Would it be possible to use Cryptocurrencies in China?

[JotaroKujoCoin]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

[1713517441]

1713517441

[1713517441]

1713517441

[mk4]

1. As far as I know cryptocurrencies aren't banned in China.
2. Regardless if it's banned, you can still use bitcoin/cryptocurrencies. Assuming you don't get caught using it. It'd be wise to use Tor.
3. The best that China can do as far as I know is just to add crypto-related sites to their firewall. Beyond that? I don't think there's anything they can do.

[ene1980]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

There is no specific ban for holding any cryptocurrency but they do not have any exchanges to trade as far as i know as the government forced them to shut down a couple of years ago and if the government wants to shut the exchanges they can do that, first fight for freedom and ask for a free internet without restrictions and you expect the government will allow freedom of trade with bitcoin  .

[stompix]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions,

You heard wrong.

so does that mean that having cryptocurrency in China would be a criminal offense?

Since the above is wrong, it obviously means there is no offense cryptos are actually regarded as property.

Moreover, why create such a ban in the first place?

Again, there was no such ban.

Now, when it comes to "use" cryptocurrency you should be a bit more specific what you mean!
You can hold, send to your friends or relatives, and you can try to purchase stuff...but you're going to have a lot of problems there, not because it is banned, but because there are no vendors or businesses acceting bitcoin.

[fuguebtc]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

I think you referring to this news from 2017.

The ban, which was announced in September, finally shuttered its last exchange and made it illegal for Chinese mainlanders to exchange digital money unless they operate offshore.
https://www.forbes.com/sites/kenrapoza/2017/11/02/cryptocurrency-exchanges-officially-dead-in-china/#22226d612a83

As other members are saying there is no ban on CC but on but on exchanges.

[alyssa85]

1. As far as I know cryptocurrencies aren't banned in China.
2. Regardless if it's banned, you can still use bitcoin/cryptocurrencies. Assuming you don't get caught using it. It'd be wise to use Tor.
3. The best that China can do as far as I know is just to add crypto-related sites to their firewall. Beyond that? I don't think there's anything they can do.

They have banned exchanges, they have banned the conversion of yuan into bitcoin or any other cryptocurrency and they have banned retailers from accepting cryptocurrency. The only reason it's not banned altogether is that they don't want to ban miners earning cryptocurrency through mining efforts.

Because you can't really use crypto for anything in China, the only use is as a store of value and to get money out of the country. But the Chinese govt banned exchanges precisely because they operate capital controls and the exchanges were used to exchange yuan for bitcoin with a view to exchanging bitcoin for dollars in the future.

[Darker45]

1. As far as I know cryptocurrencies aren't banned in China.
2. Regardless if it's banned, you can still use bitcoin/cryptocurrencies. Assuming you don't get caught using it. It'd be wise to use Tor.
3. The best that China can do as far as I know is just to add crypto-related sites to their firewall. Beyond that? I don't think there's anything they can do.

They have banned exchanges, they have banned the conversion of yuan into bitcoin or any other cryptocurrency and they have banned retailers from accepting cryptocurrency. The only reason it's not banned altogether is that they don't want to ban miners earning cryptocurrency through mining efforts.

Because you can't really use crypto for anything in China, the only use is as a store of value and to get money out of the country. But the Chinese govt banned exchanges precisely because they operate capital controls and the exchanges were used to exchange yuan for bitcoin with a view to exchanging bitcoin for dollars in the future.

In addition, they have banned cryptocurrency crowd funding. They have also banned financial institutions to get involved in cryptocurrency. But there was no blanket ban on cryptocurrency. And also, cryptocurrency is designed to be peer-to-peer. Everyone can still buy and sell products and services to people who choose to use cryptocurrency as payment instead of fiat. If you read actual experiences shared online, a lot are saying that crypto or even Bitcoin is actively bought and sold in china. 

[Astvile]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

I didn't know about that specific ban on holding cryptocurrency is that even real?
But based on what I know there is no ban lifted on holding cryptocurrency there, but if such law exists it would be surely a criminal and legal case since the government is prohibiting it.

[Lucius]

There is always a way around the ban, in this case how to trade or buy/sell something with cryptocurrency. The Chinese never gave up trading, and they always used P2P, and last month Binance got involved in everything with their P2P app which supports BTC, ETH, USDT for trading against Chinese Yuan.

Even better news for the Chinese is the fact that the app supports Alipay and Wechat, although they officially distance themselves from any transactions related to crypto. Still, this is a definite improvement on the huge Chinese market, with the speculation that Binance is coming back to China soon.

For some good, for other bad news considering China's highly variable policy towards crypto.

More info : Binance Launches P2P Trading in China With Support for Alipay and Wechat

[MURONDI]

where did you hear the news,? show the website link that preaches the crypto ban in China, instead of news that was bustling yesterday was China's president's support of blokchain, maybe you delivered the wrong news.

[kolonel_x]

where did you hear the news,? show the website link that preaches the crypto ban in China, instead of news that was bustling yesterday was China's president's support of blokchain, maybe you delivered the wrong news.

