Is China making a U-Turn with Huobi?

[Fortify]

I wonder if China did actually have a plan to restrict cryptocurrency, or it was merely one of the extreme measures they have used to suppress dissent during the currently congress meeting that is going on. They block chat apps, censor the news more than usual and make it harder move money around. It's a lot harder for the people to rise up against the leadership if everything smells like roses.

[Barnabe]

Yes it may be temporary ban for the bitcoin in exchanges and ICO because the china failed with the expectations that bitcoin will crash whenever they bans it. it only proves that they have a hidden agenda why they did the banning beside the reasons of money laundering, scamming and criminal activities, well they can just impose an exchange or local coinbase that is centralized to impose such tax, fees and to prevent unlawful acts to use bitcoin.

I don't think it is a hidden agenda, it is common knowledge that china has a money leak problem.
Since the Chinese government wants to increase domestic investment, money invested in china is difficult to "withdraw" due to regulations.
This leads to several problems around the world (like housing bubbles in canada), since money for "investments" is less subject to regulations. Since bitcoin facilitate these "money leaks" it is normal that the Chinese government wants to make its use harder.
The decisions China has been taking about bitcoin is not related to bitcoin itself, but rather to limit the leaks.

[gabmen]

After banning ICOs and cryptocurrency, is the Chinese government now having a change of mind by reestablishing Huobi to start operations again? I read this online somewhere lately.

Lol. It doesn't really matter anymore in general since china doesn't have that much effect on crypto market. Though of course chinese traders would welcome it since they'll have easier lives if china lifts any ban on any exchange site

[prtty2gal2]

After banning ICOs and cryptocurrency, is the Chinese government now having a change of mind by reestablishing Huobi to start operations again? I read this online somewhere lately.

Not only a U-turn, they should also make a Y-turn. Who will even be interested in their Huobi or whatever it is being called, who cares? Unless their country men. They thought Bitcoin was going to crash, believing they were the ones making most Investment on it, but it didn’t really work out for them, rather things even got much better.

Whatever currency they’re making this time, they better make it centralized, so it will only be used in their country.

[palle11]

They will actually look for a turn around since cryptos are still waxing stronger with bitcoin skyrocketing after what they called ban.

I'm not even surprised they are looking for come back because virtually every country wants to be associated with the progress of bitcoin. The price have now broken the six thousand mark, lets see where is going with the festive period (December).

[krauzzer02]

They are now executing their plan B that if you cannot defeat them then just ride or join them and think for another strategy to control and manipulate the bitcoin. It is expected that they will make this decision to lift up the ban that they imposed to the exchanges and ICO's implementing extreme regulations and policies to prevent ICO scammers. I also read that somewhere i think here in BTT forum they will surely do it anyway we know Chinese Government wants to achieve.

[farhaan]

As china already know that it could not completely ban bitcoin,it has almost thrashed bitcoin trades in their country by banning ICOs,taking very strict actions against exchanges which made the top three bitcoin exchanges to shut down.

China government thought that by their actions,bitcoin progress would stop and its price would crash.But it happened totally opposite.China has started to realize that they have been isolated.So,they have decided to be a little bit lenient regarding bitcoin.

[Lancusters]

As china already know that it could not completely ban bitcoin,it has almost thrashed bitcoin trades in their country by banning ICOs,taking very strict actions against exchanges which made the top three bitcoin exchanges to shut down.

China government thought that by their actions,bitcoin progress would stop and its price would crash.But it happened totally opposite.China has started to realize that they have been isolated.So,they have decided to be a little bit lenient regarding bitcoin.

It seems to me that this is not a victory of bitcoin. The Chinese government probably decided to pause before the next attack. If bitcoin can not be destroyed by the prohibitions they try to destroy it through regulation. So I was surprised by the position of those members who support the legalization of bitcoin. I don't believe the government and it is for this reason that I took up bitcoin.

[Opquar]

What is up with all the conflicting stories about China? Are they really turning around, or are the online news outlets just fabricating news? I am glad to see that it is not affecting bitcoin's price tho.

[Reatim]

After banning ICOs and cryptocurrency, is the Chinese government now having a change of mind by reestablishing Huobi to start operations again? I read this online somewhere lately.

I think before the closing of all Chinese exchanges, Huobi was the last one because they have a large customer based and I can remember it if was Charlie Lee or the official news agency of the Chinese that says that they will allowed Huobi to be operational as long as they will submit or will get a permit from PBoC, or something to that effect. I think this is what happened if they would allow it to be open again.

[waynechong1995]

Well China is a fairly open and negotiable country when it comes to technological stuff, perma-ban is unlikely though but it's inevitable that local exchanges are getting too much power in cryptocurrency and could single-handily broke someone if they wanted to, how easy it was for them to manipulate the market when it hold all the information not to mention shady businesses behind that we wouldn't know at all. ICOs offers little customer protection as well and it's reasonable to ban them on a local scale, however it's good to know that China is taking a less-harmful way to deal with cryptocurrency, maybe a stricter audit and regulations will do to prevent less p&d, local corporation doesn't stand a chance when their governments decide to step into their profitable business.

[beerlover]

I just did a quick google search and cannot see anything about this?

