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

[stomachgrowls]

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.

Banned - Unbanned - Banned again and i wont be surprised that they would lift again the ban and would tell again that they are accepting or its already legal.They do know on how to play the game

and as expected for such country then it isnt really that something new to be somewhat manipulative.We do know on how much coins they do own which does tell that it is totally

contradicting on things that what they are doing unless if those coins been sold off then we can say that on how serious they are on such ban or against with crypto but as long
they are holding it then its always possible that they could revoke their decisions.

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[Renampun]

this is not surprising anymore because China does feel threatened by bitcoin...

China has been a crypto 'unfriendly' country for the past few years and the most shocking thing was when they forced all bitcoin mining there to be shut down. China is not a country that has a strong influence on bitcoin, so this problem does not need to be magnified.

[GamblersArea]

I'm pretty sure China already has some of the largest emigration volumes of wealthy people. I don't expect this to hurt anyone but China itself. They were pretty much already out of the crypto market and this is just to make it more official.

[osasshem]

The ban of all related crypto activity made by China is not a fair one to it's citizens at all, knowing too well that China contains a very high number of crypto currency users, miners exchanges and so much more and they are all going to be seriously affected with this ban. This will also affevt the price of crypto market as most people might pull out their money/investment from the crypto market in other to avoid the wrath of the government upon them as law breakers.
Now, I see that this is not the fear of technology or some new idea of technology,but the fear of Bitcoin/crypto currency taking the place of banks within the province of China, leaving the government money regulatory bodies to  being the boss of your finance with rule from nobody.
China placing ban could be for a while, and later uplift it, but if they don't, then there will be room for it's citizens to improvise.

[Betwrong]

this is not surprising anymore because China does feel threatened by bitcoin...

China has been a crypto 'unfriendly' country for the past few years and the most shocking thing was when they forced all bitcoin mining there to be shut down. China is not a country that has a strong influence on bitcoin, so this problem does not need to be magnified.

Just one small correction: not China, but the Communist government of China. Communist governments are afraid of everything decentralized because they want to keep everything under control. I don't know how many people in China really support that outdated regime today, but I hope in the near future they will be in the minority, and this nightmare will be over.

[arwin100]

this is not surprising anymore because China does feel threatened by bitcoin...

China has been a crypto 'unfriendly' country for the past few years and the most shocking thing was when they forced all bitcoin mining there to be shut down. China is not a country that has a strong influence on bitcoin, so this problem does not need to be magnified.

Just one small correction: not China, but the Communist government of China. Communist governments are afraid of everything decentralized because they want to keep everything under control. I don't know how many people in China really support that outdated regime today, but I hope in the near future they will be in the minority, and this nightmare will be over.

Well if there citizens well not protest against what the Communist party do to their country then provably this regime is hard to pull out on their country. And even billionaires can even lift their fingers to those official and they are easily put on bars if the government doesn't like on what those billionaires do that against their own will. Hopefully we can see a fair state in china where everyone is free to choose towards there decisions and other things they like.

[NelfiNovita]

The Chinese government has certain reasons for prohibiting transactions using cryptocurrencies. several incidents that have been carried out by criminals to carry out drug buying and selling transactions, smuggling and money laundering.
The price of bitcoin often fluctuates and cannot be controlled by the Chinese government, which is one of the reasons China restricts transactions using bitcoin or other cryptocurrencies.

[Natalim]

The Chinese government has certain reasons for prohibiting transactions using cryptocurrencies. several incidents that have been carried out by criminals to carry out drug buying and selling transactions, smuggling and money laundering.
The price of bitcoin often fluctuates and cannot be controlled by the Chinese government, which is one of the reasons China restricts transactions using bitcoin or other cryptocurrencies.

Cryptos are just being used as tools to create crime incidents but never its goal to be used in a negative way. Satoshi aimed for freedom and financial stability when he invented that. For me, the real motive of China why they put restrictions from using cryptos is because bitcoin has already beaten their own digital currency because probably a lot of Chinese people have their own investments in bitcoin and even in solid altcoins. Those illegalities caused by cryptos are never the real reasons why they have banned all crypto related transactions, its just that they are just too selfish that the whole population of Chinese should only use their own digital currency, yuan.

