[2019-09-19] China Bans Bitcoin Executives From Leaving the Country

[zby]

http://www.trustnodes.com/2017/09/19/china-bans-bitcoin-executives-leaving-country-miners-preparing-worst

[Falgorn]

In China, banned executives from leaving the country? This is an interesting and unexpected prohibition. If it is connected with the ban on dealing with crypto currency, then such a ban also will lead to nothing. To withdraw the crypto currency, transfer to another or fiat, to invest in the crypto currency there is no need to travel outside the country. Also there are ways to hide your Internet access for Internet censors, if such exist. It is interesting how the events in this connection will develop further.

[Snaic]

The proposed article on this topic says that heads of special currency trading platforms are forbidden to leave Beijing, so that the investigators could communicate with them without interference. This is similar to the so-called precautionary measure applied in criminal proceedings - a written undertaking not to leave the country. Only in criminal proceedings this measure is always applied on an individual basis. To say that in this case respect for human rights is clearly not possible. But it is interesting, what for consequence will be spent in this case? In my opinion, in China, with prohibitions related to the crypto currency, they went too far.

[Kemarit]

Sounds like they are into investigating that's why they are halting Bitcoin executives from leaving Mainland China, this is not possible if you are in a democratic country, but since they are communism and rule the country with iron fist, then those Bitcoin executives is at the hands of those leaders now and we all know what the consequences will be once you found guilty. And those executes will not get a fair trial, so expect that those specially non-Chinese bitcoin executives don't know and can't sleep at night thinking what's gonna happen to them inside a communist regime, specially they are very hot anything that is related to crypto world.

[BitFinnese]

I guess they are setting an example for their citizen.  I am not sure whether this is a psychological warfare against the bitcoin supporter in China and give fear to them. But this kind of strategy is really effective especially to those who do not want to be compromised of whatever stuff and go against their country.  This might be the first step of neutralizing bitcoin supporter in China.  Or probably there are criminal cases charged on these people and China needs to stop them from leaving their country.  I hope they do not ban them in living in their country

[vit05]

Wall Street Jornal already say that the Ban is a TOTAL BAN. Miners will be banned too. Anyone that could mine with old equipment needs to be prepared to help save Bitcoin.

[cr1776]

Wall Street Jornal already say that the Ban is a TOTAL BAN. Miners will be banned too. Anyone that could mine with old equipment needs to be prepared to help save Bitcoin.

The Chinese miners need to start unloading the old (and current) mining hardware now if that is the case.

[cr1776]

I guess they are setting an example for their citizen.  I am not sure whether this is a psychological warfare against the bitcoin supporter in China and give fear to them. But this kind of strategy is really effective especially to those who do not want to be compromised of whatever stuff and go against their country.  This might be the first step of neutralizing bitcoin supporter in China.  Or probably there are criminal cases charged on these people and China needs to stop them from leaving their country.  I hope they do not ban them in living in their country

It is about control of their people. If the Chinese people have money that is outside of Communist Party control, the government of China loses control. 

[bbc.reporter]

The moves made by the Chinese government is not because they are against bitcoin. It is because they are against the crimes being done with the use of bitcoin. Everything is starting to be clear now. I reckon maybe some bitcoin exchange executives are knowingly doing money laundering activities for the criminal bosses of the triads in China.

[peter0425]

The moves made by the Chinese government is not because they are against bitcoin. It is because they are against the crimes being done with the use of bitcoin. Everything is starting to be clear now. I reckon maybe some bitcoin exchange executives are knowingly doing money laundering activities for the criminal bosses of the triads in China.

In hindsight, maybe you have a valid point. Its really hard to stop the triad and maybe one effective  way is to attack bitcoin and cryptos as they are suspecting that this syndicate is using those local exchanges to laundered dirty money. Just came to conclusion as well that the Chinese have learn the lesson from the BTC-e seizure of the US on the grounds that this exchanges are also being used to laundered money. That's why a total crackdown has been imposed by the Government. Its very swift and we all know that we are caught off guard, but maybe the reason is because of the laundered money flourishing from those exchanges.

[freebutcaged]

Did I just time traveled to the year 2019? I need to buy some more of whatever we smoked last night OP, they are the government and they have all

The rights and power to do whatever they desire, why do you think countries have armies? it's there to enforce their laws if needed, no one now can

Do anything about it, Wu is officially fucked if they find out that more than half of all the mining farms and all the exchanges are owned by him, he'll

Never see the sun ever again if he's caught.

[iamTom123]

Sounds like they are into investigating that's why they are halting Bitcoin executives from leaving Mainland China, this is not possible if you are in a democratic country, but since they are communism and rule the country with iron fist, then those Bitcoin executives is at the hands of those leaders now and we all know what the consequences will be once you found guilty. And those executes will not get a fair trial, so expect that those specially non-Chinese bitcoin executives don't know and can't sleep at night thinking what's gonna happen to them inside a communist regime, specially they are very hot anything that is related to crypto world.

