Bans on crypto now looks like a joke

[Vishnu.Reang]

The people's Bank of China argued that its ban on cryptocurrencies is to curtail financial crime and prevent economic instability. World is already moving towards digital even beggar use bar code for donation for begging from this we can see the level of digital world this time if crypto will ban than people will oppose many people leave county because in this native country crypto was ban. According to many experts, a cryptocurrencies are simply pieces  of computer code they can't banned.

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[ivankoh]

When initially hearing about crypto bans from China, it is perhaps confusing and bewildering but that is just one reason why competition is relevant for the economy in the long run.  And more bans are introduced at different stages in order to increase the chances of competing with the US in a way that benefits them.  The current bans aren't just grassroots as bitcoin and crypto are becoming extremely important to the nation's economy.  Ban or lift the ban now with no pretense and I agree with calling it "as a joke"

[Pierre 2]

This is example I am gonna give: Türkiye (my country) didn't ban crypto totally. There is Binance TR that we do our daily trades between coins and Turkish liras. But they did ban buying/selling using crypto. But its very very ineffective. I personally didn't do it but I heard many people just use exchange wallet addresses to send and receive coins trading things like bicycle/motorcycle even cars. Banning crypto at this point is to scream at mountain. It will never be effective. (Try screaming at mountain lol).

[marcous]

This is example I am gonna give: Türkiye (my country) didn't ban crypto totally. There is Binance TR that we do our daily trades between coins and Turkish liras. But they did ban buying/selling using crypto. But its very very ineffective. I personally didn't do it but I heard many people just use exchange wallet addresses to send and receive coins trading things like bicycle/motorcycle even cars. Banning crypto at this point is to scream at mountain. It will never be effective. (Try screaming at mountain lol).

Banning crypto from government regulations doesn't mean anything, even in your country Binane TR is available for crypto trading and you are free to trade any coin without anything related to government regulations, I think the government should consider that regulation and provide an opportunity for the community to trade crypto freely though there are rules that limit the use of crypto, for us it is fine as long as trading and bank withdrawals are allowed, because it will not replace any currency.

[Oshosondy]

You seriously need to look at hashrate charts before making weird claims like this. As a matter of fact the hashrate only dropped a little after the ban, then the price started crashing which led to more drop in hashrate, it was never significant though and definitely never down to zero! lol

I was talking about hashrates from Chinese miners. Is that what you are talking about too or bitcoin mining hashrates worldwide? It is not possible that bitcoin mining hashrates can drop to zero, that could be the end of bitcoin. Or you mean that bitcoin hashrates produced by Chinese miners do not fall to zero?




https://www.statista.com/statistics/1200477/bitcoin-mining-by-country

[Mr. Magkaisa]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

Oh, crypto ban? It's like trying to stop teenagers from using TikTok  , I don't think banning it is an effective strategy. Several countries have recognized the potential of cryptocurrencies and have implemented regulations to ensure their proper use. From a global perspective, it would be great to see more countries embrace crypto and take advantage of its potential benefits to explore and embrace this innovative technology.

The government has realized that they cannot ban it, apart from China and some countries that still have extreme attitudes towards bitcoin, many countries have lifted the ban and regulated it instead.
I don't know if they realize the potential of cryptocurrency and are looking to adopt it. But I see most clearly that they are trying to collect taxes, and cryptocurrency adoption in countries is focused on enacting regulations and taxing investors.
Regulations and taxes are inevitable, but it's still better than having them ban us outright.

-   I believe that the right time will come when every country will accept the concept of Bitcoin or Cryptocurrency. Because there were no countries before that they were able to change crypto or bitcoin but in the end they still withdrew it because they couldn't really control it no matter what they did.

So what you said is correct that even if they can't control this thing, they are still making a way to benefit from it such as tax and other things that they can benefit from this kind of business industry.

[davis196]

I can't see how the USA will become crypto friendly in the near future. Both China and the USA will remain hostile towards all cryptocurrencies, because they will keep pushing their CBDC projects(as we all know, CBDC are NOT cryptocurrencies).
Banning crypto is the same as banning drugs, alcohol, prostitution and gambling. It doesn't work. It only gives more space and more business to the criminals and mobsters. Having a good regulatory frame is way better than a total crypto ban, but the politicians and the bankers simply don't care about the crypto industry. They want money in their pockets. This is the only thing they care about.

