Crypto going Banned in China? Bitcoin going Illegal?

[Moana]

If they make Bitcoin illegal in China I guess there will be a lot of cheap mining equipment on sale...

[jaocoincrypto18]

Most of Bitcoin miners are running in China, if China bans bitcoin then I expect its price drop to $2k or less.

This is going to happen because China now is relying to the empowerment of their currency this is why they are going to ban bitcoin because of too much patriotism in their heart that they believed that they dont need the help of other nations that they must believe of their own capabilities. If they adopt bitcoin its just like they denied the dignity of their country.

[n4poleon]

I'm a contrarian so, when china bans bitcoin i think the price will skyrocket, why? remember what happen before when china implementing capital controls? bitcoin mooned. Who knows maybe today is more of retaliation.

[blockchainmarketus]

I hope they will not try to Ban all crypto coins in China.
And they wont do that cause its a really good income for China.
Please think about Asic Manufucators and big farms in China. Then You will see there is no way to Ban

I think so. It is difficult to ban standing cryptocurrency like BTC and ETH and others that have high marketcap. even one country ban, there will be hundred country not ban BTC. It is difficult because many merchants accept BTC payment like Burgerking and some shopping stores. It is people money country can't ban a large marketcap BTC. No worry about that. Even all country bans ( Impossible) Bitcoin is still worthy because many users will accept bitcoin payment for their products and services.

[Immakillya]

They always say that. But nothing happen. They are just spreading FUDs to make cryptos prices collapse. Only noobs will buy that shit.

How can they ban crypto when China is the leading manufacturer of crypto? Or are they going to continue mining while banning the product that the mining generates? Doesnt sound believable. 

Yes, you are right. They are the biggest manufacturer of mining rigs and probably one of the biggest cryptocurrency mining in world. I don't think they will totally ban it.

Will that make BTC price fall?

Yup. As China is one of the biggest player when it comes to crypto. Bitcoin will definitely crash. Recently, they ban all ICOs there. Now you see big impact at the price of bitcoin and altcoins in the market. Most of them are declining. If they ban all cryptos, i think bitcoin will go back from $2,000.

[TastyChillySauce00]

If they make Bitcoin illegal in China I guess there will be a lot of cheap mining equipment on sale...

Those equipment must have been overused, Chinese miners have existed since centuries and they're doing it 24/7 so you can guess how's the condition of those rigs, pretty sure that those aren't in mint condition.
and I don't think the electricity in china is so stable that their rig never gets sudden shut down.

[kikis]

There has been an waning in tolerance of Western influence in China in recent years (for example, the recent bans on naming complexes in Western manner, the crackdown on VPNs, or the gradual dominance over HK) and wealthy Chinese people are seizing cryptocurrency as a faster method of transferring RMB abroad than, say, investing in real estate.

So there are some reasons that the CCP would want to "ban" crypto.

However, I believe that the Chinese are too pragmatic to flat-out ban cryptocurrencies and will instead attempt to control the market as best they can.

Skeptics of the Chinese ability to control crypto markets should remember the Great Firewall--China's successful attempt to censor the Internet.

These are interesting times, indeed.

[StockBet.com]

wealthy Chinese people are seizing cryptocurrency as a faster method of transferring RMB abroad than, say, investing in real estate.

According to MarketWatch, People's Bank of China (PBOC) in 2011 said:

"Corrupt Chinese officials and employees of state-owned companies have absconded with about 800 billion yuan ($123.7 billion) of public money over 15 years through 2008, much of it making its way to the U.S., Canada, Australia and the Netherlands";
"16,000 to 18,000 individuals have fled the country with ill-gotten funds over a 15-year period".''

This is $6.9-$7.7M per official.  The PBOC asked for help from Western governments to stop this.

"The PBOC said in the report it planned to work more closely with foreign governments to block the officials from escaping with looted funds. It also said it has increasingly begun to take part in international anti-money-laundering organizations."

Instead of helping, Canada, Australia and U.S. provided resident visas to the Chinese if they brought over a certain amount of money.  The Chinese bought thousands of expensive houses.  Real estate is a multi-billion dollar money laundering scheme, aided and abetted by governments.

In 2012, the Wall Street Journal explains how the Chinese accelerated this money laundering (with the help of Western governments).  The situation has gotten so bad, that the Chinese government is taking matters into its own hands:

"Police sent from China have been secretly investigating officials suspected of money laundering in Canada, where they are believed to have invested a “staggering” amount into real estate."

"…global outflow of Chinese capital hit a record of $18 billion in 2014, and the amount flowing to Canada – specifically Vancouver – is rising."

All other types of money laundering pales in comparison.  When the government tells you that cryptos needed to be regulated to stop money laundering, their mantra is "do as I say, not as I do".

