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Author Topic: Asian Whales: China will ban Bitcoin trading in Chinese Yuan or USD but...  (Read 1487 times)
Islampower
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September 13, 2017, 08:18:02 AM
 #1

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy

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September 19, 2017, 03:43:03 AM
 #2

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies. your reactions ??
you are welcome  Cheesy

Well, whatever plans the government may have I am just wishing them well and hope that soon Bitcoin can have a free access to the China market rather that they would allow their people to be a part of the Bitcoin bandwagon and not be left behind. Anyway, this is just an speculation as the more that the government is secretive the easier it is to spread ideas and opinions and get caught by the media and other people.

I am sure that the Chinese government is thinking of something on how to integrate Bitcoin and cryptocurrency and yet somehow they can still have some control of. They might come up with stricter rules and regulations for Bitcoin and everybody have to follow otherwise penalties will be imposed accordingly. The recent bans for both ICO and exchanges are just the way the government is exercising controls and showing the whole world that they are the boss.

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September 19, 2017, 08:00:58 AM
 #3

They have their own rules on how to play in crypto world. Any country can do that, but they are missing bitcoins uniqueness. If there's a ban, there's always a way to unban and be legalize. One day China will learn to embrace bitcoin and cryptocurrency after they realize slight downfall of their economy, I believe that their actions banning cryptos made a huge impact in their economy for sure.

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September 19, 2017, 11:26:38 AM
 #4

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy

I´m convinced that this rumor is baseless speculation. What advantages would the government have from a cryptocurrency that is pegged to the Yuan?
Here is my opinion on what will really happen:

1. The bans will be strictly enforced and operators will shut down their operations voluntarily
2. China will issue licenses to new exchanges in the future
3. The old exchanges like Huobi that were actually using customer funds in the Chinese shadow banking sector will not receive a license
    (maybe they will be allowed to have crypto to crypto operations without fiat trading pairs)
4. Individual Chinese users, who still want to use BTC will find a way to do so

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October 04, 2017, 08:15:08 PM
 #5

I just can not understand why China did not take the Chinese NEO coin for use, for example. Why was it necessary to create a new one? It will differ in its special status, that is, will it be more centralized or not? Does this mean that the new coin will only go inside China?

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October 09, 2017, 07:40:45 AM
 #6

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy

no china not ban bit coins trading up to now it may going  in the market. actually china people not create any coins they using bit coins for their daily needs and so most of the people believing it is true but it is not correct. china will issue about bit coins and try to giving new exchanges in future.
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October 09, 2017, 01:11:36 PM
 #7

I know it's just speculation but I can see why they would do that. It would kind of be like how Bitcoin is your gateway to altcoins. They'll use it in such a way that you have to get some one way or another to be able to trade cryptocurrencies. I don't like it, but it's quite smart.
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October 09, 2017, 01:43:13 PM
 #8

That's an interesting situation. If they prohibit yuan and USD to be pair on any cryptocurrecies. I don't think it could affect bitcoin and altcoins directly because people can still be able to trade their bitcoins and altcoins. Actually, it's an advantage for because people will be focusing only on cryptocurrencies since they are not allows traders to trade cryptocurrency to fiat and buy cryptocurrencies with fiat. Anyway, i think people can still use other exchanges from other country like Japan. Why would i trade from chinese exchanges if you can trade with other foreign exchanges like bitflyer. Less hassle. China is full of drama. That's why Japan surpassed China.


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October 09, 2017, 03:19:58 PM
 #9

The only way this works in the way China wants it to is to stop the BTC from leaving the exchanges. The CNYDT part is the easy bit and already achievable to an extent. Once the BTC is out in the wild the buyer is free and can claim anything happened to it.

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October 09, 2017, 03:47:45 PM
 #10

I don't understand what's the problem? Well let's say the exchange will not trade for yuan. It is impossible to trade for dollars? Then the dollars can be withdrawn on any account. You don't think that China may prohibit transfers of dollars? It seems to me that all of these rumors is an attempt to create problems where there are none.

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October 09, 2017, 04:01:44 PM
 #11

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy
I already knew they are heading towards this. What they want to achieve is to have a watch over inflow and outflow of money from fiat to cryptos. By banning exchanges or suspending any other exchange unit, they want to provide only single option for exchanging bitcoin to fiat that is their government owned currency so that they can keep a watch of volume and can possibly track any illegal activity.

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October 09, 2017, 04:06:24 PM
 #12

If they do that they risk killing the golden goose for China. Their citizens will have to compete by starting with a buy of a government alt-coin. Good luck with that.
 Cheesy

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October 15, 2017, 06:53:49 PM
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Earlier this year, China used to account for 98% of Bitcoin trading volume. Now China only accounts for 20% of the Bitcoin trading volume. Bitcoin is greater than China. Do not panic.

