What will be the effects of China's central bank declaring all crypto illegal?

[Viscore]

Bitcoin thrives from the very beginning with bad publicity.
Everyday you get FUD from somewhere, ever since 2009. And at every step BTC has overcame it and became stronger.

This is also what I noticed from bitcoin. It has always been the center of negative publicity, but it was never a huge problem as people still buy bitcoin anyway despite governments and other huge entities warning them not to go near the said cryptocurrency.

China has been taunting such bans for so long now that it no longer is a threat if they decide to ban bitcoin for real this time. The world has since moved on from news coming in from China, that whatever happens in that region no longer concerns what's happening in the bitcoin ecosystem.

The more bitcoin is banned, the higher it gets sympathy from its community. So the demand will never stop that makes bitcoin even reaching another heights despite of the Chinese Communist Party that never gets tired of banning bitcoin. Now that its permanent, i even think that bitcoin will be better without China's connection. And its a good thing that Russia is here that may even take place the position of China. At least, the President of China knows the value of bitcoin and its really an edge knowing that.

[wiss19]

The effect is not going to be any strong effect, so far we have seen how far the effect can go. I don’t think there is much that is going to happen and moreover this is no longer something that is going to be an issue to be much worried about since we already know what’s going to happen whenever the government carries out a rule like this; people are going to quickly move to making use of decentralized platforms.

We have seen these things happens in other places where Bitcoin has been banned, and people quickly switch to making use of P2P, so this can’t be stopped.

[DrBeer]

Before all this I have a theory, and it may sound a bit crazy, but every time China prohibits something, the immediate effect is that Bitcoin and cryptocurrencies go up, because everyone will look for a way to enter and win, that's like telling people that money is a bad thing, do not look too much ... When people are concerned about money and are forbidden the ways to obtain it, they become irreverent and more so if it is by mandate of a government or entity that does not help its population to improve your private economy.

This is something simple that everyone is looking for, you cannot say no to people to make you more slaves, the market would react positively, at least I see it that way.I do not know if anyone agrees with my quick analysis, which may be merely speculative but cannot be ruled out.

And tell me - how is China connected with bitcoin? Mining? Until recently, China owned almost 3/4 of all mining. Yes, mining, which was suddenly banned, would create panic, most likely the price went up very much. But this problem turned out to be not a problem - the migration of mining centers from China to neighboring countries, the same Kazakhstan, began. In total, if in 2019 China owned 75.5% of mining, now it is no more than 46%, and taking into account such pressure, it will fall even more.
Miner production? Well, it is unlikely to be banned, or immediately transferred to Taiwan, Hong Kong, ... Therefore, the influence will be purely "synthetic", and soon the market will return to its previous level .. Or lower ... or higher

[Rufsilf]

I don't actually think their laws will get rid of crypto.

A single country can not eliminate bitcoin, see the recent China FUD, bitcoin was down 5% to a price around $41000, but just few days after, the price soar to over $50000. Bitcoin price now at $57000.

yes you are right, one country will not make bitcoin disappear. no matter what their efforts, bitcoin and crypto will survive. so I think they're doing something pointless. even if the country were to withdraw from all things crypto-related, it would only have a temporary effect. and will have no effect in the long term.

Certainly there's no country who can control and take command crypto like bitcoin, even the most powerful country like USA cannot make the industry vanish or dissolve it.
Bitcoin is unstoppable and can survive many negative remarks and especially doesn't depend on China's position about bitcoin. Yes they may create a big impact on markets value but it won't last for long because it's just a short-term effect.

I bet China couldn't even keep track about their citizens using bitcoin or mining btc even if their government keeps on banning bitcoin and other cryptocurrencie or something that is related.

[Sanitough]

I don't actually think their laws will get rid of crypto.

A single country can not eliminate bitcoin, see the recent China FUD, bitcoin was down 5% to a price around $41000, but just few days after, the price soar to over $50000. Bitcoin price now at $57000.

yes you are right, one country will not make bitcoin disappear. no matter what their efforts, bitcoin and crypto will survive. so I think they're doing something pointless. even if the country were to withdraw from all things crypto-related, it would only have a temporary effect. and will have no effect in the long term.