Well, I also wonder why Op said like that, did he not read the news yesterday which was being talked about by Chinese President Xin Jinping?
It used to be that China might have a place for cryptocurrency holders and it would not be criminal for those who hold it, I think it would be fine in China there is no prohibition whatsoever.

[samcrypto]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

No official statement about banning cryptocurrency in China and in fact they slowly adopting and there’s a lot of mining company are operating in China until now. Its a criminal offense if there’s already a regulations, if ever they ban cryptocurrency for the sake of their government so its hard to disobey the law in China. If they support blockchain technology, then soon they will also support cryptocurrency and maybe create their first crypto.

[Murat]

I haven't heard any news about the cryptocurrency is ban in China, So it's not supposed to be a difficult task to run this crypto in there, So far I know that China is going to lunch their own crypto, so they are going to be the favourable country regarding this platform, Not only that but also their President recently mentioned that Blockchain is very useful for new invention, so he has praised of this platform, That's why China has opened the new window towards Blockchain and cryptocurrency. so anyone in China can easily hold and trade with cryptocurrency, that's not any criminal job in there.

[bounceback]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

I am not sure whether China banned crypto because we know in that country there are many investors who invest with bitcoin or other crypto and are also known as developed countries with cryptocurrency, and in the past the government in China has stated clearly that cryptocurrency can be used as a transaction or Asset investment due to decentralized status and some businesses in China now adopt bitcoin as their payment medium.

[AbuBhakar]

I am not sure whether China banned crypto because we know in that country there are many investors who invest with bitcoin or other crypto and are also known as developed countries with cryptocurrency, and in the past the government in China has stated clearly that cryptocurrency can be used as a transaction or Asset investment due to decentralized status and some businesses in China now adopt bitcoin as their payment medium.

Mining and ICO were still fine in China, they only banned exchanges. For some reason that China maybe think that Bitcoin has been a major disruptor in China and its socialist monetary policies but this is way 2017, these year china shows many interest in blockchain, we're not sure if it will lead to removing exchange restrictions.

[Blackdeath]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

Cryptocurrency mining are banned in china because they think it is a waste of energy and bad for the environment, and due to fraudulent projects in ICO. But blockchain technology is now legalized in china, that is why they are starting to create and to launch their own cryptocurrency as Facebook's Libra coin.

[Wysi]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

Cryptocurrency mining are banned in china because they think it is a waste of energy and bad for the environment, and due to fraudulent projects in ICO. But blockchain technology is now legalized in china, that is why they are starting to create and to launch their own cryptocurrency as Facebook's Libra coin.

There are other countries like Russia to accommodate more mining if China has banned it and it will not have a bigger impact but I don't think they will every launch any cryptocurrency,  they will launch their own centralized digital currency so don't mix up centralized digital currency with crypto.

[Hamphser]

You can still use any cryptocurrency in China even if they banned it. But i think you were a bit late of the news since China banned the cryptocurrency trading in any platform in last 2017. But now, their president had a change of heart that they suddenly promote the blockchain technology hence accepting any cryptocurrency again.

[Red-Apple]

Recently, I heard ....

welcome to the forum and the cryptocurrency world.
others already explained why what you heard was wrong i want to add that one thing that you will learn pretty soon is that you shouldn't believe what you hear most of the times specially based on what the source of it is.
for instance most of the things on social media such as twitter, reddit and even forums are lies or at the very least they are exaggeration. surprisingly enough many of the crypto news sites also publish a lot of the same material.
what you should do is to always try to use your head and don't simply believe something that you read on the internet. and also try to only visit more reliable sources instead of any random website.

[tambok]

There are other countries like Russia to accommodate more mining if China has banned it and it will not have a bigger impact but I don't think they will every launch any cryptocurrency,  they will launch their own centralized digital currency so don't mix up centralized digital currency with crypto.

Agree, here in Philippines as well there's a lot of miners here, as we do have cheap cost in electricity compare to other country, that's why people doing mining compare to trading, so there is no negative impact if China will lose interest in mining crypto there, we don't need them, they are just doing this for the people to be in panic, but not at all.

[YuginKadoya]

In my opinion, even though Cryptocurrency is ban in China you can still hold it and earn Bitcoin, but yes I think mining is the one that has made a halt in China and all its big massive rigs the last tie I saw an article about it, but I think even though there is something like this in China investors are keeping tabs on what the news and what's happening with Bitcoin I think the government still doesn't want to lose the opportunity in the innovation on what's bitcoin has to offer.

[Baby Dragon]

Recently, I heard ....

welcome to the forum and the cryptocurrency world.
others already explained why what you heard was wrong i want to add that one thing that you will learn pretty soon is that you shouldn't believe what you hear most of the times specially based on what the source of it is.
for instance most of the things on social media such as twitter, reddit and even forums are lies or at the very least they are exaggeration. surprisingly enough many of the crypto news sites also publish a lot of the same material.
what you should do is to always try to use your head and don't simply believe something that you read on the internet. and also try to only visit more reliable sources instead of any random website.

