All crypto declared illegal in China!!!!!!!!!!!!!

[Samthehero]

China declares all crypto-related transactions illegal and forbids overseas exchanges from serving its citizens.

The PBOC said all crypto-related transactions are not allowed under the law.
Activities considered illegal cover a range of operations, such as buying and selling virtual assets as a central counterparty, and providing intermediary or pricing services for crypto transactions. It also includes token issuance financing, crypto derivatives transactions, and other activities suspected of illegal sale of tokens.

"Those who carry out related illegal financial activities that constitute a crime shall be investigated for criminal responsibility in accordance with the law,"

China's market regulators and the Ministry of Public Security said cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property."

How will this impact Bitcoin and other cryptoprojects?? What do you think guys?

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[Kong Hey Pakboy]

It won't impact the market that long, what China left behind in demand will eventually be filled by other countries in the near future, plus they've been out of the game for almost a year already and this ban is just the final nail in the coffin.

[Artemis3]

Of course it is, that is what socialism is all about: The State is supreme. Bitcoin circumvents the State, so this is the natural reaction. The central bank is the natural enemy of Bitcoin, because Bitcoin makes banks and central banks obsolete. However it is a technology, so its like banning electricity because it may end the job of the gas lamp industry.

In this case it is very clear: Bitcoin removes the State and Banks power over money. Let it be, the wealth they reject will flow elsewhere, in the end they cannot stop it, no matter what.

[Samthehero]

That might be true, but the risks to individuals in mainland China is extremely huge if one is considered to be an enemy of the people, state and party. That is not going to be a fun ride to puy it mildly.

In any case this takes away a lot of the potential crypto could have had in the future and will probably cause a reaction in the next weeks, months and maybe years to come.

[kryptqnick]

Op, it would be nice to link the source material, so that people don't have to rely on your words or go google the news themselves. From a BBC article, the information sounds serious, but the only thing that gives hope is that it's the central bank's statement. I don't know how it works in China, but normally it's the Parliament that decides what's legal and what isn't, and a bank can make guidelines which are not legally binding and express opinions which don't necessarily align with the state's authorities' official position. Since China isn't a democracy, the central bank there probably holds more power than it normally does, but I still have doubts whether this bank's claim that cryptos are illegal actually means that they are illegal.

[Upgrade00]

China's market regulators and the Ministry of Public Security said cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property."

Sounds more like: Cryptocurrencies are giving the citizens some level of freedom and control over their finances as they should normally be able to do, but they can not because we want total control to allow us manipulate our economy.
Bitcoin challenges the control the state has over the citizens, checking the trail of governments which are hostile to cryptocurrencies, you will discover they are anti freedom and undemocratic.

How will this impact Bitcoin and other cryptoprojects?? What do you think guys?

If I can recall correctly, China experiences one of the largest emigration of wealthy people and businesses as most can not cope with the system of governance, same would likely happen here, i.e bitcoins moving out as we saw with mining gear, it would limit grassroot adoption, but would also redirect the Bitcoin enthusiasm to other parts.

[ChiBitCTy]

What a surprise, a country who puts people who don't believe in the same religion that they want or god forbid they like a member of the opposite sex, you get put in camps..in 2021 mind you.  I personally fucking hate China as a whole.  Don't get me wrong I know there are some good people there but overall they are a bunch of scumbags and run their country like we are still in the medieval times.

[pawanjain]

China declares all crypto-related transactions illegal and forbids overseas exchanges from serving its citizens.

The PBOC said all crypto-related transactions are not allowed under the law.
Activities considered illegal cover a range of operations, such as buying and selling virtual assets as a central counterparty, and providing intermediary or pricing services for crypto transactions. It also includes token issuance financing, crypto derivatives transactions, and other activities suspected of illegal sale of tokens.

"Those who carry out related illegal financial activities that constitute a crime shall be investigated for criminal responsibility in accordance with the law,"

China's market regulators and the Ministry of Public Security said cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property."

How will this impact Bitcoin and other cryptoprojects?? What do you think guys?

Didn't China already banned cryptocurrencies few months ago ? What's different this time ?
This Country has repeatedly restricted the use of cryptocurrencies and it doesn't impact cryptocurrencies in the long term now.
From what I read on Cointelegraph an old announcement from China is getting viral on social media causing the sudden fall in bitcoin's price.
I think this is just temporary and in just a few days we will be able to see the bitcoin back above $45k range.

[Artemis3]

Yes, the difference is that they are finally closing the door, which is what everyone was expecting from their CBDC. Remember CBDCs are the same or worse than fiat money, well there are also the altcoins pegged to those...

But OF COURSE the State doesn't want people no longer depend from the State. Whats next, THEY becoming redundant?

[onecall123]

It does not matter that the Communist Party of China does not recognize crypto. It is accepted by the rest of the free world. Although they are intelligent and well-reasoned, they have something planned for the future. Their crypto ban is meant to ensure their population relies exclusively on their central bank's digital currencies. Are there any limits to how many times China can say it has banned or will not accept cryptocurrencies? Like people say, China does this all the time in order to manipulate the market more so they can buy up at lower prices. It won't last for long.

[tbct_mt2]

Another FUD from China. Each year, we have multiple FUD from China.

