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.

[Google+]

This has become commonplace because last year the price of bitcoin fell also because of the bad news from the Chinese government, which I feared China could master the conditions of the cryptocurrency exchange then it would make the price movement of cryptocurrency a danger.

[ivakar]

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.

I think the reason of war between crypto and Chinese government is simple - it is control!
if government can't control financial flows - they can't tax it! shady money flows can be used for financing political rebels, for corruption or illegal  drug and weapons trades.
that is why Chinese are eager to seize bitcoin. if they can't control it - they will try to destroy it
 

[eaLiTy]

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.

The Chinese authorities have a real hard on for BTCitcoin and they will put pressure on any payment processor that will aide in BTCitcoin related transaction. Not sure how exactly Alipay is going to monitor these transactions and comes to a conclusion that they are used for P2P transaction.
People will come up other alternative solutions to over come these restrictions.

[lionheart78]

China had been cracking down Bitcoin eversince, Alipay is just following the regulation of Chinese government so nothing new here.  I guess we are now immune to Chinese news about their government having negative stance towards Bitcoin.  And I think it does not affect BTC market after all since most of the buyer there use CC, Visa or mastercard.

The Chinese authorities have a real hard on for BTCitcoin and they will put pressure on any payment processor that will aide in BTCitcoin related transaction. Not sure how exactly Alipay is going to monitor these transactions and comes to a conclusion that they are used for P2P transaction.
People will come up other alternative solutions to over come these restrictions.

Indeed, people are creative, they will eventually find a solution that will bypass Chinese Regulation.  

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.

I think the reason of war between crypto and Chinese government is simple - it is control!
if government can't control financial flows - they can't tax it! shady money flows can be used for financing political rebels, for corruption or illegal  drug and weapons trades.
that is why Chinese are eager to seize bitcoin. if they can't control it - they will try to destroy it
 

They don't need to destroy it because they know they have no capability to destroy Bitcoin, what they have is their regulation in their country so they usually just need to ban it saving them more time and resources.

if government can't control financial flows - they can't tax it! shady money flows can be used for financing political rebels, for corruption or illegal  drug and weapons trades.

Funny how government point illegal activities on Bitcoin while their self-issued currency is way more used in illegal activities.  They can't fully regulate their self issued currency what more in controlling a decentralized cryptocurrency.  

[yoseph]

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.

I am really starting to think that the rumor that's currently going around claiming that the Chinese government is on the verge on creating their very own cryptocurrency may be true and since they don't want any competition to their cryptocoin they are banning all others from their country.

[desticy]

I also think that Alipay was pressed on time. In fact, if what CZ said came to life, we would get a very large and juicy gateway for bitcoin transactions.
But as we already know, China is trying to distance itself from cryptocurrency, why - it is not clear. I think all this is a planned speculation that may well translate into approval of transactions in Alipay.

[lab rat hoax]

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.

I don't think this news will affect the price of bitcoin in the medium and long term. Even as we have seen, it did not affect price of bitcoin even in the short term. Crypto currency market has experienced this kind of news many times, and we have learned from these experiences that cryptocurrencies cannot be banned and they become stronger as they try to prohibit them.

[teosanru]

I think it's nothing new. China has already banned cryptocurrencies long back ago. With Binance introducing CNY pairs for p2p trading It's obvious that a new avenue has been created for all bitcoin buyers and sellers. The most used thing in this deal would be Alipay as it's the most used mobile wallet people would definitely go on to make their payments using it which is why they are pretty much clearing their stance. I know they won't be taking any action because it would be certainly impossible for them to trace out such people involved in selling and buying of btc because transactions would go directly to other users. I think it's just an initiative by Alipay to clear their guard and nothing else.

[ashmodeus]

and then, china have own digital coins, and all people who using it can be trackable,
and there are no people who don't pay taxes, and the most important,no money goes out of the country for ,well maybe chinese goverment think, "stupid investement".
did iam wrong ?
well, the point what i got its , china Already consider altcoins as something bad, btw , i just curious, how about chinese miner ?

[micalith]

We have a saying in our language. It is "if there is a smoke, there has to be a fire. Since China is trying to ban-crack down bitcoin, this means that there are people in their countr who want to have bitcoin. This is a good sign for us in terms of mass adoption. People in China are trying to have some freedom. For bitcoin, through its system, it can't be fully banned. China can't ban buying people bitcoin. So, nothing to worry for their actions.

[JeffBrad12]

We have a saying in our language. It is "if there is a smoke, there has to be a fire. Since China is trying to ban-crack down bitcoin, this means that there are people in their countr who want to have bitcoin. This is a good sign for us in terms of mass adoption. People in China are trying to have some freedom. For bitcoin, through its system, it can't be fully banned. China can't ban buying people bitcoin. So, nothing to worry for their actions.

How it is a good sign if the government itself want to ban bitcoin or trying to forbid the citizens from using bitcoin even if people there want to use bitcoin which means adoption but if they don't have a way to buy one that means the adoption is as good as nothing.
a country like china is always expected to ban everything that didn't align to their political agenda and bitcoin could potentially threatening their economy by making the money coming out from china and furthermore it is decentralized which no government have a control over it.
It is indeed such a waste of potential considering that china is a big country and the people there I'm pretty sure is interested on using bitcoin, some major miners back then coming from china if im not mistaken.

[Rufsilf]

I also think that Alipay was pressed on time. In fact, if what CZ said came to life, we would get a very large and juicy gateway for bitcoin transactions.
But as we already know, China is trying to distance itself from cryptocurrency, why - it is not clear. I think all this is a planned speculation that may well translate into approval of transactions in Alipay.