Indeed, because not all the things that you can see online is legit that is why it is always suggested to have a proper research to determine if the information is true or not particularly these days that there are some people who spread fake news to deceive others. You can't just rely on something unless you have already tried looking for more details that can help you to enlighten yourself regarding on the topic and we can't blame OP because he/she still a newbie, they still need some guidance because they don't have enough understanding regarding these things.

[salty]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

There are a lot of conflicting news today. Most likely this is fake. Because so many Chinese people at least trade on cryptocurrency exchanges, there are also a lot of miners in China. I do not think that they do not generate income.Therefore, if they generate income, why should they be banned.

[youdacapt]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

I take the example of Tron, they once had a problem with the Chinese government because they were suspected of being involved in illegal ico and money laundering, although it was not proven correctly, this proves that the government does not prohibit all forms of crypto transactions, they only process every crime according to offense legal complaint. You also need to update your knowledge of the positive attitude of China in moving the blockchain industry and will launch their own cryptocurrency.

[Linkkoin]

China will create its own cryptocurrency coin, so i think they will banned any other coins.

Most likely it will be virtual renbi, controlled by the State. As well there might be highly limited scope of usage of cryptos (but this is going as well to take place in all the countries where FATF recommendations will be implemented).

[aysg76]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

No there is no such legal restriction or law passed which states ban over cryptocurrencies use in china although they have shut down certain exchanges which were dealing in crypto business.So we can say that you can trade there but they are not legal tender currencies to be used in China.They are planning to implenent blockchain technology to create their centralized coin which i personally think.But if they plan to do so prices may crash as China is leading market in asia.

[clickerz]

where did you hear the news,? show the website link that preaches the crypto ban in China, instead of news that was bustling yesterday was China's president's support of blokchain, maybe you delivered the wrong news.

Same here seems OP's news is outdated. I hope he can provide reliable links here, I mean the recent China announcement. The current news from China is, they are spearheading the blockchain development there which is a good sign wherein a nation is announcing that they support this kind of technology.

[Shenzou]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

There is no such thing, cryptocurrencies are still moving in China and it is not illegal to be holding them, the only thing that have been stricted in china is exchanges and crypto mining and this to limit money laundering and other things, and in my opinion i think that did that because they are planing on releasing their own crypto and want people to use it instead of using bitcoin and other currencies, and when it comes to china they always want to localize everything.

[airdnasxela]

The information you got is misleading. China didn't really banned holding cryptocurrency...
But why does some countries ban crypto? Maybe because the government see it as a threat to fiat currency... As for China's current status on blockchain, there's a big possibility that they will use cryptocurrency. But not those existing currency, they will probably create their own currency, specifically for China that are being controlled by their government.

[adzino]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

Are you sure China actually banned usage and holding of crypto currencies? Should be all over the news if they actually did so. I just heard that they are making they own centralized crypto currencies. Regardless, you still will be able to use crypto currency. Crypto currency has no central authority. It is a decentralized currency thus, the government can't ban "bitcoin". All they can do is make the usage of crypto currency illegal. As long as you don't get caught (doing bank transaction), they can't do  anything.

[jets567]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense?

Holding cryptocurrency in China has no criminal offense but cryptocurrency exchanges or trading platforms were effectively banned by regulation in September 2017 with 173 platforms closed down by July 2018.

Moreover, why create such a ban in the first place?

At the moment only few countries are very positive towards cryptocurrency and some make a regulations to safeguard their citizens due to a lot of scams or fraud in crypto-space.

[Kersh768]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

We should not believe easily on the news we hear. We should make sure that it is credible enough to be believed by all of us or else we would be guided in the wrong direction. We all know China contributes massively in cryptocurrency and blockchain system and according to the real news, it is still regulated in China. Things became more strict in there but the total use of cryptocurrency was never been made, only for the exchanges the restrictions were made to make sure that no one would abuse the use of it and as a preparation for their own version of crypto.

[minersday]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

What you should understand and know is that cryptocurrency can be used in any part of the world in as much that it might be banned in a particular country.  To answer your question, the news about China banning cryptocurrency is one of the FUDs shared by people just to avoid others from using and getting into the crypto space. There hasn't been any specific evidence proving that cryptocurrency is been banned by the China government. This FUD has gone on for a while now and needs to be stopped. FUDs are the main reason why the adoption of Bitcoin and other cryptocurrencies has been very slow.

[Mttewndew]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

Where did you hear about that?
Everything is actually quite wrong.
In addition, in any case, all countries will have to accept cryptocurrencies, since progress cannot be hidden.

[Wintersoldier]

The problem here OP is that the topic you've posted is not supported by any sources or links that might be validated by us. Don't listen to any gossips regarding china prohibiting bitcoin and cryptocurrency. In my opinion, directly posting this without prior research or as simple as reading an article will just induce negative perceptions of users to bitcoin adoption I would recommend you should visit sites such as cryptocrunch (easy when you google it), or download some apps in playstore that has legitimate news concerning the Chinese issue about crypto and the blockchain.

