China says all crypto transaction are illegal

[BaeSuzy]

Any transactions involving crypto are now deemed to be criminal financial activity. The bank told financial and internet companies to stop allowing crypto trades on their platforms. Foreign exchanges are banned from providing services to Chinese residents too. It very sad, china always doing the bad things to cryptocurrency and ruined our party.

[Natalim]

Any transactions involving crypto are now deemed to be criminal financial activity. The bank told financial and internet companies to stop allowing crypto trades on their platforms. Foreign exchanges are banned from providing services to Chinese residents too. It very sad, china always doing the bad things to cryptocurrency and ruined our party.

My sympathy is on the residents of China that are finding it more difficult for now to transact in exchanges or otherwise, they may be sanctioned. But as we all know, China has been very impulsive on their decisions so whatever comes out today, they might regret it in the future. And probably China will have to change its laws again that prohibits crypto.

However, as for the residents in China, they might hold their coins for long, or maybe sell them in other countries wherein crypto is legal.

[jakdanyel]

I was not very happy to get this news. China has been opposing cryptocurrencies a lot for a very long time. And they finally reached their goal by banning them all. But this is not the best way to handle this situation I think. I know that they are against cryptocurrencies because they want to protect their people. They did the same thing when it comes to some social media apps also. But when it comes to cryptocurrencies, regulation is a better way than completely banning. People should be free to use whatever currency they would like.

[cimoin2211]

China is doing this from several years and geuss what we don't even care anymore because we know what they're plan is they just want the first place in every site.
Don't believe what they say they just love Bitcoin and that's what is it.

[Maestro75]

Honestly, I am tired of this fud of China. We all knew that they are simply manipulating the market by putting up a serious act to ban everything about crypto, then when yhe market plunge to death, then they will buy massive coins and started to renounced something of support to crypto. Its like they wanted so badly to buy at very cheap and slowly pump it and sell again. Damn China, worse pump and dump on crypto.

This allegations are possible as I have suspected that is what China is up to. If not why is the country always hitting bitcoin every now and then. I hope it will loose with this approach of trying to manipulate the market. I do not know why is China not copying other countries supporting bitcoin instead of trying to destroy it.

[sayam]

This is not a new phenomenon. I have heard about this kind of rumor from China's many times so far. It's basically a ploy of theirs, they basically spread such rumors to buy bitcoin at the possible lowest price. So I urge everyone not to listen to such rumors.

[Botnake]

This is not a new phenomenon. I have heard about this kind of rumor from China's many times so far. It's basically a ploy of theirs, they basically spread such rumors to buy bitcoin at the possible lowest price. So I urge everyone not to listen to such rumors.

I think everyone is used to it already. This should not threaten investors to prevent from buying and holding because if they do, its like they are giving China the chance to buy it at the lowest prices. I get pity with those crypto holders that are stucked in China because it will be hard for them to sell their coins if they want, unless if they will just hold them for a long time so that won't create a problem. One thing i am certain about China, they won't succeed in crypto through banning and making it illegal in all means.

[South Park]

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

It is not a mere statement what is causing the price of all the coins in the market to go down, this means that from now on they are going to take actions against all of the people that somehow are dealing with cryptocurrencies, this is a problem because as we know there are many Chinese citizens that invested in bitcoin and did so precisely to try to escape all of the measures the government was implementing, and now they do not have this opportunity anymore.

[Yaunfitda]

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

It is not a mere statement what is causing the price of all the coins in the market to go down, this means that from now on they are going to take actions against all of the people that somehow are dealing with cryptocurrencies, this is a problem because as we know there are many Chinese citizens that invested in bitcoin and did so precisely to try to escape all of the measures the government was implementing, and now they do not have this opportunity anymore.

There are still opportunities like going underground and other ways to get away with this crypto ban.

However, it will be a big risk for our Chinese investors, so they need to be very careful if they go on this route. Or take their crypto with them, go to US or any other nations that at least the government is friendly. This is their last resort, but for sure many of them are already thinking this way. The thing is, why they have to wait for a total crypto ban before living this oppressive government?

[Finestream]

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

It is not a mere statement what is causing the price of all the coins in the market to go down, this means that from now on they are going to take actions against all of the people that somehow are dealing with cryptocurrencies, this is a problem because as we know there are many Chinese citizens that invested in bitcoin and did so precisely to try to escape all of the measures the government was implementing, and now they do not have this opportunity anymore.

