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

[Viscore]

i think this is only a FUD so that china can buy the dip again. if i remember they also did this some time ago and still after a while they still allow it, this is just some of their strategies to monopolize the bitcoin supply so that when it comes to resources they have the upper hand than most countries do.

Yeah... it looks like that. China has crashed the exchange rates at last a dozen times since 2013 and in none of these instances the impact lasted for more than a couple of months. A few months back, they had cracked down on mining, and there was minimal impact on the network. Miners simply moved their equipment to neighboring countries like Kazakhstan. At this point, I would say that China needs Bitcoin more than the other way around. And unfortunately they are taking a stance which is diametrically opposite to the one they took in 1990s. Back then, they encouraged hi-tech companies to invest in China and that resulted in enormous economic growth over the past 3 decades.

If China aims to manipulate the market again and expect it to dump by releasing another restrictions on all crypto users, then this time it's clear that crypto market is not even affected at all. Bitcoin price has even surmounted high this time. I think fuds from China will create no impact anymore since China has been making destructions on crypto ever since and now, the crypto market is already tired of it. Even how many bannings of bitcoin, it will never stop bitcoin from soaring high.

[rahmatullah9305]

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

what do you think will happen ? common sense , china is a huge country and has a huge influence in cryptos so if crypto is banned on thier country , people cant buy cryptos anymore . its either the price of cryptos will now be more stable or will fall down if ever china people have given a chance to sell before the ban happens  .
not only that but some people outside china will also worry and sell too but lets not be like them because cryptos will surely recover soon or the ban will get lifted again.

How can you be sure that China has a big influence on crypto? China has repeatedly issued regulations that crypto transactions are illegal in their country. But what happened was that there was no influence at all with crypto, crypto was running as usual. Even though there are Chinese people who have assets in crypto, I don't think they need to rush to sell them, they are enough to hold them because exchanges don't block Chinese people owning crypto assets.

[Haunebu]

What is up with all these BTC getting banned in China threads ? Don't you guys ever get tired of posting the same stuff again and again? This isn't the first time China banned crypto and it will certainly not be the last time.

BTC price dropped a bit because of this news, but recovered quickly because most investors are not really afraid of these bans anymore since history has proven that BTC will continue marching forward no matter what.

No world government can completely stop BTC or other popular cryptocurrencies in my opinion.

[Rajamuda]

It only affects to China citizens, I don't think it will affect completely to other countries. We are still here in the Bitcoin sphere full of good hopes, should not spread information that makes many people doubt. The popularity of Bitcoin is still growing in various countries, even more highlighting the positive side of helping people to improve their finances and living conditions.
I am grateful that in my country there is no prohibition at all on cryptocurrencies, and it's not illegal.  And I'm sure there will be more people who support Bitcoin, so the interest will continue to grow even though there is a negative feed back.

[Marvell1]

This is not new news for the market, China's ban has been in place since 2017 until now. Every time China's ban was spread, the market fluctuated and then the market goes up again. Instead of taking this as bad news and spreading FUD, then I think this is an opportunity where we can buy more bitcoin before it bounces again.

[davis196]

Damn,OP.What's the point of adding so many exclamation marks in your title?
Are you panicking?This sounds over-dramatic.
The China crypto ban was pretty much expected.We just didn't know when it will happen.
Bitcoin and the crypto world will be fine without China and all the FUD that was coming from there.
I'm expecting many Chinese to use illegal ways to trade cryptocurrencies.Using VPNs won't do the work,because most exchanges are KYC.Perhaps the non-KYC exchanges will be flooded with Chinese traders and some privacy coins like Monero will explode in terms of price and usage,because my Chinese crypto supporters will start using them.

[kotajikikox]

So here we go again and again? China and China for how many times?

the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??

instead news like this only brings bad reaction to the market things that we don't want to happen usually.

[nurilham]

China does a lot of regulations to prohibit bitcoin or other crypto so that its citizens don't transact crypto. actually all countries have their own regulations for their citizens to accept or prohibit crypto and some countries such as china have banned crypto. but don't worry, there are still many other countries that accept and support crypto and currently, it can be seen that crypto is growing and advancing. it proves that with some countries banning crypto doesn't mean crypto is dead and undeveloped.

[masulum]

So here we go again and again? China and China for how many times?

the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??

instead news like this only brings bad reaction to the market things that we don't want to happen usually.

In 2010 when I heard bitcoin for the first time, my manager talked about bitcoin going viral in China. However, in recent years China has become the country that contributes the highest FUD. There may be some relevance between the current FUD and the past conditions of BTC. Where BTC experienced an increase in users because China accepted BTC at that time. Currently, Binance and Huobi are deregistering new user from China, i think another exchange will follow, which can be a good thing, because in the future, market will not be subject to FUD from China anymore.

[livingfree]

So here we go again and again? China and China for how many times?

the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??

instead news like this only brings bad reaction to the market things that we don't want to happen usually.

A friend of mine messaged me about this and I've said the same thing that it had happened again and it's no longer new. 

A lot of newbies were surprised with this FUD that has brought by China but for everyone who has been long on this market, nothing new.

[noormcs5]

So here we go again and again? China and China for how many times?

the market already accepted that China will never be a part of this market so move on guys, we can strive and survive and also succeed in time without china in our side so why bother always??

instead news like this only brings bad reaction to the market things that we don't want to happen usually.

