The reason mining was banned in China

[talkbitcoin]

China has never banned bitcoin or its mining ever. i am afraid you have been fooled by the internet trolls

Any ideas about what will happen ? What do you guys think ?

nothing really. any coin they create is going to be just another centralized coin like El Petro of Venezuela and fails miserably in this world specially when it tries competing with a strong decentralized currency that is also global like bitcoin.

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[SaShiRaJaVu]

They will try and dominate even the world of cryptocurrency, well guess what ?
Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!
*China is going to make it's own currency Renminbi a cryptocurrency *

With the huge populate they have the volume of trade will be very high, other than that who will be purchasing their central currency, if the crypto they are planning to roll out will have any advantage than their fiat currency, then people will be using them to trade, shutting down all competition is the only way they can approach their business, if not even their own citizens would not bother using them  .

 

Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !
Any ideas about what will happen ? What do you guys think ?

It is not surprising, just like they have a firewall to prevent their citizens to use other sites in the net and how they are taking control over how they can access the world wide web, this is the same format, shutting down the entire crypto market and forcing them to use their own crypto.

[2double0]

China has never banned bitcoin or its mining ever. i am afraid you have been fooled by the internet trolls

It is not the OP only, China used to have such high influence over the crypto since many years that any such announcements could create panic in the minds of those who still believe that China can actually dominate decentralized cryptocurrencies.

nothing really. any coin they create is going to be just another centralized coin like El Petro of Venezuela and fails miserably in this world specially when it tries competing with a strong decentralized currency that is also global like bitcoin.

Yes, Venezuela turned grey after coming up with Petro and China too will be undergoing their worst bet ever by coming up with a centralized and local currency pegged cryptocurrency. Bitcoins can never be destroyed by any other cryptocurrency in the world even if it is decentralized and have better features as BTC's dominance is eternal and none available here can defeat it.

[Pab]

There is no mining ban in China
It is only legislation proposal what is updated every three years
First was in 2013 next will be in 2022
Don't follow everything what press  advertise

[blockchainwriters]

the main reason for banning crypto in China is environmental  issues and another issue is China wants to regulate crypto mining which is now unregulated soon we may expect guidelines from Chinese govt

[AztecGoldHero]

the reason fo the ban ıs = whales couldnt collect enough btc yet, because no body wants to sell btc, they cant get enough sell volume so they makes fuds to cause people sell btc, funny

when we are at bull market you wıll see chıne allow btc mınıng news and also you gonna see chıne support btc mınıng news all of these are just manıpulatıon

[carlisle1]

Chinese is famous because of piracy’s and copytrade so whats new on this?and besides we expect this from the starts thats why they are very open about many issues against cryptocurrency

But I doubt that they can gather support and investors all over the world(except from the Chinese community worldwide that for sure will put some amount to their government)because of their stand towards the crypto many has become angy with them

the main reason for banning crypto in China is environmental  issues and another issue is China wants to regulate crypto mining which is now unregulated soon we may expect guidelines from Chinese govt

What is that environmental issues?kindly elaborate please?as i read no news about that part,while regulating mining for crypto is every government rights and its tolerable

[33bitcoin]

This was mostly just fud, China banning bitcoin and mining has been supposedly been happening for years but they never actually go through wit hit.Economically speaking it dosen't make sense for a country to go and ban bitcoin when it will help bring in new businesses.

[harbin55]

China is the most competitive nations in this world. Through their resources, power and connections they have they can make things impossible to possible;  and i dont see any reasons why the government of china will banned the mining of bitcoins since it is really beneficial to their economy. You can't easily remove something that brings more benefit you to I guess.

[Razick]

The Chinese government has way too much power of the average chinese citizen. It's sad. Why shouldn't someone in China be allowed to buy a cryptocurrency mining GPU and make their own money using China's cheap electricity... G-D forbid someone should want to earn a good living doing something honorable by participating in the greatest technological revolution in the history of mankind.

[Wysi]

China is the most competitive nations in this world. Through their resources, power and connections they have they can make things impossible to possible;  and i dont see any reasons why the government of china will banned the mining of bitcoins since it is really beneficial to their economy. You can't easily remove something that brings more benefit you to I guess.

