China cracking down on bitcoin again

[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.

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[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.