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October 15, 2017, 11:06:02 PM
 #14

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy

If they create their own coin then it is they the Chinese community will get the benefit from it. But I don't know if they would allow bitcoin trading with their own coin. If they do then it will be another boost for bitcoin economy. But they will not be reclaim their glory days I think. It will contribute though to the growth of cryptocurrency and the Chinese bitcoin community can still enjoy bitcoin trading against their coin. So we can progress at both ends. However, there's no formal announcement yet. We have to wait and look at how this will evolved. We are now seeing a significant growth without them. But if they choose to enter again, they can still do but they would be getting the #1 spot because Japan has taken over the scene.

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October 16, 2017, 12:56:14 AM
 #15

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy

For a reason I don’t have any care for what China will implement for they’re value in bitcoin community is much unrecognised since the uncertainty they’re throwing at September as a result the dip up to 2800$ happen. For the same reason that every regulation and implementation of policy might not be given serious attention by a decentralized bitcoin that from the government.
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October 16, 2017, 01:43:01 AM
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There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy

If they will still allow bitcoin trading with the currency they create then it would be a win-win situation both for them and for bitcoin because they got what they wanted to create another cryptocurrency and bitcoin is still allowed to be traded in their country. The past month has been a roller coaster ride for bitcoin because of several rumors and news including this China news and we have seen the effect of it to the bitcoin prices but as usual, bitcoin go back up again and reach new high that's why for those people who panic during the dip, they should know first how strong the supporters of bitcoin are to have faith in it rising up again.

The regulations may have a bad effect in the short term but eventually it will have a good effect in the long term as the investors and users of the cryptocurrency are just protected and for bitcoin, it will be free in its bondage to China being influenced in every decision its government makes and continue to flourish without China.



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October 16, 2017, 04:54:00 AM
 #17

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy

If they will still allow bitcoin trading with the currency they create then it would be a win-win situation both for them and for bitcoin because they got what they wanted to create another cryptocurrency and bitcoin is still allowed to be traded in their country. The past month has been a roller coaster ride for bitcoin because of several rumors and news including this China news and we have seen the effect of it to the bitcoin prices but as usual, bitcoin go back up again and reach new high that's why for those people who panic during the dip, they should know first how strong the supporters of bitcoin are to have faith in it rising up again.

The regulations may have a bad effect in the short term but eventually it will have a good effect in the long term as the investors and users of the cryptocurrency are just protected and for bitcoin, it will be free in its bondage to China being influenced in every decision its government makes and continue to flourish without China.


This should be done in other countries if they dont want to regulate bitcoin. Creating their own coin may take long but at least it a good choice to at least manage funds and to have track on how much is being exported or being importd and converted. Because i do not really believe that chinna would bitcoin seeing it can give major economic help. Good to know that they are still supporters of bitcoin.

                                     
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kimochidesh
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October 19, 2017, 06:53:47 AM
 #18

If China legalizes BTC with some regulation, it would definitely be a beneficial call for all BTC users in the long term as there is no fear of being banned. But I don't understand the process they are adopting, it means User in China first have to buy coin X made by the Bank of China, then convert into BTC through exchanges. That means first user will pay fees to buy COIN X then again pay fees to transfer Coin X to exchange and in last fees need to be paid to buy BTC...that is 3x fees to buy and 3x to sell. This plan only is efficient if transaction fees of COIN X  would be negligible.

arseaboy
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October 19, 2017, 06:59:35 AM
 #19

If China legalizes BTC with some regulation, it would definitely be a beneficial call for all BTC users in the long term as there is no fear of being banned. But I don't understand the process they are adopting, it means User in China first have to buy coin X made by the Bank of China, then convert into BTC through exchanges. That means first user will pay fees to buy COIN X then again pay fees to transfer Coin X to exchange and in last fees need to be paid to buy BTC...that is 3x fees to buy and 3x to sell. This plan only is efficient if transaction fees of COIN X  would be negligible.
it seems that your analysis can be correct mate, in order for them to regulate bitcoin in their country they needed to create this coin so those who wants to continue trading bitcoin will be needed to buy the coin first I'm not sure yet if this already been clarified since there's no project yet that's been disscuss
about this new one.

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pearlmen
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October 19, 2017, 03:06:25 PM
 #20

There is a rumor China will create a coin similar to USDT(Tether). China will ban Bitcoin trading in Chinese Yuan or USD but will allow Bitcoin trading with this coin made by the Bank of China. Again, regulations seem bad in the short term. However, in the long term, this will contribute to the further growth of the cryptocurrency market as this means governments are recognizing cryptocurrencies.

your reactions ??
you are welcome  Cheesy

Every government actions will come as a form of soft landing for their own future as well. Although, its still mere speculation but at the same time, I see a possibility in it which means I share in Op's position. Government of India knows by the time they control what you can change bitcoin to and vice versa, they are indirectly controlling where the money goes and comes  from. Even if they cannot control bitcoin they can then control what it can be used for before you can use it domestically.
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