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Author Topic: What would people face in china if they buy crypto ?  (Read 1807 times)
catlovedog
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September 16, 2017, 09:04:46 PM
 #1

What would people face in china if they buy crypto ?
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September 16, 2017, 09:42:11 PM
 #2

What would people face in china if they buy crypto ?

nothing,there is no law or even a newwspaper article that forbids people to trade or buy cryptocurrencies
it is the banks and the trading platforms such as exchanges that are targeted
if you cannot convert or sell/buy cryptocurrency,you will not be using it,so there is no reason to punish common folks
it is much easier and effective to ban exchanges and banks from dealing with it
and then punish those that do not comply

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September 16, 2017, 09:45:28 PM
 #3

What would people face in china if they buy crypto ?

nothing,there is no law or even a newwspaper article that forbids people to trade or buy cryptocurrencies
it is the banks and the trading platforms such as exchanges that are targeted
if you cannot convert or sell/buy cryptocurrency,you will not be using it,so there is no reason to punish common folks
it is much easier and effective to ban exchanges and banks from dealing with it
and then punish those that do not comply

So it means that china users can do bitcoin work and save it , so that in future if the local exchanges start to take bitcoin trading then that time they can trade with bitcoin what they are holding it.
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September 17, 2017, 07:08:56 AM
 #4

What would people face in china if they buy crypto ?

nothing,there is no law or even a newwspaper article that forbids people to trade or buy cryptocurrencies
it is the banks and the trading platforms such as exchanges that are targeted
if you cannot convert or sell/buy cryptocurrency,you will not be using it,so there is no reason to punish common folks
it is much easier and effective to ban exchanges and banks from dealing with it
and then punish those that do not comply

So it means that china users can do bitcoin work and save it , so that in future if the local exchanges start to take bitcoin trading then that time they can trade with bitcoin what they are holding it.


Yes, but as a Chinese, I can see little possibility the gov will resume the exchanges, people will begin to do OTC trading in the future.

OTC is not banned publicly, whatever, with a VPN you can do trading on localbitcoins or any other P2P trading platform.
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September 17, 2017, 03:46:13 PM
 #5


Yes, but as a Chinese, I can see little possibility the gov will resume the exchanges, people will begin to do OTC trading in the future.

OTC is not banned publicly, whatever, with a VPN you can do trading on localbitcoins or any other P2P trading platform.


Do you encounter problems using exchanges based outside of China, if they ask for your residency information?

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September 17, 2017, 03:49:26 PM
 #6

China can't stop the storm. Anybody can create and trade crypto as much as he could. New laws can be only applied for banks and exchanges platform. 
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September 17, 2017, 04:28:34 PM
 #7

What would people face in china if they buy crypto ?

There is actually no legal problem with that because Bitcoin is not being banned so people can still buy/sell the cryptocurrency but they can not anymore do it in Bitcoin exchanges as they are already closed for now. That is why there is a resurgence of transactions right now in LocalBitcoin.com. Peer to peer exchange is not prohibited. I am sure that soon Chinese can find creative ways to own Bitcoin and to move them anytime. Chinese are also very creative and resourceful people.

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September 17, 2017, 05:27:36 PM
 #8

What would people face in china if they buy crypto ?

There won't be need to buy bitcoin if you cannot make use of it or sell it. Since they are targeting the exchange sites and banks, it then mean platform to convert to fiat and from fiat to btc, become impossible so it ends the while process. However, I see it as a challenge not an impossibility because there is nothing wrong receiving fund from abroad.
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September 17, 2017, 05:37:44 PM
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Yes, but as a Chinese, I can see little possibility the gov will resume the exchanges, people will begin to do OTC trading in the future.

OTC is not banned publicly, whatever, with a VPN you can do trading on localbitcoins or any other P2P trading platform.

Do you encounter problems using exchanges based outside of China, if they ask for your residency information?

The problem is that to use a foreign exchange you need the ability to send or receive money to that country. Which is exactly what is difficult for Chinese citizens, and why they use Bitcoin in the first place.

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September 17, 2017, 08:48:35 PM
 #10

What would people face in china if they buy crypto ?

The only thing we have to do is to wait. Since the Chinese government can only control exchange sites within their own territory and the internet with exchange sites domiciled abroad, we then need to wait on them to roll out plans on how they want to ensure total compliance on this new rule.

The road map will then give out what punishments await those who flout those laws but they should know the costs of what they want to engage in because that would mean screening every fund that comes from abroad or money from other exchangers such as PayPal, Payoneer, truelancer, fiverr among other means money can come from abroad.

Chinese citizens will to come tell us the clamp down post September 30.

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September 18, 2017, 10:14:12 PM
 #11

The Chinese government themselves have said there's no way they can ban Bitcoin so any citizen who buys, sells or owns it isn't breaking any law.

They have however made it extremely hard to buy or sell, even more so if they're blocking access to foreign exchanges too which looks possible. This is cleaner and cheaper than actually outlawing it.

So what the average Chinese person is going to face will be a major grind. There'll always be a small cross section of real believers. The rest will leave it alone and walk away which is exactly what the government wants.

If other countries decide they've had enough of crypto this is exactly how they'll do it too. Once exchanges are gone so is most of the audience.

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September 18, 2017, 11:16:02 PM
 #12

The Chinese government themselves have said there's no way they can ban Bitcoin so any citizen who buys, sells or owns it isn't breaking any law.

