China warns of rising crypto risks, calls for tighter crackdown

[Ayers]

China has been well known to not like bitcoin so it’s expected. But imagine if China suddenly announces the lifting of their crypto ban… For sure the prices would rise because China is one of the biggest market of crypto so it’ll mean a lot if they finally accept this instead of being against it.

China is the world's second largest economy and has the potential to surpass the United States to become the world's leading superpower. So if they lift the ban and legalize cryptocurrencies, this will have a far-reaching impact on the growth of the crypto industry, not just the price. It's definitely something to look forward to but I don't think it's going to happen anytime soon.

However, I believe they will also have to lift the ban and join the race one day, because bitcoin is inevitable. Once most of the world legalizes and starts adopting it, it won't matter whether they like it or not. They cannot stay out of it forever if it becomes such an important part of the global economy.

It's all just a matter of time.

[arhipova]

First if all, do you know what I like about this? Bitcoin price was not affected by the news. If it was in the past, bitcoin price would have falling significantly because of news like this.

China Central Bank (People's Bank of China) had a meeting on the 28th of this month about how Chinese crypto use has been increasing, the meeting was to address renewed risks in cryptocurrency trading and speculation.

You can read the news: https://www.techinasia.com/news/china-warns-of-rising-crypto-risks-calls-for-tighter-crackdown

I guess China may be afraid more about stable coins which United States dollar pegged coins are the dominant.

I am very happy that some countries are not following China, if more countries have bitcoin in reserves, I believe many other countries will follow and leave China behind. Although China is not having plans to sell their bitcoin holding yet which look like a reserve on it own for now.

One  thing really concerns me. Are these warnings real ? I mean we have seen China is so strict enforcing all rules for its citizens. There had been wild news related to control during covid where they forcefully moved suffering individuals. And they are not able to stop their citizens from using crypto ? It just sounds suspicious as hell.

[nemesis_incarnate]

^ They are as harsh as you would imagine them as long as you look at it from the outsider perspective

[Webutxo]

One  thing really concerns me. Are these warnings real ? I mean we have seen China is so strict enforcing all rules for its citizens. There had been wild news related to control during covid where they forcefully moved suffering individuals. And they are not able to stop their citizens from using crypto ? It just sounds suspicious as hell.

Chinese is a authoritarian country, they are very toxic but they make it looks like they are friendly. In everything they do, they don't want outsiders to have access to it which is why they have their TikTok, Facebook, and Wechat because they don't want other countries monitor their activities but the same China steals information from outside countries. This their concerns is about potential threats to their economy, they fear crypto will take over and give people the freedom they don't allow them.

They have banned Bitcoin many times, they made it look like the market will not survive without them but alas the market zoom off like they never existed. They can only stop people from buying Bitcoin on the public, the ones that like it are going to buy on the inside and nothing is going to stop them. Even now, there are many Chinese people that has large share of investment on Bitcoin and there government has no clue about it.

[Muba20]

I am very happy that some countries are not following China, if more countries have bitcoin in reserves, I believe many other countries will follow and leave China behind. Although China is not having plans to sell their bitcoin holding yet which look like a reserve on it own for now.

In the current world, along with arms wars, financial wars are also going on around the world. Some are accepting gold and some are accepting Bitcoin. China is imposing various restrictions on the use of crypto. Does this mean that the country is not collecting Bitcoin in its reserves? It is also possible that the country is secretly collecting Bitcoin which is not coming out in public. If they make negative thoughts about Bitcoin after purchasing it, it may also be a political issue for them, but since the country's crypto ban is nothing new, even if the country completely bans Bitcoin or cryptocurrency, there will be no problem with Bitcoin or the crypto world. Since other countries around the world are accepting Bitcoin, China should not make any wrong decisions that will leave them far behind.

[Hamza2424]

I am very happy that some countries are not following China, if more countries have bitcoin in reserves, I believe many other countries will follow and leave China behind. Although China is not having plans to sell their bitcoin holding yet which look like a reserve on it own for now.

I guess most countries knows what China is doing, and how much money they are printing and from which sources, and they don't have such sources so they can't risk following them, China is a big power bro they have lots of resources all over the world and they are playing their game very neatly the citizens there are hardworking.

They produce more than they consume, Now speaking about their concerns about crypto which seems like they are not going to make things friendlier again but no problem the adoption will still be happening even with such strict rules.

[Oshosondy]

They produce more than they consume, Now speaking about their concerns about crypto which seems like they are not going to make things friendlier again but no problem the adoption will still be happening even with such strict rules.

That is one thing about China, bitcoin mining was banned in the country, but the second largest hash rate is generated by Chinese miners. Bitcoin was been hostile to by the Chinese government but I see exchanges listed China as part of the countries that can register on their exchanges. This is funny to me, many Chinese are buying bitcoin.

[Chibit01]

Such news from China and the market did not even shake as if their was any big country trying to warn against crypto, China over the year with their banning of Bitcoin and anything that involves crypto in their country have shift the attention off from them to other areas, they are just scared of what the crypto market is turning to and still needs to reminds its people of where they stand.

[X-ray]

They produce more than they consume, Now speaking about their concerns about crypto which seems like they are not going to make things friendlier again but no problem the adoption will still be happening even with such strict rules.

That is one thing about China, bitcoin mining was banned in the country, but the second largest hash rate is generated by Chinese miners. Bitcoin was been hostile to by the Chinese government but I see exchanges listed China as part of the countries that can register on their exchanges. This is funny to me, many Chinese are buying bitcoin.

Goes to show that their people actually finds opportunity in bitcoin. It's always good to have decentralization with the hashrate being sourced from various countries even china but the government doesn't seem to be supportive about it.