[blckhawk]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

They had it supposed to be banned, but they lifted their urrent stand against cryptocurrency and apparently, they had decided to join the market by planning to release their own blockchain-powered cryptocurrency, and removing the ban on other cryptocurrencies. I think they wanted to ban it because they want to have control over everything, and watch their population activity even in financial space, by having only one centralized system by them and does not want any decentralized system that gives people total financial freedom.

[carlisle1]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

the last update in China about cryptocurrency s EOS being the top 1 ranked crypto while Bitcoin rank is lower and positioning at 12 this means crypto arent banned in china.

and just like what others said above,it doesnt really matter if the crypto is banned or not because you can still use it though limited transaction is allowed.

[White Christmas]

Actually the banning of cryptocurrency as well as bitcoin mining in China does occur but didn't regulize because of some deep reasons, but as far as I know the current news about the China is they are actually open for regulizing blockchain technology as President Xi announced, with this announcement it would be a good factor in which China will be one of the main center of the cryptocurrency although we already know that Chinese people are playing a big role in the crypto community especially with the bitcoin mining. There are also some news and rumors that China will regulate cryptocurrency and they will make their own cryptocurrency with them. So I think it is really possible that using cryptocurrency in China will allowed.

[Aying]

The information you got is misleading. China didn't really banned holding cryptocurrency...
But why does some countries ban crypto? Maybe because the government see it as a threat to fiat currency... As for China's current status on blockchain, there's a big possibility that they will use cryptocurrency. But not those existing currency, they will probably create their own currency, specifically for China that are being controlled by their government.

They will not expose the trend cryptocurrencies. chinese government is wiser than us so we can expect this things to happen that other crypto coins are not supported by them but it won't banned crypto because their own coin will be useful for them at the right time. I am hoping that china's move will be the step of other country to support cryptocurrencies and make it usable for everyone.

[henmark]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

Those might just be rumors or someone must have blown some action of china out of proportion. It is true that at the initial stage, china was not completely in support of cryptocurrency, but that does not mean that they have made it a criminal offense, the action they took was to look for a way to actually control it but trying to ban miners from mining cryptocurrency, but are they not the same people that have now finally declared a little bit of support for blockchain and then cancel their plan to ban mining.

They might not have fully supported it but that does not mean that at the same time they are going to make it like a criminal offense for those that are using it. The first thing they did as to make their stand known of not giving support yet.

[lionheart78]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

Those might just be rumors or someone must have blown some action of china out of proportion. It is true that at the initial stage, china was not completely in support of cryptocurrency, but that does not mean that they have made it a criminal offense, the action they took was to look for a way to actually control it but trying to ban miners from mining cryptocurrency, but are they not the same people that have now finally declared a little bit of support for blockchain and then cancel their plan to ban mining.

They might not have fully supported it but that does not mean that at the same time they are going to make it like a criminal offense for those that are using it. The first thing they did as to make their stand known of not giving support yet.

As far as I know, China had made a statement that mining is ok in their country so the idea of China trying to ban mining is already cleared.  I believe it is too far for China to ban cryptocurrency at their current state of how they support Blockchain tech, and even the government itself have plan to issue their own cryptocurrency.  I wonder where does OP get that rumor since recently the atmosphere of Cryptocurrency in China is getting better.

[Google+]

The information you got is misleading. China didn't really banned holding cryptocurrency...
But why does some countries ban crypto? Maybe because the government see it as a threat to fiat currency... As for China's current status on blockchain, there's a big possibility that they will use cryptocurrency. But not those existing currency, they will probably create their own currency, specifically for China that are being controlled by their government.

They will not expose the trend cryptocurrencies. chinese government is wiser than us so we can expect this things to happen that other crypto coins are not supported by them but it won't banned crypto because their own coin will be useful for them at the right time. I am hoping that china's move will be the step of other country to support cryptocurrencies and make it usable for everyone.

it is true that the government has not given a restrict on the use of cryptocurrency but currently in China I think this is still a bit of a problem and fear when using bitcoin or other cryptocurrency when making transactions, even though there are still people who still accept cryptocurrency as a payment that can be done in his shop.

[panganib999]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

China's news recently has been about China's appreciation with blockchain technology and their plan of using it and launching some projects that is blockchain related. Not just that, the president also appreciated and been warmed by bitcoin since its biggest successful application of blockchain so Chinese officials quietlt removed the business of making and other altcoins on the list of industries that Beijing is trying to outlaw.
        Beijing is open in accepting and using cryptocurrency only in a way that they can control, it still has to be in moderation since as of the moment bitcoin only has the support and the impression but isn't actually announced to be legalized and openly accepted.

[bitbunnny]

The information you got is misleading. China didn't really banned holding cryptocurrency...
But why does some countries ban crypto? Maybe because the government see it as a threat to fiat currency... As for China's current status on blockchain, there's a big possibility that they will use cryptocurrency. But not those existing currency, they will probably create their own currency, specifically for China that are being controlled by their government.

