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

[icobits]

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

What is new with this regime, Nothing. They will keep banning things that they cannot control. Looks like they dont have control over bitcoin miners that why they decided to start banning them. The environment reason is just a smokescreen since they keep building coal power plant.

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[Cute Doggo]

It is very sad for chinese people to be treated not liberal by Xi Jin Pooh.
If a chinese citizen want to buy Bitcoin, he can't and won't make any profits from it. It is not very good for himself and also not very good from China government because people can't make money from Bitcoin.
It is very bad for China also because no taxes from profits and more purchases when people have more money for purchased from Crypto profits are taxed.

[DrBeer]

I do not think that it was this news that collapsed the work of the crypto market - almost minus $ 1 trillion of capitalization, fell from $ 2.4 trillion to $ 1.3 trillion. But the influence of China on the crypto market is, and the policy of prohibitions in China can significantly affect the crypto market, and "steal" the profits of not the fastest traders. In a word, nothing terrible probably happened, but the risks are different from 0, that China's policy will "remind" itself more than once ...

[South Park]

So much for being a super power 

Why go through all this and not learn from the technology, maybe embrace it to your advantage...of course you can't have it but you can make it your second home.

I guess it's too late to reverse these decisions, I hear miners are packing out their Riggs and leaving China 🇨🇳....

This is simple, no government wants to lose control and this is even more true for the Chinese government that is doing everything they can to monitor their citizens, they are afraid that if they allow bitcoin to flourish then people are going to ignore the regulations they have put in place, and lets be honest they are right, people want to experience as much freedom as they can and this is not possible when the government is as oppressive as the Chinese government is.

[asriloni]

Its a bad decision from China govt, they didnt support their miners to keep a Hash Dominancy on Bitcoin, now U.S will take the opportunity to have the dominance. or Maybe Russia.

It's not US nor rusia but the miners already proposed another country as the next country to migrate their mining rig. You must read that on the latest news if the miners will be going to another country to continue their operation as the china regulation already stricted them all to mine bitcoin while they are still very profitable to mine bitcoin.
Rusia is too far for the miners to migrate their mining rig and that's quite impossible to happen dude.

[criket]

I also heard this and it did affect market conditions. we see so many crypto miners in china who have to move their devices if they want to continue their work.
I don't know what China's problem is with crypto, but they always do it. or indeed they are really afraid of bitcoin and crypto rule the world financial system. I think there is something wrong with the reception system in China.

[coinfoundry]

Good, the less the Chinese meddle with any market in any shape or form, the better for the rest of the world.

[tvplus006]

I also heard this and it did affect market conditions. we see so many crypto miners in china who have to move their devices if they want to continue their work...

After the migration of miners is over, we can expect even greater decentralization of bitcoin, since mining pools will be dispersed across different countries. Thus, the Chinese government will no longer be able to influence the hashrate of the network with its bans.

[Argoo]

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/

Which time is China wanting to ban Bitcoin? Nothing will happen, and in a few months, China will change its policy and start liking Bitcoin or even finally launch its own cryptocurrency. Or maybe this is just preparation for introducing their own digital currency ?! Nothing in this country will surprise me when it comes to their politics. I would not be surprised even if they themselves intended to invest in cryptocurrencies and for this they cause price drops.

Of course, first of all, the Chinese government, before officially launching its digitized yuan, begins to get rid of possible competitors, which are cryptocurrency. Therefore, it is no coincidence that the topic of high energy consumption when mining bitcoin began to be raised once again, and then, in general, the restriction and prohibition of the circulation of cryptocurrency, which is expressed in the fact that all state financial and other bodies do not provide any services in cryptocurrency. It was worth expecting and especially expecting such a step from the Chinese government, which has always chosen its own way of developing its economy. Moreover, it should be noted that it does this not unsuccessfully.

[South Park]

I also heard this and it did affect market conditions. we see so many crypto miners in china who have to move their devices if they want to continue their work.
I don't know what China's problem is with crypto, but they always do it. or indeed they are really afraid of bitcoin and crypto rule the world financial system. I think there is something wrong with the reception system in China.

It is not difficult to see why they fear bitcoin and the market of cryptocurrencies in general, China has a very strong control of the economy and their citizens and they try to monitor everything they do, bitcoin allows their citizens to experiment freedom like they have never experienced, this could be bad for them as this could eventually lead to people asking for more freedoms and social movements taking place in the country that cannot be stopped, so they are trying to stop this and the best way to do it is by slowly disallow and ban cryptocurrencies.

[jambul_kribo]

I also heard this and it did affect market conditions. we see so many crypto miners in china who have to move their devices if they want to continue their work...

After the migration of miners is over, we can expect even greater decentralization of bitcoin, since mining pools will be dispersed across different countries. Thus, the Chinese government will no longer be able to influence the hashrate of the network with its bans.

no more spread from china that will attact cryptocurrency market. if miners totally spread around in the world and no only centralized in china , this country will not have super influence again to crypto market. this is make balances and truely decentralized , for long term purpose this is will give great impact to cryptocurrency price.

[Henrobakkara]

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/

We believe that cryptocurrencies are decentralized entity and the way China has handled Bitcoin and other cryptocurrencies have almost made it look like cryptocurrency is a China centralized currency. Everything China is doing now will be the best for Bitcoin and the general cryptocurrency even though it might hurt the space a bit but it will eventually pass and that influence will no longer be there.