It's really a sad fact that even Chinese investors are being deprived of their own rights and even opportunities from their own country. If they will be sanctioned once they are discovered that they are still holding cryptos and transact them despite the bans, i know this will put them in danger. If they can transfer to other countries for their own safety and for them to continue creating opportunities with bitcoin and other potential cryptos, then it will be a good initiative for them to do. Might be a sad story, but definitely not a losing part in the end.

[lienfaye]

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

We cant deny it has an impact but its not new actually. They already did it before and now just renewed their stance in banning bitcoin and all crypto transactions.

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

We really cant please everyone to like bitcoin, there are certain countries who banned it but despite that btc is still existing and strong. So forget about China and focus on yourself, disregard those who cant help you in deciding whats best for your investment.

[carrigan]

Everyone must have known that China strongly rejects Bitcoin or cryptocurrency, but apart from all that, everything that China has thrown at Bitcoin so far has not had much effect on the market. So I thought not to be too fussy about the statement from China because every government in a country must have their own reasons why they accept or conversely reject Bitcoin and consider it illegal. Bitcoin has been getting better and stronger over time and has even become known to many people, so it is difficult to get rid of Bitcoin.

[Rocky993]

China sees its own advantage all its life, that all the time they try to control the market price when they see that their cryptocurrency market is not under their control.  They want to ban cryptocurrencies from their country, bring down the market, then invest their money to revitalize the market and maintain their dominance and control.

[Ozero]

China sees its own advantage all its life, that all the time they try to control the market price when they see that their cryptocurrency market is not under their control.  They want to ban cryptocurrencies from their country, bring down the market, then invest their money to revitalize the market and maintain their dominance and control.

We are seeing a significant increase in the Chinese authorities' offensive against cryptocurrency ahead of the introduction of their digital yuan. Yes, and this happens in the form of some vague statements, and not in the form of laws that would clearly prohibit the circulation of cryptocurrency in this country. Therefore, I think that after the successful introduction of the digital yuan, the pressure on cryptocurrency in China will decrease significantly. However, this will largely depend on how peacefully the digital yuan and cryptocurrency can coexist. So far, I do not see any particular problems in this. People have already seen the benefits of cryptocurrency and will support and use it regardless of the bans.

[livingfree]

China sees its own advantage all its life, that all the time they try to control the market price when they see that their cryptocurrency market is not under their control.  They want to ban cryptocurrencies from their country, bring down the market, then invest their money to revitalize the market and maintain their dominance and control.

It's been common thought that they try to manipulate every market that they are in. And in cryptocurrencies, with the said ban, they're manipulating every single crypto that's being supported by many.

But it's a likely thing that whenever everything is down, they're the ones first to accumulate those cryptos on sale.

[Fivestar4everMVP]

Any news concerning crypto from China shouldn't be taken seriously in all honesty, China has banned a lot of technologies in the past and today, those techs are all very big today, China has in the past banned Google, they banned whatsapp to create wechat, if am not mistaken, theyve some time banned Facebook and a host of others, but today, this technologies are at the top of their games, china in all honesty does not have the power to stop or ban crypto transactions all over the world, they are just using their power of influence to manipulate the market, I won't be surprised if later in the future, we discover they did all they did to enable them buy bitcoins at a very cheaper rate.

[sumant]

China is always looking for manipulating the Bitcoin or cryptocurrency market. Every time when crypto market is up they said something to crash the price and take lower price entry. There is little push back when their statement came about closing Crypto exhages but now market has come up again. Everyone now has understand the china policy that not big impact come on Crypto. From my point of view just relax and trade on Bitcoin or altocoin which are ready to make new ATH during October to December.

[Gayong88]

I think it's natural for Bitcoin to go down some time ago because in FUD it continues, in China FUD, in Elon FUD, in FUD all kinds of things. the solution is to buy crypto with the strongest and safest fundamentals where bad news and FUD are very rare. In fact, both traders and investors are no longer afraid of the sound of fireworks and in my view, they are bored when they hear FUD news, so the solution, when faced with such conditions, is to move to fundamentalist crypto, namely Ethereum!

Regarding the Chinese government has the power to shake the market just with a mare statement I don't think the percentage is too big and it takes a long time to prove that today the market has gone back to normal and green.

[martina14]

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

I've been here in crypto industry for a couple of years. And its been several time in which I heard a news like this where Chinese government
wants to ban cryptocurrency, but I don't believe on that matter, because Chinese country has their own Mining plant in cryptocurrency and
for bitcoin as well, so how am I gonna believe in this news, this might be one of the strategy I think.

[Williamm07]

I'm not surprised that this is happening right now because china have been using same trick since past years, I believe they are just trying to manipulate the market and once bear takes over they will buy what they can 😏, a year they bad mouth crypto and put ban and later they lift the ban, China is very good at this