Currently it is still just a rumor, probably started on Reddit. They have Tether, though.
https://www.reddit.com/r/NEO/comments/78pkfc/huobi_to_reopen_on_26th_october/

If you want official news, check this: https://www.huobi.pro/notice/

China just wants to ban Bitcoin so that they can have more control over the citizen's money, and Bitcoin have the potential to even replace their currency in their daily transactions. Also, they can't just do what they want and ban Bitcoin entirely.

Bitcoin is international, and I am sure other countries will have some say (US), and even their own citizens. Hope Bitcoin can make a comeback soon  

I would not be surprised. China is totally dependent on exportation and that is where they make a whole shit load of money and that is how they have been able to keep their currency strengthened and controlled all these while.

Nevertheless, if different payment means starts happening internationally and it is getting pretty hard to control, that may end up telling negatively on theirs which I am not sure they would want to allow to keep going on. But eventually they know they cannot ban bitcoin and they stated that themselves.

[Idrisu]

Chinese government has been the frontrunner of technological advancement and banning of bitcoin's activities or exchangers like Huobi will be a big setback in blockchain technology and if Chinese governments banned exchangers? In future there will regret they action. Huobi is back in transaction both in withdrawal and deposit services and this is good as this is going to influence market price.

[BobK71]

Even if China rejoins Bitcoin, it might be at a more financially-repressed level.  (E.g. making it difficult for individuals to own actual bitcoins -- something Russia has also considered.)

During the gold standard period, most countries were on the gold standard, but only in a handful of 'strong' countries (UK, US, maybe Germany) did physical gold circulate freely alongside paper money, as gold coins.  This even though all paper money from all gold-standard countries were *supposed* to be convertible to gold on demand.  What we'll see maybe, effectively, a repeat of that.

This would work perfectly as designed by the global imperial system, currently headed by the US.

[streazight]

After banning ICOs and cryptocurrency, is the Chinese government now having a change of mind by reestablishing Huobi to start operations again? I read this online somewhere lately.

Not sure there is any news yet stating China's status on reinstating Huobi since they banned ICOs and shut down exchanges. Also, you should note that cryptocurrency was not banned as you have put it, and you are free to trade Peer to Peer if you wish as the case may be. We should however not expect that there would be a U turn eventually since China stated categorically that they have to go through the proper channels to operate, so until then.

[justdimin]

The Chinese government has always known that they have what it takes to be reckoned with in cryptos. I don't think there initial ban on icos was total. It was meant to wade off nonchalants and to sanitize the business. Thus, I still evison a form of regulation in disguise coming up at the long run.

The crypto have come to stay waiting for any government or persons to grab. We are watching the atmosphere.

Exactly, the scam was getting too much and let us face it, most of it were coming from the country and I do not expect any sensible government not to take action towards it as it is apparently going to keep affecting even the ones with good intentions.

Like you have said, I am pretty sure they are looking for a way to sanitize the system once and for all, and do it better rather than just allowing several bullshits to keep rubbing off without making any move.

[fasdorcas]

After banning ICOs and cryptocurrency, is the Chinese government now having a change of mind by reestablishing Huobi to start operations again? I read this online somewhere lately.

Of course they have taken a sharp u-turn because they failed to do what they want to. Cryptocurrencies and bitcoin are unstoppable, countries have realized it now and they are accepting this reality.

Even China know that already and they are not definitely ready to stop bitcoin as they said it that bitcoin is unstoppable. However, that does not mean there are some operations surrounding it that cannot be regulated, thereby making sure it tends to the benefit of the country at the end and they do not have to start digging with another crazy system when it has dug on so deep.

[merchantofzeny]

I just did a quick google search and cannot see anything about this?

Currently it is still just a rumor, probably started on Reddit. They have Tether, though.
https://www.reddit.com/r/NEO/comments/78pkfc/huobi_to_reopen_on_26th_october/

If you want official news, check this: https://www.huobi.pro/notice/

China just wants to ban Bitcoin so that they can have more control over the citizen's money, and Bitcoin have the potential to even replace their currency in their daily transactions. Also, they can't just do what they want and ban Bitcoin entirely.

Bitcoin is international, and I am sure other countries will have some say (US), and even their own citizens. Hope Bitcoin can make a comeback soon  

True. It goes against what the Chinese government is trying to do. I believe they are trying to integrate the yuan to e-commerce. I remember seeing in passing in the news that one messaging app there can also be used for paying bills and buying stuff, etc... Exactly what we are pushing for bitcoin except that app uses the yuan.

[BTCMILLIONAIRE]

Until now, the CN GOV unequivocal opposition the Cryptocurrency, and baned all kinds of cryptocrrency trading in public.

People only can trade face to face, it is legal.

Is it really?

I thought I read that it was illegal but that people did it anyways because the government couldn't really trace it.

I've also read that China was trying to crack down on messaging apps that were used to arrange crypto trades.

What's the real situation now?

[Basmic]

Nothing the Chinese will not work. The yuan will not be recognized by the international community. For internal use it can work. Such attempts we are seeing from Russia. They do not take into account the fact that their own currency are not popular in the world and therefore they will not trust. Bitcoin is often compared with the dollar. The dollar is already recognized around the world. There is no place for other currencies.