Do people think that if Bitcoin, crypto market moves away from China main land, it will be better for all?

It is what happened. The mining crackdown in April and May help the hash power migrates from China mainland to the USA., Ukraine, Kazakhstan, Russia, etc.

Generally, Bitcoin grows after many FUD from China.

https://twitter.com/geenty/status/1441403448562388994
https://twitter.com/gaborgurbacs/status/1441371865625206792

[DooMAD]

Will be interesting to see how many people in China continue to use it anyway.  I'd continue to accrue BTC if my country banned it. 

Of course it is, that is what socialism is all about: The State is supreme.

China has a really peculiar brand of socialism, though.  They absolutely have an authoritarian regime, no arguments there, but it's not exactly conventional socialism there. 

[masulum]

Another FUD from China. Each year, we have multiple FUD from China.

-snip-

If we look at this picture, it looks like there is a pattern that was deliberately carried out by China. It can be seen from several events that occurred after BTC reached its highest price or before it started to rise. According to some analysts I found (forgot the source), BTC is currently in a decline phase, but if it drops below 28K, maybe we will see BTC go down and enter a panic psychology that increases dumps.

[zasad@]

Bloomberg Publishes Fake News on Bitcoin as China Prints $100 Billion
https://www.trustnodes.com/2021/09/24/bloomberg-publishes-fake-news-on-bitcoin-as-china-prints-100-billion
"Bloomberg, the anti-bitcoin publisher of the pre-internet age, has sent out outright fake ‘breaking news’ that sent bitcoin’s price down by $2,000 from $45,000 to $43,000."

Communists are not always to blame, sometimes cunning businessmen are to blame.

[Finestream]

It does not matter that the Communist Party of China does not recognize crypto. It is accepted by the rest of the free world. Although they are intelligent and well-reasoned, they have something planned for the future. Their crypto ban is meant to ensure their population relies exclusively on their central bank's digital currencies. Are there any limits to how many times China can say it has banned or will not accept cryptocurrencies? Like people say, China does this all the time in order to manipulate the market more so they can buy up at lower prices. It won't last for long.

I guess i just have to believed that this is their own way so they can manipulate the market and take advantage on it. But this is not surprising anymore, as they keep on banning crypto almost every year even though restrictions on crypto have been implemented from its previous years. And knowing China is an authoritarian, so as much as possible they will control their people from accessing crypto and doing any crypto-related transactions. This shows how important to them their own currency and that crypto will never have chances to be integrated into their own country like some of the countries do.

[snipie]

Will be interesting to see how many people in China continue to use it anyway.  I'd continue to accrue BTC if my country banned it.

Of course people will continue using bitcoin behind a shield as they used to do. This ban will affect small users and investors, hard wallets market...
The mining activity is already dispatched to several countries, same goes for businesses related to cryptocurrencies.
It is unfortunate for Chinese citizens

[BlackHatCoiner]

How will this impact Bitcoin and other cryptoprojects?? What do you think guys?

I think that we keep reading the same news. China's reporters announce that it became illegal once again. They, then illegalize mining. Price drops temporarily. There's fear for a week. The #Bitcoin hashtag becomes relevant in Twitter and most of the verified Bitcoiners spit some wise words and why Bitcoin cannot die.

It's a loop and I hope China someday realize that if they want to retain their socialism, they'll have to either cut off their internet connection or accept the fact that Bitcoin is going to affect their economy one way or another due to the fact that it's available in capitalistic nations too.

[maju69]

Is this news too stale for us to digest, Shouldn't we all move on from what they have done? China is not the only country we have to beg to re-adopt Bitcoin. Even without China Bitcoin will still run as it should. the level of demand is increasing and it's not from China. So it would be better if we stop saying that China plays a big role in Bitcoin's future mass. We will deny China as they have denied the existence of Bitcoin.

[Cling18]

I feel sorry for Chinese citizens who are into crypto because there are lots of hindrances for them to adopt or even do crypto transactions. It might affect the market for a while but I believe that it could still recover soon since more countries are now accepting cryptocurrency.

[stompix]

Will be interesting to see how many people in China continue to use it anyway.  I'd continue to accrue BTC if my country banned it. 

It's all a matter of what consequences you're facing.
If for example Norway would ban bitcoin and the fine will be a few hundred krone probably not that many people would care, if the county banning it is China and the punishment is 20 years in prison or even worse then the percentages will reverse. And it's not only about the punishment but the mistrust that somebody will give you away, nobody will hunt bitcoiners in the Western world, but when it comes to surveillance in China, that's a different thing.

Besides, I'm rather curious how many people were actually using bitcoin at this point in China.

How will this impact Bitcoin and other cryptoprojects?? What do you think guys?

Bitcoin? Very little to nothing.
Tokens? That's a lot different, tokens have no real usage other than trading, pump and dump schemes, and everything else, and Asia and even China was a major player in this, more than the western world, so the altcoins will feel the burn more.
I'm really curious to see what Vietnam's stance will be after this, it will be interesting, the same communist structure but at the same time more different approaches from more rigid to more flexible depending on the areas, if they do choose the same approach it's clear every dictatorship authoritarian regime will follow.