China says all crypto transaction are illegal

[BobK71]

China is one of the leading countries in the world economy. They are conducting business extensively all over the world. With the changing times, cryptocurrency is now showing its potential to become a global currency across the world. But suddenly China declared crypto illegal in their country. This led to a massive collapse in crypto for a period of time. But crypto recovers from that situation and returns to good levels. Negative comments about Chinese to crypto no longer have any impact on the market. So I personally consider these news as value less.

[Wakate]

China is creating its own playground and if it wants to separate from the rest of the world, that's okay. Anyway, the market still has to exist and develop, I think the future can have many other big changes with this market. China says crypto transactions are illegal , just looking back at the legal issue here, I firmly believe that the crypto trading system can't have many illegal transactions in fiat at the moment.

From the start, China never supported crypto currency and I do t think the Chinese government will ever support it one day. The china government has there own Crypto which can be used for daily transactions but with that, they sti fight against other Cryptocurrencies like Bitcoin and others.

We should not be surprised even with the sanctions and restrictions, people from china are sti trading Bitcoin and engaging in crypto active without stress. Bitcoin is going to do well with time even without the Chinese government supporting it.

[ije07]

China is one of the leading countries in the world economy. They are conducting business extensively all over the world. With the changing times, cryptocurrency is now showing its potential to become a global currency across the world. But suddenly China declared crypto illegal in their country. This led to a massive collapse in crypto for a period of time. But crypto recovers from that situation and returns to good levels. Negative comments about Chinese to crypto no longer have any impact on the market. So I personally consider these news as value less.

I think Crypto will be very difficult to become a worldwide currency because many will oppose it, especially Fiat currency because replacing Fiat currency is very difficult and will cause tremendous chaos in this world, therefore Crypto is better just as a commodity which is monitored so that rumors like this are not often carried out by China because if we look into the past China gave statements like this and caused the price to fall and a few weeks later they gave the opposite statement so the price went back to increasing whether it was a game we don't know that.

[retreat]

China is one of the leading countries in the world economy. They are conducting business extensively all over the world. With the changing times, cryptocurrency is now showing its potential to become a global currency across the world. But suddenly China declared crypto illegal in their country. This led to a massive collapse in crypto for a period of time. But crypto recovers from that situation and returns to good levels. Negative comments about Chinese to crypto no longer have any impact on the market. So I personally consider these news as value less.

if the crypto market belongs to one person then china with its power can destroy it but cryptocurrency belongs to everyone, china who tries to fight only ends in failure.
With their strong communist understanding, China really hates things they can't regulate, especially cryptocurrency transactions in the market.

[Ali Akbar Torang]

i did not supprised, why would nation that have bank for printing money would adopt cryptocurrency, if they can't control the quantity and value of capital like paper money. cryptocurrency is a fair transaction that would not impact on inflation since the amount of token/coin are limited to such transparent numbers, and the transaction are tracked.

[m2017]

China is one of the leading countries in the world economy. They are conducting business extensively all over the world. With the changing times, cryptocurrency is now showing its potential to become a global currency across the world. But suddenly China declared crypto illegal in their country. This led to a massive collapse in crypto for a period of time. But crypto recovers from that situation and returns to good levels. Negative comments about Chinese to crypto no longer have any impact on the market. So I personally consider these news as value less.

If we see that the price of Bitcoin has fluctuated many times so far and you are right that the sanctions or illegalization of these big countries is one of the reasons behind it. And if we talk about China here, China has contributed many times behind the ups and downs of Bitcoin price  . Because here China has already made Bitcoin/cryptocurrency illegal or banned  18 times. And every time it has had an impact on cryptocurrencies this time is also no exception.

This figure, which is highlighted in your text, suggests that even strong and influential countries like China do not have enough opportunities to ban BTC completely. No matter how much they try to do it, they still won't succeed. BTC has grown stronger, not in terms of the current price, but in terms of its significance and meaning for users. So, there is no need to panic at the sight of similar news. People have used bitcoin before and will continue to do so in the future. Even in the same China. Bitcoin community can use it without any government approval and doesn't really need to.

[|MINER|]

I agree with your word we don't need to take panic Day by day the use of Bitcoin is only increasing . And in the future it will go to the point of being used almost everywhere and since it is a decentralized system, I think if they don't legalize it , then they will have  to face problem. I think by banning cryptocurrency they lost their opportunity, they could have captured a big market of cryptocurrency.

