【I am in China】About China 2021/09/24 FUD

[Zedpastin]

a nations law cannot regulate/license its use legally until they first ban it and make it illegal

EG if alcohol prohibition did not happen to ban alcohol government could not then make alcohol licences to allow certain businesses to then operate as all businesses would still operate for free.

in short give it some time and china will start allowing licences

I think you might be right the Chinese government want to profit directly from people using Bitcoin. I think the safest option atm if you live in China would be to keep your Bitcoin safe and hold it until it becomes clearer in a couple of months whether China are going to license certain companies to trade in Bitcoin. I expect if they do allow licenses the tax on cryptocurrencies will be extremely high and will eat into the profit of any traders business but it would be better than what they are currently doing.

Nothing a foreign bank account, a VPN & an account on a European exchange can’t solve in all honesty.

Can Chinese people easily open foreign bank accounts? I thought China is really hard on controlling the flow of capital to prevent it fleeing from their country. Chances are, Chinese citizens will be getting caught while sending or receiving funds from foreign exchanges/bank accounts if their regulators have enough control, which I assume they do, knowing how totalitarian China is.

I think most banks will be on high alert of Chinese residents trying to open up bank accounts and then commit a crime using their new bank account to trade Bitcoin. I think it will be hard to open a account because you need to provide ID and when that ID says you live in China they will probably refuse your application.

[Tashana]

VPN does not help, because providing transaction services may go to jail
Once the exchange of CNY and USDT becomes difficult, most Chinese people will be excluded
The cause of the current panic is the exchange problem between CNY and USDT

You can’t withdraw money, and it’s not directly confiscated. The most panicking thing is May 19, which has already passed.
Then learn to use decentralization. Now that Chinese users are restricted from withdrawing funds, someone will definitely find a way to let them find other channels to withdraw funds.
This panic is almost relieved.

[Kaylana]

So, what are you going to do next? Will you sell all your cryptocurrencies and exit the market? It's frustrating to hear that you are helpless.

[NotATether]

VPN does not help, because providing transaction services may go to jail
Once the exchange of CNY and USDT becomes difficult, most Chinese people will be excluded
The cause of the current panic is the exchange problem between CNY and USDT

And there's no way to convert CNY to some intermediate fiat currency (e.g. EUR) first before passing it on to USDT? I'm suspecting that door is closed too.

[Imran232]

I do not care about China. Because they are always fud creators. They are like bi*ch. Because of them, some of my friends got a liquidation of their 30% portfolio. Actually, I always stay away from future trades. But my friends' trap me in this. Actually, China will do this again and again. That's why I don't want to talk about China. I am just aware of those people who believe in this type of fud. and making the market candle red. Why should we understand that bitcoin doesn't depend on any country, so why should we follow any countries' news that they approve it or ban it? Bitcoin is our currency and we are the controlers of it, but we are still trapped by this type of fud.

[SFR10]

Just as a suggestion why you don't create a group of trusted people with your friends who own bitcoin and interested in trading cryptocurrencies
~Snipped~
You just need to transfer bitcoins to your friends and they will give you some money in cash or using back transactions.

That might work for small amounts, but for larger ones, they'd probably have to deal with problems like insufficient supplies... Sooner or later, that'll lead to expanding the group and that's where it gets tricky!

so you won't be tracked and the government won't understand anything.

Depending on how they do it, they could still get caught if they're not careful enough ^{[unfortunately]}!

in short give it some time and china will start allowing licences

Even if that happens, I highly doubt they'd give those to "normal" individuals!

[Cryptoshops]

I see that the  2nd biggest China based Ethereum mining pool Sparkpool  has shut down all services both in China and abroad.

[Zedpastin]

I do not care about China. Because they are always fud creators. They are like bi*ch. Because of them, some of my friends got a liquidation of their 30% portfolio. Actually, I always stay away from future trades. But my friends' trap me in this. Actually, China will do this again and again. That's why I don't want to talk about China. I am just aware of those people who believe in this type of fud. and making the market candle red. Why should we understand that bitcoin doesn't depend on any country, so why should we follow any countries' news that they approve it or ban it? Bitcoin is our currency and we are the controlers of it, but we are still trapped by this type of fud.

I care what China does because it is against the basic human rights that most of the western world has. The Chinese government control their citizens and prevent them from using legitimate services just because they do not agree with the ideology or see it as a threat to their way of governing its people. I think we should all care and stop labelling China as fud creators it is not the people of China that are creating the fud it is the government of China creating it to try and stop people using Bitcoin. We should not look negatively on the people of China because of the wrong doings of the government. Instead we should speak out against it and end the corruption that is plaguing the country. Bitcoin adoption in China helps your Bitcoin become more valuable and it is in your best interest to have every country allowing Bitcoin to be traded and exchanged.

