China Has Ordered All Financial Institutions To Cut Crypto -Related Services

[john1010]

The People’s Bank Of China Has Ordered All Financial Institutions To Cut Cryptocurrency -Related Services.  READ FULL DETAILS HERE:  https://worldpublicityblog.com/index.php/2021/06/25/the-peoples-bank-of-china-has-ordered-all-financial-institutions-to-cut-cryptocurrency-related-services/

This is why I hate communism, but at any rate, they don't stop this crypto revolution at any cost, people now are widely open their eyes and we don't want to control our life, finances and everything, so this news about china is nothing to do with cryptos.

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[Sithara007]

This is why I hate communism, but at any rate, they don't stop this crypto revolution at any cost, people now are widely open their eyes and we don't want to control our life, finances and everything, so this news about china is nothing to do with cryptos.

I don't know how much role Communism is playing in this, but no one can deny the fact that Chinese Yuan is in a weaker position when compared to any other asset that is protected against inflation. Each and every financial institution in China is manipulated, including the national currency and the stock market. The citizens are forced to invest in overpriced assets (stocks, real estate), since they don't have any alternate option. Bitcoin gives a lto of people that alternate option, and that is the reason why the government is getting so spooked. 

[tvplus006]

...so this news about china is nothing to do with cryptos.

Any news affects the price of the cryptocurrency, but I would like there to be more positive news than negative. But currently, such negative news from China reduces the price of the main cryptocurrency, and with it the price of all altcoins decreases. But the market will definitely adjust after this news and will continue its development.

[laohe628]

I think so too. The effect will only be temporary and accelerate the arrival of the bear market. And for the future, so to speak, it has no effect. If we could see from the future，i think the overall trend for cryptocurrencies is upward，i believe this point very strongly.

[icobits]

China made the biggest mistake in removing hashrate dominance of their country. But as always after every bull run china always announce a blanket ban on cryptocurrency. Im sure sooner or later they will change their mind but it will be too late.

[husdemba]

China's strict stance on cryptocurrencies continues. This news is pretty bad, but we're above $30000. I hope China will be alone in this war and crypto currencies will become widespread in the world. Cryptocurrencies are now an irrepressible force and everyone will learn about it 

[sapnu]

China is one of the most richest country in the world and their actions makes a huge impact on anything no matter what it is. Even on crypto, now that they are cutting off Crypto-related Services, the value of bitcoin will surely be affected. On the other hand, this might not last long as it seems to be a strategy by China as they officially open up for crypto in the future. Also, those people who are restricted will surely find a way to access crypto services still, the internet is too vast for them to settle and follow the rules set by the government.

[TWW]

China's strict stance on cryptocurrencies continues. This news is pretty bad, but we're above $30000. I hope China will be alone in this war and crypto currencies will become widespread in the world. Cryptocurrencies are now an irrepressible force and everyone will learn about it 

hopefully, there will be good news that can make up the resistance that China has made so far.
what is done will definitely have an impact on the development of crypto in China. because we know there are a large number of crypto miners in china.
looks like we are starting to need help from people like Elon in large numbers to make adoption increase in the crypto market. After a few corrections, the market is currently very vulnerable to a big dump that could happen at any time.

[john_nautica]

I am also starting to believe that this is a planned scheme by the Chinese government, to control their citizens and existing businesses and corporations in the country perhaps. Although this decision may had an impact to crypto, I agree that this won't make crypto end here, especially that many people globally are also starting to engage with crypto.

[BitTraderCute]

China's strict stance on cryptocurrencies continues. This news is pretty bad, but we're above $30000. I hope China will be alone in this war and crypto currencies will become widespread in the world. Cryptocurrencies are now an irrepressible force and everyone will learn about it 

hopefully, there will be good news that can make up the resistance that China has made so far.
what is done will definitely have an impact on the development of crypto in China. because we know there are a large number of crypto miners in china.
looks like we are starting to need help from people like Elon in large numbers to make adoption increase in the crypto market. After a few corrections, the market is currently very vulnerable to a big dump that could happen at any time.

actually no need to worry about what China doing right now, they do this not only to crypto market but it did too for another  giant tech company such as google. China will take disadvantages due this policy, they will loss billions dollar from crypto market.   

[sana54210]

Is that a reliable news website for such?

Whether China have actually did this. They've been doing this long time already and there's always the news that rotates about them about cracking down mining facilities and banning ICOs a few years ago.

If they're doing this to their financial institutions, no one can stop them but the market will continue despite of this bad news.

They have been banning all the crypto related stuff for a very long time, it is not something brand new. I would love to see them not do something like this but unfortunately they keep making it bigger and bigger and there is no way we could stop them. It means China and crypto will soon no longer be together, and all the Chinese money going into crypto will not find its way into crypto, at least not the small investor.

Big one could take his money out somehow, I do not know how they could do it, after all they are really not that familiar with how Chinese ccp works but I know that there are rich people who buy stuff overseas, they could do it like that. All in all it is china, do not expect them to be fair about anything, they will only care about what they can put their hands on, if they can charge taxes, and very high ones at that, on crypto, they will suddenly support it as well.

