China says all crypto transaction are illegal

[magnum1010]

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?

Actually, crypto market is so volatile that every news can change the price very significantly. But I don't think that only chinese government is guilty for this fall. To my mind, the market was just overheated, so it is a regular correction. Moreover, there are shocks on other markets as well (stock market). It is caused by difficult economic situation around the world.

[Masyudhi]

Actually, crypto market is so volatile that every news can change the price very significantly. But I don't think that only chinese government is guilty for this fall. To my mind, the market was just overheated, so it is a regular correction. Moreover, there are shocks on other markets as well (stock market). It is caused by difficult economic situation around the world.

I believe what you said did have a big impact on the crypto market which is currently falling. but the moment will surely rise again. we will see the market will grow in the future.
After mining was banned now China banned crypto transactions. the impact is quite large and indeed can change market trends quite quickly.

[Rahman11]

The ban applies to all digital tokens, which China said are not legal and cannot be used as a currency in the market. Online crypto services to Chinese residents provided by overseas virtual currency exchanges are also considered illegal financial activity. The ban applies to crypto derivatives trading, too.

[andriarto]

Actually, crypto market is so volatile that every news can change the price very significantly. But I don't think that only chinese government is guilty for this fall. To my mind, the market was just overheated, so it is a regular correction. Moreover, there are shocks on other markets as well (stock market). It is caused by difficult economic situation around the world.

I believe what you said did have a big impact on the crypto market which is currently falling. but the moment will surely rise again. we will see the market will grow in the future.
After mining was banned now China banned crypto transactions. the impact is quite large and indeed can change market trends quite quickly.

something like this happened not only once, because previously China also gave negative statements, and every time they released news the market immediately fell in price, but indeed not long after that the market rose again and the effect was only temporary. so we have to be able to deal with it, so we don't regret it later

[Gayong88]

Crypto on the fall because of what? one of them as you mentioned above https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies. What should we do, just relax looking at the news like the one above, just the sound of the firecrackers, don't be afraid, then cut loss and if the mining is closed, the miner just needs to move to another place, where can it be closed and then immediately stop mining.

[RussianEnglishTranslation]

Chinese citizens should adopt 0xMonero and DERO to keep their transactions private.

[Woodie]

China is always in the news for the wrong news, thought smoking out it's crypto miners with its " carbon footprint reduction" reason was enough but now they seem to have gone in overdrive and trying to fix everyone to stop using crypto as a lasting solution. As far as I know , What these guys are doing is an expensive undertaking which will be a waste of financial resources with a small benefit to be attained , I would rather the redirect these resources to more meaningful stuff than trying to disband the crypto community over there.

[velosepur]

Not first time. There’s always something different about the bans, but this happens all the time and it’s never really dramatic in the larger scheme of things. I expect same this time.

[indah rezqi]

One of the reasons I think that a lot of people don't like China is when it comes to cryptocurrencies because China often manipulates the market. When the market has caused the price of coins to drop, they buy up coins when the price has dropped and they always have a negative influence on cryptocurrencies which can disrupt the country's economy because the crypto transaction system is not controlled. I think the news is included in the list of news that is not clear.

[iTradeChips]

I really think it might be something to do with the fact that it has been a long time suspicion by many cryptocurrency followers that China has been planning to create its own cryptocurrency called the Digital Yuan. Now they are making steps to ensure that no citizen will be transacting in cryptocurrencies and that is not really a surprise as the opposition against Bitcoin and cryptocurrency in general in China has been ongoing for years now.

[Devifajarina]

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?

For China is currently developing its own cryptocurrency, in fact they have banned mining in the country, China has great potential for crypto to develop with the majority of the population controlling strong resources, they are preparing their own cryptocurrency in their country, so that in dependence in the future people will turn to the country, with many considerations so that China must maneuver or speculate to raise a branch to the cryptocurrency they have, and the possibility of what they do, the success rate reaches 80%, considering the many resources they have that can exploited.