[Botnake]

this is not surprising anymore because China does feel threatened by bitcoin...

China has been a crypto 'unfriendly' country for the past few years and the most shocking thing was when they forced all bitcoin mining there to be shut down. China is not a country that has a strong influence on bitcoin, so this problem does not need to be magnified.

Just one small correction: not China, but the Communist government of China. Communist governments are afraid of everything decentralized because they want to keep everything under control. I don't know how many people in China really support that outdated regime today, but I hope in the near future they will be in the minority, and this nightmare will be over.

If this is the case, then it will be better if crypto market will cut its connection into China. Crypto market without China will make it more smooth sailing knowing there are already big countries who are now supporting bitcoin and its crypto market. Although China has the largest mining activity for crypto, it will never be a huge loss really since it has always been a total destructor of the crypto market since they come up with their own crypto. However, those Chinese citizens who are holding bitcoins at the moment will probably face the consequence so if they are free to move in to other countries, better do it now.

[stadus]

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

The crackdown by the Chinese government on the crypto industry is not new at this time, previously last May they also did the same thing to services related to crypto transactions, even the Chinese state ban action was also carried out in 2013 and 2017, although they continued to oppose the presence of bitcoin but so far has not had a big impact on bitcoin because many people and investors still strongly believe in investing with bitcoin.

But this time it's more serious, or we can say that it's getting worst, in short China is always against crypto, and crypto would never grow in this country. What's the effect? Seems like the bad effect was just temporary as bitcoin is now bullish rising to $50k+ and would probably increase more in the last quarter.

[DooMAD]

pretty sure China BTC users will find a way of trading BTC just in a different way

"Find" is probably the wrong word.  The options are already there.  Trading peer-to-peer or using DEX (the legitimate kind, not the shitty token ones) can both easily subvert those pesky totalitarian government types and their silly laws.

[South Park]

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.

Banned - Unbanned - Banned again and i wont be surprised that they would lift again the ban and would tell again that they are accepting or its already legal.They do know on how to play the game

and as expected for such country then it isnt really that something new to be somewhat manipulative.We do know on how much coins they do own which does tell that it is totally

contradicting on things that what they are doing unless if those coins been sold off then we can say that on how serious they are on such ban or against with crypto but as long
they are holding it then its always possible that they could revoke their decisions.

At this point I wonder why people care, unless some of the forum members live there then why do they care that China is banning bitcoin for the 1376th time? Let them do whatever they want with their country and let them miss the biggest opportunity of the early century, the countries that adopt bitcoin early are the ones that will get most of the benefits from bitcoin and as such we should stop thinking about China and concentrate in countries like El Salvador and others that want to follow them.

[Betwrong]

~

Well if there citizens well not protest against what the Communist party do to their country then provably this regime is hard to pull out on their country. And even billionaires can even lift their fingers to those official and they are easily put on bars if the government doesn't like on what those billionaires do that against their own will. Hopefully we can see a fair state in china where everyone is free to choose towards there decisions and other things they like.

There are millions and millions of well educated people in China and of course they don't like the Communist party, but the problem is that they are still a minority. What the zombified majority needs is proper education instead of constant brainwashing.

~

If this is the case, then it will be better if crypto market will cut its connection into China. Crypto market without China will make it more smooth sailing knowing there are already big countries who are now supporting bitcoin and its crypto market. Although China has the largest mining activity for crypto, it will never be a huge loss really since it has always been a total destructor of the crypto market since they come up with their own crypto. However, those Chinese citizens who are holding bitcoins at the moment will probably face the consequence so if they are free to move in to other countries, better do it now.

We don't need to "cut" anyone except for the Communist government of China. In fact, they'll be cut anyway sooner or later. Their days are numbered. They have no place in the modern world. China's people suffer from them harder than anyone.