We never know their plan and what makes them keep away from crypto involvement is still a mystery. Maybe we could say it is all about economic conflicts or they just want to retain the use of their own currency.
Many times that China did this but it won't make its people stop their interest in crypto and I believe a lot of Chinese people are using this one secretly.

[noobieone]

China doesn't want money from China leaving China.

Much like Jack Ma can leave the country, his family can leave the country, but they can't leave the country at the same time.

[Yaunfitda]

Is anyone still surprises by the bitch move of China.

We have seen this already specially what they do to their local exchanges back in 2017. And as far as I can remember, there are news that surfaces this year that they're going to put a full blown hammer ban on crypto mining.

We all know that reason behind of all this and I do hope that it won't affect the market price negatively and we should all move from this Chinese news, we us crypto enthusiast are getting tired from all the negativity coming from this government.

[NathanJB]

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.

Alipay is China just as China is Alipay. They are almost equal. Any business, especially the billion-worth company in China is also China. Because the authoritarian country does not allow businesses to grow if they do not represent their ideas and vision, and if they do not follow what the country wants. We cannot see this decision as a free decision of the company. There is always a hand of China seen all over this decision.

[Sithara007]

The Chinese government is becoming more and more authoritarian, and many of the rich citizens are trying to get out. A few days back, I read this article that appeared in the BBC:

https://www.bbc.com/news/business-49958628

The Vanuatu government now receives 30% of its revenue from the sale of passports, and Chinese citizens account for more than 90% of the sales. This shows how desperate the Chinese nouveau riche has become. The government is trying to limit the fund outflow by any hook or crook, while the ordinary Chinese are getting more innovative with that.

Clamping down on Bitcoin is not going to do anything good for the Chinese government. You can't really enslave people in today's world. If they try to close down one loophole, then ten others will appear on its place.

[Kyraishi]

This move doesn't make a lot of sense to be honest. Why would they allow Binance to operate in China but then limit them and not let people use Alipay to buy crypto-currencies? It feels counterproductive.

It's crazy what lengths they are going to pressure customers and other companies, I wouldn't be surprised if they fully make sure Chinese people can't use any currencies to buy their crypto.

Only time can tell, but with this and the stuff they are doing the blizzard, doesn't look good for us.

[exstasie]

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.

Alipay didn't issue a new ban, they reaffirmed their existing one. I don't think the government was involved. It was probably a knee jerk reaction by Alipay to CZ's announcement. Dovey Wan elaborates:

I personally think it‘s Binance OTC announcement claimed “support Wechat/Alipay” triggered such “declaration of innocence” from Wechat/Alipay .. it’s a very common compliant PR work in China
https://twitter.com/DoveyWan/status/1182265159844126721

[Fredomago]

Is anyone still surprises by the bitch move of China.

We have seen this already specially what they do to their local exchanges back in 2017. And as far as I can remember, there are news that surfaces this year that they're going to put a full blown hammer ban on crypto mining.

We all know that reason behind of all this and I do hope that it won't affect the market price negatively and we should all move from this Chinese news, we us crypto enthusiast are getting tired from all the negativity coming from this government.

I'm not sure if it's relevant to say that when they are spreading this kind of news the opposite happens. Let see if this hammer thing will take effect to the entire economy of bitcoin. China's influence is far being forgotten so even they will completely ban this system to their jurisdiction there's still another country to embrace and keep the flow alive.

Stay optimistic and let time judge what direction this news will bring to the industry. Set your target  and continue gaining the benefits.

[jets567]

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.

You've got a point there mate but even if they put a stop on a payment services for those crypto related transaction via Alipay, Chinese citizens still have a lot of ways around to do any crypto transactions without getting notice by their authorities because we all know that Chinese are very good at doing business once they've set their mind into it. The Alipay crypto transactions just got exposed that's all.

[CryptoBry]

I think what has happened is this: China closed down all the cryptocurrency 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.

Actually, I was then excited to learn that Binance is going to open P2P trading for the Chinese market but deep inside I really have some doubts with it considering that China made a strong stand against Bitcoin and cryptocurrency way back 2017 and it seems there is no easing to that policy. Now, we understand that the government must have applied pressure on Alipay and WeChat not to deal with cryptocurrency in connection with that Binance announcement. This would have been a big breakthrough and can open up a lot of opportunities on many sides and for many people. The power of the government is certainly at play here and though it can never struck down Bitcoin it can however make things really difficult for people to adopt and use cryptocurrency. Now, to people who are always complaining against the USA in its strict policy on cryptocurrency, go figures!

[Mumbeeptind1963]

Their reason might be because they want to create their own cryptocurrency, so they are forcing many bitcoin related or connected companies , I am only thinking to the other exchanges what will they gonna do? We have many traders in china too, how could they sell or still buy bitcoins too? I think this is a bad news.

[Janation]

Their reason might be because they want to create their own cryptocurrency, so they are forcing many bitcoin related or connected companies , I am only thinking to the other exchanges what will they gonna do? We have many traders in china too, how could they sell or still buy bitcoins too? I think this is a bad news.

As far as I know, China banned Bitcoin right?

So I don't think this is obvious from that.

But I am confused since I read a thread here about the leader of China talking or like supporting Bitcoin but why is this happening? I don't know what will happen but I do know that it is banned in their country so I am not surprised here.

[Edraket31]

Their reason might be because they want to create their own cryptocurrency, so they are forcing many bitcoin related or connected companies , I am only thinking to the other exchanges what will they gonna do? We have many traders in china too, how could they sell or still buy bitcoins too? I think this is a bad news.

As far as I know, China banned Bitcoin right?

So I don't think this is obvious from that.

