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?

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[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.