China calling for a wider ban on Crypto currency trading ?

[diwataluna]

There are many valid points mentioned already by others. The nature of China's government is centralized. It is not a democracy. Bitcoin and cryptocurrencies are the opposite (in most cases). Aside from wanting to prevent capital from pouring out of the country, it is also possible that China does not want a weakening fiat currency against a currency that has no centralized authority it can control or influence. Therefore, it uses FUD to influence the cryptocurrency market. I do think that if the country decides to ban cryptos entirely, then the market will also even out with the exit of such a major player.

One thing to consider though, worst-case, is whether China will leverage trade deals with countries to also influence them not to use and adopt cryptocurrency.

[Oasisman]

I dont think they can ban all crypto trading. They cant even fully extinguish crypto trading in their country. Yes, they succesful ban all the exchanges, but how about the other form of crypto trading, like, over the counter and overseas crypto to crypto trading? These kind of trading is still available for some chinese people out there.

[Sadlife]

I thought the news about korea shutting down and banning bitcoin exchanges was fake news but it seems it is under proposal i hope the korean government doesn't consider it. Also china is trying so hard to ban bitcoin when their citizens can easily use tor and virtual private network to access those sites and hide from their government monitoring, no matter what they do they can't fully extinguish bitcoin as long as there is international crypto exchanges.

[Silberman]

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 ban was 2017/4 and cause price down less than 2,000$. some exchange sites stopped.
this news being normally and have 0 effect in the market.
South Korea start same planning to regulate this market.

Yup. Though banning taking place in few countries, obviously adaptation occurs on the other side in countries like, Japan, Russia and Singapore. The authority calls off banning. But if you look at the citizens, the percentage of traders stopped in their countries would be more, but the percentage of the same traders trading from other countries would uplift the values. Every individual who has experience in bitcoin, would never leave earning it via any source even though their respective authority brings rules against bitcoins and other altcoins.

This is something governments do not see, if a trader is making a killing with bitcoin he is not going to stop just because you banned bitcoin trading, he will move his money to other countries to keep making money and now your citizens are still doing the same thing and even worst you are probably not going to get any benefit out of it, this is why I think japan decide to legalize bitcoin instead of issuing a ban.

[richmcrich]

I dont think they can ban all crypto trading. They cant even fully extinguish crypto trading in their country. Yes, they succesful ban all the exchanges, but how about the other form of crypto trading, like, over the counter and overseas crypto to crypto trading? These kind of trading is still available for some chinese people out there.

All the crypto currencies especially bitcoin is decentralized in nature and there is no one who is having direct control over bitcoin may it be China or any other country. China has only banned the mining of bitcoin and nothing more than that.

The people living in China are still using bitcoin and they are dealing with bitcoin and are investing their money into bitcoin and are making some good money at the end.

[Silberman]

There are many valid points mentioned already by others. The nature of China's government is centralized. It is not a democracy. Bitcoin and cryptocurrencies are the opposite (in most cases). Aside from wanting to prevent capital from pouring out of the country, it is also possible that China does not want a weakening fiat currency against a currency that has no centralized authority it can control or influence. Therefore, it uses FUD to influence the cryptocurrency market. I do think that if the country decides to ban cryptos entirely, then the market will also even out with the exit of such a major player.

One thing to consider though, worst-case, is whether China will leverage trade deals with countries to also influence them not to use and adopt cryptocurrency.

All governments are centralized by design it does not matter if you live under democracy, monarchy or a dictatorship, however since the Chinese are under a communist government they are under even more constrains than your average person in the western world, this is why the Chinese government is even more fearful of bitcoin since it gives power to the people which means they lose that power in the same proportion.

[v0rtecxz]

bad news yes, for the prohibition that happens will be in the extension again its impact by them not only domestic platfrom but the foreign platform, I can not imagine what the fate of those who still hold their crypto coins, it would be a little difficult to be able to use it freely, but I hope that the government does not completely curtail their access to access and manage their coins either transactions or exchange in fiat currency, but because of the considerable use of crypto in china I do not think they will fully cover and block it

[Lock00Live]

At the moment I no longer believe in news from China because it's all information that aims to bring down the market and the speculators are waiting to buy the coin is extremely cheap. So if you want to join the long-term market, then you should choose a good coin and keep them for a long time and do not care about the market news.

[eagle10]

At the moment I no longer believe in news from China because it's all information that aims to bring down the market and the speculators are waiting to buy the coin is extremely cheap. So if you want to join the long-term market, then you should choose a good coin and keep them for a long time and do not care about the market news.

As usual if you believe in any news affecting cryptocurrency and bitcoin, you will end up trapped by FUD. Come on guys, these are all part of the game. Any news bad or good, cannot be taken so much. Just keep your coin for long term and time will come you survive the dip.

[Seeker#9]

Some recent online news says that China wants full control of economic and financial system and will not allow any currency particularly the virtual currencies, which are decentralized, that will undermine their financial stability. This lead to wider crackdowns on ICO, mining and exchanges inside China and restricted its people from joining exchanges outside China. Some chinese exchange operators are still hoping that China would lift its ban on trading and mining someday. Maybe China might wants to develop its own cryptocurrency someday and this is might be one of the reasons why China bans trading on cryptocurrency.