If the miners already established resilient business and have to go out of the country to avoid breaking law, their best bet is neighbouring country like thailand, vietnam, etc.

[chigo]

China has been well known to not like bitcoin so it’s expected. But imagine if China suddenly announces the lifting of their crypto ban… For sure the prices would rise because China is one of the biggest market of crypto so it’ll mean a lot if they finally accept this instead of being against it.

China is the world's second largest economy and has the potential to surpass the United States to become the world's leading superpower. So if they lift the ban and legalize cryptocurrencies, this will have a far-reaching impact on the growth of the crypto industry, not just the price. It's definitely something to look forward to but I don't think it's going to happen anytime soon.

However, I believe they will also have to lift the ban and join the race one day, because bitcoin is inevitable. Once most of the world legalizes and starts adopting it, it won't matter whether they like it or not. They cannot stay out of it forever if it becomes such an important part of the global economy.

It's all just a matter of time.

I agree with you, Bitcoin has now become part of the global economy, and from what I know, quite a number of Chinese citizens actively use Bitcoin, both for investment and transactions. Rejecting Bitcoin is simply a step backward for a country today.

China's move to hold the confiscated Bitcoin is a good move because they know that Bitcoin's benefits are far greater. I am 100% certain that the Bitcoin holding trend will be adopted by many countries in the future.

[Son Of Blockchain (SOB)]

I agree with you, Bitcoin has now become part of the global economy, and from what I know, quite a number of Chinese citizens actively use Bitcoin, both for investment and transactions. Rejecting Bitcoin is simply a step backward for a country today.

China's move to hold the confiscated Bitcoin is a good move because they know that Bitcoin's benefits are far greater. I am 100% certain that the Bitcoin holding trend will be adopted by many countries in the future.

Even when more people use to be worried about Fud's like these, China haven't got much controversy in the market, yes there used to be panic when the Chinese government do place bans and regulations on digital currencies at large but then it wasn't as influential and create panic which causes dip compared to the war in the Middle East and sanctions by the US government.
 Anyways more people are beginning to understand the negative impact of Fud's so they don't panic anymore like before and it makes lots of sense cause it's a win for Bitcoin and otherwise. Well, I believe that in due time the Chinese government would crack down on their bans and regulations stopping more people from that region to embrace Bitcoin.

[JaredIbrahim]

China FUD used to crash the market. Now? Bitcoin didn't even blink.

That's the real story. It shows Bitcoin has leveled up. The price ignoring a major warning is a massive sign of strength—the network is too big and global for one country to spook it anymore.

The market is growing up. Old news doesn't hit like it used to.

[CryptoATM]

I am very happy that some countries are not following China, if more countries have bitcoin in reserves, I believe many other countries will follow and leave China behind. Although China is not having plans to sell their bitcoin holding yet which look like a reserve on it own for now.

China is not wanting any actual dominance from America and not that China is not wise or enlightened on the future of bitcoin and cryptocurrencies but just for the fact that most stable coins are pegged to the United States dollar, they actually don’t want such for their nation and maybe trying to talk people down on cryptocurrency even when they have some holdings.
I never even noticed the news if not for now and truly the market never paid a single attention to it and maybe I think a lot more people are beginning to understand how these things work.

[₿itcoin]

China FUD used to crash the market. Now? Bitcoin didn't even blink.

That's the real story. It shows Bitcoin has leveled up. The price ignoring a major warning is a massive sign of strength—the network is too big and global for one country to spook it anymore.

The market is growing up. Old news doesn't hit like it used to.

It's true that Bitcoin has become much more mature compared to many years ago. However, the reason news from China no longer influences the market is because the country is now almost entirely unrelated to the Bitcoin ecosystem and the cryptocurrency industry in general. They are no longer involved in or contributing to this industry, not because Bitcoin has matured and become immune to economic and political factors.

Just think, if there were negative news coming from the United States, what would happen to Bitcoin? If the United States imposes a ban, I don't think Bitcoin can withstand it.

[Z-tight]

So let them meet and warn and crack down. The price action says what words can't: Bitcoin is becoming immune to politics. That’s the real signal.

I don't agree that BTC has become immune to politics. Geopolotical crisis, economic policies and other things politics still affect the price of BTC. If BTC was immune to politics, people wouldn't have been expecting a rise in the price of BTC when the U.S. cut interest rate. However, the reason why this news didn't influence the price is because this was not a big news, everyone already knows China do not approve of BTC, so whatever news coming out of there is inconsequential and investors wouldn't act upon it.

[Nwada001]

^ I don't see or fear in things like this, because either way - BTC is going to be alright with or without politics and bans tied to it, it's just that we may experience big spikes up and down, but most of all, BTC would still stand tall, and that is what truly matters.

If it was before, each time China made some ban like this on Bitcoin, we would see some great dump on the market as if everything went to sink, but now the market is getting stronger compared to what we usually used to know. It's not like before; they can only ban their citizens from holding and give public advice about the danger, but we all have access to information to do our own research and decide on what we want.

[macson]

-.-

They have banned Bitcoin many times, they made it look like the market will not survive without them but alas the market zoom off like they never existed. They can only stop people from buying Bitcoin on the public, the ones that like it are going to buy on the inside and nothing is going to stop them. Even now, there are many Chinese people that has large share of investment on Bitcoin and there government has no clue about it.

No matter how the Chinese government tries to hinder bitcoin adoption in their country by banning it, people will always find ways to access it because there are numerous channels that can be used to circumvent government restrictions. This is why, despite the Chinese government's ban, Bitcoin adoption has not decreased, but has actually increased. People continue to mine, trade, and invest in bitcoin underground, as if the ban didn't exist at all.