China issue a nationwide ban on cryptocurrency mining,

[MiF]

Bearish news guys,SHANGHAI, Sept 24 (Reuters) - China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity in trading of bitcoin and other virtual currencies and issuing a nationwide ban on cryptocurrency mining.

China's State Council, or cabinet, vowed in May to crack down on bitcoin mining and trading as part of efforts to fend off financial risk.
This will surely make the Bitcoin price drop what is your comments about it, is this the Chinese strategy to earn by buying btc from panic sellers or what?

[1714753102]

1714753102

[zanezane]

That's a BS, they're obviously trying to make way for their digital yuan that's why they're cracking down on crypto and masking it as a protection from financial risk which isn't a thing that can happen when you're not greedy when you get into crypto.

[Dhoe]

China has banned crypto exchanges and coin offerings. However China has not banned individuals from owning cryptocurrencies. Financial institutions in China may not provide cryptocurrency savings, trust or underwriting services. Such a ban is not the first time China has put pressure on digital currencies. Earlier in 2017, China closed its local cryptocurrency exchange so that the speculative market could not contribute up to 90 percent of the world's bitcoin trading. I think China wants to develop their yuan currency. China is afraid of being rivaled by cryptocurrencies..

[20kevin20]

How many times will this happen again and again until people finally realize this is just a strategy on their side and nothing else? It already got quite boring for me to hear about China crackdowns, lol. They've been doing this for years and they will continue to, especially since they know that these news have a strong impact on prices.

[NeuroticFish]

This is basically old news revived. And the topic is already discussed here: https://bitcointalk.org/index.php?topic=5361664

[adzino]

Bearish news guys,SHANGHAI, Sept 24 (Reuters) - China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity in trading of bitcoin and other virtual currencies and issuing a nationwide ban on cryptocurrency mining.

China's State Council, or cabinet, vowed in May to crack down on bitcoin mining and trading as part of efforts to fend off financial risk.
This will surely make the Bitcoin price drop what is your comments about it, is this the Chinese strategy to earn by buying btc from panic sellers or what?

I have been hearing this same shitty news for like few months. How many times are they doing to "ban" mining? I thought they already did this few months ago and all miners moved their business somewhere else better and cheaper. Are the media (or China) still trying to spread FUDs based on this event? No one now really cares what China is doing. They hate bitcoin because they want to introduce their own centralized state crypto currency.

[marilynmanson21]

The issue of bans for mining in China has always been a negative news tool for bitcoin and because of this news Bitcoin has experienced a fairly weak price decline, until when will China spread negative news like this in order to increase its digital currency, and make bitcoin uncertain where the trend is going

[swogerino]

I think now even China can be considered a dictatorship as the government and the PBOC(People Bank of China) are trying to force their way in their fight against cryptocurrencies.They say they have done this because it was impacting their economy but I think this is not correct,their economy just like any other economy was hit by the pandemic.The pandemic (Covid 19) where did it originally generated from?You guessed it,China.They are only to blame themselves as they will not win the war against crypto no matter what they do,nor will any other country as long as crypto remains decentralized.

[ice18]

Oh so its the reason why market is bleeding right now? China never stops to amaze the world by its never ending bans, FUD, that creating panic to every crypto people. Im not really concerned anymore with this kind of actions by China like its normal now and not new, so we have to accept this like a simple news to ignore, eventually after this bans in mining, another country will replaced legalized and accept bitcoin mining.

[Kelvinid]

That's a BS, they're obviously trying to make way for their digital yuan that's why they're cracking down on crypto and masking it as a protection from financial risk which isn't a thing that can happen when you're not greedy when you get into crypto.

Well, we have nothing to do with this. China is definitely doesn't want crypto anymore and this another set of the ban issued to all crypto mining industry has a huge impact on the market. I'm not sure if this will address their concern of protecting their economy. I don't find this a simple attempt to combat the spread of crypto but this was so-called greediness in power and they have to do everything just to put an end.

I'll expect a price fall not today but in the coming days unless if people would never think of this as a big issue that leads to worries.

[Bazley]

This has been taken for granted, and Chinese investors have not panicked. After all, such news has appeared many times. It is impossible for them to hand over their chips through such information.
Unless it is declared that personal possession is also an offence. OP didn't understand the content of the news well.

