China cracking down on bitcoin again

[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!

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[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.