happening one day considering that government doesnt really like on things which does have that decentralization thing
and it would never ever would be.


Not only China but also in other 8 countries- I dont know if the list is updated or not.

Crypto is fully banned in China and 8 other countries
https://fortune.com/2022/01/04/crypto-banned-china-other-countries/

But as said, these bans arent that something a big deal anymore. They can ban it all they want but there's no way on stopping it.

This is why it's very hard to ban crypto on that country since mostly the market which is the people will have a hard time coping up the losses. I was even shocked years ago when they announced that China is prohibiting mining coz as far as I know they were amongst the first to recognized crypto and mostly launched campaigns to promote it and then suddenly they just declared out of the blue.

So true.  The government only makes statements but the control is driven by the people themselves.  Moreover, the use of crypto is rampant in all corners of the world, the government can only bluff but cannot stop its movement.

No country can completely ban crypto as there will still be several ways for people to invest in bitcoin. But I agree with what hatshepsut93 said if these two powers ban cryptocurrencies, it will be a big blow to the market. We will not die completely, but it will be tough for us to survive, and it will not be as easy to make a profit as we are now.

I don't expect any of these two countries to have a strong crackdown on the crypto industry. For me, China's bitcoin ban is temporary, and they will reopen soon because I believe they won't want to be left behind from the rest of the world.

I think extreme measures such as banning cryptocurrencies outright may not be effective in achieving the desired goals. Banning cryptocurrencies will only push them underground and make them more difficult to regulate, while also limiting the potential benefits they can provide.

Exactly and it's a reality as the OP said where governments have the power to regulate or restrict cryptocurrencies and it's always the winner when it comes to rules but I think the roles of parties can be achieved through open and transparent dialogue between government, industry experts and stakeholders can work together to develop an effective regulatory framework, so that cryptocurrency users and in this case the public can use it safely and responsibly, while driving innovation and growth in the industry.