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

[andeluna]

This is a bad news that China ban crypto currency to their country. I don't know if it will really affect the market because we all know that China is the best for having a big and good economy and a percentage of their population using crypto currency. By this case I think the supply of bitcoin even other altcoin will increase so that the market will fall down.

[1713954097]

1713954097

[QuickAccount]

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.

When China announced that mining would be banned, prices dipped, but when they finally put a full ban on crypto in China, I think that prices of most cryptos will drop a bit. I think since this is a pretty predictable dip, that its worth to buy into. Still dont know which one, but I think that it would be profitable to most crypto people to aquire some coins during the dip.

[gabbie2010]

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.

Mining in China had been banned some couples of months ago and majority of the miners had moved to other countries to continue with their operations, I don't know why the authority in China decided to ban cryptocurrencies activities again after all this had nothing to do with power consumption in their country, well I believe citizens of that country would devise an alternative ways of using cryptocurrencies anonymously without any trace, I think the chinese crypto users wouldn't just surrender and give up easily.

[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.

When China announced that mining would be banned, prices dipped, but when they finally put a full ban on crypto in China, I think that prices of most cryptos will drop a bit. I think since this is a pretty predictable dip, that its worth to buy into. Still dont know which one, but I think that it would be profitable to most crypto people to aquire some coins during the dip.

I personally think that although China has put an upright ban on cryptocurrencies and made crypto transactions illegal it didn't create a major impact on bitcoin's price.
We did see a minor correction but the previous FUDs created by China had more impact on bitcoin's price than the current one IMO.
We are already seeing bitcoin claiming the $42k level which is still a good comeback.
In the next few weeks we might see it cross $45k level again.

[BD Crypto]

As Far I knew China is the Capital of Bitcoin Mining.And there crypto is much popular.
Its really a very bad news to all crypto lovers in China.Hope their Government will announce something positive for Crypto Lovers.
Because crypto is the future of digital Currency system.

[koang]

when we read the news, the media always repeat the same words, the media always focus on the news about China banning the use of any form of krypto, even though we all know China is the second country to adopt bitcoin, but I wonder why the negative news about China always appear, maybe the media crew is looking for profit and increasing everyone's interest in reading, so that they can increase their income, honestly I am dizzy with this news, is this news true or just fake news...

Don't listen to Perma bears. It’s almost like the FUD is created so they can justify the dump in order to take stupid money.
And if you give up on FUD, you will have a hard time profiting from crypto.

[stadus]

when we read the news, the media always repeat the same words, the media always focus on the news about China banning the use of any form of krypto, even though we all know China is the second country to adopt bitcoin, but I wonder why the negative news about China always appear, maybe the media crew is looking for profit and increasing everyone's interest in reading, so that they can increase their income, honestly I am dizzy with this news, is this news true or just fake news...

Don't listen to Perma bears. It’s almost like the FUD is created so they can justify the dump in order to take stupid money.
And if you give up on FUD, you will have a hard time profiting from crypto.

That's right because when the whales play the manipulation game, they take the money of the weak hands as they easily dump when they see a FUD and buy when there's hype because they got FOMO. In order to profit in crypto investing, you need to be clever, understand how the market work and do not underestimate the power of the whales to manipulate the market.

[Tybi]

The Chinese government's announcement to ban bitcoin is something new. The government imposed bans on Bitcoin every few days. As a result, people have no confidence after the announcement of the Chinese government.

[Shasha80]

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.

Mining in China had been banned some couples of months ago and majority of the miners had moved to other countries to continue with their operations, I don't know why the authority in China decided to ban cryptocurrencies activities again after all this had nothing to do with power consumption in their country, well I believe citizens of that country would devise an alternative ways of using cryptocurrencies anonymously without any trace, I think the chinese crypto users wouldn't just surrender and give up easily.

I can understand if the Chinese government prohibits Bitcoin mining, maybe because it has something to do with power consumption. But if banning
all crypto activities is completely incomprehensible, even though the Chinese population uses crypto very much. This prohibition is possible
the Chinese government does consider crypto as a threat to the digital Yuan, so the Chinese government ban crypto activities. But I agree with you,
crypto users in China will not give up and will continue to try to find ways to keep using crypto. Because there are many examples of residents of
other countries whose countries also prohibit crypto but can still use crypto. Hopefully the Chinese government can change its decision and think
more wisely, because banning crypto will not stop Chinese residents from using crypto.

[markdario112616]

The Chinese government's announcement to ban bitcoin is something new. The government imposed bans on Bitcoin every few days. As a result, people have no confidence after the announcement of the Chinese government.