[Reid]

They can ban everything in their country but it stops there. They cannot do it worldwide since they don't own the globe.  
They keep on pushing about banning Bitcoin and they did it a long time ago. It's just digging the grave to create sympathy and make people be part of their madness.
Looks to me like they'd do anything even if they stoop so low just to bring down the Bitcoin technology and then offer their self-created cryptocurrency. It's too damn obvious and they want control with multi-billion dollar industry.

[dhemasm]

Actually, crypto market is so volatile that every news can change the price very significantly. But I don't think that only chinese government is guilty for this fall. To my mind, the market was just overheated, so it is a regular correction. Moreover, there are shocks on other markets as well (stock market). It is caused by difficult economic situation around the world.

Yeah, Since it's more volatile and more risky i think government was right to doing some prevention step but i don't think by making it ilegal was an good choice, Maybe Chinese Government can take an refrence from other country by making the crypto as Trading Commodities and not for the payment tools, Beside that as you said current economic situation was also affecting the market so we can't blame only on one side for this matters.

[lizarder]

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?

In general, China has great power to shake crypto, but to maximize that power they have to do many things, the Central Bank of China issued news like this not without reason, they dare to say all crypto transactions are illegal because there is great power behind them, so it's no wonder they issue statements like this, but for the issue of trust this is different from the idea that crypto is illegal issued by China, trust in crypto has been built from the past and this does not involve any country, but the effect of the risk will still be in the future.

[aylabadia05]

And what actually happened NEW? China has banned all this already before hasn't it? This is a good opportunity for me to buy coins of interest to me at a discount. I recommend looking at this news from the same angle as me.

In my opinion, their prohibition is part of their strategy to play the market price. The rest they will take advantage of a bad market to collect lots of valuable coins when the price improves again. From time to time, China continues to ban crypto activities for various reasons.

[imamusma]

Not first time. There’s always something different about the bans, but this happens all the time and it’s never really dramatic in the larger scheme of things. I expect same this time.

The same thing will not be possible to happen again or happen again at a different place and time, because you can see how the situation and condition of cryptocurrencies in each year, does the same thing happen ? I do not think so.

[Mpamaegbu]

WTF? How many times they can ban the same thing again and again?

I'm beginning to get pissed too about China and cryptos, really. My first thought immediately I saw that news yesterday was to speedily check the price of Bitcoin. Luckily, there wasn't any sharp fall as expected and the current price too isn't showing any sign of beating at the moment. Frankly, I just want to wish China away; far away from anything cryptos. That country hasn't cast Bitcoin in good light since it first banned it in 2017. I think the overall problem with China and cryptos is that the country hates anything it can't control. No single individual can control cryptocurrencies as a whole, and this is where China is losing the grip. If the price didn't nosedive since yesterday till now, it shows that investors are beginning to neglect China and its antics.

[domoy77]

In my opinion, their prohibition is part of their strategy to play the market price. The rest they will take advantage of a bad market to collect lots of valuable coins when the price improves again. From time to time, China continues to ban crypto activities for various reasons.

I slightly agree with what you say because basically China is not a stupid country that doesn't know about cryptocurrencies, moreover their economic circulation is very wide and large so they can always have an influence on the market, so they can just do that in order to achieve more profits a lot in a short time.

[Ararbermas]

They're not tired spreading bad information about cryptocurrency so expect there will be more in the future.. I dont know if  they trying to convince investors to switch to their own digital currency or they really want crypto market to collapse? .. Because you know they keep posting the same thing every day or months. Lol so perhaps china wants to conquer the space like what's happening even in real life wherien they're claiming other countries territory. for example the "Luzon sea of the philippines, china claiming it's south china sea. Lol..  

[FulxilCoris]

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 don't believe China they have repeated it so many times and I get bored with Chinese news or bans. I believe dumping has nothing to do with that statement If it is true, a verified article as there is a lot of fake news these days, IMO, China has no control over crypto, that's why just relax and wait till the market recovers and stay calm and never sell any of your coins, be patient and wait we shouldn't let whales our emotions.