This is just cementing the image that China is a big bully and they can apply that tendency even to their citizens anytime they want to or anytime that they want to send some message. Yes, indeed, until now China is ruled with many controlling freaks and with iron fists. Though it granted some level of freedom to their citizens that freedom can be taken back anytime and is not enshrined in their laws (and if it is, I think anytime laws can be suspended in there!).

One of the reasons why I dislike China is its continuing intervention with their neighboring countries by claiming islands that historically and geographically do not belong to them. Since China is now a might nation, they feel that they can do anything they want. What China wants China gets. And since USA is now a weak country politically and militarily (got the arms but unwilling to use them), China is now getting bolder and bolder and small nations around it have not choice but just to play (and be paid) along.

This kind of a country have no place in Bitcoin!

[NewbCoins]

there were lots of news in august about china exchange they all steal the customer money and gamble it on market. i think these people they are under investigation for embezzle like karpeles

[dfox101]

Chinese government do whatever they want, there's no restrictions for them. Better let them out of the Bitcoin so in the future they can't do more damage.

[freebutcaged]

Chinese government do whatever they want, there's no restrictions for them. Better let them out of the Bitcoin so in the future they can't do more damage.

You're wrong mate, if they wanted to do whatever they'd wanted the world would be a different place entirely, what if they wanted for girls to line up

For men to have a turn at them every day in every major city and main streets? you are demanding to let them out of crypto like it's up to us, they're

Not getting out just yet, this is a shake down to wreak havoc on every weak hand holding considerable amounts of Bitcoin in China, they're not banning

Anything they are just trying to own and if not at least monitor every financial transactions using Bitcoin.

[BitHodler]

Better let them out of the Bitcoin so in the future they can't do more damage.

I wish they would actually do so, but that's unfortunately not going to happen. It's not at all a surprise to them that Bitcoin is growing by the day, and if they were really looking to put a total ban on Bitcoin, they would have done so already.

I am quite sure that they are looking to reshape the entire crypto industry in China till the point the government knows what goes in and what goes out, who owns what number of coins, and the list goes on.

It's an obvious hunger for power in an attempt to at least act and behave as some sort of a controlling authority. Bitcoin's decentralization is something they can't beat, but that's not the case with their internal crypto industry. It's the next best thing.

[Real_Person]

The moves made by the Chinese government is not because they are against bitcoin. It is because they are against the crimes being done with the use of bitcoin. Everything is starting to be clear now. I reckon maybe some bitcoin exchange executives are knowingly doing money laundering activities for the criminal bosses of the triads in China.

Crimes can also be committed with any type of cash. Only Bitcoin (and alts) can free the people from Gov't control of the money supply.

[Karartma1]

I guess they are setting an example for their citizen.  I am not sure whether this is a psychological warfare against the bitcoin supporter in China and give fear to them. But this kind of strategy is really effective especially to those who do not want to be compromised of whatever stuff and go against their country.  This might be the first step of neutralizing bitcoin supporter in China.  Or probably there are criminal cases charged on these people and China needs to stop them from leaving their country.  I hope they do not ban them in living in their country

It is about control of their people. If the Chinese people have money that is outside of Communist Party control, the government of China loses control. 

Isn't Bitcoin just about that? 
What you wrote does not simply apply to China but to every country/government. Bitcoin is a decentralized protocol. As I've been saying over and over again we are not going MySpace or Napster here. We control cryptographic keys and not Bitcoin. Good luck to them to find about mine. Or theirs, it does not matter.
When the mining is spread across many machines, no one machine is telling others what to do.

[vit05]

Better let them out of the Bitcoin so in the future they can't do more damage.

I wish they would actually do so, but that's unfortunately not going to happen. It's not at all a surprise to them that Bitcoin is growing by the day, and if they were really looking to put a total ban on Bitcoin, they would have done so already.

I am quite sure that they are looking to reshape the entire crypto industry in China till the point the government knows what goes in and what goes out, who owns what number of coins, and the list goes on.

It's an obvious hunger for power in an attempt to at least act and behave as some sort of a controlling authority. Bitcoin's decentralization is something they can't beat, but that's not the case with their internal crypto industry. It's the next best thing.

And I think to get this they will ask for the transparency of the Chinese who invest in the crypto market outside of China.

[richardsNY]

Crimes can also be committed with any type of cash. Only Bitcoin (and alts) can free the people from Gov't control of the money supply.

Exactly that. Fiat enjoys the absolute support of the governments, and in case things don't go in the government's preferred way, they simply come up with stricter laws, and maybe end up taking large paper notes out of circulation as has happened in India. Bitcoin is the currency of the people, and that's unfortunately not something the governments will be stimulating. Ultimately, we should be happy that not every major country in the world is suffering from a communist regime like structure.