[Reid]

Both these countries will never admit the truth that they are using cryptocurrencies. It's like saying they are waving the white flag. But it's all a lie.
Just look at their advertisements in the sports industries like NFL, MLB, NBA, and more, they are all crypto related companies from gambling platforms to exchange and other industries.
It became a joke because of them. They cannot purely ban it because it will depend on the people, the investors. Let's not kid ourselves, these two whale countries might have the biggest assets help than how much is circulating.

[ultrloa]

I can't see how the USA will become crypto friendly in the near future. Both China and the USA will remain hostile towards all cryptocurrencies, because they will keep pushing their CBDC projects(as we all know, CBDC are NOT cryptocurrencies).
Banning crypto is the same as banning drugs, alcohol, prostitution and gambling. It doesn't work. It only gives more space and more business to the criminals and mobsters. Having a good regulatory frame is way better than a total crypto ban, but the politicians and the bankers simply don't care about the crypto industry. They want money in their pockets. This is the only thing they care about.

They only look at the risk of crypto but they never acknowledge its benefits. Maybe they really see it as huge threat for their own projects that's why for now they try to eliminate it so people could think about adopt their creation.  We already see their action never actually works since even how tight they are in terms of not allowing bitcoin to circulate in their country their are still people in their country use this because they think its beneficial for them to use bitcoin for investment or other matters.

[ItsCrafty]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States? 

China is very smart. They play a big game with world and saved money of their citizens. China banning News outcomed when Btc price was above 50k and at one time it was looking that Btc will hit 100k this time. All theirs citizens sold their btc above 50k and other world was dumped to 40k-30k-20k and finally 15k. China knows that they cannot make fully banned on btc but they saved their fund.

USA presented many bills to regulate or ban on crypto but they not win over Btc yet and it's looking impossible and you are saying right thay its looking complete joke when any ban news outcome.

[Gozie51]

I don't think that crypto ban in china is looking like a joke because it is total in all activities that has any connection with cryptocurrency and if caught is a penalty of a jail time. I remember China had a strict law against cryptocurrency in 2017 including mining and in 2021 it further made a harsh regulation against it. However, citizens are hopeful to see a policy shift from banning crypto trading. Talking about USA, the country has been a libra one. They are trying to shift from ban to more proactive modern technology and ways of handling creation of blockchain technology. Therefore, tightening of the crypto exchanges is more of a priority and that is one reason they have a binance as binance.us. More call for tightening of crypto exchange regulation after the ftx scam.

[Similificator]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

I am actually more leaned on China embracing Bitcoin rather than the US. This is because in the past a lot of Chinese really took crypto seriously and when bans happened some even migrated to other countries that were more tolerant towards crypto currencies. And besides, population of China is no joke either, if ever those people really get into crypto, I believe that there would be a huge movement in this industry with regards to volume. Not just on bitcoin but to all the other crypto currencies they get their sights on.

And about crypto banning, it really doesn't hold that much weight anymore compared to the past since it has been approved and lifted lots of times already. People also realised that regardless of the ban, most hodlers would never dump which is why despite bad news people tend to hold onto their bitcoins more nowadays.

[Davian144]

Banning crypto from government regulations doesn't mean anything, even in your country Binane TR is available for crypto trading and you are free to trade any coin without anything related to government regulations, I think the government should consider that regulation and provide an opportunity for the community to trade crypto freely though there are rules that limit the use of crypto, for us it is fine as long as trading and bank withdrawals are allowed, because it will not replace any currency.

What you say is also true, because even if the government does not ban crypto with very specific regulations, the country's currency will still be used by citizens when making withdrawals from crypto. And also it will not endanger the value of money from a country as long as the use of the country's currency is still running smoothly, because I see that the presence of crypto among the people has made it easier for citizens to find income.

And will not forever depend on jobs in government agencies which will also greatly assist the government in eliminating unemployment in the country. Even though every crypto trade has a risk, everyone who has been working on it for a while certainly understands it very well because every risk must be borne by themselves.

[BenCodie]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?  

China is very smart. They play a big game with world and saved money of their citizens. China banning News outcomed when Btc price was above 50k and at one time it was looking that Btc will hit 100k this time. All theirs citizens sold their btc above 50k and other world was dumped to 40k-30k-20k and finally 15k. China knows that they cannot make fully banned on btc but they saved their fund.

USA presented many bills to regulate or ban on crypto but they not win over Btc yet and it's looking impossible and you are saying right thay its looking complete joke when any ban news outcome.