They will not expose the trend cryptocurrencies. chinese government is wiser than us so we can expect this things to happen that other crypto coins are not supported by them but it won't banned crypto because their own coin will be useful for them at the right time. I am hoping that china's move will be the step of other country to support cryptocurrencies and make it usable for everyone.

it is true that the government has not given a restrict on the use of cryptocurrency but currently in China I think this is still a bit of a problem and fear when using bitcoin or other cryptocurrency when making transactions, even though there are still people who still accept cryptocurrency as a payment that can be done in his shop.

I don't think that this fear is present in some larger extend. China isn't example of country of freedom so people there are used to different restrictions. However, government didn't implement ban on Bitcoin or any other cryptocurrency so I guess there isn't problem to use them.

[hello_good_sir]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

1. China never banned holding crypto-currencies or transacting with them, they just don't support the use of it and often make crypto-services succumb to their rules, which makes it harder to use crypto-currencies for regular people.
2. Having crypto-currency is therefore not a criminal offense.
3. The reason they are imposing rules on exchanges (look at Alipay with Binance) is that they don't support the decentralized nature of crypto-currencies, and therefore want to restrict people from using it.

[Devawnm367]

I am sure you can use it there. I am not sure if you woukd want to be caught. I think as long as you do not link your name and location I think it would be okay.  So in other words do not buy from anywhere that requires your name and I.D. I thought I just read that China is now accepting Crypto Currencies. I may be wrong that oh it have just been they were using blockchain technology.

[s92225]

Yeah, BTC is available but the market is restricted, you gotta provide your ID to buy everything.

[nutella_11]

As far as I know cryptocurrencies aren't banned in China. Moreover, many reliable cryptocurrency exchanges are available in China (like for example CoinDeal) so you are probably wrong. Moreover, I've got some Chinese "virtual friends" from forums and they are very into cryptocurrencies, I never heard anything about that issue.

[Oneandpure]

China have announce for legal using bitcoin as currency payment by their president, but after pass three weeks ago still not have news about legal or not using bitcoin in China, I think they have make own crypto for legal transaction payment and still not available for bitcoin become legal transaction there, when China have possible using bitcoin and crypto I think give price higher for bitcoin later.

[budi691]

Maybe China has other options related to implementing Cryptocurrency, China is currently the country with the top economic movements. it could be that the government there wants to have its own version of cryptocurrency. We know that China is the most populous country, and China has influence in the world in all fields. I think it's possible that cryptocurrency will be used. maybe, with various rules and records that will be given by the government there.

[tungaqhd]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

As i know China does not ban cryptocurrencies. You can still buy, sell and trade them. However they are no longer allow cryptocurrencies mining companies in their country anymore because they cause problems with the electricity.

[Duzter]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

As i know China does not ban cryptocurrencies. You can still buy, sell and trade them. However they are no longer allow cryptocurrencies mining companies in their country anymore because they cause problems with the electricity.

More controversial talks were happening with the usage of bitcoin in China. Already China has the alipay and other digital payment processors which is much preferred than the real cash. China hasn't restricted the usage with strict regulations as Bangladesh or other countries does. This paves the way for better usage of bitcoin based on the users self interest.

[tracey77]

It seems like they don't know what they want exactly. I've read they want to ban Bitcoin, but at the same time launch their own cryptocurrency in 2020. They might not like BTC but want to stick blockchain technology.

[Youghoor]

People should understand that cryptocurrency transactions do not need confirmations from any third party. Even if the use of cryptocurrency is banned at a particular country, you can still make transactions in that country since you don't need a third party to confirm the transaction. But who says the use of cryptocurrencies in China is banned?  You should not waste time in believing FUDs spread in the crypto space. It is always advisable to do your own research before believing any news shared in the crypto ecosystem.

[bitvalak]

As far as I know, the Chinese government is appealing to the Bank to adopt the Blockchain, how could they ban cryptocurrency there.
Maybe there are special rules that cryptocurrency should only be used for a few things.

[CryptoBry]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

We heard that China raided the office of a Binance operation in that country and that partly impacted the bearish sentiment of the market right now. China is a country of mixed signals and sometimes what you hear is not actually what you will experience or see. While there is no official ban on cryptocurrency, the government has made it known that they are not approving of it and is not allowing operation of virtual currency exchange within its territory and would probably exert effort so that their citizens not be involved with cryptocurrency related activities. So much for the hope of many that China is going to be opened soon for Bitcoin, it may never came maybe not within the next 5 years. No wonder that Bitcoin is retreating because the main driver for its recent rise was that news coming from China on the blockchain. The industry is having a famine of good news that it reacted positively to the statement of China's President even if he was talking about the blockchain technology and not really on Bitcoin. Oh well, there is must be something wrong here and I am not feeling good about it. Are we then under the extension of the rule of China?

[joinfree]

China has not stated emphatically anywhere that they have banned cryptocurrencies but they have made strict rules about its usage and promotions. It's still safe to use hold your cryptocurrencies on your wallet and  using it purposely on online marketplaces because you can't use it physically to make any purchases in China.