This ain't new. Do some research 

This is supposed the 4th time that China declares something about the Banning of Crpyto. So, those who are in this industry quite long enough probably won't be that affected in terms of mental state. Though, the effect itself is on the rates of the investments, which is quite expected due to this News (FUD). So instead of whining about this issue, why not try to enhance your ability and/or try some other stuff to gain experience. Right now, for me this is the best time to play and try new approach in terms of trading.

[boyptc]

What an intense title with those exclamations.

The Chinese government's announcement to ban bitcoin is something new. The government imposed bans on Bitcoin every few days. As a result, people have no confidence after the announcement of the Chinese government.

No, it's not really new.

They've done that before many times and likely to do it again for the next years.

[Hippocrypto]

We all knew that China Government was run with communist party, and there's nothing we can do about it. Even Jack Ma, he had been silent for speaking up with their country's leadership, so there's nothing impossible with cryptocurrency being declared as illegal. It became illegal because this currency wouldn't be controlled due to no regulations associated, that runs through Blockchain and it's a decentralized system. Everything that's related to cryptocurrency probably hated by government without democracy, but not for countries who has freedom like US and other crypto friendly country. Nothing to be afraid with, not all Chinese people abide on that certain idea because some of them migrated on other countries and became a huge cryptocurrency holders who remains anonymous.

[Betwrong]

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.

If they were concerned only about electric power they would ban crypto mining alone, but they clearly declared all cryptocurrency transactions illegal, and identified all firms providing crypto trading services to Chinese citizens as involved in unlawful financial activity. Huobi and Binance have already stopped new registrations of Chinese customers.

Whatever the reason for this ban, it's surely not electricity shortage.

[bixiiMaphi321]

The People's Bank of China (PBOC) bans all crypto-related financial activities, including cryptocurrency trading, token sales, derivative virtual currency-related transactions, and fundraising activities. illegal. The PBOC also banned financial institutions, payment companies, and internet companies from facilitating cryptocurrency transactions. According to the PBOC, in recent years, "the trading and speculation of Bitcoin and other virtual currencies has become widespread, disrupting the economic and financial order, giving rise to money laundering and mobilization activities. capital, fraud, multi-level fraud as well as other illegal and criminal activities.

[Sanugarid]

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?

I think it would have a significant impact to the market for a short period of time but the thing is how would they even regulate it if transactions made by their people remains unknown and anonymous to them. However, chinese people who're into crypto will still make their way to invest and do activities despite of the government regulation

[ringgo96]

This is not a big problem that is facing the crypto world today, because in the previous year China had also spread negative news about banning bitcoin but it was just a fabrication made to drop the price of bitcoin, and they must have other plans that are being designed to develop their country because they are indeed known to one of the countries that are in business in the trading world so they have a special reason to ban bitcoin. rypto at the moment.

[Mr.sprin]

for now the news published by china will have no impact on the market because everyone already knows when china gives negative news about crypto they take advantage of the situation to get profit they are very smart to make bad news about crypto with the aim of bitcoin price going down after bitcoin price down they buy bitcoin then they will definitely make positive news to push up the bitcoin price once the bitcoin price goes up then they sell it and they make a profit, then the news made by china will have no impact on the market.

[okorieemmanuel]

for now the news published by china will have no impact on the market because everyone already knows when china gives negative news about crypto they take advantage of the situation to get profit they are very smart to make bad news about crypto with the aim of bitcoin price going down after bitcoin price down they buy bitcoin then they will definitely make positive news to push up the bitcoin price once the bitcoin price goes up then they sell it and they make a profit, then the news made by china will have no impact on the market.

The chinese government clam down bitcoin mining farms in their country nevertheless this doesn't mean people in China won't accept bitcoin. It is only illegal. https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp
If you check the list of countries where Crypto is illegal online using simple investopedia website, you will discover that it is only  Chinese government that have the highest implementation rate and enforcement. I think the bitcoin market is somehow dependent on China one way or the other. Their technology is just too good.

[alpamar99]

This is a bad news that China ban crypto currency to their country. I don't know if it will really affect the market because we all know that China is the best for having a big and good economy and a percentage of their population using crypto currency. By this case I think the supply of bitcoin even other altcoin will increase so that the market will fall down.

bad news did happen but apart from that it's all back again this is only for china so even if the news is fud but for now it doesn't seem to have much effect for crypto.
Besides that, China also often does this, and it has even been recorded that it has banned and allowed crypto several times.
But in the end, don't be surprised when China will legalize crypto again.

[Hasan986]

They banned it a few times and it created a fud. They know very well what their main goal is. Ever has not creat fud that has already progressed towards recovery. China is one of the technological countries in the world. Such decisions or mistakes cannot be expected from them again and again. Due to which a much bigger effect falls on the crypto market.