News Forum - China announces cryptocurrency trading is illegal

[Thaiger]

China’s central bank has announced that all transactions using cryptocurrencies are illegal and have increased crackdown efforts on illegal mining of the currencies in China. Chinese banks have been prohibited from handling cryptocurrencies for nearly a decade, but traders have continued to buy and sell cryptocurrencies surreptitiously for years. China has also previously been considered one of the biggest producers of bitcoin worldwide. CBC says the crackdown represents a larger push by Beijing to sharply decrease the risk to the country’s economy, namely the technology sector and the real estate sector. “Virtual currency derivative transactions are all illegal financial activities […]

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[HolyCowCm]

I personally like to hear CCP's XI doing things like this as it seems similar to putting the noose around your neck and kicking out the box you are standing on. One would think the people are probably becoming dissatisfied with their harsh restrictive laws, that is unless their brainwashing and centralized propaganda is creating future little Chinese zombies..

[dj230]

Tad late on the news haha
 

I think this should rock cryptos, maybe another 2018 like crash soon 

[MrStretch]

So, waddya think?  Good time to invest in crypto?

[Stardust]

4 hours ago, dj230 said:

Tad late on the news haha
 

I think this should rock cryptos, maybe another 2018 like crash soon 

The opposite effect, the countries and the global markets got another reminder not to invest or make deals with China.

[Rain]

Crypto - part and parcel of the running delusions.

[Paco]

Stupid China, all these kind of restrictions i think is going to far, and people just let the governments do it, it is their money and their decision, only reason behind this is the selfish behavior of China and thinking about their own money.. and with crypto they not gaining anything so let's forbid it... any government putting such restrictions on people their own hard earned money.. have no right EVER to decide over what you do with your money... lunatics it are.. I am very against such restrictions since governments think they can just do everything these days... you can not do crypto but you can make a copy of a mc donalds in China,  such an idiots

Edited September 26, 2021 by Paco

[Poolie]

I fail to see the link between a burger copy and cryptocurrency. I'm stupid that way. Fill me in. 

[Stardust]

3 hours ago, Stardust said:

The opposite effect, the countries and the global markets got another reminder not to invest or make deals with China.

By the way Evergrande China is the next who will collapse with 200 000 employees. China is a fake country with a big bubble of debts that are on the brink of collapse like the former soviet union.

[Stardust]

10 minutes ago, Stardust said:

By the way Evergrande China is the next who will collapse with 200 000 employees. China is a fake country with a big bubble of debts that are on the brink of collapse like the former soviet union.

Time to prepare popcorn to watch the bursting Chinese bubbles in Thailand.

[dj230]

6 hours ago, Stardust said:

The opposite effect, the countries and the global markets got another reminder not to invest or make deals with China.

Investing in China has been risky for a few months now 

but investing in crypto when a country can just ban it and make it illegal makes it a lot riskier, demand goes down, supply goes up

[Paco]

11 hours ago, Poolie said:

I fail to see the link between a burger copy and cryptocurrency. I'm stupid that way. Fill me in. 

Crypto is nothing illegal about it, they just made it illegal for not really any other reason then they do not profit from it,, a burger copy is illegal, and China does not care about that or any other copy they producing 

[Fluke]

1 hour ago, Paco said:

Crypto is nothing illegal about it, they just made it illegal for not really any other reason then they do not profit from it,, a burger copy is illegal, and China does not care about that or any other copy they producing 

I would have thought that Crypto was make illegal because its primary use is for criminal activity 

[gummy]

Just now, Fluke said:

I would have thought that Crypto was make illegal because its primary use is for criminal activity 

And I agree as it appears from reports all the illegal activity on the dark web is paid for mostly by this funny money, not to mention the accounts of massive amounts of money laundering. Hope every country follows suit

[Convert54]

The Government of India has long been contemplating action aimed at cryptocurrencies too.