Not sure how far this news is true as any sensible nation would not want to create more unemployment or misery for rs own citizens. We are all aware how big the mining market in China is, I don't think this will be a mature step if this news turns out to be true.

[okala]

China have always been involved with advance technology and at that should welcome a new development such as bitcoin and the cryptocurrencies industry, but revised is the case with they recent ban of bitcoin mining and also some strick measures against the cryptocurrency industry but for them to develop the own cryptocurrency is.another ball game entirely.

[Cuk0ng_bitc0in]

I don't agree with the Chinese government's decision to ban Bitcoin mining, because, with cheap electricity prices, it will be able to increase mining costs, and ultimately will have a positive impact on the price of BTC.

but on the otherside, the ban on BTC mining will affect BTC's global infrastructure.

in my opinion, the Chinese government must make regulations to control Bitcoin mining.

[kotajikikox]

Only one reason i understand why china ban mining and whole cryptocurrency operation because the government want to regulate and control crypto.

[Youghoor]

hey remember the time when we all speculated  how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ?
Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!

*China is going to make it's own currency Renminbi a cryptocurrency *

Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.

Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !


Any ideas about what will happen ? What do you guys think ?

How sure are you that China is planning to introduce its own cryptocurrency? It will be better if you provide the source of this information. And for your info, China hasn't banned crypto mining. Please do your own research before speculating false information

[waynechong1995]

China has very tight restriction on their assets/money outflow, generally the country doesn't encourage RMB circulating otherside their land for purposes such as value storage. BTC could easily surprass this problem by its nature, unknown. Also their banking or transactional systems is kinda established with no dependency on blockchain, miners there are simply businesses for players around the crypto sector, they tend to do things big when there's opportunities, many shady deals like cheap eletrcity certainly goes on and since it's unregulated and operations are not transparent, banning is once and for all

[BlackPanda]

I have read an article before that, the reason behind the mining ban in China was because, they do not want giving out their money to other countries. Now, how is this relatod to cryptocurrency and mining. Well, we all know that thru cryptocurrency money can flaw freely thru blockchain. Now, going back to mining, let's say if a foreign investor invests a mining farm in China, they will just be paying out energy cost and facility cost to mine bitcoin. So, in short China is giving out their resources(electricity) to foreign companies to mine digital money. In other words, they are spreading out money thru cryptocurrency mining which could flow free around the globe.

Exactly, basically that the country of China feels disadvantaged, the negative impact is more than the positive impact. The most influential is the source of electrical energy, can be ascertained when more and more miners then it will make electricity supply in China continues to decrease. If you use natural resources then it is certainly very detrimental, while those who benefit only a handful of people who have very large capital.

[Chikito]

Any ideas about what will happen ? What do you guys think ?

miner could be exodus to another country, and continue mining. maybe they want to take some fee for miner.
china goverman must be associate the club and make positif rule for them, tax or something fee for that

[Snaic]

The Chinese government, like the Russian government, speaks and acts very contradictory. Many statements then turn out to be false. Even in the matter of prohibiting mining Bitcoin there are many contradictions. The Chinese government for two years trying to limit circulation or even prohibit cryptocurrency, but in practice it continues to be used in this country.
As for the cryptocurrency, which will be issued by the Bank of China, it is even interesting. They always come up with something special. I would like to see how this cryptocurrency will be used in practice. I think that this will not be worse, even if this centralized national coin competes with the decentralized cryptocurrency.

[Ale88]

I don't think a cryptocurrency issued by the Chinese government will work, especially not in China (and not for the people). The communist party of China is well known for their restrictions and they are arresting people who have a different opinion and are opposing the opinion of the communist party.
They'll just use their government-issued cyptocurrency to analyze crypto transactions completely, ban cash and froze the crypto accounts of a person if they are doing something the communist party doesn't like. If China is going to launch a crypto I'm almost sure that it wouldn't be a useful cryptocurrency because it'll be centralized and controlled by the government, not like Bitcoin, where you are your own bank.

I 100% agree with you. Based on the way China control their people creating their own cryptocurrency is just a natural step. I would be very surprised if they don't create it in a couple of years maximum.