Certainly there's no country who can control and take command crypto like bitcoin, even the most powerful country like USA cannot make the industry vanish or dissolve it.
Bitcoin is unstoppable and can survive many negative remarks and especially doesn't depend on China's position about bitcoin. Yes they may create a big impact on markets value but it won't last for long because it's just a short-term effect.

I bet China couldn't even keep track about their citizens using bitcoin or mining btc even if their government keeps on banning bitcoin and other cryptocurrencie or something that is related.

Well, its really hard for the government to track all their citizens who are still making crypto transactions secretly because bitcoin alone will never be tracked knowing its users will remain to be anonymous especially now that China will already give sanction to those who will be caught. There might be some who will definitely stop from doing so but i think those who have been holding huge amount of crypto in their portfolio will definitely find ways or even transfer into another country wherein crypto is not restricted.

However, China is known to be the most largest contributor in crypto mining and this recent ban will certainly create big changes in the crypto market. But things come out too far from what we expect. Crypto has remain to be strong and stable and it even become even bullish after few days from banning. So China has not created a huge negative impact on crypto now.

[Silberman]

My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero. I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

I believe the same as you do, I think this is going to eventually come back to haunt them, they are creating with their actions the perfect market for cryptocurrencies that are specialized in privacy and they are also giving the people that are holding bitcoin a reason to move out of their country and never comeback as they do not want to deal with their oppressive regime anymore, people want freedom and while we understand that some kind of limit to those freedoms is necessary to live in a civilized society at the same time they are not very good at tolerating instances in which their freedoms are being restricted and there is not a good reason for it.

[iv4n]

The effect is not going to be any strong effect, so far we have seen how far the effect can go. I don’t think there is much that is going to happen and moreover this is no longer something that is going to be an issue to be much worried about since we already know what’s going to happen whenever the government carries out a rule like this; people are going to quickly move to making use of decentralized platforms.

We have seen these things happens in other places where Bitcoin has been banned, and people quickly switch to making use of P2P, so this can’t be stopped.

I guess these kinds of news from China never make big waves, so this time as well I don't see some strong effects, on the contrary price of BTC is over $60k again... I believe that speaks for itself that news from China is often just FUD, and when majority expect the price to drop the opposite happens! And it's like that happens for the first time... for years the story is just repeating itself from time to time, it's why I don't trust news from China and about China!

[TheGreatPython]

I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

For the exact same reason, experts are always suggesting about cryptos are always beyond the control of any kind of regulations. Because, people will innovate new things so that they could easily pass through those regulations. This had happened in the past many times and I believe it will keep repeating in future as well. The ban from China is not a new thing for Chinese and definitely they must have developed a solution to continue enjoying cryptos and its better benefits.

Digital yuvan may not fit many people for obvious reasons like privacy and freedom that will definitely make lots of people to start adopting crypto again.

[2double0]

Chinese government wants to remain dominant by keeping their citizens scared of them, so they don't want btc to give their citizens the freedom to become rich some day and due to this dislike for btc, they banned it. But their CB's declaration of crypto going illegal there will have absolutely zero (no) effects to the crypto industry. This will only circulate btc out of the hands of Chinese and some other country will take advantage of it by buying at 'cheaper than market' value because of the helplessness of Chinese people.

[dezoel]

But, must you make use of Monero? Because you know that it is not everyone that likes making use of Monero right? A lot of people prefer coins like Bitcoin, and Ethereum than these other coins such as Monero that are not widely being used. And if people decide to make use of Bitcoin, but only by using decentralized wallets and exchanges and doing peer to peer transactions, will the government be able to track you or even know that you’re still making use of cryptocurrency? Because, I know very well that transactions that are done peer to peer wouldn’t be tracked by the government, because they wouldn’t be aware of it.

It only comes to the knowledge of the government that a citizen is trading and using cryptocurrency only when they are making use of centralized wallets and exchanges which are regulated by the government.

[TimeTeller]

Chinese government wants to remain dominant by keeping their citizens scared of them, so they don't want btc to give their citizens the freedom to become rich some day and due to this dislike for btc, they banned it. But their CB's declaration of crypto going illegal there will have absolutely zero (no) effects to the crypto industry. This will only circulate btc out of the hands of Chinese and some other country will take advantage of it by buying at 'cheaper than market' value because of the helplessness of Chinese people.

