Would it be possible to use Cryptocurrencies in China?

[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.

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[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.