China bans Bitcoin again in 2021

[TastyChillySauce00]

It's really hard to get China about this. It is one of the number one countries which are working to create their own digital currencies. But China is totally against the cryptocurrency market also. It thinks that allowing the cryptocurrency usage would cause yuan to devaluate.

I think it's more of reserving their own digital coni market more specifically the blockchain based ones, they are rumoured currently developing their own CBDC after all, though I believe that china will eventually lift the ban again, just see the history
of crypto mining crack down in china as well as cryptocurrency banning, in the past there's also crypto mining crack down as well in China but see crypto market still going strong and I think yuan devaluation has little to do with bitcoin.

[repear7]

I am also noticed it many place. This news can effect on bitcoin market. And bitcoin down means other cryptocurrency down. We confirmed it previously, When btc down, other cryptocurrency also down. Don't know what happen. But, i still believing present market. Cause, too much new traders entered in market.

[acener]

Then they would soon lift out the ban and the price would increase,
I wonder when would they ban it again after they decided to unban it I mean this is getting kinda regular cycle now and maybe later on we would see more country banning it to drive the price lower,
Then when it is recovering and they see that it is working well again they would unban it again to make it fly again and wait for the perfect timing to ban it again.

[infarterr]

This is the biggest factor in the decline in bitcoin prices in recent days after previously elon musk made a statement not to accept corporate transactions via bitcoin, hopefully there will be positive news about cryptocurrency so that market conditions will rise again.

[newwest]

I am also noticed it many place. This news can effect on bitcoin market. And bitcoin down means other cryptocurrency down. We confirmed it previously, When btc down, other cryptocurrency also down. Don't know what happen. But, i still believing present market. Cause, too much new traders entered in market.

Bitcoin has already being effected with the news and seeing this bleeding market is not good for any investors. As well those just in selling mode is not doing any justice to falling prices and more and more positive news now will be required to keep back the momentum upwards and keep rising.

[wallet4bitcoin]

That's not a good news. Market can be down more. Situation of recent market isn't good. This kind of news is not good at all at this time. I think we can take preparation to buy btc in low price. So, We will buy btc at right time. Everything has good and bad side.

[Dadan]

Then they would soon lift out the ban and the price would increase,
I wonder when would they ban it again after they decided to unban it I mean this is getting kinda regular cycle now and maybe later on we would see more country banning it to drive the price lower,
Then when it is recovering and they see that it is working well again they would unban it again to make it fly again and wait for the perfect timing to ban it again.

They have tightened the regulation because of the Bitcoin bull run that happens. I think it will be too hard to unban bitcoin in china as china's cabinet is cracking down on trading and bitcoin mining cryptocurrency.
Even Weibo already suspended the social media account of Huobi, Binance, and other big crypto exchange. It will be too hard for Chinese people to use Bitcoin now.

[7788bitcoin]

China has never taken a favorable view of Bitcoin. The first time they attempted a ban was in 2013, which sent Bitcoin prices crashing back then. And then from time to time, the Chinese government has caused corrections in the cryptocurrency market with their policy changes.

The problem is the community is giving too much priority for the news coming out from China in the past and i thought we are well over those period but once again it is said that the Chinese government stance against Bitcoin crashed the market, i am not sure whether those are facts but one thing is certain many liquidated their Bitcoin.

But all that said, it is important to note that China hasn't explicitly banned Bitcoin. The ban only covers conversion of Bitcoin to fiat (and vice versa). Chinese nationals are free to do Bitcoin trading using stablecoins.

So does that mean they can purchase stablecoins with Fiat, if that is the case then there is literally no issue in purchasing any other cryptocurrency as well.

[michellee]

Then they would soon lift out the ban and the price would increase,
I wonder when would they ban it again after they decided to unban it I mean this is getting kinda regular cycle now and maybe later on we would see more country banning it to drive the price lower,
Then when it is recovering and they see that it is working well again they would unban it again to make it fly again and wait for the perfect timing to ban it again.

They have tightened the regulation because of the Bitcoin bull run that happens. I think it will be too hard to unban bitcoin in china as china's cabinet is cracking down on trading and bitcoin mining cryptocurrency.
Even Weibo already suspended the social media account of Huobi, Binance, and other big crypto exchange. It will be too hard for Chinese people to use Bitcoin now.

I think the Chinese government is not serious about banning bitcoin because bitcoin already exists and help their people. The Chinese government has already learned a lot about bitcoin technology, and they want to launch their digital money to compete with the other digital money.

But all in all, we do not know their reason to ban bitcoin, especially if they know the benefits of bitcoin. Hopefully, they will really ban bitcoin.

[KeikoKitagawa18]

Information about this continues to be used to scare people, I really believe there is a group of rich people who have the power to manipulate this news. So they can buy coins at a low price.

[int03h]

The crackdown on Bitcoin mining activities in China has been going on for years and I see nothing new. This time the Chinese government only insisted one more time. I think this is not new news and this is just a reason for the big boys in the crypto market to manipulate the market profoundly. Buying cheap Bitcoin happened quickly and there were thousands of Bitcoins moving out of exchanges after Bitcoin dropped to $30,000.

