China calling for a wider ban on Crypto currency trading ?

[anushkasachith888]

Just after the Korean news that Korea going to shut down all Crypto exchanges completely. A similar news coming from China now. here is the link for the news

https://www.coindesk.com/pboc-official-calls-for-wider-ban-on-chinese-crypto-trading-report/?utm_content=buffer291bb&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

[andybits]

Oh no...bad news

[VitKoyn]

Just after the Korean news that Korea going to shut down all Crypto exchanges completely. A similar news coming from China now. here is the link for the news

https://www.coindesk.com/pboc-official-calls-for-wider-ban-on-chinese-crypto-trading-report/?utm_content=buffer291bb&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

After banning domestic cryptocurrency exchanges now they also want to ban exchanges from outside their country? so how do they implement that if people from their country can just use virtual private network to access those blocked websites, remember that facebook and google are banned in china but there are still ways to access that. I doubt that can stop people from accessing those exchanges. China have to accept the fact that they cannot stop cryptocurrency. Btw as of now south korea still didn't shutdown all exchanges on their territory, it is still a proposed ban. Read this https://www.cnbc.com/2018/01/15/south-korea-to-decide-what-to-do-about-crypto-exchanges-after-talks.html

[mondobitcoin]

Do not worry, it's just a temporary situation, they can not ban bitcoin all over the world
Most of people are panicking and are selling their bitcoins, but i think that is not a good idea, this up & down is normal in crypto markets.

[maarx]

Just after the Korean news that Korea going to shut down all Crypto exchanges completely. A similar news coming from China now. here is the link for the news

https://www.coindesk.com/pboc-official-calls-for-wider-ban-on-chinese-crypto-trading-report/?utm_content=buffer291bb&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

China is in the list of banning bitcoin. Earlier China closed a major mining pool. This really bit affected bitcoin growth while this happened. But if you look at on the other side, we have other new countries like RUSSIA and JAPAN have adapted bitcoin into their countries. They legally announced and accepted bitcoin.

Bitcoin growth is going to affect the country economy. You can take this in two ways. This would affect current fiats value, or if bitcoin is accepted, the respected country is going to have a massive growth in wealth. Not only the country, but also the citizens as well.

[supermine]

Just after the Korean news that Korea going to shut down all Crypto exchanges completely. A similar news coming from China now. here is the link for the news

https://www.coindesk.com/pboc-official-calls-for-wider-ban-on-chinese-crypto-trading-report/?utm_content=buffer291bb&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

After banning domestic cryptocurrency exchanges now they also want to ban exchanges from outside their country? so how do they implement that if people from their country can just use virtual private network to access those blocked websites, remember that facebook and google are banned in china but there are still ways to access that. I doubt that can stop people from accessing those exchanges. China have to accept the fact that they cannot stop cryptocurrency. Btw as of now south korea still didn't shutdown all exchanges on their territory, it is still a proposed ban. Read this https://www.cnbc.com/2018/01/15/south-korea-to-decide-what-to-do-about-crypto-exchanges-after-talks.html

As you said we can access the overseas exchanges if they shut down on their countries virtually but many people won't do that because China will follow the strict rules if anyone get caught using they might have to be in jail for years.For the people who don't care about these will continue to use bitcoins but we can't say all use bitcoins even if it was banned do it might affect the price of bitcoin more.
But I think the ban is not implemented yet so we have to wait to know what is really happening.They maybe temporarily doing this kind of precautions until they know how to control the bitcoin usage.

[syaripudin]

I think this is unfortunate if there is a country that prohibits bitcoinpadahal activities according to howas at least bitcoin has been able to help in terms of welfare that can be found by people who occupy a country. I do not think that should be done by the government but a ban but the government should be able to better direct the bitcoin to be more controlled again. also I think if the problem is on taxation I think the government can to give more policy by arranging the tax system and no need to prohibit.

