China implements new strict controls on Cryptocurrency

[barabarian1]

in my opinion the strict controls that the Chinese government has to do have nothing to do with yesterday's bitcoin decline. and I think it's natural that China is more stringent in assisting the circulation of cryptocurreny which is easy to use for illegal activities. the Chinese government will soon implement blockchain technology. so maybe they will also make a regulation to tighten the security of cryptocurrency.

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[FaithInCrypto]

this action from Chinese government means they are serious in their support to crypto,what they only want is the clarity of the flow because we also knew the illegal businesses that wanted to use crypto as their way to bag money.

Illegal activities should be penalized so I admire the Chinese government for their support on crypto as well as protecting its people from illegal use of the cryptocurrency.

[maxreish]

I don't see anything wrong about the China's Headquarter's decision and statement. It is for the sake of their prestigious country who don't want to increase a crime using cryptocurrency. Also, I don't think everytime there is a news from China, we can blame them for the price dump happening in the market. Remember that it is always about the demand and supply that can affect the whole market.

[asus09]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

China always have new revolution about how to adopt and control with bitcoin, I can't believe how come China can get control whit bitcoin, China can control whit bitcoin price when have to higher or lower. But need check news in China always to know what happen with bitcoin next day to get chance with profit by investing on bitcoin or altcoin.

[minersday]

In some way I might agree with the fact that the news regarding China taking an interest in Blockchain technology, it affected the price of Bitcoin to raise. But  China implementing strict controls or policies on cryptocurrency is not really necessary since the crypto space has been around for sometime now. Considering this post, I don't really see any source of validity in the post. You should provide us with the source of your information regarding these implemented new controls by the Chinese government. People always wanna spread FUDs the least chance they get. This is likely to be FUD.

[adjed]

While I commend the speed and dedication that the Chinese Government is showing towards Blockchain development, I also want to urge them to make up their mind about what they really want for the market, every of their decisions both positive and negative seems to be affecting the Cryptocurrency market and so always changing their mind about what they want is kinda frustrating, if they want to fully support Blockchain technology and Cryptocurrencies, then they should leave things as they are and only ensure that scam projects with nothing to offer never sees the light of day.

[Kyraishi]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

Does anyone remember XI, where he praised blockchain technology but didn't really mention bitcoin at all, and even though he never mentioned bitcoin, the price of it went up around 7 or so percent the next day.

There is no doubt that China is a huge influence in a lot of things, including crypto-currency, and they definitely have the power to change or manipulate the price however they want, so it's no surprise to me people blame China for any price movements, although I honestly think they don't care.

[worldtraveller321]

they want a digital currency not crypto. in other words fully centralized and they will see every transaction.
as well even make a world currency in which they could control the world

[Pamadar]

in my opinion the strict controls that the Chinese government has to do have nothing to do with yesterday's bitcoin decline. and I think it's natural that China is more stringent in assisting the circulation of cryptocurreny which is easy to use for illegal activities. the Chinese government will soon implement blockchain technology. so maybe they will also make a regulation to tighten the security of cryptocurrency.

They are preparing for much bigger adoptions that's why they need to implement such strict policies. China always in the position where they wanted
to make sure that the advantage always in their side. This way  the circulations of crypto behind their jurisdictions can be controlled and all illegal activities will be shut down and those who are planning to do the same will be chase down and stop immediately.

[Aying]

in my opinion the strict controls that the Chinese government has to do have nothing to do with yesterday's bitcoin decline. and I think it's natural that China is more stringent in assisting the circulation of cryptocurreny which is easy to use for illegal activities. the Chinese government will soon implement blockchain technology. so maybe they will also make a regulation to tighten the security of cryptocurrency.

Maybe your right, they making their move to double the security of cryptocurrency because they will implemented blockchain sooner on their country, and they also saw that many complaints about crypto's transactions. the strict rules may help them and easy to find the scammers and other illegal activities. so this way of regulating everyone will benefit the good result. for now we should observe and let them do their motive and help everyone.