But I am confused since I read a thread here about the leader of China talking or like supporting Bitcoin but why is this happening? I don't know what will happen but I do know that it is banned in their country so I am not surprised here.

Yes, China wanted to excel in every aspect, and since Bitcoin did not originated from their country, they are banning it, but for sure they are planning something big for this, and one of it might be that they are planning to have and develop their own cryptocurrency.  China really wanted to be the top in every aspect, so they are doing this to create panic in the people so they can buy more.

[Reid]

They are really serious in closing down anything that has to do with bitcoin.

It will hurt the Chinese investors and I think this is why they are migrating in different countries mostly Asian which is near their homeland.
Not just business but also to avoid the strict rules of their own country.
I am not sure if the Chinese government is happy about this kind of events with their own countrymen.
Somehow, it does minimize their population, and also what is left is those who are loyal with them.

[febriyana]

Government don't like cryptocurrency because decentralized.
So Alipay is a product from Alibaba, where we know Alibaba is company with controlled by government.
There government also communist.
So i am not suprised they also want Alipay block the Bitcoin. I hope cryptocurrency will get heart from their government.

[cotton ball]

China do not have power anymore about bitcoin, they have banned bitcoin transaction in their country and stop all ICO project investment and mining, maybe how ever rule of China government to allow or not for bitcoin as payment transaction do not give anything effect for bitcoin, now have many country allow for using bitcoin become legal transaction and China have gone last three years when banned bitcoin as legal payment in China.

[bitbunnny]

Government don't like cryptocurrency because decentralized.
So Alipay is a product from Alibaba, where we know Alibaba is company with controlled by government.
There government also communist.
So i am not suprised they also want Alipay block the Bitcoin. I hope cryptocurrency will get heart from their government.

It's kind of logical development of situation. We are all aware that there are actually no true private companies in China, everything is contolled by government, this way or another. So China wants to continue its "war" against Bitcoin through Allipay. But I'm not afraid this will affect Bitcoin negative or have some more significant impact on global way. But it will affect Alipay users though.

[blckhawk]

It's quite obvious that the Chinese government does not want crypto since they're a communist country, with the governmemt wanting to hold every aspect in their society. They don't want decentralized, free from governing ideologies. They want you to do what they think you must do. They're constantly watching their people and they don't want another currency that will oppose their own fiat that is not controlled by anybody.

[ecnalubma]

In my opinion this is a type of oppression where government wants to take full control of businesses under their premises. But I respect their decisions It just happened that Chinese government are limiting their citizens freedom and they don't want too much influence from the outside world. Maybe its one of their strategy on how they became superpower country.

[Kyraishi]

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.

Alipay didn't issue a new ban, they reaffirmed their existing one. I don't think the government was involved. It was probably a knee jerk reaction by Alipay to CZ's announcement. Dovey Wan elaborates:

I personally think it‘s Binance OTC announcement claimed “support Wechat/Alipay” triggered such “declaration of innocence” from Wechat/Alipay .. it’s a very common compliant PR work in China
https://twitter.com/DoveyWan/status/1182265159844126721

Nah. I think they got pressured by the government in order to re-confirm their ban on Binance. Keep in mind Binance announced that their new users would be able to use Alipay, and I doubt they'd just pull out and screw over Binance by their own accord.

In my opinion this is a type of oppression where government wants to take full control of businesses under their premises. But I respect their decisions It just happened that Chinese government are limiting their citizens freedom and they don't want too much influence from the outside world. Maybe its one of their strategy on how they became superpower country.

They are all about power and control, and them doing stuff like this where they cut off companies from other ones is a reason why they are able to control everything that is happening in their country.

[Murat]

Both China and the USA government are very serious regarding this cryptocurrency platform, I think they are not interested to give any space further for this platform, Still Chinese and American people using Bitcoin and doing a lot of thing in this platform, For me, China is more reluctant than America, but it doesn't matter at all, Cryptocurrency is not for only these two countries, It's true there a vast people from these two but it doesn't mean without them it would be worthless, So everything will run its own way and Bitcoin will dominate very smoothly in the coming future. So the cracking down by China is not bring any special attention to me.

[Oasisman]

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.

You've got a point there mate but even if they put a stop on a payment services for those crypto related transaction via Alipay, Chinese citizens still have a lot of ways around to do any crypto transactions without getting notice by their authorities because we all know that Chinese are very good at doing business once they've set their mind into it. The Alipay crypto transactions just got exposed that's all.

That is true and Im not sure if it still happening or the Chinese government put a serious restrictions/blocking of all crypto related websites after this event.
Nevertheless, computer geeks from china will eventually find a way to do business and transactions that relates to Cryptocurrency.
This is also the reason why It didnt really have a huge impact to the market when China closed down all ICO and exchange in 2017.

[ashmodeus]

Both China and the USA government are very serious regarding this cryptocurrency platform, I think they are not interested to give any space further for this platform, Still Chinese and American people using Bitcoin and doing a lot of thing in this platform, For me, China is more reluctant than America, but it doesn't matter at all, Cryptocurrency is not for only these two countries, It's true there a vast people from these two but it doesn't mean without them it would be worthless, So everything will run its own way and Bitcoin will dominate very smoothly in the coming future. So the cracking down by China is not bring any special attention to me.

indeed, me too, i dont care about that news,and i have no problem about it.
but,
u know well both china and US is a big player on this thing.
lot of miners from these country,but suddenly their goverment ban crypto , its mean they doesn't need crypto,
and it's reported in all well-known magazines,bloomberg,forbes,etc.
and how general people think about it ?
they must be think, crypto pure of bad thing, i must stay away from crypto.
and that its a problem.