[Colt81]

China has not stated emphatically anywhere that they have banned cryptocurrencies but they have made strict rules about its usage and promotions. It's still safe to use hold your cryptocurrencies on your wallet and  using it purposely on online marketplaces because you can't use it physically to make any purchases in China.

I think even people in China will hold cryptocurrencies, it will be useless not to make any purchases in China because what will be the used of your holdings if you can't convert it into fiat to buy things that you needed and wanted. Anyways, it is possible for China to use cryptocurrency because they are now creating their own digital currency same as Facebook's Libra coin, but bitcoin and other cryptocurrency is still banned.

[The3max]

For China, there are many big projects and trading platforms from this country. The Chinese government encourages startups with blockchain technology. However, the use of cryptocurrencies only occurs in some areas and some accepted currencies. I think this will happen in the future.

[owengtam09]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions,

It is not banned in China, we can still use cryptocurrencies in China, as long as we have an internet connection and I think there is nothing to worry about even if they ban bitcoin, we can still use our mobile phones to use our cryptocurrencies without getting caught by the government.

so does that mean that having cryptocurrency in China would be a criminal offense?

It is not banned so there is no criminal offense.

Moreover, why create such a ban in the first place?

Again, there is no banned.

[zeingrind777]

Now, when it comes to "use" cryptocurrency you should be a bit more specific what you mean!
You can hold, send to your friends or relatives, and you can try to purchase stuff...but you're going to have a lot of problems there, not because it is banned, but because there are no vendors or businesses acceting bitcoin.

Just like what my country did. We can hold, trade and send bitcoin, but can't buy anything with bitcoin. And there isn't even a law governing cryptocurrencies. So what China and my country do are almost similar.

[Meowth05]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

As far as I know, Cryptocurrencies are not totally banned in China but rather they only restrict the exchange that is related to crypto. Most of Bitcoin mining held in China hence this is the evidence that Cryptocurrencies are not banned in the said county. Besides, even if they did their people cannot be stopped from using because there are some ways such as VPN in order for them to access this type of currency. However, there are some places where this cryptocurrency is banned perhaps because they see it as a threat to the current monetary system and linked to illegal activities like drug trafficking and more.

[Odyssey963]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

regarding the ban topic, as I know:

- the authority think the blockchain tech. is good as far as NO tokens or virtual currencies are issued! (as it could be useful for some sectors in
  some scenarios or cases, especially in Fintech. they are considering issue national DCEP using blockchain tech.) so that means, they are pro-
  blockchain tech. but against tokens, coins issued in any form... so the ICO, IFO, STO etc. in China are all banned and considered illegal. they banned
  those because partially they can, now even some foreign entities issuing ICO is banning the participation of Chinese (and US?) citizens alike
  with KYC proceedings. but it's still a gray area here, if some people want, they still can participate certain foreign ICOs...

- they banned the cypto-exchanges operating in China and banned all financial institutions from supporting the traders buying/selling cyptos directly,
  because partially they can. the banks, including weChat pay, Alipay etc. if they find out or are suspicious that you have using your bank account
  buying or selling cryptos, your account will be frozen without any prior notice.  but I said "partially" because there are now over hundred or thousand
  global exchanges and even DEX people can use, they blockade some domains but cann't block all...

- they didn't ban the people to buy/sell cryptos via per-to-per (or OTC), to own and withhold cryptos, to transact from personal wallet to another
  because they can not! would somebody tell me how can a person, an entity, or even a country to ban this through open internet? by suvillence
  of everybody's crypto-wallet?  I think the authority would do it if they can, but unfortunately they can not. I think until now there are also lots of
  Chinese prozessing cryptos, they can't just claim it illegal and arrest those people on this!

Bassically what they can do the best is keep rolling out statements, policies, warnings or even some real actions (like to cleasen illegal local exchanges）to panic those who own cryptos and help push negative sentiment to the market and drag crypto-price down, because if people
lose their investment, they tend to drop out and lose interest to cryptos, and that sometimes works like now...
 

[tungaqhd]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

As i know having cryptocurrency or making transactions in China are not illegal. Some exchangers are not allowed here so they have moved to HongKong or other countries instead. However mining is not allowed here.

[Genemind]

I guess you have got the wrong information. There's no such thing as banning of crypto in China. There are actually some merchants who are accepting crypto in the said country. Some exchanges are just forced to shut down but I believe that there's a continuous operation in China. It has been a long-time rumour that China would ban crypto but there are still lots of investors who are considering blockchain technology as their pathway to their economic success.

[Asmonist]

Its possible that China can still use it. There are many ways to  get into online and I know people will always find ways to do it. If they banned it due to security issues in there country but I guess most probably they can get much in bitcoin then they must specify some rules about it. I don't really think they will banned it that seriously, they are one of the tops in bitcoin users I guess.

[Palider]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

In my own understanding ICO,IEO, bitcoin and other decentralized coins are banned in China,  and not all crypto currency.  And actually  now china will embraced blockchain and after that statement they annouce again in planning to own crypto currency. 

