China cracking down on bitcoin again

[alyssa85]

The latest attempt features Alipay (payment processor):

https://cointelegraph.com/news/official-alipay-to-ban-all-bitcoin-related-transactions

Alipay, the digital payment arm of Chinese e-commerce giant Alibaba, has declared that it will be banning any transactions related to Bitcoin (BTC) and other cryptocurrencies.

On Oct. 10, Alipay reiterated its anti-crypto stance in a Twitter thread, which warned that the company is closely monitoring over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations. Alipay wrote:

    “If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.”

This move follows various reports that Alipay is being used for BTC transactions.

Binance uses Alipay for buying crypto

On Oct. 9, major crypto exchange Binance confirmed on Twitter that it has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat.

Binance CEO Changpeng Zhao, also known as CZ, clarified that the exchange is not working directly with WeChat or Alipay, and users are still able to use them for peer-to-peer transactions.

This announcement followed the implementation of Binance’s peer-to-peer trading for Bitcoin, Ether (ETH) and Tether (USDT) against the Chinese yuan (CNY) earlier, as reported by Cointelegraph.

I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.

Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.

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[ecnalubma]

Chinese government is very serious in cracking down Bitcoin, I think they will never change their stance over this asset same as India. No wonder that some Chinese crypto companies operate overseas just to escape this government pressure, however still this wont stop their citizen getting involved in Bitcoin trading.

[poptok1]

Chinese government is very serious in cracking down Bitcoin, I think they will never change their stance over this asset...

It seems quite reasonable, at least from their stand point, no absolute control, no gains from data to the social credit system, no support from the government. We know that most, if not all companies are required to work for the benefit of greater china. Nothing wrong with that, fair competition tends to evaluate what really works and what's a dead-end.
Simply speaking the communist party is afraid of bitcoin and other independent means of exchange. Those can have unnecessary influence on peoples views or ideology and as such are not welcomed. Who needs billions of independent, smart and knowledgable citizens rather then obedient workers? So you are most likely correct in assuming, that their stance will never change.       

[Beparanf]

Since they plan to have their own cryptocurrency , it is expected to happen that they will track again if there are who still using it since they already announce banning it year 2017 and said to be all shutdown year 2019. Maybe the transaction with Alipay and Binance is just happened recently since knowing how strict China is they won't let it run long. Its just sad that the effort created by alipay and binace will be ending so fast. Alipay need s to follow rules and Chinese investor and trader will eventually find their way again to do trading thru different method.

[semobo]

I am not sure how many times they did to bitcoin,but what I am seeing from all these crackdown there will be a bullish movement in near future so we can expect the bullish trend on prices back!

[magneto]

I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.

Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.

Could be possible that that's the reasoning behind it.

More likely than not though China is not just specifically targeting crypto exchanges in their crackdown, but rather just the entire cryptosphere as a whole. As an extension to that policy stance, they simply try to stop anything that would enable users from accessing BTC or whatnot.

Wechat and Alipay has already started flagging transactions a while back, but I haven't actually heard anyone getting banned. I do know for a fact though that Chinese traders on there are now a lot more cautious than before, e.g. asking people to not speak of anything crypto related in Wechat's dialogue when conducting a transaction.

[The Sceptical Chymist]

Who needs billions of independent, smart and knowledgable citizens rather then obedient workers?

Yep, that's China--and the US is only a little different in that respect; we just have a different economic and political model.  On the other hand, the US hasn't regulated bitcoin to nearly the extent that China has, and it's sad to see it happening over there. 

Didn't China also crack down on mining as well as banning China-based exchanges?  I can't remember if I read that or not, as I don't follow mining news too closely.  All of this sucks for the Chinese, because crypto is huge for them and my guess is that they see it as a big middle finger aimed squarely at the Chinese government's face.  After all, crypto can be regulated, exchanges can be shut down and mining operations dismantled by law, but there's nothing the government can do to eliminate bitcoin and the rest of the cryptocurrencies.

I'm hoping this doesn't become a worldwide trend.  China may have its own thing going on (always has), but you can bet other countries are following what's going on as far as crypto goes.