[cabron]

So the previous ban in Bitcoin mining is different from the cryptocurrency mining they're doing today?

Their government itself somehow is confused about what its doing but the Chinese BTC investors are ignoring the government bans already, the mining may be banned there but they just can't make BTC stop because even the biggest businesses in China include the tech companies who are also engaging in cryptocurrency.

[blckhawk]

there are several countries that are trying to ban cryptocurrency mining due to various reasons, i think the main reason they are trying to ban crypto mining is due to that crypto can be used in illegal purposes and since trading in crypto is anonymous in the web then tracking this transactions can be very hard for them and will only delay the investigation when it comes to apprehending the perpetrators

[Kittygalore]

there are several countries that are trying to ban cryptocurrency mining due to various reasons, i think the main reason they are trying to ban crypto mining is due to that crypto can be used in illegal purposes and since trading in crypto is anonymous in the web then tracking this transactions can be very hard for them and will only delay the investigation when it comes to apprehending the perpetrators

It's not really the case, crypto is traceable and most government have their own ways to trace those crypto if it ever fall to the wrong hands, although it's going to need a lot of patience and grit though. It has been a decade already, pretty sure that tracking technology has advanced already.

[Wind_FURY]

If other countries starts to follow China’s ban on mining because it’s “BAD FOR THE ENVIRONMENT”, then those “green energy” hypocrites, and the stupid politicians behind the government should study the current situation with “green energy, and reconsider, https://news.sky.com/story/climate-change-draxs-renewable-energy-plant-is-uks-biggest-co2-emitter-analysis-claims-12428130

A government-subsidised renewable energy plant run by Drax is the biggest single source of carbon dioxide in the UK, according to new analysis shared exclusively with Sky News.

[Tolosi]

China will not allow bitcoin to be world's principal currency until the ownership of the first early mined 1.000.000 Btc is clarified. I think it is very reasonable.

[impulse709]

Bearish news guys,SHANGHAI, Sept 24 (Reuters) - China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity in trading of bitcoin and other virtual currencies and issuing a nationwide ban on cryptocurrency mining.

China's State Council, or cabinet, vowed in May to crack down on bitcoin mining and trading as part of efforts to fend off financial risk.
This will surely make the Bitcoin price drop what is your comments about it, is this the Chinese strategy to earn by buying btc from panic sellers or what?

This is an obvious conspiracy that about their currency dominance they want dictatorship over digital yuan and get rid of cryptocurrencies and that's why they ban people from using BTC destroy all cryptocurrencies. But this I have witnessed over and over again over the years and these ends are not fulfilled but instead they surreptitiously buy cheap BTC from the crypto market from new entrants in the market. they manipulate their emotions and selling cheap is what they want.

[Dave1]

China will not allow bitcoin to be world's principal currency until the ownership of the first early mined 1.000.000 Btc is clarified. I think it is very reasonable.

But who says that bitcoin will become the world's principal currency? Still the US dollar is on top and then Yuan trying to be the next.

Those arguments against bitcoin's having a bad effect on the environment is total bulls**t. It's quite misleading actually, as there are a lot of industries that contribute more to the green house effect. Bitcoin mining is not one of them, China just created negative news about it because they have their own narrative behind.

[rodskee]

Bearish news guys,SHANGHAI, Sept 24 (Reuters) - China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity in trading of bitcoin and other virtual currencies and issuing a nationwide ban on cryptocurrency mining.

China's State Council, or cabinet, vowed in May to crack down on bitcoin mining and trading as part of efforts to fend off financial risk.
This will surely make the Bitcoin price drop what is your comments about it, is this the Chinese strategy to earn by buying btc from panic sellers or what?

Thank you with this action they made , because now at least the crypto world can act without them(China) and can focus in developing not adding them as part of it.

for how many times they become the root of Fud and other negative reactions here in our market, but now that they weren't here , then many doors open up and welcoming what they are trashing.

now look at the market after a Month you created this post?

[Greatest2020]

I feel they have really done enough and people are already getting bored of hearing them ban Bitcoin more than 2twice a week. They should do everything they wish once and rest, Bitcoin is now bigger than anyone or country.