China new forex rules require banks to tighten scrutiny on cryptocurrency trade

[Oshosondy]

Check it yourself: https://www.scmp.com/tech/blockchain/article/3292795/chinas-new-forex-rules-require-banks-tighten-scrutiny-cryptocurrency-trades

I have just checked the countries with the highest bitcoin miners and it is China in the second place after United States. Who is kidding who? Are they thinking bitcoin miners in China will not be able to sell and trade bitcoin? They are deceiving themselves.

If bitcoin miners in China are seeking bitcoin, you know what that means? People are buying and selling bitcoin.

[tbct_mt2]

I have just checked the countries with the highest bitcoin miners and it is China in the second place after United States. Who is kidding who? Are they thinking bitcoin miners in China will not be able to sell and trade bitcoin? They are deceiving themselves.

If bitcoin miners in China are seeking bitcoin, you know what that means? People are buying and selling bitcoin.

Bitcoin mining crack down in China years ago caused a Mass Mining Migration from China to USA and other neighbor nations in Asia. Chinese government want to milk as much money as possible from their citizens and they're like Russia, with a dictator like Putin and Xi, don't expect anything fair for citizens from Chinese government.

You know?
I don't care much about this news, because in my mind since years ago, China no longer has big impacts on Bitcoin market. If they want to get it back, it's too late because Bitcoin has been growing more with time and its decentralization becomes better with time. Many nations already joined Bitcoin mining and other things around Bitcoin, China massive impacts on Bitcoin gone forever.

[Davidvictorson]

Are they thinking bitcoin miners in China will not be able to sell and trade bitcoin? They are deceiving themselves.

If bitcoin miners in China are seeking bitcoin, you know what that means? People are buying and selling bitcoin.

Okay, I was hoping to read that this rule was because cryptocurrency can be use for money laundering and terrorist financing but I am surprised to see that it is not mentioned. Rather a more commonsense reason which is that, it is considered a threat to the country’s financial stability. I am not new to this kinds of rules and crypto transactions restrictions because that it my current reality. What I can say is that the government cannot stop these transactions. There are many legal and innovative ways that people will find to buy and trade cryptocurrency under the noses of the governemnt. I know this because this is also my current reality. Should I now say that the proposal of the legislator who was calling for China to adopt bitcoin as a strategic reserve is not going to fly because of this new rule?

[Oshosondy]

Should I now say that the proposal of the legislator who was calling for China to adopt bitcoin as a strategic reserve is not going to fly because of this new rule?

Chinese government are not ready to adopt anything called cryptocurrency. This is just basically what the country's government wanted. But the government has been unable to stop people from trading cryptocurrencies.

What that China want is a currency that they can be able to control. That has been the reason they did not want people in their country to trade cryptocurrencies.

[quickcryptonews]

China may have banned crypto trading, but the fact that it remains the second-largest Bitcoin miner shows that activities are still ongoing, albeit discreetly. The ban hasn’t completely stopped trading; it has simply shifted to alternative methods like P2P.

[moneystery]

Chinese government are not ready to adopt anything called cryptocurrency. This is just basically what the country's government wanted. But the government has been unable to stop people from trading cryptocurrencies.

What that China want is a currency that they can be able to control. That has been the reason they did not want people in their country to trade cryptocurrencies.

chinese communism only restricts them from adopting things that are not beneficial to them and cannot be controlled. they do not consider cryptocurrency as a digital asset that provides direct benefits to their country's economy, and other reasons to protect their financial system from other financial risks that could be caused by mass adoption of cryptocurrency. they make up all sorts of excuses to make the adoption of cryptocurrency a bad thing for their financial system, even though we know that they only want a financial system that they can freely control according to what they want.

[Odusko]

What I know is that there will be a large migration of Bitcoin miners from China to the US in the coming year just as they did when China first started its cryptocurrency crackdown some years ago, I have always known China to be against anything external control, and Bitcoin and other cryptocurrency have its method of operation which doesn't allow government control so for that China will forever remain an anti Bitcoin, so I am not surprised with this new crackdown on crypto traders and other Bitcoin activities.

[Richbased]

What I know is that there will be a large migration of Bitcoin miners from China to the US in the coming year just as they did when China first started its cryptocurrency crackdown some years ago, I have always known China to be against anything external control, and Bitcoin and other cryptocurrency have its method of operation which doesn't allow government control so for that China will forever remain an anti Bitcoin, so I am not surprised with this new crackdown on crypto traders and other Bitcoin activities.

I agree to your opinion because not everyone in China will want to be held down by the ban on crypto mining and trading considering that they are aware of how bitcoin have been performing dominantly so most of those bitcoin miners will rather prefer to migrate to the United States and continue their mining instead of facing restriction regulations in China. But i wonder why Beijing sees crypto assets as threat to their financial stability when they didn't place any prohibition on those that are holding cryptocurrencies, it's really funny though.

