China calling for a wider ban on Crypto currency trading ?

[Noelnada]

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

great analysis and am surprised to be hearing this kind of banning news being undertaken in China, i thought China was a technology hub that will have no problem adopting crypto and its innovations. Just hope this ban won't be forever or else we shall move to  privacy coins such as DeepOnion or monero.

For me, we should really move forward and totally get away from the China. Only thing that we are connected is that they still have the bitcoin mining monopoly. It Japan GMO or another nation will set up mining farm, then we will forgot all about them.

But for the Chinese people, they are intelligent, they will always find a way to overcame this ban and will continue to trade. As one poster have said, even the Great Wall cannot stop bitcoin.

Honestly, I wish we could move away from China because this country is worrying me somehow because of their capability to really take Bitcoin price down which is as you know the gold standard the whole crypto market is relying on... But it's not as easy as it is, we live in a very globalized and interconnected world. On the other hand, I can understand the Chinese government is concerned by the arrival of new cryptocurrencies like DeepOnion which can easily bypass their firewall and also concerned about mainstream citizens loosing money investing in this highly volatile market or simply by the general decentralization philosophy of crypto. Possibly they won't give up on crypto and find a way to regulate it in an acceptable way, otherwise they will just loose to competitors like South Korea and Japan...

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[richardsNY]

Honestly, I wish we could move away from China because this country is worrying me somehow because of their capability to really take Bitcoin price down which is as you know the gold standard the whole crypto market is relying on...

We can move away from China, and to be more precise, we should have taken distance from China at the moment they forced their exchanges to shut down. From the moment the exchanges there weren't operating anymore, China should have lost its importance, and to a certain extent, it did lose importance. The main problem here is that regardless of what China has done against crypto, people somehow continue to pay attention to what's happening over there, and that while they have only been a problematic factor in this market. Japan is doing everything right on all grounds, but not many people are giving it the the attention that it deserves. Instead, they keep focusing on all the BS and negativity being pumped into this market to drive the price down, and it works each and every time due to the people falling for this nonsense....

[tuikindu01]

I don't think they can ban all encryption.

They can't even cancel their country's password deals altogether.

People living in China still use bitcoin.

[dhas]

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.

Yes it is actually given already that bitcoin can really affect one's economy, especially in term of money. But we can actually concluded that bitcoin will always bring positive impact to our economy. Sometime it also bring harm , for example some people in the country can exchange their bitcoin , into their local fiat without paying any tax. And it hurts one's economy. That's why they are really carefull in letting the bitcoin be part of their economy.

[harjotsinghnitj]

I had similar apprehensions in Jan this year after observing plummeting market trend, however today read a very nice article and it firmed my belief in crypto yet again. The regulations are going to affect the market positively eventually. For details please take a look at the article that I referred. Please suggest if this article does relate well for the rest of the year which is being looked upon as a great year in crypto history. Thanks!

https://seekingalpha.com/article/4145444-cryptocurrency-regulation-boosts-markets?page=2

[1BTC EQUALS 1CAR]

I think most of us already accepted how the Chinese government is against bitcoin but it's also clear that Chinese people don't like it so they move to another country to continue their journey on crypto so I'm not totally worried after all.

[bohr]

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. 

If anything it seems your argument to try to prove they are not going to ban cryptocurrencies seem to indicate the opposite, governments will do everything they can to slow the adoption of bitcoin and once they realize that is impossible they will use bans, this is not something to be surprised about, in the US it was forbidden to hold gold for a long time and I'm sure such a ban will happen again.

[BitHodler]

I think most of us already accepted how the Chinese government is against bitcoin but it's also clear that Chinese people don't like it so they move to another country to continue their journey on crypto so I'm not totally worried after all.

If China is going full nuts, they will probably make sure anything they know of that's crypto related, won't be accessible from the internet anymore, and that goes up for foreign exchanges as well.

On the other hand, I have been reading articles hinting at China to at some point lift their ban, where even Bobby Lee said that it could turn out to be a possibility. I however don't see any reason for optimism just yet.

Firstly, we don't know if these articles are fake or not, and secondly, China's extreme paranoid is too much of an obstacle here, especially when it comes to something allowing easy capital outflow, and that's what crypto is.

[LuffyD.Monkey]

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.

Even what the op said is wrong… from what the Heading said– China calls for a wide ban on Cryptocurrencies– while the news says that the PBoC (people’s bank of China) officials calls for a wider ban on cryptocurrency trading in China. So which means that they are calling for a ban on cryptocurrency trading in China, and not in the whole wide world. And from the way I have been seeing things, I don’t think it is easy for them to do such, cause it has been a long time since they started this, but they haven’t succeeded much. It might take them years to succeed.

China is actually not calling the ban on crypto currency trading, but it is banning the crypto currency mining and there are number of reasons behind all this. The most common and obvious reason behind all that is that the government of Chain is very much afraid of the consumption of the power and electricity which will be needing in mining and that they are like unable to produce this much of power in their country.