And I think if you holding bitcoin,  doing some transaction,  launch ICO or IEO you will be considered criminal and authority will caught and detain you.  And I think why decentralized coin are banned in China is because of the threat on thier goverment banks and people are always victims of scam ico,ieo.

[maianh09]

I know that their domestic cryptocurrency projects are not banned. Flooring not translated outside their licensed list is prohibited. All information surrounding the prohibition is unclear and has not been substantially verified. But if you don't live in China, there's no need to worry.

[Maotezi]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

First of all, the simple question is, if the state forbids something in its constitution, you cannot do it, or you can, but you will bear sanctions because you violate the law.
Cryptocurrencies aren't banned in China, at least for the time being, which doesn't mean it can't be changed. If it is forbidden and you continue to use cryptocurrencies, then you are engaging in crime, which the state will not allow.

[fiulpro]

Firstly it is not banned in China and secondly you can just hide it and that too very easily , government cannot check each and every transaction therefore trust me if you use the right things you could have plenty of security with it and government won't interfere at all , we have wallets which can just be used momentarily and disappear forever from your data base , you can use paper wallets and I don't think it will be a problem

[Xcode7]

Firstly it is not banned in China and secondly you can just hide it and that too very easily , government cannot check each and every transaction therefore trust me if you use the right things you could have plenty of security with it and government won't interfere at all , we have wallets which can just be used momentarily and disappear forever from your data base , you can use paper wallets and I don't think it will be a problem

I also believe that there are still users there but they will not report that they use crypto. if people believe in crypto security then they will continue to use it despite regulations prohibiting it. especially for those who earn from crypto

[blueteam09]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

that's what you heard. not what happen.
and if you're in china, you might not want to use cryptocurrency anyway, cause others payment menthods are way advanced than some bitcoin things.
it's instant, trackable, and no fees at all.

[diazepam666]

i really do not want to speak about their play jile station issue on their current issues going in hong kong because from the past few years chinese market and chinese investors where doing the big part the crypto market.
So that government should support them and we need to have some more investment on cryptocurrency platform.

[Ryan Dugan]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

In my own understanding ICO,IEO, bitcoin and other decentralized coins are banned in China,  and not all crypto currency.  And actually  now china will embraced blockchain and after that statement they annouce again in planning to own crypto currency. 

And I think if you holding bitcoin,  doing some transaction,  launch ICO or IEO you will be considered criminal and authority will caught and detain you.  And I think why decentralized coin are banned in China is because of the threat on thier goverment banks and people are always victims of scam ico,ieo.

No they want to control the people. They don't want freedom for them. That is how they do it. Threaten you with the law because of a different view. Should only get arrested if you are hurting another person on purpose.
Mining doesn't. It is money and control. Or power as they say. It is only ever about one of those two things and the truth is a muddy puddle. Are decentralized currency rally banned? How can you prove if it is dencetral or not?

[dimox]

i dont kno the exact whats going on in that country, but i ever read some article if China prohibit mining, because it have big cost in tool and source which will detrimental that country. this is from  government view. and i think you can have crypto for trading or exchange.

[xiboothrezi]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

Regarding the law, this involves complex rules and regulations. Don't be affected by issues with unclear sources without clear facts and sources. This must be studied more deeply, by making the applicable laws there a clear source. As far as I know, China is quite open with cryptocurrency, not fully banned, maybe there are only certain restrictions to be able to control the adverse effects that might occur.

[Cryptoenthusbusa]

I didn't hear news that cryptocurrency banned in china.I think you heard wrong.

[LUCKMCFLY]

It is known that China plans to launch its own cryptocurrency or stablecoin, is sweetening its people with Blockchain capabilities, in cryptocurrency technology, and Bitcoin speaks, but badly, this is to try to prepare those who do not know them.

The idea of ​​the Chinese government is that its cryptocurrency has mobility, acceptance and, especially, its use, with the aim of maximizing the benefits of technology, which at one time can bring liquidity to the government and, therefore, encompass Many needs such as debts, buying gold or whatever the intention is to capitalize.

So, if possible, there is already an application that the Chinese can install, but in turn they are protected by their government, all this has advanced for the preparation of their stablecoin.

Yet if we look at the Chinese government’s track record, each of these crypto crackdowns have followed a predictable theme: the government moves in whenever ICO scams become more prevalent. ( See this recent anti-ICO/trading article from Xinhua. Also: Our friend Joyce Yang's terrific newsletter at Global Coin Research goes into this in some detail.)

In this article they tell something about the situation: https://decrypt.co/11983/chinas-love-hate-relationship-with-crypto

[Eugenar]

i dont kno the exact whats going on in that country, but i ever read some article if China prohibit mining, because it have big cost in tool and source which will detrimental that country. this is from  government view. and i think you can have crypto for trading or exchange.