[Silberman]

Some recent online news says that China wants full control of economic and financial system and will not allow any currency particularly the virtual currencies, which are decentralized, that will undermine their financial stability. This lead to wider crackdowns on ICO, mining and exchanges inside China and restricted its people from joining exchanges outside China. Some chinese exchange operators are still hoping that China would lift its ban on trading and mining someday. Maybe China might wants to develop its own cryptocurrency someday and this is might be one of the reasons why China bans trading on cryptocurrency.

From the beginning of recorded history powerful governments have looked for one thing to become more powerful and once they do that they change their targets to become all powerful, it is obvious to me China is trying to replace the US as the biggest superpower around the world and if they do it they will try to seize control over the world not through war but through the economy and bitcoin is one of the biggest obstacles they are facing if they want to make that a reality.

[knien]

I believe that in the end Governments will not be able to ban crypto , because technology will always find a way around these bans.
DeepOnion for example released news that they are able to sync their wallet from a location in China using Tor, Obfs4 and Meek.

Governments that decide to ban crypto will eventually come back on their decision.

[Benezim]

I believe that in the end Governments will not be able to ban crypto , because technology will always find a way around these bans.
DeepOnion for example released news that they are able to sync their wallet from a location in China using Tor, Obfs4 and Meek.

Governments that decide to ban crypto will eventually come back on their decision.

Governments will make it more difficult to get access to the crypto world (fiat gateways, IP blocks, outright bans), but technology is always going to be one step ahead.

There is no way to enforce a full crypto ban.

Anonymous coins who understand that might come under attack by regulators, but in the end they will benefit because "real" anonymous transactions is the next logical step in blockchain development.

Good times ahead for Monero, DeepOnion etc.

[Onion lover 888]

Interesting title. After reading it, first I am not sure if the contents of the article is truth or not. Secondly ban on Crypto currency will not solve the real issue. I admit regulations are required if Crypto trading becomes mainstream one day. Ban only will encourage illegal  activities.

I am sure Chinese government is smart to make the right decision. For the consumer who wants financial freedom, DeepOnion would be the best options because it has build in TOR, OBFS4 and MEEK integration layer, which allows you to transfer money without being monitored or tracked by the government.

Plus if you join the DeepOnion now, you still have time to join the free airdrops, which is roughly speaking 4% of wallet balance. Why don't you wait any longer, just do it. Check DeepOnion out, you won't regret.

[Nivir]

Too much FUD on decentralized currencies nowadays. Banks and governments feel threatened. But can they really put this down? The technology crypto brings are futuristic so I believe these solid projects will survive and become big.

[anushkasachith888]

Now it is US,US Securities and Exchange Commission (SEC) chairman Jay Clayton will give a wide-ranging account of the regulator’s approach to cryptocurrencies in testimony before the US Senate today. It is not big deal I guess governments have to do this, Otherwise what is the point of having governments, Regulations are required, 

https://qz.com/1198753/cryptocurrency-regulation-the-sec-will-step-up-its-regulatory-rhetoric-in-a-senate-testimony-tomorrow/

[lhflyfeihong01]

The Chinese gov is so ridiculous and rude!
It regulated the crypt-market many times in the last 7 years!
Now it make some more strict and rude rules to regulate the
crypt-curr,the Chinese gov wanna kill the bitcoin!
But I believe the the bitcoin will survive and become stronger!
Shame on the Chinese gov!

[Smarty14392]

At the moment I no longer believe in news from China because it's all information that aims to bring down the market and the speculators are waiting to buy the coin is extremely cheap. So if you want to join the long-term market, then you should choose a good coin and keep them for a long time and do not care about the market news.

By now, none of the government official of China have declared such kind of thing and there are people living in China who are busy in mining and trading of bitcoin and as result of this, they are actually making a very good amount of money. Thus helping the economy of their country to get better. All such kind of talking’s are merely rumors and the only purpose behind them is to bring down the reputation of bitcoin.

[Vigme86]

I personally agree with most of the comments posted above  , I do believe this is just a move to get the market scared about this announcement from china's governments, I do not think this can affect the cryptocurrencies as well, at the end of the day there are now privacy coins such as DeepOnion which can avoid this can of ban through OBSF4 and MEEK, therefore this is not the end of crypto world IMO, it's just a huge buy opportunity

[CryptoKyddie]

Wow just so much FUD and FUD is all it is. Zero backing, zero truth, just people (probably banks and governments) spreading trash to drive down the prices of crypto. So A they can buy more and B to scare you away until the FOMO kicks in.

No way is China going to ban crypto. If you believe that, then you really need to get to know China. Id be much more worried about Korea banning crypto, again I don't believe they would do this.

You know all bans achieve is making people want things more. Ban drugs - people will buy them. Ban guns - criminals will find them. Speed cameras to catch cars - radar jammers and fake plates. Prostitution - people will sell sex for the price of a packet of cigarettes in Coventry (Big Mac is same price). What we need is to invest in projects we believe in. Even if the Shxx its the fan I will be ok with my portfolio. Especially DeepOnion due to TOR, OBFS4 and Meek integration. You can try to bank things, but that makes people work harder to find ways around problems with real solutions.