[Arsenyo]

This is not surprising. China was cracking down bitcoin and all related to cryptocurrency companies so many times, that I don't really care about it any more. The Chinese government is very strict when it comes to their community, they want to control every part of community life. And of course they need to control financial flows. Their principle is to destroy everything that you can't control.

[Sithara007]

The Chinese government can prevent its nationals from purchasing or selling Bitcoin within Chinese borders. But they will never be able to prevent their citizens from owning Bitcoins. Being a decentralized and digital asset, the government may find it hard to trace the Bitcoin transactions back to the individuals (especially if the users just hold these coins without any deposits or withdrawals to the exchanges).

And if these individuals want to sell or purchase BTC, then they can just catch a train or flight to Hong Kong/South Korea, where trading with Bitcoin is perfectly legal (many of the Chinese users are already doing this). And whatever tax revenue that is generated in this case goes to the governments of Hong Kong/South Korea and the authorities in mainland China gets nothing.

[Webetcoins]

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.

You've got a point there mate but even if they put a stop on a payment services for those crypto related transaction via Alipay, Chinese citizens still have a lot of ways around to do any crypto transactions without getting notice by their authorities because we all know that Chinese are very good at doing business once they've set their mind into it. The Alipay crypto transactions just got exposed that's all.

We are living in the world of technology and this is not a big deal for people to dodge governments regarding crypto currencies. If the most secured websites of the world could get hacked, then this would be really unwise of government to think of totally putting full stop to the use of bitcoin or particularly any crypto currency.

[abhiseshakana]

Alibaba's co-founder, Jack Ma, as we know it has been anti-bitcoin for a long time, but it's not anti-blockchain technology. Jack Ma is a red capitalist (a businessman who doubles as a member of the communist party). In China, party officials and businesspeople have the same viewpoint that they must protect the country from pro-democracy currents. The policy of integration between prosperity and power in China is designed to perpetuate the existing authoritarian political system, and in fact, this policy is what makes China prosper.

If the symbiosis between capitalists and parties in China is like this there is a possibility Alibaba is fully backed up by the government. The Chinese government will protect Alibaba from the potential emergence of foreign competitors.

If Jack Ma and Alibaba & Alipay can be as phenomenal as they are now in the world, the Chinese government feels confident that the stable coins to be issued by the Chinese central bank will be accepted by the world. We cannot deny the fact that China is a very lucrative market for goods and services with a very large population.

[Oneandpure]

China have big power to make bitcoin down, maybe many investor keep hold bitcoin live in China now where can make bitcoin down and up when China announce big news. Now china want created own cryptocurrency and make bitcoin or altcoin become their competitor to raise with higher price, if China always cracking down bitcoin many investor afraid for investing with bitcoin because can lost their money with bitcoin cracking down by China.

[gaston castano]

news that came from china could indeed be a major factor in the decline in the price of btc, we all know china is the holder of the most value from the crypto market capitalization.
so whatever news comes out will definitely have an impact.
news about alipay prohibiting the use of btc payments has a bad effect on the market, we don't know whether this has caused the market to go down in the last few weeks.
but I think people will still find a solution, and the market will recover, this is not the first time bad news from China, so I think we will be fine.

[BitHodler]

if China always cracking down bitcoin many investor afraid for investing with bitcoin because can lost their money with bitcoin cracking down by China.

That's not really the case based on how many Chinese investors have either crowded the local markets to buy Bitcoin, or found a way to use foreign exchanges to trade and speculate.

I have read an article about how a lot of the Tether in circulation is held by Chinese investors. It kinda makes sense as well because it provides them the freedom they need to trade without fear of confiscation.

I'm really glad that people in China don't let their government dictate their way to the degree where they can't trade Bitcoin anymore. People have that freedom with Bitcoin now and they happily use it.

[fullhdpixel]

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.

They never give up, china is just trying to protect this Alipay which has become really obvious that it is what they are doing, they want everything to depend solely on Alipay and with bitcoin, it really cannot work, I am sure they don't even have the technology too as good as they think they are in technology which is why they are using this Alipay method and it will still not work.

There are dex exchange that the Chinese people can use and if we really want to take the fight to china back, we really need to start making use of dex exchanges because that is the only angle where the government is trying to control cryptocurrency, it is because they are able to communicate with those centralized exchange team that they could make those demands that can never happen in a dex exchange.

[huige007]

if China always cracking down bitcoin many investor afraid for investing with bitcoin because can lost their money with bitcoin cracking down by China.

That's not really the case based on how many Chinese investors have either crowded the local markets to buy Bitcoin, or found a way to use foreign exchanges to trade and speculate.

I have read an article about how a lot of the Tether in circulation is held by Chinese investors. It kinda makes sense as well because it provides them the freedom they need to trade without fear of confiscation.

I'm really glad that people in China don't let their government dictate their way to the degree where they can't trade Bitcoin anymore. People have that freedom with Bitcoin now and they happily use it.

Exactly, it is not Chinese people but the government that is not accepting bitcoin as they know that this can cause them losing control over public money. The biggest fear of any government is having no power our economy. Now Chinese people are not very stupid. They know very well what exactly bitcoin provides them and obviously no one with a little wisdom will lose such a golden opportunity like bitcoin.

[cotton ball]

Last update news China have invest much money in bitcoin for attacking economic problem with Unite State, China want to adopt bitcoin as their investment assets to keep earn profit with lower economic condition after United State not allowed for selling China product export to United State, I think best ideas if China want to adopt bitcoin as investment assets.

[alexsandria]

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

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?