[NathanJB]

Kind of tired reading about China. I've just responded to another thread in Bitcoin discussion talking about The One Thing That Could Stop Bitcoin and the content is again about China. Quite frankly, who cares about alipay, and alibaba, and Jack Ma? They are one and the same and they represent poor-quality. Let them seclude themselves from crypto if they wish to. They are not main actors, after all.

Who needs billions of independent, smart and knowledgable citizens rather then obedient workers?

Yep, that's China--and the US is only a little different in that respect; we just have a different economic and political model.  On the other hand, the US hasn't regulated bitcoin to nearly the extent that China has, and it's sad to see it happening over there. 

Didn't China also crack down on mining as well as banning China-based exchanges?  I can't remember if I read that or not, as I don't follow mining news too closely.  All of this sucks for the Chinese, because crypto is huge for them and my guess is that they see it as a big middle finger aimed squarely at the Chinese government's face.  After all, crypto can be regulated, exchanges can be shut down and mining operations dismantled by law, but there's nothing the government can do to eliminate bitcoin and the rest of the cryptocurrencies.

I'm hoping this doesn't become a worldwide trend.  China may have its own thing going on (always has), but you can bet other countries are following what's going on as far as crypto goes.

Yeah, they used to ban crypto mining as well as ICOs and crytocurrency exchanges. But after a while, they came back friendly to crypto. They are like opportunist dickriders looking for the best seat to have the largest slice of the pie.

[alyssa85]

Wechat and Alipay has already started flagging transactions a while back, but I haven't actually heard anyone getting banned. I do know for a fact though that Chinese traders on there are now a lot more cautious than before, e.g. asking people to not speak of anything crypto related in Wechat's dialogue when conducting a transaction.

Binance made a mistake tweeting in public that they were accepting Alipay purchases from Chinese users.

What they should have done was email the users and they'd have got the information in private. Big fail on Binance's part.

[BitHodler]

Not that surprising, is it? Alibaba has government officials in its board and I'm pretty sure that there are perks they enjoy as result of that. It's basically an extension of the Chinese government so they will obviously follow suit.

China will do everything it can to crack down on any possible route allowing people to access the crypto ecosystem. I expect more to come with how people in China still can easily access the crypto ecosystem.

[enhu]

The crack down about Alipay banning BTC related transaction is just very recent, don't you think this is also in relation to people of Hongkong buying BTC on localbitcoins and not just because Binance started accepting fiat currencies through Alipay?

Their government sometimes is very confusing but had stand their ground. But as long as binance lives, the Chinese will keep trading cryptocurrencies.

[Willitivity]

The Chinese government crack down on crypto is really sickening. Now they are working great through Alipay. Well, Bitcoin has gotten to a point where it should be gradually integrated into the system and not all these unnecessary crackdowns and bans. These bans from China has been coming since 2017, though this one seems more targeted.

[NathanJB]

Not that surprising, is it? Alibaba has government officials in its board and I'm pretty sure that there are perks they enjoy as result of that. It's basically an extension of the Chinese government so they will obviously follow suit.

China will do everything it can to crack down on any possible route allowing people to access the crypto ecosystem. I expect more to come with how people in China still can easily access the crypto ecosystem.

Not only does Alibaba has government officials in its board, Jack Ma, its main founder, and who used to be the chairman of the company until he stepped down just this September is a member of the Communist Party himself. He has been a loyal member of the ruling party of China since the 1980s. He will gladly dance if the party wants him to dance. He will sleep if the party wants him to sleep. It is really no wonder why Alibaba is so obedient to the chinese government. 

[dothebeats]

Binance made a mistake tweeting in public that they were accepting Alipay purchases from Chinese users.

What they should have done was email the users and they'd have got the information in private. Big fail on Binance's part.

It's only a matter of time before the Chinese government finds out about this move, anyway, so even if they publicly announce it or not, it is bound to be shut down. Also, knowing the control of the Chinese government in every aspect of their community is strong, and knowing that Jack Ma is a closely-related entity to the Communist Party, the dude can just forward the information directly to the higher-ups even if he's not the chairman of the group anymore. The developments in HK also adds up to the reason as well, though again we just know that China does not want its citizens to deviate from CNY any time soon as part of their plan to make it the number one currency and overthrow the USD.