[Wawa2013]

~

Banned - Unbanned - Banned again and i wont be surprised that they would lift again the ban and would tell again that they are accepting or its already legal.They do know on how to play the game

and as expected for such country then it isnt really that something new to be somewhat manipulative.We do know on how much coins they do own which does tell that it is totally

contradicting on things that what they are doing unless if those coins been sold off then we can say that on how serious they are on such ban or against with crypto but as long
they are holding it then its always possible that they could revoke their decisions.

At this point I wonder why people care, unless some of the forum members live there then why do they care that China is banning bitcoin for the 1376th time? Let them do whatever they want with their country and let them miss the biggest opportunity of the early century, the countries that adopt bitcoin early are the ones that will get most of the benefits from bitcoin and as such we should stop thinking about China and concentrate in countries like El Salvador and others that want to follow them.

Maybe people who are worried about the ban on Bitcoin by China, they think FUD from China can make the Bitcoin price fall, the fact that several
times China has banned Bitcoin, has not stopped the price of Bitcoin from rising. Maybe only down for a while, and even then because some
newbies panic. But not long after that the price of Bitcoin went up again. I agree with you, we should ignore whatever China does, because it's their
right to do whatever they want. As long as they ban Bitcoin only for their own citizens, it's not something we need to worry about. We'd better focus
on collecting Bitcoin, and follow the positive news about El Salvador which legalized Bitcoin as a legal tender. That way we are more motivated
to continue holding the Bitcoin we have until the target we want is achieved.

[lepbagong]

~

Banned - Unbanned - Banned again and i wont be surprised that they would lift again the ban and would tell again that they are accepting or its already legal.They do know on how to play the game

and as expected for such country then it isnt really that something new to be somewhat manipulative.We do know on how much coins they do own which does tell that it is totally

contradicting on things that what they are doing unless if those coins been sold off then we can say that on how serious they are on such ban or against with crypto but as long
they are holding it then its always possible that they could revoke their decisions.

for the umpteenth time as you have also explained, that China does the same thing and keeps repeating it but where it has happened, there has been no effect whatsoever with the ban that has been carried out so far after the implementation. but they keep repeating even though it is clear that there is a certain purpose behind the ban all this time.

they do that obviously because they understand that the community is indeed one of the largest mining companies. so they want to do the shock effect that what's done with intent has a specific purpose. is it impossible that they will create their own bitcoin. but it seems that they themselves are not ready or may be afraid of not being accepted by the general public.

so they do ban but they themselves understand that the community still holds quite a lot of mining products that have not been done anything. So it is true that of course there will be a dilemma for the government with the ban because it is clear that many will be harmed by the policy if it is to be enforced forever. so all can and understand what will happen with something like this.

At this point I wonder why people care, unless some of the forum members live there then why do they care that China is banning bitcoin for the 1376th time? Let them do whatever they want with their country and let them miss the biggest opportunity of the early century, the countries that adopt bitcoin early are the ones that will get most of the benefits from bitcoin and as such we should stop thinking about China and concentrate in countries like El Salvador and others that want to follow them.

governments are very confident that they know that most of the mining does take place in their country. obviously there are certain things that we can't predict until now, but the rumors are clear that they want to make bitcoin themselves, because they really believe they can make a clone / rival. but again it is not easy to be able to make changes or even replace bitcoin. as long as the people are still mining as usual.

what you say does seem easy to just forget about china because there are still many other countries that can do acceptance like el savador. but again they do that because they know that china is still one of the most reliable in terms of mining. so their confidence in it is very big and they know the potential of the community.

it is clear that the ban for the umpteenth time has been very well understood by many bitcoin users and they are no longer affected and continue to show that whatever the Chinese ban does not affect the development of bitcoin. like you said even if there is a disturbance it doesn't seem to last long and bitcoin will recover as usual.