As expected to China. China's government always want a full control to everything like what happened to Huawei company and America. They are afraid of losing something that is very difficult to recover. Besides if bitcoin arise in their country, it would be something out of their hand, and regulations is not even enough. In addition some ICOs are fraud, and unregulated and majority of Chinese are business minded thus, losing funds are something that matters the most to Chinese. That's why they banned Bitcoin in their country.

[minime0105]

Last I heard they were making their own libra competitor. This makes sense now why they wanted Libra and other altcoins to go down. As powerful as the authoritarian China grows, the weaker the good china (Taiwan) gets. I live with hope that one day the good China, Tibet and hongkong are bigger powers and the commy China goes to dust.

[pamsugas]

China wants its citizens to have bitcoin or crypto available on the market today. it seems they are very serious about membaned all crypto currencies. but I have read that China will make its own digital currency but that currency is the same stable as USDT and has the same value as the CNY currency.

[ScamViruS]

China can do whatever they wants for their own interests. They want to control everything. China is trying to control bitcoin itself. Which is not possible by China. China goes on to compete with the United States. The result of which has been very bad. So you ignore Chinese, hold Bitcoin.  

[jostorres]

China has been getting more and more attention recently with this Hong Kong deal, HK is not stopping and they continue to resist and China keeps helping out the HK government to stop it, since there is literally billions of dollars backing the government they are easily sending more and more cops and soldiers to stop the riots whereas HK people won't stop until their demands are met.

China and HK are two different governments and China has to accept that, they are already harvesting organs from alive members of Uyghurs which is already at NAZI level of concentration camp deal and nobody in the world do anything about it because they are afraid of pissing of China but at the same time we do not like whats going on there neither so we have to figure out a way to solve all of these issues.

[shoreno]

China can do whatever they wants for their own interests.

not just china alone but many are copying that move . they want to own everything but they still cant do it succesfully

They want to control everything. China is trying to control bitcoin itself. Which is not possible by China.

its possible . they can declare a ban which did happen before

China goes on to compete with the United States. The result of which has been very bad. So you ignore Chinese, hold Bitcoin.  

did they ?  how can you say that the result were bad ? china did already do what they wanted to do  . so as on the u.s but i cant tell if who was the winner.  we can just ignore them and continue on our business as soon as btc is still okay on our own country

[Aying]

China wants its citizens to have bitcoin or crypto available on the market today. it seems they are very serious about membaned all crypto currencies. but I have read that China will make its own digital currency but that currency is the same stable as USDT and has the same value as the CNY currency.

I think China forced to make its own cryptocurrency, because they saw that bitcoin popularity are being increased and to that they're afraid that all chinese citizens supporting bitcoin in all their market than fiat. maybe that's china biggest fear to happen. so now they make their own move to block bitcoin as soon as possible.but I am sure can't do that easily because their society knows what their aiming.

[BitHodler]

Now Chinese people are not very stupid. They know very well what exactly bitcoin provides them and obviously no one with a little wisdom will lose such a golden opportunity like bitcoin.

Bitcoin and China go very well together because the people there are truly in need of it with how their overly oppressive government is tightening its control over them year after year.

In most western countries the need for something like Bitcoin is limited because the people there are not being chased after the way the Chinese government does so, and the Chinese people are also subjected to a currency war.

In other words, this is the perfect environment for Bitcoin to thrive, and it does. I expect the Chinese government to come up with even harsher regulations, but that will make people even more attracted to Bitcoin as freedom tool.

[ufaiz50]

As usual, China is a country that is strict with regulations, especially if it involves goods / things from outside their country. Even though I was quite happy when binance opened a cryptocurrency purchasing service through AliPay, actually there are still many ways to purchase in China, but it's a bit complicated. They only press the digital currency that is not from their country, China still wants to make a own digital currency.

[7788bitcoin]

Last update news China have invest much money in bitcoin for attacking economic problem with Unite State, China want to adopt bitcoin as their investment assets to keep earn profit with lower economic condition after United State not allowed for selling China product export to United State, I think best ideas if China want to adopt bitcoin as investment assets.

From where you are getting all these updates which is not available elsewhere. China banned bitcoin trading in 2017 and all the exchanges are shut down by the authorities but people are still trading using P2P methods and even when Binance announced their P2P platform Alipay announce in social media site that they will ban any user who deal with bitcoin and that announcement might have made because of pressure from the authorities and you think China is planning to adopt bitcoin  .

[audaciousbeing]

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.

Even though the landing effect of this could be linked to the Chinese government as the people piloting the outburst by AliPay, there is need to put things in perspective which in this case, I would blame Binance more. When Binance came out to announce that people can now use AliPay to purchase bitcoin, did they have a Memorandum of Understanding with the company that such deal is to be made or they have jointly addressed a press conference to talk about their new found relationship and how that would change the way transactions are done with crypto in addition to how the step is a major move in having collaboration between the two pairs?. Since they didn't do that, it becomes easy for AliPay to come and debunk such news by not only transferring the risk of any issue to the end users and also with a sledge hammer wanting to frustrate such transactions.

In this case, it simple a business transaction which I don't think there is need to lose sleep over when its time, all those trying to stay way from bitcoin would eventually adopt the crypto in other for them to tap markets that are yet to be fully broken into. Its a matter of time.

[asus09]

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.

Early 2017 China have banned bitcoin transaction make bitcoin dump and investor panic for selling bitcoin, after few week bitcoin got good respond from Japan want to adopt bitcoin as legal investment, one day after Japan accepted bitcoin price of bitcoin wake up to higher price and many panic bitcoin seller very disappointed have sell their bitcoin assets with lower price.