[Ryu_Ar1]

I have just checked the countries with the highest bitcoin miners and it is China in the second place after United States. Who is kidding who? Are they thinking bitcoin miners in China will not be able to sell and trade bitcoin? They are deceiving themselves.

If bitcoin miners in China are seeking bitcoin, you know what that means? People are buying and selling bitcoin.

Bitcoin mining crack down in China years ago caused a Mass Mining Migration from China to USA and other neighbor nations in Asia. Chinese government want to milk as much money as possible from their citizens and they're like Russia, with a dictator like Putin and Xi, don't expect anything fair for citizens from Chinese government.

Because it is their state system that seeks to make there is no social distance or class in society in accordance with their ideology so that in the end this will backfire for miners who do have to try to divide the results to stay in harmony and not become rich themselves so it is quite natural that many miners will leave because it will not be too suitable for the state system they embrace because it will be considered not too fair in the end.

But in the end China's treatment of Crypto will indeed feel the same in the end where they try to implement the same scheme several times where they seem to be making it difficult just to create a market wave to be a little more declining as usual in the end. So I don't find it too strange that in the end there will be a lot of regulation changes from this country to achieve their own benefits.

[Baofeng]

Check it yourself: https://www.scmp.com/tech/blockchain/article/3292795/chinas-new-forex-rules-require-banks-tighten-scrutiny-cryptocurrency-trades

I have just checked the countries with the highest bitcoin miners and it is China in the second place after United States. Who is kidding who? Are they thinking bitcoin miners in China will not be able to sell and trade bitcoin? They are deceiving themselves.

If bitcoin miners in China are seeking bitcoin, you know what that means? People are buying and selling bitcoin.

I thought Bitcoin mining is completely ban in China? Anyway, I think this steamed from the fact that they want Yuan or even Digital Yuan to be flexible as China has been losing a lot of money because of capital flight. They are fighting this war since like 2015-2016 as it become apparent during the boom of Bitcoin mining till 2018 and that's one reason they stop it.

And the net outflows could still be continuing in the last two years, that's why they are tightening everything, including crypto currency trade and not mining itself. And probably they think as well that those who's into crypto are sneaking out billions out of this method of buying and selling their Bitcoin. So I'm not surprised that they have this another round of tightening again.

[Fiatless]

Check it yourself: https://www.scmp.com/tech/blockchain/article/3292795/chinas-new-forex-rules-require-banks-tighten-scrutiny-cryptocurrency-trades

I have just checked the countries with the highest bitcoin miners and it is China in the second place after United States. Who is kidding who? Are they thinking bitcoin miners in China will not be able to sell and trade bitcoin? They are deceiving themselves.

If bitcoin miners in China are seeking bitcoin, you know what that means? People are buying and selling bitcoin.

Getting information from China is not easy since the Communist government controls the press. But from some news outlets I have come across it seems Bitcoin mining is still going on in China. But the government is always putting in place strict laws to control it. Bitcoin is decentralized, so miners will always seek means to sell mined coins.

[X-ray]

doesn't matter, they banned it many time and BTC still thriving, at this point I don't think people really care whether china banned BTC or not, the only thing they gonna get from banning BTC is few decades setback in crypto industry.
when miners relocate to another bitcoin friendly location they won't go back to where they have faced scrutiny.

[goldkingcoiner]

Check it yourself: https://www.scmp.com/tech/blockchain/article/3292795/chinas-new-forex-rules-require-banks-tighten-scrutiny-cryptocurrency-trades

I have just checked the countries with the highest bitcoin miners and it is China in the second place after United States. Who is kidding who? Are they thinking bitcoin miners in China will not be able to sell and trade bitcoin? They are deceiving themselves.

If bitcoin miners in China are seeking bitcoin, you know what that means? People are buying and selling bitcoin.

I just typed this in a different topic but it belongs here as well:

China bans and crackdowns is the gold standard of proving Bitcoin to be UNTOUCHABLE by any government or bank time and time again.

December 2013 - China bans banks from handling Bitcoin transactions.
June 2019 - Access to domestic and foreign crypto-exchanges were banned.
May 2021 - Institutions/companies were banned from providing cryptocurrency-related services.
June 2021 - Banks/payment platforms banned from facilitating crypto transactions and mining activities.
September 2021- China declares cryptocurrency transactions illegal.

January 2025: China accounts for about 21% of the global hashrate.


Thank you China, for making Bitcoin hodlers/miners feel safe.

[NotATether]

There once was a time when China was the undisputed leader of crypto hash rate. But then the CCP got antsy and decided to ban it all, causing most of them to flee to the USA.

I wouldn't be surprised if even more of them flee to other countries. However, this regulation is most likely going to hit the underground crypto sector in China the hardest.