And we are now seeing that there's really no effect in btc or in crypto in general.
Instead of continuous decline after their announcement, btc bounced back after a slight dump.
And now, we are heading to new ATH. This clearly shows that even without China in this market, btc or crypto will survive, and may reach new heights.
Their total banning is just affecting their citizens who are into crypto. Removing the chance of jobs related to crypto businesses, such as those miners.
They are now seeing that they can't cause the downfall of crypto. Maybe in few years, they will change their stand towards crypto.
Chinese government is known to changing their stance, so I am thinking that give them time, and they may change again their story.

[DrBeer]

My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero. I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

In a country with a totalitarian regime, the population cannot have secrets! Especially financial, especially from the state! This also contradicts the concept of totalitarianism, where total control over one's subjects is one of the pillars ... Even if someone wants to, it is a crime, and such criminals will be seriously monitored. In short, the idea that a billion Chinese people want privacy does not work, it is more likely that their government will hide from them and the whole world everything that it considers necessary, even if it is not logical ...

[7788bitcoin]

~
We have seen these things happens in other places where Bitcoin has been banned, and people quickly switch to making use of P2P, so this can’t be stopped.

What happens if majority of the centralized exchanges bans users from China or banned countries to trade in their exchanges, then it will be a difficult task. They need to either trade in decentralized exchanges in order to cash them out and some of these exchanges are not having high liquidity and it is a risky proposition if you are trading huge numbers.

The good part is that, these news did not have a huge impact on the market this time around, usually these news will take the market down drastically but this time we did not see that kind of impact which was a positive thing.

[Silberman]

But, must you make use of Monero? Because you know that it is not everyone that likes making use of Monero right? A lot of people prefer coins like Bitcoin, and Ethereum than these other coins such as Monero that are not widely being used. And if people decide to make use of Bitcoin, but only by using decentralized wallets and exchanges and doing peer to peer transactions, will the government be able to track you or even know that you’re still making use of cryptocurrency? Because, I know very well that transactions that are done peer to peer wouldn’t be tracked by the government, because they wouldn’t be aware of it.

It only comes to the knowledge of the government that a citizen is trading and using cryptocurrency only when they are making use of centralized wallets and exchanges which are regulated by the government.

It is entirely possible that a government like China that spies every single aspect of the life of their citizens has a way to filter transactions made with cryptocurrencies, also since many of the apps that the Chinese citizens are using are exclusive to them it would not be weird that they have all kind of tracking devices, so if anyone tried to make a BTC transactions from their phone or their computer they will know it and they will go for you.

[Congyang]

This is going to become a cat and mouse game. Let's see how good China is in monitoring their citizens all over the web. It is easy for a totalitarian state to restrict its people's movements in the real world, but it's quite different when it comes to the online universe.

I don't think the Chinese people are that naïve as to do and say everything the CCP tells them to even in their online lives. China's rulers will definitely be not as successful in the online world in terms of control. The Chinese Bitcoin supporters won't stop buying or HODLing Bitcoin simply because the country's central bank declares it illegal.

in fact they would rather leave their current country than do what the government says.
because it will be very difficult while still in the country with the dictatorship system.
people will always be required to fear the government and this is like a necessity that they have excess authority to regulate their citizens.
on the other hand, running away is the best choice when you still want to be on this path even though what is prohibited is bitcoin, not crypto, but in crypto bitcoin has become an extraordinary thing and cannot be simply eliminated.

[Fredomago]

This is going to become a cat and mouse game. Let's see how good China is in monitoring their citizens all over the web. It is easy for a totalitarian state to restrict its people's movements in the real world, but it's quite different when it comes to the online universe.

I don't think the Chinese people are that naïve as to do and say everything the CCP tells them to even in their online lives. China's rulers will definitely be not as successful in the online world in terms of control. The Chinese Bitcoin supporters won't stop buying or HODLing Bitcoin simply because the country's central bank declares it illegal.

in fact they would rather leave their current country than do what the government says.
because it will be very difficult while still in the country with the dictatorship system.
people will always be required to fear the government and this is like a necessity that they have excess authority to regulate their citizens.
on the other hand, running away is the best choice when you still want to be on this path even though what is prohibited is bitcoin, not crypto, but in crypto bitcoin has become an extraordinary thing and cannot be simply eliminated.

