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

[Doell]

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.

interesting points I agree with your a statement maybe Chinese government want to make its citizens submissive and must obey state regulations also by suppressing the crypto population ,but there may also be other thoughts that certainly want to be more profitable for the country chinese like dropping the price and then later rebuy

[marine4u]

why so worried about it, in this world there are so many countries and that prohibits only one, why should we panic about it.

I think China's capacity ranks second in the world, they are just behind the US.  More seriously, not only politically and commercially, they have been enlightened over the years by keeping too much of their bitcoin profits through the mining camps that are filled there.  Theoretically, it shouldn't be an important issue but there would be skepticism.  Bitcoin has outperformed its position compared to 2018, the last of the sentiment field has removed the extreme for the China Fud.  Without those damn roadblocks, keep your eyes on the extreme optimism that bitcoin represents.

[LUCKMCFLY]

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, Kiai 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

You will always have a good connection, no one will pay attention to what a government impounds, however the miners have left there, but there are many investors, many traders who will continue in their activity, they will not mind looking for the best VPNs, when it comes to of money, I believe that no government can control individual economies, especially when they are benvolent.

Sometimes the news makes us see other scenarios, a scenario that has nothing to do with reality, CHINA is such a large country and with so many P2P exchanges that control is almost impossible, and every time there is bad news, instead of Doing FUD increases the price of BTC, Bad News in CHina + Good News anywhere in the world = Price of BTC increases., that's the way I'm seeing it.

[Ozero]

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 do not know how things are with law and law in China, but in my state no one would pay attention to the decision of the central bank to ban the circulation of cryptocurrency. The central bank can give instructions to subordinate banks on issues related to its competence, but not to citizens, if this is not directly related to the activities of banks. In order to prohibit the circulation of cryptocurrency, an appropriate law or at least a by-law at the government level is needed.
Criminal liability is incurred only for acts directly indicated in the Criminal Code as crimes. In order to amend the existing criminal code, a decision of the country's legislative body is needed. Therefore, it is completely incomprehensible to me how the central bank of China threatens with criminal liability for the use of cryptocurrencies, or it is already interpreted in this way by other persons, because we have not seen a direct order from this bank.

[doomloop]

Theoretically, it shouldn't be an important issue but there would be skepticism.  Bitcoin has outperformed its position compared to 2018, the last of the sentiment field has removed the extreme for the China Fud.  Without those damn roadblocks, keep your eyes on the extreme optimism that bitcoin represents.

Simply we can conclude that bitcoin has defeated all the recent FUDs of China; I'm just wondering what would have happened by this time for bitcoin price levels if China did not have banned all the crypto related activities; probably we might be trading around $80k by this time. Still, getting into a new ATH even after no more crypto activities in world's second high-power country, must be a great achievement for bitcoin ecosystem, indeed.

The consequence of China's ban on all crypto related activities has been nullified literally but we must need some more time to confirm the same.

Overall, we can conclude like, rest of the world must be having all the option to support bitcoin or Chinese people might have migrated into other crypto friendly countries to continue their usual business or ban from any country will not have any significant effect on the progress of bitcoin.

[LogitechMouse]

There might be a small effect with regards to crypto but it is small that it will recover afterwards.
I still remember when China announced that they will ban ICO in 2017. Instead of having a huge effect towards the downside in the market, it is the complete opposite.

China can just do anything negative with regards to crypto and we that are outside China don't care. They banned mining Bitcoin on the country but it didn't push Bitcoin downwards. They might be a strong, powerfun and an influential country but I don't think that they are that powerful enough to put down crypto. They can declare crypto as an illegal one. Those Chinese people who are a big supporter of Crypto may just live outside China and continue what they are doing. They are just saying it because they can't control Bitcoin and they don't want the people out there to own something that they themselves can't control.

[Botnake]

There might be a small effect with regards to crypto but it is small that it will recover afterwards.
I still remember when China announced that they will ban ICO in 2017. Instead of having a huge effect towards the downside in the market, it is the complete opposite.

China can just do anything negative with regards to crypto and we that are outside China don't care. They banned mining Bitcoin on the country but it didn't push Bitcoin downwards. They might be a strong, powerfun and an influential country but I don't think that they are that powerful enough to put down crypto. They can declare crypto as an illegal one. Those Chinese people who are a big supporter of Crypto may just live outside China and continue what they are doing. They are just saying it because they can't control Bitcoin and they don't want the people out there to own something that they themselves can't control.

