China wants to ban or want to accumulate crypto?

[MrSpasybo 1049]

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

Source: China declares all crypto-currency transactions illegal

The information is not new, because China has continuously issued bans on the crypto market: ban on use, ban on mining, ban on trading… This has been going on for many years and after each ban, Bitcoin & crypto market growing stronger. I am even glad that China's influence on the crypto market is not as great as before.

However, there are some who think that this action of China is to dump the price and buy more crypto from market. We believe that China has huge ambitions and of course it want to manipulate the crypto market.

What do you think about China's bans? Will they be enough to make the crypto market go into winter right now? Is this just a way for China to buy the dip?

[Dagamand007 12021]

On 27.09.2021 at 01:27, MrSpasybo said:

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

Source: China declares all crypto-currency transactions illegal

The information is not new, because China has continuously issued bans on the crypto market: ban on use, ban on mining, ban on trading… This has been going on for many years and after each ban, Bitcoin & crypto market growing stronger. I am even glad that China's influence on the crypto market is not as great as before.

However, there are some who think that this action of China is to dump the price and buy more crypto from market. We believe that China has huge ambitions and of course it want to manipulate the crypto market.

What do you think about China's bans? Will they be enough to make the crypto market go into winter right now? Is this just a way for China to buy the dip?

This is not the first time China has introduced such bans on cryptocurrencies, so this is not surprising. In principle, the Chinese government can be understood, these bans reduce the risks of money flowing into other sources. This should, in theory, give greater dynamics to the country's economy.

[Whited35 15285]

On 9/27/2021 at 4:12 AM, MrSpasybo said:

However, there are some who think that this action of China is to dump the price and buy more crypto from market. We believe that China has huge ambitions and of course it want to manipulate the crypto market.

I also used to think the same because price is not massively affected after their announcement. It is not the first time, China announced the ban against crypto multiple times. I will be wondering, if they were repurchasing the Bitcoin after cracking down its price to the dip. But, there are several news which suggest, so many Chinese mining farms exiled. 

[Oksana Ksyusha 272]

For China, this decision isn't new. As Pekin announced, this decision is associated with environmental problems, as well as with the shadow sector of the economy and financing of the illegal sphere (weapons, drugs). However, I think that China is simply afraid of losing control over the financial sector and is afraid of tax evasion.

[Maaz sultan 265]

As other members says this is not first time china announcement about crypto currencies but i think they are right from their prospective because crypto is decentralized and no one have control on the transaction . 

The solution of this problem is china introduce their own exchange that specifically works on their own country .

[Rabbi6860 150]

This has been going on for many years and after each ban, Bitcoin & crypto market growing stronger. I am even glad that China's influence on the crypto market is not as great as before. It is not the first time, China announced the ban against crypto multiple times. I will be wondering, if they were repurchasing the Bitcoin after cracking down its price to the dip