Maybe people who are worried about the ban on Bitcoin by China, they think FUD from China can make the Bitcoin price fall, the fact that several
times China has banned Bitcoin, has not stopped the price of Bitcoin from rising. Maybe only down for a while, and even then because some
newbies panic. But not long after that the price of Bitcoin went up again. I agree with you, we should ignore whatever China does, because it's their
right to do whatever they want. As long as they ban Bitcoin only for their own citizens, it's not something we need to worry about. We'd better focus
on collecting Bitcoin, and follow the positive news about El Salvador which legalized Bitcoin as a legal tender. That way we are more motivated
to continue holding the Bitcoin we have until the target we want is achieved.

whatever China does can also not be taken lightly, because China knows that its people are the largest miners in the world and we must admit and cannot turn a blind eye to it. they do that because they understand that their mining is fairly recognized.

but I agree with the colleagues above that we don't need to be afraid of the Chinese ban because so far whatever is mined by them is still being held, so it's clear that if there is a ban then the people who will lose will surely have an impact as well as the Chinese government.

Once again there will definitely be positive and negative sides to anything that China does with the ban, but at least we should not be free to focus on countries that are starting to recognize bitcoin and this will obviously be counter-productive to what China is doing and can be ascertained. the people themselves who are harmed and will affect the state in the end.

[Betwrong]

The latest article in Forbes on the subject is called China ‘Banned’ Crypto. Can The SEC Try Doing The Same?. First off, I like the quotation marks around the word  ‘Banned’. Indeed, we can't take seriously another 'ban' from China. Secondly, check this out

China banned crypto last month. And what happened? Bitcoin prices rose. Take that, Xi Jinping.

Fingers crossed, the author of the article won't be executed by some Chinese spies.  

Anyways, I'm starting counting down the days left to the unban, hopefully final and irrepealable.

[Argoo]

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.

I am even amused by this situation with the complete prohibition of transactions in cryptocurrency in China. Finally, the Chinese government has come to such a predictable decision. Now it remains to observe how such a prohibition will be implemented and whether the state will be able to control it. This will be a valuable experience for both people and states. We have seen so far that such attempts have not yet been crowned with success and, most likely, the state will not succeed this time either.

[Rufsilf]

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.

This is why I couldn't blame other Chinese citizens to stay away from mainland China and seek shelter or freedom in Special Administrative Region (SAR) like Hong Kong or Macau. Those said regions are more likely to experience freedom and free speech and doesn't need to be scared of their mainland's Socialism.
Nevertheless, I think the cryptocurrencies are still widely used by the citizens in SAR especially in Macau that gambling is allowed like and they are known to be the Las Vegas of the East and probably using crypto as a form of payment or part of their transactions. I think this declaration of China isn't gonna make a huge impact for the cryptocurrencies.

[doomloop]

First I would like to say that news about China and whatever opinion they have about cryptocurrency no longer bothers me again and I no longer care about whatever they have to say about cryptocurrency, whether they are accepting it or not.. For some years now they have been saying that cryptocurrency has been declared illegal in China, and I don’t know we still continued talking about it till now if they have banned it years back?

Anyways, they have made their choice, but that doesn’t stop others from making use of cryptocurrency, and even their citizens will continue to make use of cryptocurrency and invest through peer-to-peer means, except that there wouldn’t be any mining activities there any longer.

[ObscurePen]

Well what has changed lol? They have only banned crypto like 20 times in the past. Seems like its hard to get rid of if they are still announcing bans.

But yeah I mean this makes sense doesn't it ... Bitcoin's unregulated nature collides with the government's wish for a state-dominated economy. Instead they are testing out their own digital currency - the 'Digital Chinese Yuan'. It has got none of crypto's decentralised qualities but is purely state-controlled .... but it digital. Another reason for them to Bitcoin from the picture. Again, (not that they have ever cared) they are trying to reduce CO2 emissions and all that so there is another excuse for them to do this.

How will it effect crypto? Well like I said they already banned mining, trading on Chinese exchanges and essentially banned crypto in some form or the other multiple times. So I don't think this 'new' ban will cause a major difference. The ban on mining caused a price dump earlier but the price came back. I think it will be the same for this (if there is any effect) but on a much, much smaller scale.