[Tessnik]

China has always been on an offensive side with cryptocurrency, the government has banned most activities as it relates to bitcoin/cryptocurrency this has been for a while now. China banned has affected the entire cryptocurrency space because China houses most of the modern crypto mining farms.

[eaLiTy]

Their decision is bad for China's economy. Crypto related services in China were generated as much as ^{10-billion dollars per year} so general lost is estimated to amount up to trillion-dolar -' they are own worst enemy". Reportedly, among big Chinese names that   have already move from China are Bitmain, Blockcap and Argo Blockchain.

It is a big surprise that these news are coming out again as if these bans are new,

Here is the timeline for all their cryptocurrency related decisions.

 

• initial coin offerings (ICO)  September 2017
• People's Bank of China (PBOC) basically their central bank banned all exchange trading somewhere around 2019

Further Chinese institutional investors were banned from investing in BTCitcoin years ago and these news are coming out as if they are new decisions.
 

[JaoBadjap]

might hit the whole crpto world
but wont affect it as a whole
theres been a lot of country that tried to control or even ban crypto in there territory
but still Crypto exist and prevails
such new wont even leave a dent

[dezoel]

Today I have seen the videos of the Chinese miners closing down shop. It was on instagram and I can tell you that it is still a good thing that this is happening. At the end of the day someone else will start those machines back on and you will end up making a good amount of profit. Why would anyone care about just china? Sure that was good because they were all there but eventually we are not really thinking that people who made THAT MUCH money could potentially just stop? They are just going to find another way to get those machines working again, no matter what the method is, they will find a way and make that profit eventually again.

When you create a business and profit a ton, there is rarely any method people can stop you, this is not like a few thousand dollars, this is tens of millions of dollars and they could just cross the border and keep on profiting for sure.

[TimeTeller]

China is very strict on all cryptocurrencies. such as The mining has stopped and is prohibited from operating.

I think China's actions for financial institutions to cut crypto related services to make crypto users can't doing anything there. is there an ulterior motive?

I believe, the ulterior motive is that they have no full control about the usage of cryptocurrencies.
And knowing China, as much as possible they want to track the movements of their people.
If they will be loose about the usage of crypto, they won't know the full movement of funds.
However, this restriction won't stop their crypto users to continue their crypto involvement.
They will always find a way how to go around from these restrictions.

[TastyChillySauce00]

China is very strict on all cryptocurrencies. such as The mining has stopped and is prohibited from operating.

I think China's actions for financial institutions to cut crypto related services to make crypto users can't doing anything there. is there an ulterior motive?

I believe, the ulterior motive is that they have no full control about the usage of cryptocurrencies.
And knowing China, as much as possible they want to track the movements of their people.
If they will be loose about the usage of crypto, they won't know the full movement of funds.
However, this restriction won't stop their crypto users to continue their crypto involvement.
They will always find a way how to go around from these restrictions.

I think their ulterior motive isn't to control crypto but to keep people from using crypto because they about to launch their own CBDC. Basically they just want to make the market available for their own digital currency so that it could become a huge market instantly and the mining crackdown was due to their power outage that has happened some time ago which actually is good to decentralized the hash rate to some extent, just see how the miners are moving out from china to some other countries with less authoritative government.

[bitgolden]

When you create a business and profit a ton, there is rarely any method people can stop you, this is not like a few thousand dollars, this is tens of millions of dollars and they could just cross the border and keep on profiting for sure.

I agree with your point. Honestly we never need to worry about the recent stand of Chinese government against crypto related operations. When people have already made and used to lots of profits out of their crypto operations then definitely they will think about migrate into different country so that they will get back to their same profitable business.

I believe already most of Chinese bitcoin miners might have planned up like this and this is the reason I keep on saying we never need to worry about China's ban on crypto operations and never need to sell off our bitcoin holding.

is there an ulterior motive?

Yeah, this might for the intention of making their digital yuvan more familiar and adopted instinctively by their own people. But, I strongly believe these cannot definitely stop people making use of bitcoins.

[Anonylz]

It's not totally correct. China is trying to restrict the use of global decentralized crypto while promoting digital version of it's currency and other regional and tokens. They are also promoting the use of blockchain in everything from agriculture to supply chain.
Even though they are trying to block bitcoin and other crypto, Chinese are still more interested in them. P2P trade are getting more popular in China.

What better way to promote their own than to try by any means necessary to destroy the already existing one, at least now we know what their intentions are, they are not fighting crypto and blockchain per say they are only making way for their own digital currency to flourish, Goodluck to them on this, I hope their idea can only remain within their location because no other country will be interested in their digital currency.

[bots1]

One of the reasons for the decline in the price of Bitcoin is because Chinese financial institutions have banned cryptocurrency transactions. This ban is the second time since 2017. But I believe that even though there is negative sentiment from China, the possibility of bitcoin prices rising again is certainly still there. Especially when considering bitcoin's strong and solid fundamentals and its limited number