China unlist the mining infrustructure to their ban projects. Meaning to say that China will still be open for miners even though it has a big cost and might affect their natural resources. They see the benefits that cryptocurrency could bring to them. If we can see they are supporting Blockchain technology so much, it means that they could support cryptocurrency as well because crypto is the main product of the blockchain technology implementations

[SquallLeonhart]

I am surprised to see some people saying that cryptocurrencies are not banned in China. As far as I know, cryptocurrency is not legal in China, the People's Bank of China have said it several times that virtual currencies are illegal in the country, but that doesn't mean that there are not people that still make use of cryptocurrency.

There are still people that are making use of cryptocurrency, but from what I've heard they have gone underground, and it seems Paxful still sells cryptocurrency to people that are living in china. And recently I read in the news that the Chinese government will be lifting their ban on Bitcoin use and mining, I don't know for sure when they will do that or if they have done it already.

[Mike Mayor]

1. As far as I know cryptocurrencies aren't banned in China.
2. Regardless if it's banned, you can still use bitcoin/cryptocurrencies. Assuming you don't get caught using it. It'd be wise to use Tor.
3. The best that China can do as far as I know is just to add crypto-related sites to their firewall. Beyond that? I don't think there's anything they can do.

Because they communist and want as much control out of their people as can possibly be. Look at how they have banned other things and it hasn't worked. You can still use google and facebook and visit other sites and people still do it and have so for years and it is banned. It is just to inconvenience you really and make it that much harder to do these things. I agree with you, there is nothing they can do. You don't know who is holding crypto and you can't tell unless they tell you they are.

[maman567]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

I don't know what want by China with bitcoin, always have different said with bitcoin become legal currrency payment and some time said bitcoin will banned, which one true just on China president know about bitcoin, make become legal or banned currency there. I hope China want adopt bitcoin and altcoin as currency digital payment because China against US with USD currency.

[Ozero]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

I don't know what want by China with bitcoin, always have different said with bitcoin become legal currrency payment and some time said bitcoin will banned, which one true just on China president know about bitcoin, make become legal or banned currency there. I hope China want adopt bitcoin and altcoin as currency digital payment because China against US with USD currency.

The Chinese government a few days ago banned all cryptocurrency exchanges on its territory, but did not take any action to ban the use of cryptocurrency by citizens. Apparently, the ground is being prepared there for the predominant circulation of China's national stable coin CBDC. Perhaps we will see other actions by the Chinese government in relation to a decentralized cryptocurrency. Time will tell. However, I do not think that these measures will be tough.

[kerjakuat]

Yes it was possible to use cryptocurrencies in China cause the banned are only on ICOs project and yet peoples still using cryptos in China which mean they cannot fully banned the used of cryptos in China.Bitcoin still being used in China and mining are very active in China so i dont think China banned would stop their peoples to used cryptos.

[shoreno]

Yes it was possible to use cryptocurrencies in China cause the banned are only on ICOs project and yet peoples still using cryptos in China which mean they cannot fully banned the used of cryptos in China.Bitcoin still being used in China and mining are very active in China so i dont think China banned would stop their peoples to used cryptos.

i dont know if you already heard the news about china banning mining and china banning cryptos and btc . they also banned ico on the past but now i still didnt get the latest info if what is their updates regarding on these banning but i can say that  the use of cryptos on china is pretty limited or seems to be strict as when compare to other countries that dont have any issues related on the use of cryptos  . including in our county the use cryptos are only growing and improving

[yulionoo]

I also do not understand the policies adopted by the Chinese government. Earlier in the end of October the Chinese government announced supporting the blockchain and would make its own crypto. and that makes bitcoin prices go up.
then at this time they say forbid crypto. which also affected the price of bitcoin falling to $ 7,000. in my opinion this is a strategy of the Chinese government they are manipulating the bitcoin market. so that bitcoin is dumped and they can buy bitcoin cheaply. because indeed most of the traders and miners of bitcoin come from china.

[maman567]

Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?

China have banned bitcoin as legal currency and investment assets before last 2016, but right now we heard China president want adopt bitcoin as legal currency, I think is politic playing war where China against with US by fighting in USD price, I know China want to make United State currency or USD become lower price and not have value anymore, I am glad have country support with bitcoin as legal payment.

[OnceTwiceThird]

Yes it was possible to use cryptocurrencies in China cause the banned are only on ICOs project and yet peoples still using cryptos in China which mean they cannot fully banned the used of cryptos in China.Bitcoin still being used in China and mining are very active in China so i dont think China banned would stop their peoples to used cryptos.

i dont know if you already heard the news about china banning mining and china banning cryptos and btc . they also banned ico on the past but now i still didnt get the latest info if what is their updates regarding on these banning but i can say that  the use of cryptos on china is pretty limited or seems to be strict as when compare to other countries that dont have any issues related on the use of cryptos  . including in our county the use cryptos are only growing and improving

China the only one country can make bitcoin down and up, I think they have many people keep investing with bitcoin and altcoin. Best country have community with bitcoin and know when have to make bitcoin up or down, I like when have community with bitcoin and altcoin to know when have to invest or sell bitcoin. By community we got many news about bitcoin condition on other country early to anticipation with bitcoin and altcoin price.