[portotoi]

Oh no...bad news

Yeah it is a bad news but someone says  this is not a true news. The china did not really ban the cypto currency trading but instead they just cannot use it. correct me if I am wrong for this. 

[anushkasachith888]

Just after the Korean news that Korea going to shut down all Crypto exchanges completely. A similar news coming from China now. here is the link for the news

https://www.coindesk.com/pboc-official-calls-for-wider-ban-on-chinese-crypto-trading-report/?utm_content=buffer291bb&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

China is in the list of banning bitcoin. Earlier China closed a major mining pool. This really bit affected bitcoin growth while this happened. But if you look at on the other side, we have other new countries like RUSSIA and JAPAN have adapted bitcoin into their countries. They legally announced and accepted bitcoin.

Bitcoin growth is going to affect the country economy. You can take this in two ways. This would affect current fiats value, or if bitcoin is accepted, the respected country is going to have a massive growth in wealth. Not only the country, but also the citizens as well.

But my problem is there is no product right? without production how can it makes a economic development?

[anushkasachith888]

Just after the Korean news that Korea going to shut down all Crypto exchanges completely. A similar news coming from China now. here is the link for the news

https://www.coindesk.com/pboc-official-calls-for-wider-ban-on-chinese-crypto-trading-report/?utm_content=buffer291bb&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

After banning domestic cryptocurrency exchanges now they also want to ban exchanges from outside their country? so how do they implement that if people from their country can just use virtual private network to access those blocked websites, remember that facebook and google are banned in china but there are still ways to access that. I doubt that can stop people from accessing those exchanges. China have to accept the fact that they cannot stop cryptocurrency. Btw as of now south korea still didn't shutdown all exchanges on their territory, it is still a proposed ban. Read this https://www.c[Suspicious link removed]m/2018/01/15/south-korea-to-decide-what-to-do-about-crypto-exchanges-after-talks.html

As you said we can access the overseas exchanges if they shut down on their countries virtually but many people won't do that because China will follow the strict rules if anyone get caught using they might have to be in jail for years.For the people who don't care about these will continue to use bitcoins but we can't say all use bitcoins even if it was banned do it might affect the price of bitcoin more.
But I think the ban is not implemented yet so we have to wait to know what is really happening.They maybe temporarily doing this
I know one of friends in China. She was used to chat with me on Facebook before. then later China banned FB. Then she told me she can't access to fb which means even though she can use proxy she wont use them. may be fear of punishment in case got caught. they have alternative chinese social media named QQ. She asked me to register in it.

yeah may be as you said they do kind of precautions until they know how to control the bitcoin usage.

[donalfonso]

A chinese ban on crypto currency while it will have some effects on crypto trading generally, but it will have minimal effects for now, people from china have not been able to put their weight in numbers and financial muscle to bear on the crypto world for now due to restrictions, further restrictions will not have any significant effects as their contributions are really not that significant. But imagine if there were no restrictions and we feel the full weight of the chineese.

[1Referee]

Firstly, South Korea isn't going to shut down exchanges, and secondly, I can't wait for China to withdraw itself from the crypto space completely. I even find it quite interesting and weird at the same time that China hasn't already done so years ago already. If we look at how paranoid the Chinese government is, these 'China will do this or that' articles wouldn't even be part of discussions anymore. Also, the more governments are pushing people away from them, and with such measures it's definitely making things worse, the more people will dive into P2P markets. It's not for nothing that after the shutdown of the exchanges there, the P2P market has literally exploded, and this happened basically in every country with similar measures being forced through by their government.

[anushkasachith888]

Do not worry, it's just a temporary situation, they can not ban bitcoin all over the world
Most of people are panicking and are selling their bitcoins, but i think that is not a good idea, this up & down is normal in crypto markets.

Yeah like to think as it is temporary situation and it will. this up & down is normal in crypto markets.
sure. great opportunity to buy who missed the boats earlier.

