Would it be possible to use Cryptocurrencies in China?

[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.

[1714606513]

1714606513

[1714606513]

1714606513

[1714606513]

1714606513

[1714606513]

1714606513

[1714606513]

1714606513

[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.