China calling for a wider ban on Crypto currency trading ?

[andrey111]

Yes, the market in China is still great. But because of the unreasonable actions of state officials, China may lose one of the largest pies in its history in the future.
Look, the mining companies are already transferring their assets to other (more friendly) countries to the crypto currency.

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[Wolfwar]

Yes, the market in China is still great. But because of the unreasonable actions of state officials, China may lose one of the largest pies in its history in the future.
Look, the mining companies are already transferring their assets to other (more friendly) countries to the crypto currency.

you are quite right comma because that's the only way to save a full-fledged market ritualist. But the fact is that there are countries that have offered special opportunities under their legislation. Thus, Belarus announced a ban on levying taxes from crypto currency transactions and any other activity in this area.

[Yaunfitda]

Yes, the market in China is still great. But because of the unreasonable actions of state officials, China may lose one of the largest pies in its history in the future.
Look, the mining companies are already transferring their assets to other (more friendly) countries to the crypto currency.

They are reasonable. But to themselves and to the state as a whole. They don't care about what their people are going to say. Remember their was somewhat an uprising or protest back in the last 80's. That's how oppressive the Chinese government are.

Indeed the Chinese market have already a contingency plans to move out of Mainland China because of such threat. And even Jihan can't lobbied the government so that he can protect his assets.

Right now they are really in the front of the war against bitcoin and they have justify their sudden move of turning its back to the crypto that all their people loved.

[Ebenezar64]

Yes, the market in China is still great. But because of the unreasonable actions of state officials, China may lose one of the largest pies in its history in the future.
Look, the mining companies are already transferring their assets to other (more friendly) countries to the crypto currency.

They are reasonable. But to themselves and to the state as a whole. They don't care about what their people are going to say. Remember their was somewhat an uprising or protest back in the last 80's. That's how oppressive the Chinese government are.

Indeed the Chinese market have already a contingency plans to move out of Mainland China because of such threat. And even Jihan can't lobbied the government so that he can protect his assets.

Right now they are really in the front of the war against bitcoin and they have justify their sudden move of turning its back to the crypto that all their people loved.

Will it even be possible for China to fully stop cryptos?! I mean there are alternatives that can circumvent any bans. At least for regular people there are ways around this. I am not sure how it is for companies but I imagine that even buisnesses will want to keep their transactions confidential.

Couldn't this be a step towards moving away from BitCoin as a main cryptocurrencies and looking to other alternatives?! Cryptos that have traceability protection and for the refular citizens something to circumvent any intternet bans that migth exist. TOR based cryptos like DeepOnion, Verge, Shield and Spectre might be alternatives in this market. but even TOR traffic can be blocked and for that you need something more like OBFS4 and/or MEEK. This might slow the traffic down but at least it currently can't be blocked. So far I think it is only DeepOnion that support both OBFS4 and MEEK for possible use in China.

If this is the move that is going to happen I have no idea but if stricter bans are placed on crypto markets in China, buisnesses and people will find other ways to invest since it is something that looks to be the future.

[dreamer81]

I fear this is only the begining. Crypto is here to give freedom to the people. No government wants their people to have freedom, not even in the western countries. Here is their plan:
1. Fight crypto with FUD (Failed)
2. Regulate it by wanting to collect taxes on it.
3. Ban it basically saying you can't do it.
4. Ilegalize it by putting you to jail if you own crypto.

once #4 fails also, we have won the war for freedom.

As the war goes on, we will move to privacy coins like monero, dash, deeponion etc...

[Silberman]

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.

It is not as easy, the Chinese government has a very strong control over all the money movements that is why they are scared of bitcoin, so those that already have bitcoin investments can move their money freely or at least that is what they think since it is obvious that if you used exchanges to get those coins that the government probably already knows you are a bitcoin holder and are going to watch where those coins move.

[The Count of MonteCrypto]

Chinese leaders have a very special concept of freedom: the simple idea that citizens could move money out of  the control of the state make them crazy!
But there isn't too much they can do, out of beg claims. And in the next future they will be forced to change their mind.

[shesheboy]

Chinese leaders have a very special concept of freedom: the simple idea that citizens could move money out of  the control of the state make them crazy!
But there isn't too much they can do, out of beg claims. And in the next future they will be forced to change their mind.

chinese leaders (e.g governments ) had already changed their minds because i heard recently that they already unabaned those ico's and exchanges that they banned on the past, maybe they now realized that cryptos are verry important to the economy and to the people who will use it as it can lead to more oppurtunities such as jobs and services to the people. not just china but also some of the other countries such as russia and korea are now reversing their order in regard to bitcoin and cryptocurencies.

[rajkr]

I don't think it is reliable news . Every country is willing to imposing tax on these income. They want money from crypto earnings. So country may not allow it as a legal currency but they will not close trading too.

[Kiweikoo]

I fear this is only the begining. Crypto is here to give freedom to the people. No government wants their people to have freedom, not even in the western countries. Here is their plan:
1. Fight crypto with FUD (Failed)
2. Regulate it by wanting to collect taxes on it.
3. Ban it basically saying you can't do it.
4. Ilegalize it by putting you to jail if you own crypto.

once #4 fails also, we have won the war for freedom.