[anushkasachith888]

Firstly, South Korea isn't going to shut down exchanges, and secondly, I can't wait for China to withdraw itself from the crypto space completely. I even find it quite interesting and weird at the same time that China hasn't already done so years ago already. If we look at how paranoid the Chinese government is, these 'China will do this or that' articles wouldn't even be part of discussions anymore. Also, the more governments are pushing people away from them, and with such measures it's definitely making things worse, the more people will dive into P2P markets. It's not for nothing that after the shutdown of the exchanges there, the P2P market has literally exploded, and this happened basically in every country with similar measures being forced through by their government.

As you think why so many drama from CHINA  towards Crypto? As you you think why China behave like this regarding this new currency trend? They are a communist state ( even though now they follow market economy still ruling party communist)

[anushkasachith888]

A chinese ban on crypto currency while it will have some effects on crypto trading generally, but it will have minimal effects for now, people from china have not been able to put their weight in numbers and financial muscle to bear on the crypto world for now due to restrictions, further restrictions will not have any significant effects as their contributions are really not that significant. But imagine if there were no restrictions and we feel the full weight of the chineese.

Yeah This is what user 1Referee also said, As he explains  'China will do this or that' articles wouldn't even be part of discussions anymore. even I think This is temporary situation and also good opportunity to buy more coins..

[vintages]

What exactly is wrong with China and Korea government? Do they really enjoy manipulating their citizens rights and people around them? They should just go ahead and ban it all! That's the worst they can do, at least we have been hearing this same stories every now and then, with no action. Even if South Korea government shut down exchanges , their citizens that wants to trade on Cryptos will still do it, this is the new age, anything can happen.

[akram143]

This could be a very bad news for crypto currency market because many traders,miners and investors of cypto currency are from China.If China banned there will be a void in the demand of cryptos .That's why more crypto currencies price falling in a single day.I hope this will be a temporary ban or the crypto field will face struggling in the future.

[Tyrantt]

Repeat after me: " Communism is bad overall and it doesn't work".

If China completely backs out of crypto world, how will that actually reflect the rest of the crypto. Some of the biggest miners are from China, so will that bump the price in the long run?

What exactly is wrong with China and Korea government? Do they really enjoy manipulating their citizens rights and people around them? They should just go ahead and ban it all! That's the worst they can do, at least we have been hearing this same stories every now and then, with no action. Even if South Korea government shut down exchanges , their citizens that wants to trade on Cryptos will still do it, this is the new age, anything can happen.

Probably lack of regulation to tax bitcoin income, in the SK case, but in the case of China well communist governments aren't known to provide such a freedom to it's people, it's all about the control.

[anushkasachith888]

Repeat after me: " Communism is bad overall and it doesn't work".

If China completely backs out of crypto world, how will that actually reflect the rest of the crypto. Some of the biggest miners are from China, so will that bump the price in the long run?

What exactly is wrong with China and Korea government? Do they really enjoy manipulating their citizens rights and people around them? They should just go ahead and ban it all! That's the worst they can do, at least we have been hearing this same stories every now and then, with no action. Even if South Korea government shut down exchanges , their citizens that wants to trade on Cryptos will still do it, this is the new age, anything can happen.

Probably lack of regulation to tax bitcoin income, in the SK case, but in the case of China well communist governments aren't known to provide such a freedom to it's people, it's all about the control.

Socialism will not work for 20,30 more years from now. Because still Western Capitalist countries strong enough to control the world. China economy is not socialist economy anymore. They opened their economy long ago. but still China government is a communist one as the one and only ruling party is china communist party. It has been easy for them plan and achieve targets as they don't have a opposition parties to bring objections. China got the fastest economic growth rate in the world, however, I agree with you on controlling things. but what to do, that how it is... hope This news wont affect the crypto much..

[jkw224]

Is there any news on how this will effect Chinese exchanges? And what about Hong Kong-based exchanges like Binance?