[jmigdlc99]

Not necessarily China itself, but just Alipay maybe?

The crack down is understandably so because Bitcoin and cryptocurrencies are a direct competitor of payment services such as Alipay. They are threatened by crypto because they know the potential crypto has to undermine their service. They can't stop progress tho, eventually crypto may put them out of business.

[AniviaBtc]

I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.

Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.

Could be possible that that's the reasoning behind it.

More likely than not though China is not just specifically targeting crypto exchanges in their crackdown, but rather just the entire cryptosphere as a whole. As an extension to that policy stance, they simply try to stop anything that would enable users from accessing BTC or whatnot.

Wechat and Alipay has already started flagging transactions a while back, but I haven't actually heard anyone getting banned. I do know for a fact though that Chinese traders on there are now a lot more cautious than before, e.g. asking people to not speak of anything crypto related in Wechat's dialogue when conducting a transaction.

Yes, China want to conquer crypto currency with their Alipay. They want to dominate all kind of money and control many people. They really want to crack down bitcoin because they know that it is very powerful. Powerful means that they can't defeat it easily. All they have to do is to understand and accept that crypto is extreme.

[AicecreaME]

Chinese government is very serious in cracking down Bitcoin, I think they will never change their stance over this asset same as India. No wonder that some Chinese crypto companies operate overseas just to escape this government pressure, however still this wont stop their citizen getting involved in Bitcoin trading.

Hongkong is rebelling against their mother country for bitcoin, we still don't know what is their reason why they hate bitcoin so much but their citizen is not being scared to them at all. For sure their reason is a selfish one, I think, they want to control bitcoin just like what the other Government want but they can't, so they are doing what they can using their power to suppress bitcoin's potential (good luck to them).

If China will be the last one standing against bitcoin while the other Government accepts it, I think Chinese people would start leaving china when that time happens.

[DoublerHunter]

How many times China cracking down all related to cryptocurrency or bitcoin companies. And now, this payment processor Alipay and others was recently their target. The Chinese government was very strict when it comes to their community, the want to manipulate their people. All form of gambling is not allowed and they think that this crypto will harm to their people they will also implement an immediate ban. I hope not all countries were the same as the Chinese government. People don't have freedom as they want.

[romero121]

Chinese government fear it as a reason for the prevailing economic condition in the market. From different statistical data China stands stronger than USA at present, we talk from the outer view and don't know what is the reality. Maybe China is suffering some hard time pushing themselves strong in the market. This could've caused Chinese government to pressure up alipay to close all payments that are associated with cryptocurrency related activities.

[Wexnident]

The latest attempt features Alipay (payment processor):

https://cointelegraph.com/news/official-alipay-to-ban-all-bitcoin-related-transactions

Alipay, the digital payment arm of Chinese e-commerce giant Alibaba, has declared that it will be banning any transactions related to Bitcoin (BTC) and other cryptocurrencies.

On Oct. 10, Alipay reiterated its anti-crypto stance in a Twitter thread, which warned that the company is closely monitoring over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations. Alipay wrote:

    “If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.”

This move follows various reports that Alipay is being used for BTC transactions.

Binance uses Alipay for buying crypto

On Oct. 9, major crypto exchange Binance confirmed on Twitter that it has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat.

Binance CEO Changpeng Zhao, also known as CZ, clarified that the exchange is not working directly with WeChat or Alipay, and users are still able to use them for peer-to-peer transactions.

This announcement followed the implementation of Binance’s peer-to-peer trading for Bitcoin, Ether (ETH) and Tether (USDT) against the Chinese yuan (CNY) earlier, as reported by Cointelegraph.

I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.

Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.

With how the government of China controls its country, I have no reason to question why would they ban bitcoin. Them having control of every information inside their country is a must, and the existence of such a currency where they have no access nor control and cannot be even viewed must make them feel really jittery. Good luck on the Chinese though. If they keep this up, they'd be the only country out of the loop once crypto spreads to the others. Let's just hope no other countries would even plan to follow China's foot steps.