Bank of China continue its war against cryptocurrencies

[deepown 0]

People took the movement of chain towards crypto in a wrong way, china only want to form its own very different world of centralized crypto coins, that is how they best crypto in it's own game. Nakamoto would be pissed.

[BTC Future 3946]

China is pushing again their agenta of bashing Bitcoin at any chance, because they think of it as competition for their own digital currency. From what I read they are trying to push faster the digital yuan's release and intergration in their economy. Still they allow mining of Bitcoin in their country and manipulate it's price as much as possible.

Edited March 29, 2020 by BTC Future

[Opinder 1310]

On 3/23/2020 at 6:28 PM, Jone20 said:

 

The Bank of China continues its anti-cryptocurrency stance on WeChat, voicing its aversion to cryptocurrencies and urging the public to pay attention to fraud.
The Bank of China post also indicated that the claim that Bitcoin is a false safe haven, because it is very volatile. The bank is urging people to protect themselves from pursuing the crowd by refraining from investing in digital currencies.
Will this affect the cryptocurrencies, or will it continue to fight for its strength and effectiveness?

This could only effect crypto currencies demand in China but outside world this could not stop growth of bitcoin and other coins. Because people know China is doing this to create centralized system and not want to use technology of others. So PBOC is saying bad to crypto currencies. China could stop only local people to use crypto but in outside world crypto would grow.

[rianpedia 816]

On 3/30/2020 at 1:18 AM, deepown said:

People took the movement of chain towards crypto in a wrong way, china only want to form its own very different world of centralized crypto coins, that is how they best crypto in it's own game. Nakamoto would be pissed.

It won't be that easy, crypto and bitcoin are no man's land and don't own a country. then it is very likely that China will take over. crypto has become part of international digital currency.

[SuperCrypto 7193]

One of the most important topics in the world of cryptocurrencies is the possibility of major economies launching state-backed digital currencies. More recently, the Chinese central bank has been quick to plan what is currently known as electronic payment in digital currency.

[deepown 0]

6 hours ago, Tomas2020 said:

China's central bank has made clear that it will continue its research and development in creating a sovereign digital currency, but it has not reached the limit of when it will be launched, but Beijing considers cryptocurrencies such as Bitcoin a threat to financial security.

So they deny bitcoin while use it's tech to produce their own coins, so much like them.

[Rickso 768]

On 3/23/2020 at 1:58 PM, Jone20 said:

 

The Bank of China continues its anti-cryptocurrency stance on WeChat, voicing its aversion to cryptocurrencies and urging the public to pay attention to fraud.
The Bank of China post also indicated that the claim that Bitcoin is a false safe haven, because it is very volatile. The bank is urging people to protect themselves from pursuing the crowd by refraining from investing in digital currencies.
Will this affect the cryptocurrencies, or will it continue to fight for its strength and effectiveness?

this doesn't mean that they are against crypto. they just said the truth, bitcoin and crypto are highly volatile and so people can lose money if they don't know what their are doing.

 

i also think that cryptos are a very risky investment but this doesn't mean that i'm against crypto

[CryptoMaxim 3829]

On 23.03.2020 at 17:53, Laboni said:

I agree with you, but even if the Bank of China warns against cryptocurrency, they will not be able to stop crypto because they want everything under their control, but crypto is not under anybody's control and it depends on the market. If most people in the world are involved with crypto, they will not be able to achieve much success by fighting.

And cryptocurrency is evolving at a rapid pace. If the Bank stays away, it will lose profit. They'll figure it out sooner or later.

[guatazoo 7150]

What's China has planned to do is to create their own cryptocurrencies and make sure that the world is only using Chinese cryptocurrencies and kill others cryptocurrencies.

[SuperCrypto 7193]

22 hours ago, HackerBoy said:

I think, Governments and banks in general do not prefer citizens to deal in cryptocurrencies because they will lose their customers who benefit from them in taxes and interest, and not be guilty after users discover the ease of cryptocurrencies and deal with them freely.

Yes, this is what governments and banks believe that if they agree to deal with cryptocurrencies, they will lose their control forever and no longer benefit from taxes and financial fees paid by users in banks.

[bentayebsalah 2280]

I do not think that this matter will benefit China, but on the contrary it will make him lose a lot of negative income, which is why I think he will give in to the reality and support the cryptocurrencies in the end after he finds a way to manage it in an organized way.

