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[Kopetunto]

I haven't heard this news on several telegram channels, usually if there is bad news it will spread there,
but this hasn't, is this part of Fud? If HongKong does plan to block cryptocurrencies it will be very bad for Bitcoin..
and I also see that the price of Bitcoin is increasing even though this news is published.

[el kaka22]

Iran also uses crypto to go around the ban from USA, so as you can see there are nations that uses it for something to help themselves and there are nations that uses it to ban it and make it illegal, governments differ from each other and none of them can do anything about it.

Iran has already used crypto without government accepting it as a legal matter, they were selling stuff and buying stuff from other nations using bitcoin way before government got involved, and Hong Kong will maybe not use retail trading obviously, but they will find a way to get around the law and do it anyway without caring about government allowing it or not. If bitcoin people cared about what governments thought about us, we wouldn't have been here, we ignored them to grow this big and made them acknowledge us.

[DrG]

I haven't heard this news on several telegram channels, usually if there is bad news it will spread there,
but this hasn't, is this part of Fud? If HongKong does plan to block cryptocurrencies it will be very bad for Bitcoin..
and I also see that the price of Bitcoin is increasing even though this news is published.

How do you figure "it will be very bad for Bitcoin..". China blocked bitcoin over 5 years ago and yet they make most of the crypto mining hardware (ASICs and GPUs alike). I conceed that Hong Kong is not China per say, but if you say that in Beijing good luck on seeing sunshine for 10 years

Again it's just China trying to assert its authority over a region. China didn't build the Qinghai–Tibet railway just to make it easier for Tibetans to be tourist in China...

[TopT3ns]

In a globalized economy, these bans will have hardly any impact. The users will create accounts with cryptocurrency exchanges, which are based in countries such as South Korea or Japan. If they use a VPN, I don't think that the authorities in Hong Kong can prevent them in trading with cryptocurrencies. The only outcome will be revenue loss for the government of Hong Kong.

I think the Hong Kong government should not play a role in the income of cryptocurrency traders from their country because cryptocurrency price movements should have a volume of price movements that are not influenced by the government, I think you only need to change the DNS server IP used so you can access anywhere even though the country you prohibit access to the cryptocurrency website you can still open it.

[bits4books]

Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
a) more transparent
b) more reliable
If I know for sure that a particular coin meets the established standards, then I am much more comfortable to use it rather than some dark token that doesn't even have a team on the site.
Again , this is another step towards a long and mutually beneficial coexistence and cooperation between the state and cryptocurrencies.

I share this sentiment about regulation of exchanges being necessary for confidence in the system, and a necessary part of that is KYC.  I think it's because of the nature of how bitcoin started that so many people are opposed to it, but it's necessary to reach mass adoption. Regulation gives it legitimacy and gives people confidence there will be consequences and recourse for bad actors.

That's it.
It just so happened that without normal regulation, it is impossible to use any service and feel safe - this applies to cryptocurrencies and exchanges, among other things.
Until appearance of the normal mechanisms of regulation and asset insurance are created, as well as the most ordinary control we will not see mass legal adoption.
Yes, everyone is drowning for total decentralization and everything else, but again - it just so happened that we do not live on an island in a vast ocean where you can do whatever you want, but live in a society.

[wack slacker]

As far as I know, the protests and terrorist activities that took place last year in Hong Kong were funded by international organizations through Bitcoin and crypto. The government is not worried about citizens who own Bitcoin and cryptocurrencies participating in cryptocurrency exchanges for anti-government purposes. Hong Kong is a small country next to China and if they want to develop, they need the leadership and control from the government to avoid similar protests from happening.

[jaberwock]

If regulations makes it more tougher for a common citizen to buy cryptos then the regulations itself is the reason why things are getting more support in the dark world. So any government wants to regulate the cryptocurrency trading should take account of this or else its just the revenue loss for them since people are going to trade at some other ways.

It is similar to how some countries ban gambling and believe they are now doing good but the truth is people will find ways to gamble. Similarly you cannot stop people from buying and selling or even trading cryptocurrencies because there are countless ways to do that, there are peer to peer exchanges then there are DEX who don't need your KYC either.

I was expecting this. With every passing day, Hong Kong is losing its administrative and financial freedom and the People's Republic of China is now controlling most of the aspects there. Very soon the special privileges that are granted to Hong Kong (as per the treaty between the United Kingdom and China) will be cancelled and Hong Kong will just become another municipality within mainland China.

But actually China is the biggest mining country for Bitcoins if my facts are right because I read in an article that China produces massive mining for bitcoins and some articles even were concerned about 51% attack. So if China allows that why would they ban crypto if they are in control of Hong Kong financial decisions.

[Findingnemo]

If regulations makes it more tougher for a common citizen to buy cryptos then the regulations itself is the reason why things are getting more support in the dark world. So any government wants to regulate the cryptocurrency trading should take account of this or else its just the revenue loss for them since people are going to trade at some other ways.

It is similar to how some countries ban gambling and believe they are now doing good but the truth is people will find ways to gamble. Similarly you cannot stop people from buying and selling or even trading cryptocurrencies because there are countless ways to do that, there are peer to peer exchanges then there are DEX who don't need your KYC either.

There are decentralized exchanges there but when we want to covert fiat into crypto and vice versa the problem will exist like KYC or we maybe forced to pay higher than the market price but definitely there are ways to do and important thing is all the money goes out of the radar when government oppose such things.

[South Park]

Regulatory pressure to get more money, it appears that countries will accept digital platforms in exchange for imposing more taxes on them.
The current approach will allow many service providers to make more efforts, especially since most of them establish these companies by disregarding fraud and price manipulation.

We knew this was coming, any kind of centralization in this market can be attacked by governments because they are experts on doing exactly that, exchanges are a big weak point as instead of doing P2P trades people have decided to use centralized institutions like exchanges and governments are doing what they always do, to take a cut and try to limit the freedoms of people, this is why we need decentralized exchanges more than anything and yet it seems they are not ready to be as good as their centralized counterparts.

[Emitdama]

That depends on what they mean by retail trading of bitcoin, because anyone can decide to send Bitcoin to another person and have them give them cash, so is that what they are referring to or people who open up a business space for the main purpose of buying and selling of Bitcoin. Here that I am staying, retail is the trend and that’s because people see it as more profitable than when they are trading with exchanges.

There are always so many people that would want to sell their cryptocurrencies to you face to face than those that would make use of exchanges to sell them.

[South Park]

That depends on what they mean by retail trading of bitcoin, because anyone can decide to send Bitcoin to another person and have them give them cash, so is that what they are referring to or people who open up a business space for the main purpose of buying and selling of Bitcoin. Here that I am staying, retail is the trend and that’s because people see it as more profitable than when they are trading with exchanges.

There are always so many people that would want to sell their cryptocurrencies to you face to face than those that would make use of exchanges to sell them.

I think it is the other way around, people are choosing convenience over the ideals of bitcoin and when you add that we are in the middle of a pandemic it makes sense that people do not want to exchange bitcoins face to face and they prefer to use an exchange to do that, but we need for people to understand that while this option is available it is not the best especially if they care about their privacy which is being challenged on all fronts by governments and private corporations.