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

[sovie]

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.

Its not only socialism which consider Bitcoin as enemy, its same in capitalism also. Sooner or later we have to see this reaction from central authorities and with growing popularity of bitcoin we hear it in 2021. China did somewhat same in 2017 and it bought BTC dip, I take this a buying opportunity rather a moment to curse governments.

[QueenVera]

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

Yes and again water is wet so what is new there, China just use this same old trick and news to manipulate the market when they want to get into the market. Did they not ban it in 2017 so what is different now. China needs to realize the market is bigger than them and their stuns would not work this time.

The market is now more mature and even though there'll be a short teem panicking, that would not last long. The market always recover and trade at a more higher price, this time would not be any different.

[Kakmakr]

Did the big Chinese firewall stop people from bypassing the firewall and using sites that are blocked? No it did not... they used several methods to bypass the firewalls and they will do the same with bitcoin transactions.

We saw this coming when the Chinese government "banned" Crypto mining, so it is not a big surprise. The impact will not be significant, because the price was not really influenced when they banned Crypto mining.  

[CryptocurencyKing]

The Chinese government have been about this for sometime now and each time they try, they always find themselves in the same pithole they thought to have left off. Just a lot deeper than  before. At times I get to wonder if they would ever learn and its left for the crypto community to prove this sad reality to them that, we are all satoshi and satoshi is Bitcoin  which implies that, bitcoin is the people.

Trying to obliterate cryptos, which is clearly represented by bitcoin is like trying to infringe on the people's right and that is sure not to yield any good result because, the people will always tend to exercise there rights.

It would be a shame when the bitcoin finally stands and the Chinese government would find out that, they have been a limited factor to the progress of its citizens in this way.

[goldkingcoiner]

All I see is China going backwards and hurting itself out of confusion. What about all the bitcoin hodlers in China? Now they can't sell their bags, the bitcoin have become sort of "frozen", from a perspective of market value, this is only going to increase the price of bitcoin. So ok, thanks China. At some point China will pull an India and become part of the bitcoin fanclub again.

[Slow death]

It's unbelievable that the goddamn Chinese government once again had an influence on the price, what the hell is this market that is still being manipulated by the Chinese government to this day, it's amazing that people let themselves be manipulated by that goddamn dictatorship Chinese government, who the hell on earth Are still crazy enough to delude yourself that the Chinese government would accept bitcoin and altcoin? who would still believe that? china cannot be trusted. unfortunately we still have many naive people in this market

[adzino]

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?

At this point, no one cares at all to be honest. Their ban I doubt would have any affect in the market at all. This was announced few hours ago and we haven't seen any major changes in the price. The Chinese government wants to have full control over their people. Now if their people doesn't care, then we shouldn't too. I mean, if their people were against this ban, they would have already start protesting it. But looks like they are fine with it. Did they really say "endangering the safety of people's property"? Lol. What a joke.

[Kasabus]

All I see is China going backwards and hurting itself out of confusion. What about all the bitcoin hodlers in China? Now they can't sell their bags, the bitcoin have become sort of "frozen", from a perspective of market value, this is only going to increase the price of bitcoin. So ok, thanks China. At some point China will pull an India and become part of the bitcoin fanclub again.

China will always be selfish as it is. They hate bitcoin but they even plan to make their own crypto. How ironic! But this decision will create a negative impact into their crypto hodlers so it might be hard for them to sell their coins in their own country. So i guess this will pave way for India to be part of crypto again. I just thought will there be another banning of crypto again by next year? Because China seems to really love doing it again and again.

[Cryptoshops]

China have a pretty sophisticated quantum network and if they wanted to use it to hack the blockchains they most prob could and cause a lot of problems for Bitcoin or other tech using blockchains.  If the blockchain does not change pretty quickly quantum computers will be a huge security problem in the near future.

[Gyfts]

...

This stuff is technically old news, there are some documents floating around by some financial regulator or agency that made their intent to ban crypto clear earlier this month. The crypto market is already down a bit and it's not reacting too badly too all this, if at all, so we all recognize the bluff. China's crashing economy is more of the concern here, which would cause a bigger dip in the price than this failed attempt at curbing crypto growth.

My main concern is in the future when China becomes desperate to protect CNY, they'll begin extreme enforcement measures.

[koang]

China banning bitcoin is not a surprise at all, Type of state of China is they can't give this much financial freedom to their citizens.
China can make it illegal, but can't ban it, Crypto is unstoppable.

If we've been in space long enough but didn't anticipate a move like this, then don't invest in crypto at all.

[mayax]

China is an example for other states. If China did it, India, UK, USA can do it to.

If the government makes crypto illegal and hard to buy, the average Joe isn't going to touch it due to fear of breaking the law. I'm not saying nobody will buy crypto illegally, I'm saying the AVERAGE person will not
and many will just move to stocks for their investing needs.

[Kusman]

I heard about the news and I must indicate that I'm surprised to hear this again. Because as far as I know, China has already banned cryptocurrencies. This felt like the news is just repeating itself. China has done this but I don't know why they are afraid of cryptocurrencies this much. They should already be knowing that cryptocurrencies mean no harm for the main currencies of countries.

[stadus]

Though I would say it has a big impact on the market, but we are getting used to it already, China is not a bitcoin or crypto-friendly country, they have a different style of government, so we just have to accept the fact that they will not support bitcoin.

But, look at the market on how big we are, FUD is normal, we should be thankful it happen soon because we still have the last quarter to recover but always prepare for a possible huge dump as it might have a temporary effect especially if the whales will try to ride and manipulate.

[Zilon]

I think the Chinese government are scared of allowing its citizens have total control of their transactions the just want to be involved in every single transaction making everything centralized. But I think this would have little impact on the market and this would be a sad news for exchanges and many might have to relocate to carry out their businesses

[Em00n01]

This is not the first time I am hearing this type of news from China. Whenever market goes up or market try to recover from a recent dump China always publish a negative news. People are used to with it. I think in future this kind of news won't effect the market anymore.

[nelson4lov]

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.

Yes, Everything that has happened was just leading to their most recent announcement. This China fud would only have a short term effect on the market and after that we should be able to resume our long term bullish trend. China government has always been against crypto basically because it's something they've not been able to control or wrap their head around. The space is on a different level with each passing day.

[OgNasty]

Someone should do an analysis of the return on investment you’d have if you purchased Bitcoin only when the news that China was banning it came out. At this point, it seems like China is the boy who cried wolf when it comes to Bitcoin. It’s possible culture differences could be at play here as well. It could be that China is reaffirming their stance as I don’t believe the Chinese are going to stop using Bitcoin suddenly.

[flip4flop]

Still waiting on them to release their own digital currency to "compete" with all other cryptocurrencies. This is likely not the last cycle we will see of China banning Bitcoin and stepping up enforcement but is just another step in that direction. My only real concern is if and when they will try and crush the ASIC miner producers within the country. I am actually shocked it has not happened yet since they are well aware of their locations and production facilities. I would imagine that would be the last step for enforcement.

[Dilladupak]

China very often makes bad news about Bitcoin and Cryptocurrencies, and usually this has a big impact on the Bitcoin price. A big drop is imminent, and this is sure to be used by the big whales to buy Bitcoin in bulk.  Our advice if there is a big drop in the price of Bitcoin, we don't need to panic and don't sell your coins cheap. 
Remember that this kind of incident doesn't just happen once, and after that the Bitcoin price will definitely go up again. Keep calm with bad news like this.