China implements new strict controls on Cryptocurrency

[the rise]

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.

when talking about adoption and acceptance from the government, we are certainly aware of the rules of the game they will set. So far, what PBOC has done is correct to eliminate negative tendencies. I am sure they will also be more stringent for what coins can be traded someday, even tighter than what the US has done. The economic motives of sovereignty must always meet the element of profit for the country itself.

[senne]

This can be helpful in curbing the crime related to cryptocurrency.
The crime rate has almost doubled since the last year. This step from the Chinese government for curbing illegal activities in fact will help in increasing the positivity around the crypto space and might bring more of traditional investors towards cryptocurrencies as the only thing traditional investors fear of was no regulations.

[redsun114]

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.

Even I agree with this. China is trying to maximize the use of cryptocurrencies reading their this news and I think that they might also depict the rate of crime using cryptocurrencies but thinking rationally it is a challenging task. We all know how bitcoins are been used in the illegal activities anonymously and even if the records are tracked, it would not be easy to find out the source of the incoming funds as there already are a lot of mixers and those stuffs.

Talking about the price dump, any great news from china impacts on the price of bitcoins because the population of china which is the world top country in terms of population. Now, we can imagine the number of investors from china and any news about the cryptocurrencies from their government might create a panic situation and it might surely affect in the price dump.

[shoreno]

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.

telling them to stop isnt really consider as a wrong way but as long as you have a valid reason to support your advocacy of stopping them who knows they might change thier mind and realize thier mistakes but i also think that they are doin this for a reason and one of those reason i think is because they are now creating thier own centralized crypto but i also dont think that all chinese citizens will embrace it because i think that being too centralized isnt good anymore

[Tcode53]

China is pushing towards Global Blockchain Dominance by implementing nee strict controls on cryptocurrency, apparently this is not the first time we will see such news from the chinese government. But this is a huge step in the right direction.

[vintages]

I still don't want to associate or believe that it is this same news that caused the price of Bitcoin to go down. But as you know it, people will believe anything as the cause of Bitcoin price dip, especially when it has to do with China. Normally people associating the blockchain technology with cryptocurrency is a normal thing.
The blockchain technology became popular because of the cryptocurrency; not much about it was known till Bitcoin into the light.

[Eugenar]

I still don't want to associate or believe that it is this same news that caused the price of Bitcoin to go down. But as you know it, people will believe anything as the cause of Bitcoin price dip, especially when it has to do with China. Normally people associating the blockchain technology with cryptocurrency is a normal thing.
The blockchain technology became popular because of the cryptocurrency; not much about it was known till Bitcoin into the light.

Definitely not the reason why, I see the market is just undergoing market correction from the previous increase, and will soon increase again for another reason of halving. going back to the topic, what China is doing to the blockchain implementations is an ideal thing most blockchain enthsiast country should do. In order to avoid frauds and scams, they should regulate blockchain like the way Chinese does. For this reason, only the chosen worthy blockchain projects would be in the market.

[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.

telling them to stop isnt really consider as a wrong way but as long as you have a valid reason to support your advocacy of stopping them who knows they might change thier mind and realize thier mistakes but i also think that they are doin this for a reason and one of those reason i think is because they are now creating thier own centralized crypto but i also dont think that all chinese citizens will embrace it because i think that being too centralized isnt good anymore

The government isn't fan of negotiation because before they make an action there is always a meeting about of that certain problem. The citizens could do is only to complain and suggest but i don't think there would be someone will going to complain to the government about of dealing with cryptocurrency.

[Zeke_23]

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.

telling them to stop isnt really consider as a wrong way but as long as you have a valid reason to support your advocacy of stopping them who knows they might change thier mind and realize thier mistakes but i also think that they are doin this for a reason and one of those reason i think is because they are now creating thier own centralized crypto but i also dont think that all chinese citizens will embrace it because i think that being too centralized isnt good anymore

The government isn't fan of negotiation because before they make an action there is always a meeting about of that certain problem. The citizens could do is only to complain and suggest but i don't think there would be someone will going to complain to the government about of dealing with cryptocurrency.

Because they are a powerful country and independent when it comes to making decision for the own good of their own country. If some people will stop the government, even if you have justified what you want to say, before you even finish speaking, they already have an answer to defend their decision and that will makke them really good when it comes to making actions

[anoufal]

Why would they do that? Why do they want to control everything? After all, crypto can bring much more benefit if everyone can fully use it.

[Clement Kaliyar]

Why would they do that? Why do they want to control everything? After all, crypto can bring much more benefit if everyone can fully use it.

Welcome to the news about countries trying to control the largest population in the world, it is expected China would come up with something to restrict the use of cryptocurrency when they were promoting blockchain last week and i am sure they are planning their version of digital coin and they might even force everyone to use that, China does not control the world market.

[Zionatin]

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!

They want to control their people. They know blockchain technology is here to stay but they want to keep the value to their own country and that is why they want their own currency so the money stays with the government.
I am not sure what illegal activities they are talking about but if mining bitcoin is one of them and you supporting that well... Why are you here then? Do you know exactly what steps China will take because I don't?

[annylawrence]

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.

Don’t you think that china are even the biggest whales that we have in this cryptocurrency sphere, because it was just barely a month that their president came up with this same block chain speech/ cryptocurrency that looks like it favored bitcoin through the declaration of support for it and made the price of bitcoin to spike to $9000, now  they are coming up with this story again, which they know would crash the market so they can get the opportunity to buy and accumulate at a cheaper rate again.

I am expecting them to come up with another favorable speech again that will make people to start investing out of fomo that would make the price to spike again. Anyway, they have some good and valid point here which I don't think is enough to have crashed the value of bitcoin this much.

[ntsdm1]

China is pushing towards Global Blockchain Dominance by implementing nee strict controls on cryptocurrency, apparently this is not the first time we will see such news from the chinese government. But this is a huge step in the right direction.

In any case, there will be ways around this control.There are a lot of anonymous crypto-currencies, the movement between the wallets of which is simply impossible to track.But it is better of course to carry out transactions legally to avoid unnecessary problems.I think the Chinese authorities will cope with their task.

[MFahad]

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.

You are right, we cannot control the Chinese people and we need to understand that the impact of china over the bitcoin is low. They can implement whatever rule they think is good for them and if they want to restrict the use of crypto in their country, that will only harm them.

[conex]

There's a lot going on in China atm, not sure if this article is relevant but if it's ture: https://beincrypto.com/china-experiences-second-major-bank-run-this-month-further-highlighting-a-need-for-digital-currencies/ ....

[airdnasxela]

It possibly affect the price of Bitcoin but there's no assurance that it is the major reason. Based on what you have said, aren't the government just preventing illegal activities using cryptocurrency to happen in China? Nevertheless, China is really up to something. They won't act like this if they don't have something. Sooner or in the next years, they might have launched their own cryptocurrency.

[worldtraveller321]

let's hope china doesnt control the world

[todiboa]

China may be affected by such actions. Now too many people use cryptocurrency, and if the government restricts cryptocurrency in the country, people may not agree with this and arrange a protest. Moreover, the situation in the country is tense

[xiboothrezi]

This is what I like most from China. The Chinese government is serious about handling and developing its technology along with the blockchain. They are also committed to providing education that is truly trusted and informative to their citizens by monitoring the circulation of news about blockchain that is not true. Look at their seriousness. In the next few years, China will become the leading position in the emerging field of blockchain