[Lover840 0]

On 3/23/2020 at 6:28 PM, Jone20 said:

 

The Bank of China continues its anti-cryptocurrency stance on WeChat, voicing its aversion to cryptocurrencies and urging the public to pay attention to fraud.
The Bank of China post also indicated that the claim that Bitcoin is a false safe haven, because it is very volatile. The bank is urging people to protect themselves from pursuing the crowd by refraining from investing in digital currencies.
Will this affect the cryptocurrencies, or will it continue to fight for its strength and effectiveness?

The only reason bank don't accept crypto currency in most of the countries it's the volatility of crypto currency. It will be hard for banks to provide intrest and hold unstable currency. 

[Raqeebzy 6456]

😮The Chinese financial institutions might be right to some extent about it volatility and the security, they care about their citizens. But I think their main issue is dominance, they want to also create their own cryptocurrency which they can have control on. 

[Upright 2688]

I thought that with the talk of the Chinese government on the use of blockchain technology would kind if propel a system which this bank or financial entity can be involved on making the use if Crypto more accessible. As I know that bank will normally be against the use if a decentralized money system

[NevermindNe 549]

I think this will affect the use of bitcoin and cryptocurrencies in China, and because of this, perhaps the price of bitcoin will start to fall a little bit due to the fact that people will sell it. The Chinese government does not want people to use other cryptocurrencies besides their own.

[teminalibug 309]

1 hour ago, Tomas2020 said:

Banks. They have large amounts of private and commercial funds, which they then use to provide loans and invest in investments and collect taxes on them, so she prefers that financial dealings remain through them and not through cryptocurrencies.

They have good reasons, but people will never listen to that, because they only care about what is good for them.

[Rezort 846]

Well, just one bank from China wouldn't have such an impact which could affect cryptocurrency in a bad way, this is just a temporarily case, in my opinion.

[SuperCrypto 7193]

On 4/9/2020 at 12:19 PM, Rezort said:

Well, just one bank from China wouldn't have such an impact which could affect cryptocurrency in a bad way, this is just a temporarily case, in my opinion.

It is the Central Bank of China backed and agreed with the Chinese government, so it affects the legality of cryptocurrencies in all of China and the Chinese government has still been reluctant to accept cryptocurrencies.

[rianpedia 816]

On 4/9/2020 at 5:19 PM, Rezort said:

Well, just one bank from China wouldn't have such an impact which could affect cryptocurrency in a bad way, this is just a temporarily case, in my opinion.

Of course the Chinese bank is strong but still some of the banks cannot destroy bitcoin, the whales also act as they should protect the market price of bitcoin.

[Ridam 7455]

I don't know why everyone is blaming the volatility and price fluctuations of the Bitcoin and Crypto the main property of the Crypto is volatility and it's the main thing from which we can get real profit. In my view they are doing it only for avoiding the use of crypto.

[khan22 3478]

It is not possible that china will continue its war against the crypto market becasue crypto market is the world best market and soon it will be going to legal in all over the world becasue of corona virus and peoples will use the digital currency from now.

[Maroua 1159]

I used to think that China supported Bitcoin, I no longer understood anything when China was fighting the currency that I thought was a lot supported by China? And why is the cryptocurrency a scam, which is really confusing where do I get the correct knowledge about this news?

[TangoDance4 23]

On 3/23/2020 at 8:58 AM, Jone20 said:

 

The Bank of China continues its anti-cryptocurrency stance on WeChat, voicing its aversion to cryptocurrencies and urging the public to pay attention to fraud.
The Bank of China post also indicated that the claim that Bitcoin is a false safe haven, because it is very volatile. The bank is urging people to protect themselves from pursuing the crowd by refraining from investing in digital currencies.
Will this affect the cryptocurrencies, or will it continue to fight for its strength and effectiveness?

I disagree. The Bank of China is simply saying the reality about BTC and other cryptos. Of course, that statement is not against cryptoworld in general, it is more as a preparation for the centralized vision of China for a further developing of the cryptoworld.

[Hazera 9]

China includes the most important global platforms for trading and also includes a large number of minerals, but I believe that this matter will not be prolonged until China integrates this market.

[Whited35 15285]

I think Bank of China is warning to those people who are thinking like cryptocurrency is the safest heaven to make the bigger investments. Cryptocurrency market and prices are generally highly volatile in nature. So investing in the cryptocurrency is one of the riskiest task.