China bans Bitcoin again in 2021

[virasog]

China bans bitcoin again in 2021.
Another fud in the bull run.  



https://twitter.com/Reuters/status/1394665379616673792

[Republikcoin.com]

I feel familiar again that the cycle in 2017 is repeating itself. We all understand and we all know that China is doing the same thing when Bitcoin gains popularity, there will be a big drama going on so that the Bitcoin price really hits its bottom. From this I can already guess, that the price of Bitcoin in the future will experience a very great increase and will even reach the latest ATH again.

When China tries to discount the price of Bitcoin, we must be prepared to fill our bag by buying it at a low price.

[Anonylz]

China and their fud ban of crypto is already growing out of fashion, honestly nobody should take them seriously this time, they are at liberty to do as they please with their free time, only if the btc community can ignore them and carry on with their crypto lives it would have been better, if they can't beat btc then should join already, no need for this cat and mouse game.

[DooMAD]

Another fud in the bull run. 

If you're averse to FUD, then try to make the title of your topic less misleading and click-bait-y.  Restricting financial institutions from using Bitcoin is not the same as an outright ban.  You need to make that clearer.

[BrewMaster]

additional to your title being the FUD i'm not sure if this even has anything to do with bitcoin. plus i'm not sure if reuters is a reliable source of news when it comes to China and bitcoin. if history is any indication thie is not an actual "law" by the government but it may be some bank making an statement or worse only an employee and they make it into news.

[lionheart78]

It seems China is so desperate to halt the progress of cryptocurrency.  They know that they will have a hard time stopping a decentralized ecosystem so they are now targeting centralized that uses cryptocurrency as their services/products.  China really never stops messing with the cryptocurrency market, I hope one day that China will gone tired and accept that cryptocurrency is the new trend.

[velosepur]

Again?! China done it already before so I dont know what to think. As I can hear people dont belive but lets follow news.

[avikz]

Isn't cryptocurrency already banned in China? I believe they had firstly banned ICOs and then they had issued banking ban on crypto businesses. I may be wrong as well.

I don't know if it is going to impact crypto market in any way, but it is going to impact the miners in China. They will probably find it difficult to convert their mined bitcoin into Cash. Also the administration is very strict, that it is difficult to execute p2p trades as well.

But if it makes the chinese miners to leave the market, that might be great for bitcoin itself. Too much dependency on China may bring ruin on the bitcoin network.

[MIner1448]

Most likely, thanks to this decision from China, we will most likely enter crypto winter, as it was in 2017. I would really not like to see such failures in bitcoin and, therefore, in the entire cryptocurrency market, there will be an obvious collapse in prices ... It is interesting to start the craftsmen who will bypass this ban in China?

[Smartvirus]

only if the btc community can ignore them and carry on with their crypto lives it would have been better

I think this is the best way to go about them, ignore them and the bitcoin community is actually growing to realise this fact about government and antibitcoin decisions from these bodies. I'm very family with the first ban which took this nature of focusing on the institutions (financial institutions) as they are centralised and as such, can be easily controlled. I naturally thought, they would have learned there lessons by now from the effects of the first ban or perhaps, they want to crash capitalise on the chaos started by Elon Musk in the cryptosphere and further crash the price of bitcoin. Sadly, the market can always take care of itself and at the moment, a resistance is being established at $40k.

[Kabul]

China bans bitcoin again in 2021.
Another fud in the bull run.  



https://twitter.com/Reuters/status/1394665379616673792

Not a big deal since they only ban crypto institutions. Those companies can register in other countries to continue operating. China is becoming tough when bitcoin and altcoins gain huge attention but apparently, they do not want to permanent ban digital currency. I guess Chinese investors may bring a lot of money to the economy so they do not want to shut it down

[Sterbens]

whatever China throws at the media has several other meanings. China is unlikely to let go of something that has the potential to build economic growth in a more advanced direction. Bitcoin has this function, so China deliberately made the news as if they were going to ban Bitcoin mining activities and all transactions related to Bitcoin. but, the fact is why China is the biggest Bitcoin mining country if they end up banning it?