[JeffBrad12]

China wants its citizens to have bitcoin or crypto available on the market today. it seems they are very serious about membaned all crypto currencies. but I have read that China will make its own digital currency but that currency is the same stable as USDT and has the same value as the CNY currency.

China is one of those countries that admires wonders of technology and believes in its power. I believe China is not against the concept of crypto currencies but only bitcoin as this can cause them a lot of problem if its people start investing in bitcoin. The simple rule is, who controls money and market, controls the world. Bitcoin is a big threat to everyone who is against freedom of economy.

Regardless whether they admire technology or not if it's decentralized that's a bad thing for most of the government around the world and that includes china anyway. Can't expect china with such strict regulation even I heard recently there's social credit implemented to the society to accept anything that is out of their reach which is blockchain system and cryptocurrency.
As a matter of fact they already have digital payment processing created by their own local company and is quite popular there I guess cryptocurrency already lose its way if it want to penetrate chinese market.

[Serco]

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.

Early 2017 China have banned bitcoin transaction make bitcoin dump and investor panic for selling bitcoin, after few week bitcoin got good respond from Japan want to adopt bitcoin as legal investment, one day after Japan accepted bitcoin price of bitcoin wake up to higher price and many panic bitcoin seller very disappointed have sell their bitcoin assets with lower price.

that's was bad history from china.with their huge resources we know china could do anything to make bitcoin market price crash.even they dare to challange US in trader war.we hope china power could come again and support cryptocurrency market so we will see good history that come from china.more super power allow their citizen invest in crypto, bright future will coming soon in market.

[Sithara007]

The Chinese government and the central bank has tried many times to shut down the Bitcoin mining and destroy the idea of cryptocurrency. But they were never successful in this. They even banned the trading of cryptocurrency to fiat. And the exchanges responded by replacing fiat (CNY) with Tether (USDT). Whatever measures the Chinese government take to discourage the usage of Bitcoin in their territory, it is only going to backfire upon them. It will be better for them to take a less hostile approach, similar to what the South Koreans have done.

[kooboat]

The Chinese government seem to have develop strict measures to curb the activities involving the use of bitcoin. Despite the strict measures or regulations, I don't know the right word to use in this instance. I believe the citizenry that are actively involved in cryptocurrencies would still find ways to exploit the system.

[error08]

China government really want bitcoin to vanish from their country although it can't be stopped, They have banned bitcoin exchanges and miners, now they want to close the door for any potential way being used by citizens to trade bitcoin and other cryptocurrencies. I thought bitcoin transaction was done last year after they banned exchanges but apparently people can find another way, even if Alipay will immediately stop every transactions identified as crypto-transactions, there are others way to transact under the radar obviously.

[Murat]

If I am not wrong that I want to say boldly that China is really afraid of bitcoin as a threat of their country's economy, It may be a new happening between Binance and Alipay, Of course, Alipay needs to follow the rule of China government because they have a good reputation within this country, not only that but also some blame should go to the Bitcoin platform because it's still a very volatile platform, how a government take risk for their people to get engaged in this system, but the Chinese people are really doing a vast portion within cryptocurrency platform, but China is very strick to use Bitcoin and Altcoin to their territory but at the beginning of cryptocurrency invention, China was not as like today. how things can change?

[huige007]

If I am not wrong that I want to say boldly that China is really afraid of bitcoin as a threat of their country's economy, It may be a new happening between Binance and Alipay, Of course, Alipay needs to follow the rule of China government because they have a good reputation within this country, not only that but also some blame should go to the Bitcoin platform because it's still a very volatile platform, how a government take risk for their people to get engaged in this system, but the Chinese people are really doing a vast portion within cryptocurrency platform, but China is very strick to use Bitcoin and Altcoin to their territory but at the beginning of cryptocurrency invention, China was not as like today. how things can change?

I hold same opinion in this matter. It is not like China hates bitcoin or considers it as some useless innovation in the field of technology. It is actually exact opposite. China admires bitcoin and there had been times when it tried to control this but then realized that no one can really control it and in the digital market, the coin that has most investors is the key to control it. China wants to take control from bitcoin.

[ringgo96]

The Chinese government seem to have develop strict measures to curb the activities involving the use of bitcoin. Despite the strict measures or regulations, I don't know the right word to use in this instance. I believe the citizenry that are actively involved in cryptocurrencies would still find ways to exploit the system.

Cryptocurrency is now one of the political discussions for some countries. In the past China was actually a major contributor to the progress of crypto in the development of bitcoin. there is the biggest exchange and also the method of payment with bitcoin ever happened before finally all matters relating to their cryptocurrency banned.

[akmal1984]

I think all this news has something to do with halving bitcoin next year. They Chinese people are clearly very clever in this matter, pressing the price of bitcoin so it does not rise first this year so they can buy it up. Many times I see news like this that makes the price of bitcoin go down. After a few months the price will rise dramatically again.

[desticy]

The Chinese government is very tricky, I think that we are now seeing manipulation by China regarding cryptocurrencies.
Which is that supposedly distancing itself from the cryptocurrency and in particular from bitcoin in the future, China will become, if not already, a country that will have a very strong influence on the cryptocurrency market due to the fact that most of the bitcoins will be in the hands of the Chinese. But this is only assumption.
You need to understand that there is another scenario. For example, China is a very centralized country with fingerprints, biometrics and cameras on every corner. The Chinese government is not beneficial for people to use cryptocurrency which to some extent weakens control over the population.

[bitgolden]

The Chinese government seem to have develop strict measures to curb the activities involving the use of bitcoin. Despite the strict measures or regulations, I don't know the right word to use in this instance. I believe the citizenry that are actively involved in cryptocurrencies would still find ways to exploit the system.

