Would it be possible to use Cryptocurrencies in China?

[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.