[unexecuted]

China is actually not calling the ban on crypto currency trading, but it is banning the crypto currency mining and there are number of reasons behind all this. The most common and obvious reason behind all that is that the government of Chain is very much afraid of the consumption of the power and electricity which will be needing in mining and that they are like unable to produce this much of power in their country.

Do you think that the real reason is consumption of the power and electricity? Maybe there are some other reasons? Actually I don't understand why Korea and China limit crypto that much..

[MrAAKK]

Governments were trying to make bitcoin adoption a little slow and after bitcoin price and popularity exploded, they turned into banning cryptos with no other solution to control it (For sure cryptos market is made to be free and uncontrollable).

I've heard that Some coins were looking to surpass those restriction barriers like what DeepOnion did in the latest wallet update with the integration of OBFS4 and other privacy coins integrating zerocoin protocol etc...

That's why I believe that privacy coins will shine in those Governments Banning Darkness.

[Gorgeous011235]

I personally think that most of this bans are just attempts to tax cryptocurrencies...the governments only want to have the right piece of the cake...and they don't like the wild environment that we have now in the crypto scene...
And like many users have already stated in this thread there are so many good projects like DeepOnion that thank's to TOR, OBFS4 and MEEK can allow Chinese people to hold and spend cryptocurrencies anyways...
So i really wouldn't care so much about this kind of news 

[rey.fudz15]

These chinese government really want to control bitcoin, like what happen last year this issue has pop up and yes there's a price decrease happen for a short period of time but after a month btc's price reach an ATH, i think this is simply a strategy to collect money from people around the world by chinese government as well as their investors which is clearly not being shown in media.

[G2z_Riya]

China quite often comes with some form of regulations to make bitcoin usage in a controlled manner. Later it lets it move on its own thinking the goodness within the technology. In my view China will continue to be a part of the cryptocurrency and technology based advancements.

[Cosbycoin]

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.

You guys should stop worrying yourself on some of this news, They are sent out to create panic in the minds of holders. Watch out how the news will be changing very soon when all the bears are tapped out. China has always been known to bring in negative vibes. It is not their first time; neither will it be the second or the last time.

They have been known for this, but the best is to take their crazy bans as a cockroach fart because at the end of the day, it means nothing.

But people worry.. bit of FUD and they FOMO... people need to learn that privacy coins will not be ever stopped. (or crypto as such - but you might be traced)

China cannot stop the people living in that country from buying or selling of bitcoin or even investing their money into it. The only thing which China has banned across the entire country is the mining of crypto coins and that too because of the reason that it consumes lot of power and electricity which can then result in shortage of power for the common use by the people. Mining fields have been stopped by the government of China.

[raven7886]

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.

The problem is that China is always looking at things from the wrong angle and sometimes, I always feel like whales usually make use of all these things to change the context so that people can panic for their favor. Isn't the footprint glaring? Anyone who is wise should know by now that their nonsense means nothing and no matter how much they keep trying their best to frustrate the crypto idea, they lost a long time ago.

We cannot run away from regulations and so far, at least for some breathing space, there is really no choice right now. We cannot just win on that one. This would not stop the idea of decentralization when it comes to Peer to Peer anyway, but one way or the other, it would affect fiat to cryptos via exchanges. Government will not just shut a blind eye and watch the whole world of currency crumble on them, will they?

[chineseprancing]

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.

Yes it is actually given already that bitcoin can really affect one's economy, especially in term of money. But we can actually concluded that bitcoin will always bring positive impact to our economy. Sometime it also bring harm , for example some people in the country can exchange their bitcoin , into their local fiat without paying any tax. And it hurts one's economy. That's why they are really carefull in letting the bitcoin be part of their economy.

You have a point, I agree that bitcoin had large effect to the economy of each nation. Other than that my answer to the wider banning of crypto currencies we're depends to each countries because China have lack of power to call wider crypto currency ban. So they have no capacity to control the decisions of many leader of each country.

[maimainguyen05]

I don't think they will do it. Maybe they just publish this news to make cryptocurrency investors feel panic then they will sell all their cryptocurrency cause they're afraid that the price of the whole market will go down because of this news. But this is not the first time China says that they're going to ban cryptocurrency so I think we no need to worry about it.

[Pantoflascrypt017]

Guys all this banning is manipulation on price for certain people to gain more holdings in their favourite or the most profitable coins! Anyway even having said that, for the regular investor like you and me the bans will definitely affect us, so i think privacy coins will be the go to solutions for the future especially coins like DeepOnion and Cloak Coin, DeepOnion allows users even in China to access their wallets, with TOR updates and OBSF4 protecting them from blocks!

[Fortified]

I think this will not affect Bitcoin or the whole cryptocurrency. There's more investors will join Bitcoin. Spreading FUD is not good.