[Vishnu.Reang]

The crackdown on Bitcoin mining activities in China has been going on for years and I see nothing new. This time the Chinese government only insisted one more time. I think this is not new news and this is just a reason for the big boys in the crypto market to manipulate the market profoundly. Buying cheap Bitcoin happened quickly and there were thousands of Bitcoins moving out of exchanges after Bitcoin dropped to $30,000.

The Chinese government causes a crash in the cryptocurrency market every now and then. And this makes me suspicious. Are they manipulating the market, so that their miners and traders could accumulate cheap coins? Let's not forget the fact that the Chinese Yuan is one of the most manipulated currencies in the world. If the Chinese government can manipulate their national currency, then what stops them from manipulating the cryptocurrency market?

[MishaSER]

The crackdown on Bitcoin mining activities in China has been going on for years and I see nothing new. This time the Chinese government only insisted one more time. I think this is not new news and this is just a reason for the big boys in the crypto market to manipulate the market profoundly. Buying cheap Bitcoin happened quickly and there were thousands of Bitcoins moving out of exchanges after Bitcoin dropped to $30,000.

The Chinese government causes a crash in the cryptocurrency market every now and then. And this makes me suspicious. Are they manipulating the market, so that their miners and traders could accumulate cheap coins? Let's not forget the fact that the Chinese Yuan is one of the most manipulated currencies in the world. If the Chinese government can manipulate their national currency, then what stops them from manipulating the cryptocurrency market?

As far as I know, China does not prohibit cryptocurrency, China is fighting fraudsters. They have been struggling with this for several years, just people read the headline, this is Clickbait and people believe in it.

[pinggoki]

There's no new here, we clearly see how China to ban bitcoin mining way back before and another one is that China also bans bitcoin transactions in their country so this news is nothing new anymore but as we are having this bad news to the crypto industry it also affects on the market situation in which this news goes along with the sudden crash of the market and I think that this is also another factor why the market is currently crashing right now.

[Vishnu.Reang]

As far as I know, China does not prohibit cryptocurrency, China is fighting fraudsters. They have been struggling with this for several years, just people read the headline, this is Clickbait and people believe in it.

Well.. that may be true. I am unable to verify myself, because the statements from the Chinese central bank are not available in English. Anyway, I had my doubt that the market was over-reacting. Because if the Chinese government is serious about banning Bitcoin, then first of all they should close down the giant mining farms that are operating in China. From looking at the mining hash rate, it is clear that most of these mining farms are still operational.

[ivankoh]

It seems accurate that history doesn't go back a 2nd time with a similar big abattoir in 2018, but the birth of XCH made something of a decision between the larger correction that the  Market makers are consolidating, whales continue to hold over 90 wallets containing over $10k in bitcoins.  It has been reported that there will be big explosions that I have not seen a large enough resistance to wick.

[justbrazzi]

it's strange to me that many people are panic selling after seeing headlines like this. i think china's ban of bitcoin is a good thing, will actually debunk bitcoin's environmental impact argument even more. this dip might be a good thing for the community in a long run, and you know the big whales aren't just gonna sit by and do nothing about it. people are so caught up with the market price and don't even realize that the volume is still going strong. XD

[Dadan]

As far as I know, China does not prohibit cryptocurrency, China is fighting fraudsters. They have been struggling with this for several years, just people read the headline, this is Clickbait and people believe in it.

Well.. that may be true. I am unable to verify myself, because the statements from the Chinese central bank are not available in English. Anyway, I had my doubt that the market was over-reacting. Because if the Chinese government is serious about banning Bitcoin, then first of all they should close down the giant mining farms that are operating in China. From looking at the mining hash rate, it is clear that most of these mining farms are still operational.

It's true that china ban bitcoin. It's all over the news. China is cracking down on bitcoin mining and trading activities, I guess, to protect their financial system. China has a large bitcoin mining of over 70%, according to the news outlet. I think that's the reason why Bitcoin keeps getting down. Some big crypto exchange that based in china already relocated overseas to avoid this issue.

[tabas]

It's true that china ban bitcoin. It's all over the news. China is cracking down on bitcoin mining and trading activities, I guess, to protect their financial system. China has a large bitcoin mining of over 70%, according to the news outlet. I think that's the reason why Bitcoin keeps getting down. Some big crypto exchange that based in china already relocated overseas to avoid this issue.

Just so you know that the media has been putting that news on fiesta for how many years already. They never stop putting that news and whoever funded that really is manipulating the market.
China has banned bitcoin yet there are still a lot of miners that are actively continuing their operations. It's better to hear an actual news coming from a legitimate source in China than of those mainstream US media.

[Asuspawer09]

I mean that is just some market manipulation just like what happened in the past, It is already a thing that China does making a lot of bad news about cryptocurrency or bitcoin to manipulate it.

Something like this announcement cannot really ban bitcoin at some point since bitcoin is like the internet and people could still buy it if they do nothing and just announce it.

If they really want to ban it they most likely going to ban the mining in their country as well but since China is one of the tops when it comes to mining cryptocurrency so they will never do that even do they have the power to obviously fully banned it since they get a big amount from it obviously.