 

 

[palooka]

Maybe I'm old fashioned but if I pay good money for something then I expect something solid that I can see not some mystical computer generated piece of data that says I own something that lives in the "cloud".

 

[Poolie]

2 hours ago, Fluke said:

I would have thought that Crypto was make illegal because its primary use is for criminal activity 

Thank you. I understand now.

[Stardust]

9 hours ago, dj230 said:

Investing in China has been risky for a few months now 

but investing in crypto when a country can just ban it and make it illegal makes it a lot riskier, demand goes down, supply goes up

Then you should not invest in tech companies and stock markets because China made a crackdown there, too. So you compare China and North Korea with the rest of the world? In one way you say investing China was risky and in the other way you say same will happen everywhere?! Really? Maybe you should inform you first about the differences between China, Europe, western world and rest of the world before you making confusing statements.

[Metaluna]

I think China is doing a lot of things right. Crypto is used for money laundering and is essentially a private currency, which should be illegal in the US, too. China has also reined in the tech barons and curtailed what I see as a damaging dependence on social media and gaming among the young.  They have also levelled the playing field in university access through controlling private tutorial companies. And I especially like their answer to outrageous corruption where people suffer death or poisoning because of company owners' greed: trial in the morning and firing squad in the afternoon. China wants to remain a nation and not a corporate splotch on the global technocrats' map. I wish the US had as much sense as the Chinese do.

Edited September 27, 2021 by Metaluna

[dj230]

36 minutes ago, Stardust said:

Then you should not invest in tech companies and stock markets because China made a crackdown there, too. So you compare China and North Korea with the rest of the world? In one way you say investing China was risky and in the other way you say same will happen everywhere?! Really? Maybe you should inform you first about the differences between China, Europe, western world and rest of the world before you making confusing statements.

I don’t invest in Chinese tech companies, they’re too risky with China rug pulling investors.

yes any country can ban crypto, which is why don’t invest in crypto

[dj230]

6 minutes ago, Metaluna said:

I think China is doing a lot of things right. Crypto is used for money laundering and is essentially a private currency, which should be illegal in the US, too. China has also reined in the tech barons and curtailed what I see as a damaging dependence on social media and gaming among the young.  They have also levelled the playing field in university access through controlling private tutorial companies. And I especially like their answer to outrageous corruption where people suffer death or poisoning because of company owners' greed: trial in the morning and firing squad in the afternoon. China wants to remain a nation and not a corporate splotch on the global technocrats' map. I wish the US had as much sense as the Chinese do.

I agree, only a matter of time before another other countries follows suit on banning crypto 

[Stardust]

5 minutes ago, dj230 said:

I don’t invest in Chinese tech companies, they’re too risky with China rug pulling investors.

yes any country can ban crypto, which is why don’t invest in crypto

No they can't and you have to understand the difference between ban and regulated! You do not understand the differience between a dictatorship and democratic countries and their law rules. You cannot order in this countries bans they have courts,laws and regulations. If you think any country can do the same like you really doesn't understand the difference between this systems and the difference between a dictatirship and democratic countries, laws courts, etc!

[dj230]

14 minutes ago, Stardust said:

No they can't and you have to understand the difference between ban and regulated! You do not understand the differience between a dictatorship and democratic countries and their law rules. You cannot order in this countries bans they have courts,laws and regulations. If you think any country can do the same like you really doesn't understand the difference between this systems and the difference between a dictatirship and democratic countries, laws courts, etc!

I guess we will find out, I could care less as I hold no crypto  

Edited September 27, 2021 by dj230

[Paco]

7 hours ago, Fluke said:

I would have thought that Crypto was make illegal because its primary use is for criminal activity 

That are all excuses to make something illegal. 

[Fluke]

15 minutes ago, Paco said:

That are all excuses to make something illegal. 

No . What do people spend their crypto currency on ?

Apart from illegal transactions, there's not much that you can buy with it