Did they really say this? I recall that the Russian government recently said this (shortly after the Chinese exchange ban came to fruition) but I don't remember the Chinese government saying so.

They have however made it extremely hard to buy or sell, even more so if they're blocking access to foreign exchanges too which looks possible. This is cleaner and cheaper than actually outlawing it.

I've already seen screenshots that suggest that foreign exchanges are being blocked. BitMEX was being blocked within China as of a couple days ago, but I can't be sure that they weren't already blocking it before.


So what the average Chinese person is going to face will be a major grind. There'll always be a small cross section of real believers. The rest will leave it alone and walk away which is exactly what the government wants.

If other countries decide they've had enough of crypto this is exactly how they'll do it too. Once exchanges are gone so is most of the audience.

It's tough to say what would happen. China blocked access to Google; how many Chinese residents use Google everyday? Millions, I am sure. Living through the online poker boom and bust makes me think you are correct.

However, this isn't just a hobby. This is matter of securing wealth for future generations. If the rest of the world keeps pushing demand for BTC, Chinese investors won't ignore it, no matter what their government does. They've been defying their government's capital controls for decades.

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September 21, 2017, 12:18:43 PM
 #13

What would people face in china if they buy crypto ?

I personally believe that nothing would happen to them, yet. But soon as Chinese government includes bans on Chinese getting their hands on bitcoin, then its another story. I would probably go some places where bitcoin is traded freely than stay on China. Its just a matter of time before they actually impose laws pertaining on buying bitcoin and crypto in general.

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September 21, 2017, 08:10:09 PM
 #14

Bitcoin is not banned in China. If you continue to use it nothing will happen to you and I'm sure people are and will be using it in the following months.
Even if exchanges will eventually shut down I believe it won't be permanent. The government wants to issue a warning and show people it's still in charge. That's it. They have no business in fighting the technology they are developing and that is bringing them tax money.

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September 22, 2017, 12:24:10 AM
 #15

If Chinese government pass a law that criminalize the used and purchasing cryptocurrency,, it is just to punished them because in reality "no one is above the law" and "ignorance to the law excuses no one".. In short they or we must follow the law in all cost.. But I don't hear such law in news or in forums that being circulated,, so assuming there is none what are we doing here..

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tweetbit
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September 22, 2017, 07:16:34 PM
 #16

What would people face in china if they buy crypto ?

I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.

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olubams
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September 22, 2017, 07:55:51 PM
 #17

What would people face in china if they buy crypto ?

I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.

If this is the case then there is really no cause for alarm but come to think of it whats will be the point of owning a bitcoin that I cannot convert to fiat for use since stores don't accept bitcoin yet, and government is coming again to ban the middle men that could made it possible. Wouldn't that mean the same thing as banning bitcoin within the country? All the same, I am anxiously waiting on the Chinese members of the community to give updates on the implementation of this policy.

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tweetbit
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September 22, 2017, 08:15:39 PM
 #18

What would people face in china if they buy crypto ?

I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.

If this is the case then there is really no cause for alarm but come to think of it whats will be the point of owning a bitcoin that I cannot convert to fiat for use since stores don't accept bitcoin yet, and government is coming again to ban the middle men that could made it possible. Wouldn't that mean the same thing as banning bitcoin within the country? All the same, I am anxiously waiting on the Chinese members of the community to give updates on the implementation of this policy.

The last we talked about the middleman he referring too and he not even mentioned that it is part of those being track by government. If that the case that would be an alarm bell for bitcoin users on that part of the world. I will in touch soon to my friend but it would be hard as he fly backed this weeks at home. I would love to hear some news regarding this issues maybe this one reason that price can't go bull run again. I hope he is fine now I'll advice him just to stayed here in my country instead.

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exstasie
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September 22, 2017, 08:32:41 PM
 #19

I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.

That's what I thought at first too. There was even an article where a Chinese official indicated that ICOs would be allowed once proper regulation is in place. However, reputable sources say there is more to come from the Chinese government re: cryptocurrency regulation in the short term, and that we haven't seen the worst.

Prominent VC saying that all OTC trading is going to be banned. No legal exchanges or OTC trading means crypto trading will go fully underground. And what could that mean for China's mining industry?

tweetbit
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September 22, 2017, 09:39:04 PM
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I'm certain that they will not face the wall of a prison cell. The pronouncement about banning ICO and closing exchanges is not pointed to citizens of that country but to marketing side. You can still buy bitcoin, Chinese friend of mine told me but through other means. And I think china just want to regulate this kind of investments for they're people's protection from scammed ICO.

That's what I thought at first too. There was even an article where a Chinese official indicated that ICOs would be allowed once proper regulation is in place. However, reputable sources say there is more to come from the Chinese government re: cryptocurrency regulation in the short term, and that we haven't seen the worst.

Prominent VC saying that all OTC trading is going to be banned. No legal exchanges or OTC trading means crypto trading will go fully underground. And what could that mean for China's mining industry?

Spencer Bogart replied, Quoted: "Note again, that this is all unconfirmed and should be considered a speculative rumor for now. There's a lot of rumors floating around." I hope it was all like this but if all things go wrong and all rumors be confirmed this few days would be a messed. But still only those weak hands will panic about it but personally I'm little but concerned. Hope Japan make something more interesting news about cryptocurrency this few days, I'm stuck with bad news this past weeks.

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