[kapalmabur]

I'm not surprised anymore, because China always makes bad news when the Bitcoin price is bearish,
even though my illgeal bitcoin transactions are really stupid! because Bitcoin was not created to be regulated,
it was created for freedom and transparency!  

[lepbagong]

I'm not surprised anymore, because China always makes bad news when the Bitcoin price is bearish,
even though my illgeal bitcoin transactions are really stupid! because Bitcoin was not created to be regulated,
it was created for freedom and transparency!  

China continues to do controversy about crypto and it is a natural thing to do by a country that is clearly already very advanced in every development in all sectors. because usually what countries do like this are always able to make their own contribution where they want to be able to develop what the state might do.
it is not impossible that China can always provide different developments by being able to do the same replica, with the aim that they can develop what they have, they are able to do that and the community is capable enough to do that. we just have to wait for the latest information from this versatile country about crypto from their own development.

[flipme]

Actually this issue has been discussed from year to year, and there doesn't seem to be a problem in that regard, I think this is a Chinese conspiracy to find space, because what we know is that China is smarter to find space, in order to dominate the world economy, we can see now this is an industrial market and Chinese products are everywhere, it's not without reason they don't have it, it's very impossible for developing countries not to legalize cryptocurrencies..

This is not a bluff. China has completely banned cryptocurrency exchanges, mining and trading with cryptocurrencies. They have brought up this issue many times before. Finally, they dealt the final blow to cryptocurrencies. Moreover, it is very unlikely that they will go back on their decision. They are under the rule of a single political party. And the political party that rules the people does not make their decisions based on the wishes of the people. A population-intensive potential like China would be a huge loss for the cryptocurrency world.

[Almasani]

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?

The China Central Bank feels capable of controlling all state finances, even the world's financial system. I think they overdosed on giving statements. Maybe they have other plans behind the statement. If the price of crypto drops with their statement, then they have the opportunity to take part in buying crypto in large quantities. Or they have plans to develop their own crypto. China and America are the strategic owners of the world's business, so they often issue contradictory statements. That's something that appeals to them, but not to us crypto lovers. Because more or less we know their business strategy.

[abralzain17]

Do you think that what the Chinese Government said only made People panic and made Crypto prices go down even more? I think what the Chinese Government said not just once, but many times.
Therefore I don't think everything that is said is true, but because of their interests or it's just fake news.

[ahmia39]

China says all crypto transactions are illegal
China states that crypto transactions are illegal because they are considered to disrupt the country's economic order.
And also they say that where virtual currencies are not backed by real values, their values are easy to manipulate, and trading contracts are not protected by regulations in China.

[mbakruroh]

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?

They can't afford to block crypto, even for their own citizens. Crypto can flow from even the smallest gaps. If Chinese citizens are unable to disburse funds to local banks, or block all local crypto exchanges, they can withdraw funds via Credit Card. Will they block Credit Cards too? There are many other methods for withdrawing funds from crypto. The water will flow to the lowest place through small slits. I think there is only one way to block crypto, which is to block the internet network. Lol

[posi]

China is one of the leading countries in the world economy. They are conducting business extensively all over the world. With the changing times, cryptocurrency is now showing its potential to become a global currency across the world. But suddenly China declared crypto illegal in their country. This led to a massive collapse in crypto for a period of time. But crypto recovers from that situation and returns to good levels. Negative comments about Chinese to crypto no longer have any impact on the market. So I personally consider these news as value less.

I think Crypto will be very difficult to become a worldwide currency because many will oppose it, especially Fiat currency because replacing Fiat currency is very difficult and will cause tremendous chaos in this world, therefore Crypto is better just as a commodity which is monitored so that rumors like this are not often carried out by China because if we look into the past China gave statements like this and caused the price to fall and a few weeks later they gave the opposite statement so the price went back to increasing whether it was a game we don't know that.

It is not necessary to get rid of fiat if you want to accept crypto as a currency, cryptocurrency can be a payment method alongside fiat, which will give people many choices and be more convenience in payment, but in my opinion a world without fiat is probably going to happen soon in the future as people are moving towards more modern, less cumbersome things. At the end of 2021, Dubai will become the world's first paperless smart kingdom, which can see us slowly changing.

I don't know if China is playing tricks or not, but the news they released today no longer affects the market, the market has lost its sense of Fud from China.