As the war goes on, we will move to privacy coins like monero, dash, deeponion etc...

There are lot of talking regarding the ban of crypto currencies in China but the fact is there is nothing like that in real and all such news are rumors. Still, there are number of investors who are investing and trading while sitting in China.

The only thing which the government of China have banned is mining of any of the crypto coin and that because of lack of resources as it takes huge consumption of power and electricity resources while doing mining.

[rickadone]

Are they forbidden because they are out of control? are not ! I think, because bitcoin is known to the world and accepted by investors so I believe bitcoin will pass.

China doesn't like it because according to them its disruptive to their economy. But I don't know if there's truth on it or not. However, if you look at the Zimbabwe and Venezuela crisis, bitcoin has help a lot of their citizens to survived in those trying times. They used bitcoin to hedge their wealth (Store of Value) and then buy things outside.

As for China, let's forgot about them. They already cause so much control. They suddenly turn their backs on us. Only thing that they are still relevant because of their monopoly of the bitcoin mining farm. But when the government started to clamp it as well, then its obvious that they will move it somewhere and then there are other farms that might close, and its time for other countries like Japan's GMO to take the slack. So with that said, the monopoly of the Chinese miners will be lessen and in the future we will forgot all about the Chinese.

I think once Monolpoly of bitcoin mining lose from China, They will be more flexible towards bitcoin. Normally that is how things go on. I am sure no one will be able to turn on back on Crypto currency. Blockchain technlogy will be the future so the cryptocurrency ?

Obviously, there will always be turnaround and moreover, since bitmain has even decided to spot on some branches in some other parts of the world, I am sure he must have been spreading his tentacles for a reason and that is good anyway since those countries believe in the benefits it would bring to them. This is the future and there is nothing China can do about it, and it is either they believe it now or they can be our guest when they come in late to the show.

[LolEnergyXglossy5]

Umm! cannot say anything when it comes to that country.

[smoggystream6]

China is a developing country and I don’t think if they will ban it.

[nniecan001]

About banning, they can't wider it through around the world, specially in the major country like Russia and many more. China is not a ruler of every living things specially here in crypto community. Most of the country see that the trading bitcoin or bitcoin, that this kind of currency is very effective and useful to promote more opportunity, business and services around the world. It fasten the transaction and cutting the payment through ignoring the mid man in every project or business. So better to ignore that kind of wasted news folks.

[GambleTime]

China banned BTC many times already yet still this has an impact on the markets. Maybe just because people want to get prices lower from time to time..Selling because of the China FUD might be the biggest mistake people make....but who care? We have privacy coins TODAY and we should protect our online identity at all cost and that's whay I'm also very interested in anonymous cryptocurrency lately. It is impossible to kill an anonymous cryptocurrency by government, especially a full privacy one like DeepOnion. TOR based with obfuscation protocol (OBFS4) and MEEK, it can be used in market like China or Iran. If any government declares to kill a privacy coin , it will only increase its price. And there will always be a way to trade them.

[lhflyfeihong01]

It's just a rumor.Do not believe it,just hold your coin.If you really can't sleep well,you could
reduce your position and buy it back later.
Remember buy it back anyway.If you wait too long,you will loss the blockchain trend forever!

[beej]

China indeed has a big impact on the global market, it's no surprise that once China reacts and does something it
ripples throughout every market in the world. I think there might be something in crypto that threatens or doesn't
really go well with their government at the moment. Hopefully it goes well and things will turn out great. For now
it's a ban but tomorrow and the next few months, they might change their minds. Maybe because of it's value and
potential to enable anyone to profit more and without any legal regulations doesn't really sound well for a great
powerful nation like China. As long as that issue lingers and stays in the surface, we may yet to see or hear the
final word from China.

[Kevin77]

Nah, China won’t ban it but you never know with the kind of people they are.

No matter the kind of people they are, banning is something they should already know by now can never be effective, considering the level at which the cryptocurrency market has grown over the years. Apparently, they will notice how the whole nation ends up turning deaf ears to them and they will as well be forced to just regulate it or keep their mouth shut forever. One of it must definitely happen in the long run.

The market has always been independent of most of these things, but some people always let their emotions drive them into letting it have an effect on the market. I would not blame anyone though, since traders are the market makers and they will always expect the market to react to news. However, China does not have any hold on the crypto space, and any news that comes out of there is always full of shit.

[justdimin]

I think it’s just temporary and nothing serious as such.

It is never anything serious; it is just human's way of blowing things out of proportion. China apparently already said there is nothing they can do when it comes to banning bitcoin or cryptocurrencies, so if they are calling for a wider ban, they are really just beginning to act and sound stupid, but most of the time, I believe whales only use this news to their advantage and nothing of that magnitude may have really been said.

[anushkasachith888]

Anyway, After I published this report , I didn't hear any new updates from china towards this action. I guess they are still not has come to a final conclusion to ban Crypto in China. They are just afraid of this new trend as they still collect more details about it.