Cryptocurrency is now one of the political discussions for some countries. In the past China was actually a major contributor to the progress of crypto in the development of bitcoin. there is the biggest exchange and also the method of payment with bitcoin ever happened before finally all matters relating to their cryptocurrency banned.

I think they still have some roles to play and most of the coins being mined is still being mined from china, there were plans to ban mining and not cryptocurrency, but we suddenly never heard anything of such again which I still have many chines friends that attest to it that mining is still on going in their country, but china is just trying to do something to regulate the cryptocurrency, which one of the method they are using is trying to create their own cryptocurrency.

If they create their own cryptocurrency, they know that they would have already captured the attention of all their populations of about 2 billion people, which will surely make their attention to be diverted a little from some altcoins, but I doubt if it will affect bitcoin, because of decentralization.

[Wintersoldier]

In relation to the news before, China and US are in race to become a crypto country. Basically, the advantage of crypto will be big for a massive government of china and also have a threat for their government. This is the point China should take the cryptocurrency matter very seriously. As choosing the wrong move will lead to being left in the world crypto innovation. Everyone will definitely benefit when China choose the right decision, and that is to embrace the world where transaction is seamless through crypto.

[Edraket31]

In relation to the news before, China and US are in race to become a crypto country. Basically, the advantage of crypto will be big for a massive government of china and also have a threat for their government. This is the point China should take the cryptocurrency matter very seriously. As choosing the wrong move will lead to being left in the world crypto innovation. Everyone will definitely benefit when China choose the right decision, and that is to embrace the world where transaction is seamless through crypto.

Correct, since China is now in the process of checking the usage of cryptocurrency, many people has gain confidence again in buying it, as they know that China will be in favor with it someday, so congrats to those who bought at dip and has gain with the news yesterday, for me this is the start of the popularity of Bitcoin again.

[Sithara007]

Correct, since China is now in the process of checking the usage of cryptocurrency, many people has gain confidence again in buying it, as they know that China will be in favor with it someday, so congrats to those who bought at dip and has gain with the news yesterday, for me this is the start of the popularity of Bitcoin again.

Check the statement made by Xi Jinping once more. He was urging the Chinese to get more innovative with the Blockchain technology. He admits that Blockchain will be a big thing in the immediate future. However, at no point he encouraged the use of cryptocurrency or showed a tolerant attitude towards them. Make no mistake. Xi Jinping is in favor of Blockchain technology. But that doesn't mean that he is going to support the cryptocurrencies all of a sudden. The official government stance towards Bitcoin and the other cryptocurrencies remain the same.

[qiwoman2]

Correct, since China is now in the process of checking the usage of cryptocurrency, many people has gain confidence again in buying it, as they know that China will be in favor with it someday, so congrats to those who bought at dip and has gain with the news yesterday, for me this is the start of the popularity of Bitcoin again.

Check the statement made by Xi Jinping once more. He was urging the Chinese to get more innovative with the Blockchain technology. He admits that Blockchain will be a big thing in the immediate future. However, at no point he encouraged the use of cryptocurrency or showed a tolerant attitude towards them. Make no mistake. Xi Jinping is in favor of Blockchain technology. But that doesn't mean that he is going to support the cryptocurrencies all of a sudden. The official government stance towards Bitcoin and the other cryptocurrencies remain the same.

This did create a pump though a huge one for Bitcoin and the big cap coins but I think this pump was expected but they may be used this little bit of news as an excuse to start the pump. We used to have the China FUD back in the day now China is giving a PUMP so it is quite funny how the media is used to spin and work for the market makers. We know that one thing is for sure..That the crypto and BTC markets are here to stay and will grow and evolve into a bigger market cap over the next few years and this is promising indeed. China will most likely support its own blockchains more than the decentralized ones like Bitcoin. That works in their interests of course, but it's still good overall for the technology to spread.

[SummerBliss]

At present China has announced adopting blockchain technology in their system and it seems that they might be interesting in creating their own digital currency which will be centralized.They might breakdown on bitcoin but the miners will continue to work even in that conditions but the prices have rised to $9500 which is indeed good news for all of us.Nothing can affect the market in bad manner and btc and other alts will also rise in future.

[Leonardo7]

This is hypocrisy on the part of government I think. They actually want people to use their stable coin when it's finally launched. Alipay will have to comply with the pressure from the government to stay in business.

[silversurfer1958]

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.

They are really doing the right thing. We should not expect a decentralized market to grow in the future. because a series of money laundering will happen easily and then society will be chaotic. governments will no longer be able to stop the dark forces.
I still strongly support such regulations but allow a little freedom for the people.

[huu78]

China is currently telling that they should adopt or use a blockchain that has been on the bitcoin hike yesterday.
Of the news they make bitcoin rise to be fast and the CEO of Twitter also follows to buy bitcoins. We know that good news is indeed great and the right time to buy Bitcoins now.

[atjiat]

China is currently telling that they should adopt or use a blockchain that has been on the bitcoin hike yesterday.
Of the news they make bitcoin rise to be fast and the CEO of Twitter also follows to buy bitcoins. We know that good news is indeed great and the right time to buy Bitcoins now.

Many cryptocurrency users associate the current growth of the cryptocurrency market with the statement of the Chinese government, which deals with the legalization of the blockchain.  If subsequently in China the cryptocurrency will work legally, including Bitcoin, then we can expect very big changes in the development of the cryptocurrency market.  Moreover, it is worth considering the fact that almost 70% of the Bitcoin speed hash is controlled by Chinese miners.