Of course China would really want to control their people including all their investments. And since when it comes to crypto investments, its hard to track the owners so what they did is to impose a permanent ban on crypto so that their citizens would not hold crypto anymore as it becomes a threat to their digital yuan. But seems crypto this time is not totally affected because bitcoin continues to surge despite of the current banning from China. And it even exceeded its previous ATH without China around. I must say China will never give a huge impact to crypto anymore, and its definitely a good thing for crypto and bitcoin.

[albon]

There might be a small effect with regards to crypto but it is small that it will recover afterwards.
I still remember when China announced that they will ban ICO in 2017. Instead of having a huge effect towards the downside in the market, it is the complete opposite.

China can just do anything negative with regards to crypto and we that are outside China don't care. They banned mining Bitcoin on the country but it didn't push Bitcoin downwards. They might be a strong, powerfun and an influential country but I don't think that they are that powerful enough to put down crypto. They can declare crypto as an illegal one. Those Chinese people who are a big supporter of Crypto may just live outside China and continue what they are doing. They are just saying it because they can't control Bitcoin and they don't want the people out there to own something that they themselves can't control.

Of course China would really want to control their people including all their investments. And since when it comes to crypto investments, its hard to track the owners so what they did is to impose a permanent ban on crypto so that their citizens would not hold crypto anymore as it becomes a threat to their digital yuan. But seems crypto this time is not totally affected because bitcoin continues to surge despite of the current banning from China. And it even exceeded its previous ATH without China around. I must say China will never give a huge impact to crypto anymore, and its definitely a good thing for crypto and bitcoin.

Although China launched strict campaigns and laws to eliminate Bitcoin and cryptocurrencies 8 years ago and so far, the cryptocurrency market has not been affected by only a small percentage of decline, and Bitcoin and currencies continue to rise due to the centralization of crypto that preserves people’s privacy and not disclosed Their identity and to the market values estimated in trillions, of course, the crypto market will lose a large country like China, which would have been a strong supporter of cryptocurrencies due to a large number of investors and miners in it, but the results of this are not bad for crypto in the presence of countries and huge companies that support crypto.

[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.

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.

Taking into consideration the decentralized nature of this market it is fair to say that they are never going to eliminate the use of cryptocurrencies completely at their country, but what matters is that it is forbidden and if they catch you doing it then most likely you are going to face some kind of sanction or even some jail time, and it does not matter where you are living jail is one of the places where you never want to be.

[Congyang]

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.

Exactly as you said. the miners in china already believe in what they are doing especially with the bitcoin mining they do. they believe their lives will be guaranteed and they take bold actions by leaving the country.
but maybe it will be better than them having to stay and survive the regulations issued which almost make no sense for people who depend on crypto for their lives.
I don't know what his fate will be but when I am in that position I will try to survive in another country instead of having to live with unclear regulations

[Lubang Bawah]

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

[jaberwock]

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 don’t see nothing much that is going to happen apart from the fact that some of their citizens who are investing in cryptocurrency and also mining cryptocurrencies are going to drop out from it, but that is going to be just for some time. Once government begins activities like this and start declaring cryptocurrency illegal in a country, people will get scared at first and a lot of them are going to stay clear from that asset, because they’re scared, they’re going to have a problem with the government.

But, as time goes on they're going to still get back to that asset and they will look for other ways that they can have access to it. And in the case of cryptocurrency it is always very easy to gain access to it because it is decentralized.

[Rajamuda]

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

Their trust in Bitcoin certainly will not easily weaken, this is already like a hobby that is difficult to leave.
Moreover, apart from Chinese citizens, there are very many people out there, and still in the increasing interest in Bitcoin, the more crowded they are in doing certain things that can still be done, and of course that can cover up the certain negative news related to the price rate, because it is still there are many other things out there that can push the role of Bitcoin/cryptocurrencies.

[Silberman]

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

For people like us that are not living there and that do not have that citizenship then this does not affects us at all, however even if they decide to keep using bitcoin and other cryptocurrencies now they are at risk, the Chinese government is one of the most controlling governments around the world, so if you use a device that has some apps that come from a Chinese company you can be sure you are being spied all the time, so they now need to be incredibly careful especially if they are living at China at the moment.

[Cafex]

The market was affected by China's action a little first. But after some time, the market started going up at a really nice pace without even caring about China. We have even seen Bitcoin price reaching a new ATH level too. I think that this proves how strong the market is becoming day by day. It is getting stronger and more durable against FUD attempts.

