China cracking down on bitcoin again

[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.

[1714941398]

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[1714941398]

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[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.