[Anonylz]

If there is an ignore button to this constant China btc ban news in all the news outlets who published this news, I would suggest we all use it to show our lack of interest in their shenanigans, they should realise nobody cares much about this news anymore, this isn't 2018.

[Zedpastin]

If there is an ignore button to this constant China btc ban news in all the news outlets who published this news, I would suggest we all use it to show our lack of interest in their shenanigans, they should realise nobody cares much about this news anymore, this isn't 2018.

This is a ignorant view point of course people care and the people of China are devastated by the news just because you do not live in China does not mean you should not care about how a government is negatively effecting peoples lives because they have a alternative agenda to Bitcoin. We should be supporting any one that wants to use Bitcoin because it strengthens Bitcoin for us all. A lot of Bitcoin nodes were being run in China and because of this ban a lot of those nodes will now go offline weakening the Bitcoin network. They will not weaken it to critical levels but it will weaken the network. I hope what Franky said about the government licensing certain exchanges to trade Bitcoin is correct because at least that would be better then a complete ban for everyone that uses Bitcoin.

[BIN-BIN]

China is just depriving its citizens the freedom to independent financial life, well I guess p2p is the only way to go in this situation. If the exchange requires your KYC then it becomes impossible to bypass using VPN.

[bk201-xyz]

So, what are you going to do next? Will you sell all your cryptocurrencies and exit the market? It's frustrating to hear that you are helpless.

I will continue trading,
Uniswap is a good choice.
but withdrawal is a problem.

[pooya87]

Contradiction much?
I don't understand this addiction to call everything FUD.

It depends on the statement which is why I don't see any contradiction here. The statement that is circulating the internet these days is "China banned bitcoin" and "Cryptocurrency is illegal in China" both of which are lies hence they are FUD.
What is banned is using your bank to buy/sell cryptocurrencies. Using bitcoin (paying or get paid) owning and even trading it without your bank is legal; ergo bitcoin or cryptocurrencies are neither banned nor illegal.

Funny enough this same thing is true in many other countries. Google stories about bank accounts (in different countries) that were closed just because the account owner used it to buy bitcoin! But just because this was from "China" it suddenly becomes a big news.

[leea-1334]

Thank you for sharing OP and I think we need more people like you to explain and share what is really happening.

According to posts I read from the week since the announcement though,,, people are saying it is still not illegal to exchange between people, after all crypto itself is not banned, now only mining and exchange transactions. Can you confirm it is true?

[BlackHatCoiner]

The statement that is circulating the internet these days is "China banned bitcoin" and "Cryptocurrency is illegal in China" both of which are lies hence they are FUD.

I sometimes wonder how many lies are said in the internet news. For example, I didn't know that; I was convinced that China banned it completely. I knew they had done this before, like 7 times, but I felt they indeed illegalized it.

But, now you're telling me that they've made illegal buying Bitcoin, not using Bitcoin. This changes the fact completely.

Also, isn't the Chinese government the one holding the most bitcoins? Why do they keep banning it? Unless, that's a lie too.

[rodskee]

official statement

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                           2021年9月15日

You must put the official statement translated in ENGLISH mate and not written in Chinese because this is a english forum and only few can understand what you posted.

Thank you for sharing OP and I think we need more people like you to explain and share what is really happening.

According to posts I read from the week since the announcement though,,, people are saying it is still not illegal to exchange between people, after all crypto itself is not banned, now only mining and exchange transactions. Can you confirm it is true?

Don't believe what they say immediately, we need a lot of people to share their story so that we can see what's really going on in there, remember that most Chinese people are patriotic and they won't be saying anything bad against the country.

sounds legit , it is hard to believe in Hear Says because there are reality outside this forum that Only Chinese People can clarify and speaks well.

[Amph]

you can still do it privately i suppose, so who care... bitcoin is unstoppable no matter what they are trying to do here, it's useless, their own centralized crypto will not prevail it's just another digital fiat garbage

[pooya87]

Also, isn't the Chinese government the one holding the most bitcoins? Why do they keep banning it? Unless, that's a lie too.

Possibly, but the reason why Chinese government is cracking down on bitcoin is that they have been trying to replace US Dollar with Chinese Yuan and also they have plans to push for digital Yuan. They seem to believe that letting people freely use bitcoin could pose a threat to that goal. Easter block is already moving away from dollar anyways.

[leea-1334]

Don't believe what they say immediately, we need a lot of people to share their story so that we can see what's really going on in there, remember that most Chinese people are patriotic and they won't be saying anything bad against the country.

I think almost every person automatically defends their country no matter what,,, this is my experience, even if in private we may all hate our government:)

You know the famous Chinese meme about a Chinese guy saying to Trump:  don't trust China, China is ***hoe

Besides, OP was actually sharing something not so positive so I can believe it, he was not saying anything particularly factual!