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

[jaberwock]

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.

Hmm, I don’t really get what you mean by saying that it is almost impossible to make use of Bitcoin privately when the devices you’re using are manufactured by Chinese companies? I don’t think that is true, how exactly are they going to be able to know what you’re doing, or does devices which are manufactured by Chinese companies able to automatically block out users from accessing crypto websites? If that’s the case, then you should know that other countries where Bitcoin are banned will be able to do the same if users are making use of devices that are manufactured in the country, but I don’t think that is how it works.

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[perfect999]

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.

This is worst if you are caught then you have to face some serious issues not only financial in many other ways as well because it's already happening in few countries where crypto is illegal they are giving them long term prisons fines and having their all assets as well because few months back I have one friend who was caught then he lost some good amount and until now facing some serious legal issues as well.

If some country banning crypto then you have to follow rules very carefully because this is not easy to do this all under this judiciary. Sometimes they have fake traders or things like this for having all updates about these crypto related peoples.

[Sithara007]

This is worst if you are caught then you have to face some serious issues not only financial in many other ways as well because it's already happening in few countries where crypto is illegal they are giving them long term prisons fines and having their all assets as well because few months back I have one friend who was caught then he lost some good amount and until now facing some serious legal issues as well.

If some country banning crypto then you have to follow rules very carefully because this is not easy to do this all under this judiciary. Sometimes they have fake traders or things like this for having all updates about these crypto related peoples.

There is a difference between de facto ban and de jure ban. In China, the ownership of cryptocurrency is under de jure ban, but millions of Chinese residents continue to use it. And for the government, it is not practical to go after all these people, when the majority of them deals in amounts less than $100. The authoritarian governments may follow the approach that is being used against media piracy. They may arrest some random big fish and hand out extremely hard punishments, and then hope that it will deter others from dealing in cryptocurrency.

[jostorres]

The authoritarian governments may follow the approach that is being used against media piracy. They may arrest some random big fish and hand out extremely hard punishments, and then hope that it will deter others from dealing in cryptocurrency.

But, is it that easy to catch someone who is making use of crypto currency? I believe that people who are in China will be able to maintain their privacy and make use of cryptocurrency without being caught. We are all very aware that crypto currency is decentralized, and as long as you are able to maintain that peer to peer transaction then you are hardly going to have any issue with anyone.

The only time I think the government will be able to find you is when you are making use of it centralized exchange, where you are required to do KYC, then the government will have access to information about you and be able to know your whereabouts. But for people who maintain their privacy, they won’t be caught.