China has always had something to hide in order to trick the bitcoiners, and it is a stale strategy that China is implementing to fulfill its ambition as a superpower that dominates all sectors, let alone the economic sector which is a strong factor in realizing its ambition.

[ropyu1978]

from 2017 China has said to ban bitcoin, and now China says the same thing again about bitcoin ,, they are jealous because bitcoin is increasingly bombarding the market, actually they have been wanting to join bitcoin, and make profit through bitcoin ,, but actually China is prestigious bro ... because he hated bitcoin in the past ... that's why he's always looking for trouble with bitcoin ...

[tabas]

I agree with Doomad. The context is different from banning directly bitcoin usage and stopping financial institutions to intervene in businesses related to bitcoin/crypto.

Isn't cryptocurrency already banned in China? I believe they had firstly banned ICOs and then they had issued banking ban on crypto businesses. I may be wrong as well.

They did announce that before but it's unclear because mining farms were continuous in their operations despite the said ban years ago.

[hatshepsut93]

They didn't even do anything, they simply reminded that their financial services are not allowed to deal with cryptocurrency. Absolutely nothing changed. They did it now because of the crash, in their minds they probably think that they are protecting potential investors from losses.

This doesn't affect mining, so there's no reasons to worry about it at all.

[kawetsriyanto]

China only banned the financial or payment institution to join crypto, it doesn't mean banning crypto as a whole in China. You must revise your title @virasog, it probably makes people misunderstood, especially for those people who just reply without reading the content carefully. By the way, this kind of issue isn't something so surprising, it is something usual and actually won't give significant impacts on crypto industry. So, nothing to be worried about here, just calm down!!

[arapgeceleri]

For years, China has been constantly looking for a way to ban bitcoin. There will even be those who remember, he was constantly manipulating the market with the news about banning bitcoin in the 2017-2018 bull season. When a news headline “China banned bitcoin” was published, the market was going down. I hope they will return from their ban, which is not a good thing for both the market and Chinese investors.

[Vaculin]

For years, China has been constantly looking for a way to ban bitcoin. There will even be those who remember, he was constantly manipulating the market with the news about banning bitcoin in the 2017-2018 bull season. When a news headline “China banned bitcoin” was published, the market was going down. I hope they will return from their ban, which is not a good thing for both the market and Chinese investors.

The news, the FUDs never gives us any surprise anymore as we keep hearing this several times. In fact, I was thinking that China is not already a part of crypto development but somehow, we are still affected by them as we know that there are numbers of the crypto mining industry in their country. Neither we don't like this to happen and never cause any downtrend but this is actually the nature of crypto and we can never change this.

[AmoreJaz]

China only banned the financial or payment institution to join crypto, it doesn't mean banning crypto as a whole in China. You must revise your title @virasog, it probably makes people misunderstood, especially for those people who just reply without reading the content carefully. By the way, this kind of issue isn't something so surprising, it is something usual and actually won't give significant impacts on crypto industry. So, nothing to be worried about here, just calm down!!

agree here. it may mislead to some wrong perspectives and so with different opinions away from the post itself. if some companies are openly stating to accept bitcoin as payment, now, they are making a statement that their financial/payment institutions are banned from doing so.
i guess, it is only a matter of time, before they change their stance here. if they see that btc is gaining strong following from their constituents, they may change again their approach. anyway, this move may contribute in the btc market, but i don't think it will significantly influence the market.

[temple]

Isn't cryptocurrency already banned in China? I believe they had firstly banned ICOs and then they had issued banking ban on crypto businesses. I may be wrong as well.

I don't know if it is going to impact crypto market in any way, but it is going to impact the miners in China. They will probably find it difficult to convert their mined bitcoin into Cash. Also the administration is very strict, that it is difficult to execute p2p trades as well.

But if it makes the chinese miners to leave the market, that might be great for bitcoin itself. Too much dependency on China may bring ruin on the bitcoin network.

I've been around for a while now and I think China bans Bitcoin three to five times per year ever since 2013 or 2014, I don't know. In this case restricting financial institutions might be a bit different. Would be good to know what exactly they want and what they restrict banks from doing. It is their only way though to stop the progress by attacking centralized institutions. They could also attack the miners but they would harm themselves by doing that as the industry in China around mining is huge.