In 2010 when I heard bitcoin for the first time, my manager talked about bitcoin going viral in China. However, in recent years China has become the country that contributes the highest FUD. There may be some relevance between the current FUD and the past conditions of BTC. Where BTC experienced an increase in users because China accepted BTC at that time. Currently, Binance and Huobi are deregistering new user from China, i think another exchange will follow, which can be a good thing, because in the future, market will not be subject to FUD from China anymore.

Aren't we tired of hearing fud from china Everytime ?

The difference this time is that exchanges are reacting to the china ban news and removing access for Chinese users on thier trading platform. This exchanges ban is creating more panic than the china news.

[Chrystora123]

snip..

In 2010 when I heard bitcoin for the first time, my manager talked about bitcoin going viral in China. However, in recent years China has become the country that contributes the highest FUD. There may be some relevance between the current FUD and the past conditions of BTC. Where BTC experienced an increase in users because China accepted BTC at that time. Currently, Binance and Huobi are deregistering new user from China, i think another exchange will follow, which can be a good thing, because in the future, market will not be subject to FUD from China anymore.

Aren't we tired of hearing fud from china Everytime ?

The difference this time is that exchanges are reacting to the china ban news and removing access for Chinese users on thier trading platform. This exchanges ban is creating more panic than the china news.

don't worry, the panic that is caused only has a short effect.  they will adapt to the ban issued by the Chinese government, I am not a Chinese citizen and live there but I really believe the crypto players there will still be able to find a way so they can stay in crypto.

[Banulit]

I have seen this same scenario last bull market when bitcoin reach new ATH at aroun 20k$ china create news and FUDs regarding banning or cryptocurrencies and mining on their country but it turns out it is just a way to manipulate the market to store plenty of cryptos then create once again FOMO news.

[Masyudhi]

I have seen this same scenario last bull market when bitcoin reach new ATH at aroun 20k$ china create news and FUDs regarding banning or cryptocurrencies and mining on their country but it turns out it is just a way to manipulate the market to store plenty of cryptos then create once again FOMO news.

is it a scenario devised by the Chinese government to manipulate the crypto market?
Or maybe it's the Chinese government that doesn't like how the investment shifts in their country?
I don't care if it's FUD or FOMO being popularized. but it is troubling a lot of people in the crypto market.

[stadus]

I have seen this same scenario last bull market when bitcoin reach new ATH at aroun 20k$ china create news and FUDs regarding banning or cryptocurrencies and mining on their country but it turns out it is just a way to manipulate the market to store plenty of cryptos then create once again FOMO news.

is it a scenario devised by the Chinese government to manipulate the crypto market?
Or maybe it's the Chinese government that doesn't like how the investment shifts in their country?
I don't care if it's FUD or FOMO being popularized. but it is troubling a lot of people in the crypto market.

I doubt that unless they are holding bitcoin and continuously accumulating by buying at the dip. I don't really think so because if the government holds bitcoin they will support bitcoin by making it legal or maybe a legal currency like El Salvador did. China is always against bitcoin and related transactions, now they ban the whole crypto market, so it's a serious statement that they don't like decentralization.

[DeathAngel]

Let’s try & forget about China shall we. They’re effectively excluding themselves from the future of finance.
Hopefully in the future China’s mood swings don’t affect the price.

[flyer88]

since the beginning, the Chinese state has strongly opposed the circulation of bitcoin for its people, in fact they have firmly rejected the circulation of bitcoin from the start, the form of the bitcoin ban applied there is very strict whether bitcoin miners can be penalized maybe we don't know but they firmly refuse to adopt bitcoin as some other countries in the world have done

[Kittygalore]

I have seen this same scenario last bull market when bitcoin reach new ATH at aroun 20k$ china create news and FUDs regarding banning or cryptocurrencies and mining on their country but it turns out it is just a way to manipulate the market to store plenty of cryptos then create once again FOMO news.

It's the same this year, China just wants to buy more bitcoin for themselves and at the same time rule the market so that they can get ahead against their rival nations especially USA. I think there's no way that we're going to be worrying about this one, in a way it's much better if we were to see this as an opportunity to buy more bitcoin since the prices are going down.

[Betwrong]

What is up with all these BTC getting banned in China threads ? Don't you guys ever get tired of posting the same stuff again and again? This isn't the first time China banned crypto and it will certainly not be the last time.

BTC price dropped a bit because of this news, but recovered quickly because most investors are not really afraid of these bans anymore since history has proven that BTC will continue marching forward no matter what.

No world government can completely stop BTC or other popular cryptocurrencies in my opinion.

Although true, that doesn't mean the news in the OP shouldn't be discussed here. It's a big news in the world of cryptocurrencies, and imo it shouldn't be ignored.

What's interesting is that some Chinese Bitcoin holders are actually buying more these days. Here's a fragment from the latest Bloomberg article on the matter:

These policies are not new to us, so we view them as a buy signal,” said Stephen, a Shanghai-based crypto investor who preferred to be identified by his first name only. He bought $20,000 of Bitcoin over the weekend, he said, adding that it’s still possible via many centralized and over-the-counter exchanges.

Overall I think Chinese crypto holders will adopt somehow to the current situation.

[onecall123]

It is illegal in China to mention cryptocurrency at all. I've learnt China has a power shortage. By banning crypto they will be able to use that power for other things. According to their claims, crypto is actually banned due to mining, which consumes a lot of electricity. I know what I'm saying may not sound good, or could be rumor but there's a point to it. The use of cryptocurrency is banned in China, but it does not affect purchases.