[Saisher]

We believe that cryptocurrencies are decentralized entity and the way China has handled Bitcoin and other cryptocurrencies have almost made it look like cryptocurrency is a China centralized currency. Everything China is doing now will be the best for Bitcoin and the general cryptocurrency even though it might hurt the space a bit but it will eventually pass and that influence will no longer be there.

If they want to go out then we can't do anything on it, it will have little effect in the market because Bitcoin is well adopted in many countries and companies now, thanks to the Chinese for being its early supporters but it's time for the world to show that we can stand and move forward with or without China's participation, it will be better in the long run.

[viananda2525]

honestly i am very glad when China decided to crack down all miners in their area, its good step for cryptocurrency to realized true decentralized for cryptocurrency market. And when they order to financial institutions it will complete they previous policy and abandoned crypto transaction . Due this policy , soon or later China will lose their power in crypto market , it will make crypto market have good ecosystem and no more one country dominate market and controll it.

[bryant.coleman]

honestly i am very glad when China decided to crack down all miners in their area, its good step for cryptocurrency to realized true decentralized for cryptocurrency market. And when they order to financial institutions it will complete they previous policy and abandoned crypto transaction . Due this policy , soon or later China will lose their power in crypto market , it will make crypto market have good ecosystem and no more one country dominate market and controll it.

The Chinese government wants its citizens to invest in manipulated markets inside the country. Every investment option there, be it the stocks or the real exchange market, is heavily overpriced. Most of the citizens have no other option, so they make investment with these assets. But there is a vocal minority, which refuses to obey the government. They continue to ignore the  government directives, and investments are routed towards cryptocurrency using various loopholes. And at this point, I want to make on thing very clear - our opposition is towards the Chinese government and the CCP, and not towards the ordinary cryptocurrency users from that country.

[South Park]

We believe that cryptocurrencies are decentralized entity and the way China has handled Bitcoin and other cryptocurrencies have almost made it look like cryptocurrency is a China centralized currency. Everything China is doing now will be the best for Bitcoin and the general cryptocurrency even though it might hurt the space a bit but it will eventually pass and that influence will no longer be there.

If they want to go out then we can't do anything on it, it will have little effect in the market because Bitcoin is well adopted in many countries and companies now, thanks to the Chinese for being its early supporters but it's time for the world to show that we can stand and move forward with or without China's participation, it will be better in the long run.

This is a really bad move for China, it is similar to what happened to the early adopters that sold their bitcoin when it went up in price a little bit and then they missed years and years of profits, China is trying to leave the market just when bitcoin is about to explode in adoption, and the worst part is that they are doing it over nothing, they will never control bitcoin so they might as well obtain some benefits out of it, but at the end of the day that is their decision and if they want to do this then we will let them and see the politicians regret their decision in a few years.

[shogun47]

honestly i am very glad when China decided to crack down all miners in their area, its good step for cryptocurrency to realized true decentralized for cryptocurrency market. And when they order to financial institutions it will complete they previous policy and abandoned crypto transaction . Due this policy , soon or later China will lose their power in crypto market , it will make crypto market have good ecosystem and no more one country dominate market and controll it.

The Chinese government wants its citizens to invest in manipulated markets inside the country. Every investment option there, be it the stocks or the real exchange market, is heavily overpriced. Most of the citizens have no other option, so they make investment with these assets. But there is a vocal minority, which refuses to obey the government. They continue to ignore the  government directives, and investments are routed towards cryptocurrency using various loopholes. And at this point, I want to make on thing very clear - our opposition is towards the Chinese government and the CCP, and not towards the ordinary cryptocurrency users from that country.

I think nobody is against the cryptocurrency users from China, I hope so.

Concerning his argument about true decentralization, you will most likely never achieve true decentralization! You have either superior hardware which you keep to yourself or superior electricity prices, which China has.

What I am wondering about is whether the Chinese government will stick to their decision for a longer period of time or whether there will be some negotiations or certificate solutions like in Iran.

[jambul_kribo]

cryptocurrency price movements should not be affected by the bad news that is happening in China because if traders and investors are aware that bitcoin has price movements controlled by its owners, bitcoin owners can agree to stay calm and not panic and not sell bitcoin assets at low prices then it is certain that the price of bitcoin will not be affected and still have a high price.

now CHina has less power in cryptocurrency market after they crackdown miner and its moved abroad. with decentralized miner in around the world, now China only could fud by issuing negative policy. SO far cryptocurrency market have strong from billionare from any countries which is make statement added bitcoin as their investment assts. soon or later China will not be super power country in cryptocurrency market.

[Coroline]

cryptocurrency price movements should not be affected by the bad news that is happening in China because if traders and investors are aware that bitcoin has price movements controlled by its owners, bitcoin owners can agree to stay calm and not panic and not sell bitcoin assets at low prices then it is certain that the price of bitcoin will not be affected and still have a high price.

I agree with you, we know that cryptocurrencies are decentralized, and full control rests with the owner and doesn't need to be influenced by slanted news. But whether the whale is controlling prices by taking advantage of the slanted news needs to be investigated.

[ARTURVH]

This behavior is bad news for Chinese cryptocurrency investors. But this also means that more feasible methods will be invented to better serve cryptocurrency investors.Cryptocurrency investment behavior is unstoppable。Because there is profit.