If you believe in something and you are capable of doing the right thing moving away from the threat is the best to continue your support, as you mentioned those people who understand the value of Bitcoin/crypto they are aware and they are willing to move forward even the government implies rules against this business.

They all in supporting what they understand if it's needed to move from one country to another just to continue their support. It won't be hard for them doing so.

The principle of knowing the value than fearing to something that doesn't understand what's the benefits of.

[dunfida]

why so worried about it, in this world there are so many countries and that prohibits only one, why should we panic about it.
even if it is a country with a very good capability in the global economy that prohibits it, it will not have much effect.
even if there is movement in the chart caused by it, but you should see the recovery after it happened.

They are really making this as a serious issue or they do really mind off things which arent supposedly for you to mind off because seeing on how this market handles these kind of situation then this wont really be that

a big issue or something that we should really be worry because no matter what happens then it would really tend to recover on its own and no matter how those country would  really be that negative with bitcoin

there would always be a community who would definitely support this one up and its a solid proof on what we are looking at the moment.

[dbc23]

My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero.

Even the ban doesn't stop people from investing in china. But secret internet service and privacy crypto would just be a better option for those scared of taking the risk due to regional restrictions going with this will limit the amount of investors that would have Bitcoin in their portfolio.

I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

Where there is a challenge there is always a solution. If a solution isn't accessible then an alternative or improvised approach is adopted. If a solution hasn't been adopted then I think it's time for developers to act on making crypto most especially Bitcoin accessible to Chinese citizens and also provide a completely secret web services where Chinese citizens can transact in cryptocurrency anonymously

[tippytoes]

My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero.

Even the ban doesn't stop people from investing in china. But secret internet service and privacy crypto would just be a better option for those scared of taking the risk due to regional restrictions going with this will limit the amount of investors that would have Bitcoin in their portfolio.

I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

Where there is a challenge there is always a solution. If a solution isn't accessible then an alternative or improvised approach is adopted. If a solution hasn't been adopted then I think it's time for developers to act on making crypto most especially Bitcoin accessible to Chinese citizens and also provide a completely secret web services where Chinese citizens can transact in cryptocurrency anonymously

This is why I don't believe all crypto transactions in China are totally eradicated. I have the feeling that some of their citizens are hiding their transactions via privacy coins right now. Of course, they have been long in this mining and trading already, so they should know how to get around their government. But what I am wondering is, will Chinese government be firm with this standpoint or will they later reverse their total banning of crypto? They have seen that they don't have great influence in the market as bitcoin just hit its new ATH, and that is, without them.

[freedomgo]

My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero.

Even the ban doesn't stop people from investing in china. But secret internet service and privacy crypto would just be a better option for those scared of taking the risk due to regional restrictions going with this will limit the amount of investors that would have Bitcoin in their portfolio.

I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

Where there is a challenge there is always a solution. If a solution isn't accessible then an alternative or improvised approach is adopted. If a solution hasn't been adopted then I think it's time for developers to act on making crypto most especially Bitcoin accessible to Chinese citizens and also provide a completely secret web services where Chinese citizens can transact in cryptocurrency anonymously

This is why I don't believe all crypto transactions in China are totally eradicated. I have the feeling that some of their citizens are hiding their transactions via privacy coins right now. Of course, they have been long in this mining and trading already, so they should know how to get around their government. But what I am wondering is, will Chinese government be firm with this standpoint or will they later reverse their total banning of crypto? They have seen that they don't have great influence in the market as bitcoin just hit its new ATH, and that is, without them.

I don't see the ban would be permanent, i know it will be lifted soon the moment they realized that bitcoin is a part of the great revolution, and if they can't be a part of it, they will be totally left behind as most of the countries are now considering adopting bitcoin.

However, this is the first time that bitcoin will reach its new ATH without China around. And things have been better even without China. There are already other big countries who are ready to backed bitcoin so China will not be as important as it was.