[erickastella]

China is the biggest trading market in the world, they have mastered the market in almost all the world so it's no wonder. For example, if there is good news that bitcoin will be legalized in China, the Chinese people will also compete in the buying competition so that there is a drastic increase and vice versa because the population in China is also very large.

[davinchi]

If I am not wrong that I want to say boldly that China is really afraid of bitcoin as a threat of their country's economy, It may be a new happening between Binance and Alipay, Of course, Alipay needs to follow the rule of China government because they have a good reputation within this country, not only that but also some blame should go to the Bitcoin platform because it's still a very volatile platform, how a government take risk for their people to get engaged in this system, but the Chinese people are really doing a vast portion within cryptocurrency platform, but China is very strick to use Bitcoin and Altcoin to their territory but at the beginning of cryptocurrency invention, China was not as like today. how things can change?

China is really afraid of bitcoin which they don't even trust the service of all these Alipay and WeChat payment system again to really tackle bitcoin, and which is why they are also proposing to introduce their own currency thinking and believing that it will be strong enough to actually deal with the bitcoin technology which until they release before the realize that there is nothing that can really compete with bitcoin.

Instead of the way they are wasting time and cracking on bitcoin, the best they would have done is to even under study the coin perfectly well and then see how it can still be used to their own advantage, but because of most of their selfish interest protecting their coin, they are very much blind to what bitcoin can actually do for them.

[Vishnu.Reang]

I think all this news has something to do with halving bitcoin next year. They Chinese people are clearly very clever in this matter, pressing the price of bitcoin so it does not rise first this year so they can buy it up. Many times I see news like this that makes the price of bitcoin go down. After a few months the price will rise dramatically again.

It is not just the Chinese. A lot many of the major players (all around the globe) are trying to keep the exchange rates down. And despite the prices increasing by more than 200% during the last few months, the fact remains that Bitcoin is still underpriced. We can expect a major price movement, once the next block reward halving approaches.

[CryptTech]

I think all this news has something to do with halving bitcoin next year. They Chinese people are clearly very clever in this matter, pressing the price of bitcoin so it does not rise first this year so they can buy it up. Many times I see news like this that makes the price of bitcoin go down. After a few months the price will rise dramatically again.

It is not just the Chinese. A lot many of the major players (all around the globe) are trying to keep the exchange rates down. And despite the prices increasing by more than 200% during the last few months, the fact remains that Bitcoin is still underpriced. We can expect a major price movement, once the next block reward halving approaches.

If all the news about China is true, then bitcoin rush up, all altcoins should depreciate greatly, and those that are not included in the top 100 should simply disappear

[BChydro]

It is not just the Chinese. A lot many of the major players (all around the globe) are trying to keep the exchange rates down. And despite the prices increasing by more than 200% during the last few months, the fact remains that Bitcoin is still underpriced. We can expect a major price movement, once the next block reward halving approaches.

I did not understand the part where you claim that the price of bitcoin is under priced  , expecting a major price movement after the block reward halving can have some logic because it happened in the past but how can you claim that the price of bitcoin is under valued, the price depends upon the market demand and if anyone is will to buy the coin at a higher price then the market will go higher if not you cannot call it under valuation because no one is willing to give a higher amount  .

[cutesgirl]

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.

China always have fantastic moment to make bitcoin higher and lower, last day China make bitcoin from lower price become to higher price just giving announce to the public for receiving bitcoin as blockhcain technology as digital currency, bitcoin down last than one week but after China make publishing for adopting bitcoin, price of bitcoin become higher.

[bryant.coleman]

Do the citizens of China have no other way to buy bitcoin than AliPay? I'm not from China and this makes me interested, how much ways the Chinese people can buy bitcoin. Maybe this is why Xi wants the adoption of the blockchain to make its citizens prefer their digital currency to other digital currencies. I have heard that China wants to make own cryptocurrency.

A number of Bitcoin exchanges operate out of China, but they are not allowed to use the fiat currency (CNY). THe only thing that is allowed is crypto-to-crypto trading. So you can exchange your BTC to ETH or your ADA to XMR, but you can never exchange your BTC to CNY. And that is why Tether (USDT) and other stablecoins are being used a lot in many of these exchanges. The users were quick to find loopholes and they replaced CNY with USDT once the crypto-to-fiat trade was banned.

[Webetcoins]

If I am not wrong that I want to say boldly that China is really afraid of bitcoin as a threat of their country's economy, It may be a new happening between Binance and Alipay, Of course, Alipay needs to follow the rule of China government because they have a good reputation within this country, not only that but also some blame should go to the Bitcoin platform because it's still a very volatile platform, how a government take risk for their people to get engaged in this system, but the Chinese people are really doing a vast portion within cryptocurrency platform, but China is very strick to use Bitcoin and Altcoin to their territory but at the beginning of cryptocurrency invention, China was not as like today. how things can change?

China is really afraid of bitcoin which they don't even trust the service of all these Alipay and WeChat payment system again to really tackle bitcoin, and which is why they are also proposing to introduce their own currency thinking and believing that it will be strong enough to actually deal with the bitcoin technology which until they release before the realize that there is nothing that can really compete with bitcoin.

Instead of the way they are wasting time and cracking on bitcoin, the best they would have done is to even under study the coin perfectly well and then see how it can still be used to their own advantage, but because of most of their selfish interest protecting their coin, they are very much blind to what bitcoin can actually do for them.

Sometimes I really feel like China has gone crazy because it has become hard for it to digest that no one can control bitcoin and no one can kill it either. There have been times, when bitcoin was supported by it. I think it planned to take over bitcoin because everyone knows what power one can have by controlling world’s most expensive crypto currency. Bitcoin can’t care less about China.