[bounceback]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology.

the Chinese government so far we know that they really hate cryptocurrency because of unreasonable reasons for crtpto users, maybe now they have developed blockchain technology in their country which is applied in several companies and previously the president of China has announced that they will make their crypton itself uses blockchain technology that can be controlled by central organizations so they don't worry about things that can threaten their economy.

[carlisle1]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

thats good initiative from chinese government because this will bring more accurate usage of crypto in their country since the adoption is starting now.this means that China is serious on their plan of accepting blockchain.
this is only a partial result because people from china or those who are relying on this country .

[Angi]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

Well, this is a new step for changing. the illegal activities will diminish and those who will make a scam doings like other exchanges will afraid. in china they had a lot of exchanges or mostly of exchanges are made there. the top 5 exchanges on cmc are located in china so sure they are affected. they will if they do illegal activities. so soon we can be sure that our funds is in good hands if china is going to regulate it.

[conex]

China has taken the right step looking at the future! The Chinese government is aware of the risks related to cryptos and decentralization! They are aware that serious financial frauds can be organized using cryptos and hence they want to roll out strict regulations to prevent such misconducts from happening! That makes sense!

However, don't link the current downfall with this announcement! Such news may have affected botcoin's price to a certain extent but not entirely! There are other things that might have played their part as well! Don't forget about upcoming black friday and Christmas!

Agree. It's impossible to say that just news from China 100% affected the price during last week. Thank you for reminding me about black friday!

[BChydro]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. 

If they are looking for illegal activity and fake volumes and market manipulation then it is a good initiative by the government rather than a bad one, right now the market is recovering as i speak and it was evident that they have no plans to boost the currency part of blockchain but they will be implementing blockchain for their personal gains and hence these are not that of a surprise that they will implement strict control over the market.

[Kemarit]

Well, there's a new saying in crypto sphere right now, "China shows that they have unban crypto, so that they can ban it again", LOL. Next to Russia, China is the most inconsistent as far as their support on crypto, in my opinion. That's why I take everything with a bag of salt news coming from China here. The only thing that is clear right now is that they are into blockchain and they're the leading country as far as filing a blockchain patent and it looks like they wanted to be a step ahead on this game.

[kissme09]

Take a look at how China has treated google and facebook. They have sought to create the social network, the search network of their country. They create domestic e-commerce sites. Bitcoin and other cryptocurrencies are the technologies they have learned and the next step is that they seek to kill bitcoin and other cryptocurrencies to build their crypto. China has more than 1 billion people and they are aware that the market from their country is potential.
In terms of human resources, they have enough programmers to create their own blockchain.

[yoseph]

Take a look at how China has treated google and facebook. They have sought to create the social network, the search network of their country. They create domestic e-commerce sites. Bitcoin and other cryptocurrencies are the technologies they have learned and the next step is that they seek to kill bitcoin and other cryptocurrencies to build their crypto. China has more than 1 billion people and they are aware that the market from their country is potential.
In terms of human resources, they have enough programmers to create their own blockchain.

It's indeed true,  there has been a trend whenever something comes from the western world,  Instead of z China going with the flow, they just decide to create a version of the very same thing or I will say duplicate it for its citizens for their very own reasons. With their stance against cryptocurrencies it wouldn't be surprising to see them outing their very own cryptocurrency.

[Hamphser]

This is the wrong policy for China regarding cryptocurrencies, they should stop.

What can you do to stop them? Go and tell them to stop this because this is not the right way?
China has the right to do it because they know the risk of having a cryptocurrency for trading. They are now focusing on making their own centralised cryptocurrency that only the government can handle. I don't know what would be the result of that but chinese people would eventually support that.

[bitvalak]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

The good side is that it can be a filter for fake projects, so that projects that are properly maintained can be justified legally.
Because of illegal projects I could have the potential for money laundering which would also harm many people including investors and users.