[Fire Rabbit]

If China bans bitcoins and other altcoins, I personally don't think it will affect the price of bitcoin. because they will find a way to trade with bitcoins. That too Japan is China's neighbor where bitcoin is fully legalized. If government bans bitcoins, they will use Japan's bitcoin's exchanges to buy and sell bitcoins and to convert it to fiat.

[chesatochi]

I do not care anymore about this bipolar Chinese government and their decision to get more control on their citizens. Bitcoin will survive without them and the market will be more healthy!

Maybe the price will spike a little but Bitcoin is resilient toward this government.

[maku]

I hope they will not try to Ban all crypto coins in China.

i hope they DO BAN all crypto in China including bitcoin. it will be once and for all and we will get rid of them for good!

i am honestly sick and tired of hearing about news coming from China that always spikes FUD and causes bitcoin price to swing around wildly. if there was reality to these swings i wouldn't have been as mad.

some bullshit rises from China and panic sellers start giving away their bitcoin to whales instead of taking the cheap coins from whales. and we have all seen where each of these panic sells end up...

The official ban in of crypto in China actually wouldn't be that bad as many would think. It would certainly clear the air and clear the speculation.
In the same way that the previous ban on leverage trading on Chinese bitcoin exchanges, after it we never have such dramatic price spikes and sell offs.
I wonder how this ban would affect bitcoin mining though? I hope that Chinese bitcoin miners don't give a damn about minor inconvenience like that tho.

[oreits11]

with the beginning initials of customs as the basics on indication of the profiles of the prc investors

as the country has with the strict limitation on information exchange

as those to differs the limit on possession as the aspects on users of coins to work on displacement of unit with the exchange of appropriation as

the disputing value on position with the coins of the selection,

as the number on relatives with the aggregate level of exchange should be as those of the buyer from prc has as they

had with the customs of the above policy as

the less on moderate with the parts as works with the manage of coins valuation

gives on their side as they gains with the higher on contrast as the range of value with the exchange as displacing risks on release as

entering global market of crypto currency business of the finance.

[rainbow169]

The weekend rumor is that Bitcoin won't be banned, but bitcoin/altercoin trading with fiat will be banned. It will drastically reduce demand on bitcoin from China in short term. The decision however may be revisited in the future. Anyway Monday may be the day in the history that bitcoin starts its final step towards true decentralisation.

[Giraffle]

Utter BS.

China has taken a stance, as did the US, that ICO coins are simply unregulated and illegal sales of securities.

Bitcoin was not launched and sold by a for-profit centralized corporation selling a product/security; Nor was litecoin for that matter; they were simply invented and put into the wild for anyone to mine. A world apart from being created and sold by a for-profit corporation as an interest or share in a centralized company for the purposes of 'fund raising'.

On the other hand, coins like Ethereum & Neo are certainly going to have a problem.

The US has also begun to regulate crypto exchanges, the Chinese are following suit along the same lines; This should simply make decentralized exchanges more popular.

This is not a 'blanket ban', pure FUD.

ico is a centralized way of gathering investment, bitcoin is not. you are right, this is why ico will be heavily regulated

[yillusion]

as far as i know, most exchanges in China ban altcoins which ico recently, but not btc, eth, bcc and other old coins, also, China never declare that bitcoin is illegal, in fact, the regulation and rumor these days indicate that China just to control financial risks and prevent mass incidents

[indrakusumaindra]

If they make Bitcoin illegal in China I guess there will be a lot of cheap mining equipment on sale...

i believe only ico is banned in china. they only banned it to make a regulation to keep theirs money up. i think it impossible to make bitcoin illegal cause there is so many business who depends on it. if bitcoin does illegal on there  yes i agree lets buy mining machine.

[freebutcaged]

Am I the only one seeing so many conspiracy here? how many times China has done the same thing over the past years I lost counting for a long time now.

Every time it's a new thing, but what do I care if they ban life? what happens to me and my money if another country is doing whatever they want with their

Own people inside their country and not doing anything to others directly. I think we should let them to do whatever they want, only if you live in China you

Could start getting worried.

[Giraffle]

Am I the only one seeing so many conspiracy here? how many times China has done the same thing over the past years I lost counting for a long time now.

Every time it's a new thing, but what do I care if they ban life? what happens to me and my money if another country is doing whatever they want with their

Own people inside their country and not doing anything to others directly. I think we should let them to do whatever they want, only if you live in China you

Could start getting worried.

in addition the the bitcoin obituaries, we need a tally showing how many times china ban bitcoin

[vectisitch]

i'm just going to start my motorbike here, ftt......fttt...... fud... fud fud fud fud fud fud fud fud fud fud

[Ariess]

I do not really bother with the Chinese ban.
there is an awkwardness that I feel. this is like an emphasis for crypto, and creates a global decline in crypto.
such as scenarios and deliberate rumors.

I just wait and hold some crypto. from bitcoin and other altcoin.
we can only monitor its progress.