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Author Topic: China central bank will launch crackdown on virtual currencies .  (Read 109 times)
Hydrogen
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March 29, 2018, 09:54:11 PM
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BEIJING (Reuters) - China’s central bank will launch a crackdown on all types of virtual currencies this year, a vice governor of the central bank said on Thursday.

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic

This news story is from 2014 btw.   Smiley

The crypto market was much more centralized within china in 2014 which caused news of a chinese crackdown to have a much more powerful effect. Also in that time the crypto market was heavily centralized within the first silk road. Around the same time as china's crackdown occurred law enforcement apprehended Ross Ulbricht (aka Dread Pirate Roberts) and shut down silk road which may have negatively impacted the utility crypto was perceived as having during that time.

Similar things have happened recently. China claimed they would crackdown on crypto exchanges. Alpha bay, silk road 2.0 and many other deep web markets were shut down by law enforcement. It didn't appear to have any noticeable negative effect on the value of bitcoin, which could imply that crypto markets have decentralized enough for them to not be centrally affected by any single negative piece of news they way they were in 2014.

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March 29, 2018, 10:23:54 PM
 #22

China has already banned digital cryptocurrency trading in September 2017.

In early 2018, BTC's minerals were shut down!

Many Chinese ico are carried out abroad.

China's central bank plans to issue its own digital encryption currency to get people involved!
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March 29, 2018, 10:41:41 PM
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The development of block chain globalization affects every country!

Countries that ban digital encryption now allow digital encryption to be legal in countries.

No country wants to fall behind in the block chain technology trend!
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March 29, 2018, 10:47:33 PM
 #24

China's ban on digital encryption began in September 2017!

And the impact was so great that BTC skyrocketed after that!

I don't think China's ban on digital encryption is bad!

Unless they declare the digital cryptocurrency legal, the market will continue to grow!
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April 01, 2018, 06:27:53 AM
 #25

China only sees the virtual currency from the downside only a site created by the Chinese central bank stated that virtual currency or cryptocurrency has been widely used in criminal activities such as money laundering and illegal fund splits Chinese authorities also decided to ban the use of virtual currency

MyCryptoBank.io  ――  Legal and Reliable Crypto Bank
――  CRYPTOBANK FOR CRYPTOCOMMUNITY  ――
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April 01, 2018, 08:35:23 AM
 #26

it seems china want to be able control crypto currency by making it own. this is detrimental for btc because in china many big investors, so they pulled bulk btc they have. this is make btc price dump

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April 01, 2018, 09:08:56 AM
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BEIJING (Reuters) - China’s central bank will launch a crackdown on all types of virtual currencies this year, a vice governor of the central bank said on Thursday.

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic
The central bank will also push forward the research and development of its own digital currency this year, Fan Yifei said in a statement posted on the website of the People’s Bank of China (PBOC).


source :reuters.com

What do you think about this report ?? I lost 40% my capital with this storm , so sad !!  Cry Cry

Hmm. Isn't it that the Chinese government is already waging war against crypto since September of last year? How come you still lost 40% when they are no longer the superpower that they once are? I don't think that this is very surprising to be honest, that's why I believed that the next crackdown will be the bitcoin mining farm. If you are taking as to was causes the downtrend today, I don't think that this is one of the major factors as many of us already know that they already turn their backs on us. As far as their own digital currency, nah, I don't think that they will be successful, people wants decentralizes crypto not something back up by government with heavy taxes on them. Might as well go for stocks or mutual or any other trading portfolio.
I lost 40% capital cause i joined crypto market when bitcoin's price is 12k$ .At my point of view,when chinese govement and chinese  give some bad new with crypto market ,the market go down imediately . The capital form china is too much and they can do anything  Undecided. But i saw many people took profit with "storm" at crypto market. I think i'm not goot and don't have enough knowledge for alive at this market. How about you ? Are you ok in this time ?
Calm down, the storm must be gone bro, surely some people also experience the exact same thing that you experience not to get too panicked, it is still in some market trait that later you will also realize it after so long in the world of cryptocurrency after having many insights, the main key remains calm down, lest you hurt yourself it's not a smart investor character.

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April 01, 2018, 09:20:27 AM
 #28

it seems china want to be able control crypto currency by making it own. this is detrimental for btc because in china many big investors, so they pulled bulk btc they have. this is make btc price dump
I don't believe that. Even if the Chinese government forbids the Chinese to use cryptocurrencies, it will have no effect. Everyone who has touched the world of cryptocurrency has changed. They will use exchanges and wallets outside Chinese jurisdiction. I very much doubt that anybody will support any cryptocurrency which is let out by the government.

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April 01, 2018, 09:24:28 AM
 #29

BEIJING (Reuters) - China’s central bank will launch a crackdown on all types of virtual currencies this year, a vice governor of the central bank said on Thursday.

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic
The central bank will also push forward the research and development of its own digital currency this year, Fan Yifei said in a statement posted on the website of the People’s Bank of China (PBOC).


source :reuters.com

What do you think about this report ?? I lost 40% my capital with this storm , so sad !!  Cry Cry
Well this was the idea all along, governments helplessly try to ban cryptocurrency and bitcoin just because they are unable to get profit from it, because they can't make people pay transactions made by cryptocurrency, they say they want to implement the blockchain technology in their banks, but the truth is they can't because transactions made in the network must be anonymous and they can't do that, it is a trick to get more money from people.


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