This does raise the question as to whether this was the intention or not. In light of FTX recently finding majority of the apparently lost capital, it has been made clear that the FTX debacle was more market manipulation than it was true bankruptcy. Did Chinese officials know what was coming and truly protected their citizens? Did CZ know and inform his allies? CZ was close with SBF at some stages, so the latter is definitely not unlikely.

The other side of the coin is that a parabolic rally was on the horizon if FTX were not to have collapsed and China did not want their citizens to be involved in it. I think that is a lot more unlikely given the circumstances however.

[lixer]

Banning crypto is no joke! It is true that cryptos can't be banned through a legal provision, but a government can take extreme measure to make cryptos irrelevant in their country.

Also US has started taking some harsh measures against crypto companies. Apparantly they will not ban crypto entirely but they would want to regulate the crypto market in their country.

The OP thinks it was a joke because lots of Chinese can still use a crypto. I'm not only sure if it's true because China is a strict country and for sure they also ban VPN and similar tools or ways to bypass the restriction being applied. Then they prepare tough penalties for the person to discourage accessing cryptos illegally.

China has been doing that since the inception of ICOs but they haven't yet gone to extreme.

I first heard ICOs on 2017 and I think it did also peak during that year. So it's been 6 years already ever since they ban it. China prolly started banning ICOs because of the rampant scams and then they move on later on banning Bitcoin mining because they believe on those environmentalists. The last thing that they ban is Bitcoin and other standard cryptos. Won't you consider that extreme?

[sana54210]

The culture of the USA has an inexplicable influence on the whole world, probably it started with songs and movies, but grew into something more.
Now any event in the USA has a huge impact on the whole world. And I think that the full adoption of cryptocurrencies in the US will have an incredible effect in the world. Their adoption in China is not even comparable to such an event.
And I hope that all this will happen soon.

I can understand songs and movies because they had a bigger audience than anyone else and they realized in the 60's that if they want to keep their culture and be the strongest power in the world than they need to sell their culture as well. That was a very well managed move and it allowed them to be loved or hated but at least known more than any other nation.

However, when we are talking about this age? Like tiktoks and instagram reels? They are still the most known one as well, that is a bit beyond me. Right now everyone has the same outreach and maybe the crumbs of those era still helps them a bit but a lot more people all around the world should have been popular, sure some are, but not a lot of people and it is still USA if you look at the top names.

[cydrix]

The simultaneous implementation of cryptocurrency bans by all nations is incredibly difficult. Because of this, cryptocurrencies like bitcoin will keep growing. Many nations are engaged in a conflict about who will dominate the rest of the world's economies. And when it comes to making decisions about economic development, these nations that are always engaged in this covert conflict tend to disagree with one another.

[kryptqnick]

While both countries have their records of human rights violations and are imperfect, they represent very different values. The USA is for freedom, which is freedom to live, to make choices, to believe, to have a private life, etc. China is for control, which is control over the economy, companies, lives of important and regular people in their society. Since Bitcoin is for financial freedom, I'd rather see the USA embracing it more than see China somehow managing to allow it and make profit to fund more repressions.

[Bollexz1]

Any crypto ban is a mere joke at this point as it has lived to surpass every criticism raised upon its existence. It is just another crystal proof that crypto as we know it is of the essence like time.

[summonerrk]

The culture of the USA has an inexplicable influence on the whole world, probably it started with songs and movies, but grew into something more.
Now any event in the USA has a huge impact on the whole world. And I think that the full adoption of cryptocurrencies in the US will have an incredible effect in the world. Their adoption in China is not even comparable to such an event.
And I hope that all this will happen soon.

I can understand songs and movies because they had a bigger audience than anyone else and they realized in the 60's that if they want to keep their culture and be the strongest power in the world than they need to sell their culture as well. That was a very well managed move and it allowed them to be loved or hated but at least known more than any other nation.

However, when we are talking about this age? Like tiktoks and instagram reels? They are still the most known one as well, that is a bit beyond me. Right now everyone has the same outreach and maybe the crumbs of those era still helps them a bit but a lot more people all around the world should have been popular, sure some are, but not a lot of people and it is still USA if you look at the top names.

The fact is that well-built capitalism is a phenomenon when a nation works for an excellent result. There is healthy competition, and the products being created are getting better and better.  People themselves are drawn to them. That's why we love the USA, they used to offer their products to the whole world.
And that's why I write that if they accept cryptocurrencies throughout the territory, it will be the most important geopolitical phenomenon for bitcoin.