[breathlessz]

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

For people like us that are not living there and that do not have that citizenship then this does not affects us at all, however even if they decide to keep using bitcoin and other cryptocurrencies now they are at risk, the Chinese government is one of the most controlling governments around the world, so if you use a device that has some apps that come from a Chinese company you can be sure you are being spied all the time, so they now need to be incredibly careful especially if they are living at China at the moment.

As a Chinese citizen, of course, you have to be careful with cryptocurrency, even now some exchanges prohibit Chinese citizens from registering, this is the impact of China's behavior which often creates controversy in cryptocurrency, even though we don't really know what the purpose of the Chinese government is.

[lucates]

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.

Absolutely agree because china has also banned google, facebook, youtube, instagram, netflix,snapchat,etc. Doesn't make any difference in crypto also. If that's any indication, bitcoin will be just fine 100 percent. Many people are become panic about this news but don't worry nowadays crypto is a major economy. And most investors viewing this as an opportunity and not as just panic sell.

[Silberman]

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

For people like us that are not living there and that do not have that citizenship then this does not affects us at all, however even if they decide to keep using bitcoin and other cryptocurrencies now they are at risk, the Chinese government is one of the most controlling governments around the world, so if you use a device that has some apps that come from a Chinese company you can be sure you are being spied all the time, so they now need to be incredibly careful especially if they are living at China at the moment.

As a Chinese citizen, of course, you have to be careful with cryptocurrency, even now some exchanges prohibit Chinese citizens from registering, this is the impact of China's behavior which often creates controversy in cryptocurrency, even though we don't really know what the purpose of the Chinese government is.

It is always important to hear the voices of those that are affected by regulations like the ones that are being passed in China, now exchanges do not want to deal with any issues and are not accepting the business of Chinese citizens, this is similar to what happens to US citizens which are rejected outright by many banks as those banks do not want to deal with the regulations of the US government, with the difference this is even worse as it is almost impossible to use your bitcoin privately if all what you have are devices manufactured by Chinese companies.

[Quidat]

Proof that the cryptocurrencies community is solid and strong, even though the central bank of china banned all cryptocurrencies but this doesn't feel any impact, even i'm sure the chinese people also don't care about this because i often see chats on telegram groups that basically they will continue to invest in cryptocurrencies .

For people like us that are not living there and that do not have that citizenship then this does not affects us at all, however even if they decide to keep using bitcoin and other cryptocurrencies now they are at risk, the Chinese government is one of the most controlling governments around the world, so if you use a device that has some apps that come from a Chinese company you can be sure you are being spied all the time, so they now need to be incredibly careful especially if they are living at China at the moment.

As a Chinese citizen, of course, you have to be careful with cryptocurrency, even now some exchanges prohibit Chinese citizens from registering, this is the impact of China's behavior which often creates controversy in cryptocurrency, even though we don't really know what the purpose of the Chinese government is.

It is always important to hear the voices of those that are affected by regulations like the ones that are being passed in China, now exchanges do not want to deal with any issues and are not accepting the business of Chinese citizens, this is similar to what happens to US citizens which are rejected outright by many banks as those banks do not want to deal with the regulations of the US government, with the difference this is even worse as it is almost impossible to use your bitcoin privately if all what you have are devices manufactured by Chinese companies.

When you are a citizen into those countries which do impose up some bans or restrictions then you would really be finding this situation to be hard but it wont mean that you are totally being get rid of for you to avoid or being restricted on dealing with crypto.We could still make out some engagement though but it wont really be on the sense in full scale or totally free and once you do decide on dealing still with it
then you should be careful because you do know the risk once you get caught.

[Oasisman]

When you are a citizen into those countries which do impose up some bans or restrictions then you would really be finding this situation to be hard but it wont mean that you are totally being get rid of for you to avoid or being restricted on dealing with crypto.We could still make out some engagement though but it wont really be on the sense in full scale or totally free and once you do decide on dealing still with it
then you should be careful because you do know the risk once you get caught.

Illegal means you're going to jail once you get caught.
But it's not something to worry about when we're talking about cryptocurrency. There's several ways to avoid getting detected of course with the use of decentralised exchange.
I believe China didn't totally ban or block specific websites or it can even be by-passed.
Nevertheless, it seems like the Chinese FUD didn't cause the market to drop. So I guess, Bitcoin and crypto will be fine. In fact, China done this several times before.