Bank of China continue its war against cryptocurrencies

[khan22 3478]

Now china start working in the blockchain and i hope that soon they launched their own crypto coin and so many peoples will just for that and i hope this time china is going to be legal the crypto market in their country and the investors will invest their money and the market will make a great high at that time.

[Alex9876r 1408]

Well, this matter is surprising in China, although it is one of the most modern countries with economic advancement and openness to new technologies But perhaps if the currency or the network were launched differently under the administration of the state or the responsible authorities and allowed to reduce privacy, for example, the matter would change.

[Sykkuno 2887]

China will not allow Bitcoin and lately they instructed the banks to block chinese accounts connected with localbitcoins, there was still a lot of traders in china and using escrow websites to trade p2p and this is the next move to crack down all cryptocurrency trading in this country. There are still ways to avoid everything and maybe not use banks at all.

[Naga 1250]

china is one of the biggest manipulators in the crypto market, i cant even count the amount of times the Chinese government banned the use of crypto then turned around and allowed it again.

[1qDan 478]

Nobody understands the Chinese central bank, I think they only criticize Bitcoin because it is something they can not control, however they are right as to the volatile only a madman would consider it a shelter.

 

I also interest me their aversion to digital currencies, it seems curious that one day criticize them and the other take the virtual yuan.

[Bills 583]

Since China is a country that has no scruples, if it is against cryptocurrencies and bitcoin technology should not make or carry out its own cryptocurrency, it should survive with its own local economy, since the Covid-19 came out They have been the only ones that have benefited worldwide.

[CoinFree 54]

It is incredible that this happens when China has created the best exchanges in which the whole world places their trust today.

 

I guess it's a lot of competition for banks

[duncun007 3577]

10 hours ago, Alejandro01x said:

Chinese institutions do not agree on their options, while the central bank warns about crypto, the economy ministry promotes projects that introduce more people to the crypto world, they do not finish clarifying the direction that will take place.

the conflicting ideas we get from china about bitcoin is actually insane, does everyone remember when the president xi actually talked about bitcoin and it pumped 44% in a couple days? then they go around and again ban bitcoin.

[Banito23 216]

That is the problem crypto is having in my countries. China is a country with much populations, they also discriminate from so many innovations of the world that didn't come from them. I hope with time, they will adopt their only form of blockchain.

[Sanjana321 6]

Thanks brother for making me aware, I was not familiar with that it is a new kind of information you are spreading to the members of this forum which could help to earn more information that a member could get. Every members should need every kind of knowledge which could be useful for there future life.

[xawier 49]

I believe that the banks do not want the cryptomeda or declared war on bitcoin is because people prefer to keep their money in line with their own wallets that they handle at will when they want and this does not suit the banks and by the way China wants its currency to be worth more like bitcoin which is difficult to achieve. 

[Michael0606 861]

I agree with you, and it is that this fight between cryptocurrencies and the bank of China has been going on for years, eventually in other countries it has gained a bit to lower restrictions and prohibitions on the cryptographic world, however in China it has been different since it has maintained  his strong hand on this, but it has not been an impediment for most of the major cryptocurrency exchanges to come from China

[glyk85 166]

The Central Bank of China is struggling with the existence of cryptocurrencies, like many other banks in other countries, because all banks and governments do not like the idea of cryptocurrency, because it does not control them and, therefore, does not receive benefits.

[Red-Jones 1150]

now it will be a major chase by many countries because after the US authorities begin to pursue Bitmex and its founders, then other countries will begin to do the same thing with exchanges. I wonder what in the photo reserve us? because the way things are, we're heading for a precipice

[Rigamer 91]

That is always going to be bad news for btc and its market. But in the same way they will not be able to stop the btc, much less the rest of the cryptocurrencies 😎😎

[Braulio Eurea 720]

Let's take into account in general that the governments of the countries are against the operation of cryptocurrencies in their countries and well they take advantage of any opportunity to attack the use of cryptocurrencies, now frauds in cryptocurrency businesses continue to grow and it is a drag on the momentum of the cryptocurrency platform system, this gentlemen must be attacked in a coordinated manner to end these violations.

[dvorya 68]

Well, there is an explanation for all this. It's no secret that Chinese people love gambling. At the peak of cryptocurrency growth, the Chinese market accounted for up to 90% of the total turnover. Currently, banks and payment systems are prohibited from servicing accounts for cryptocurrency transactions. This is how they want to protect their economy.

At the same time, China is the leader in cryptocurrency mining-more than 50% .

[basel23 1722]

The Bank of China is not the only one that fights cryptocurrencies, but there are many companies that fight cryptocurrencies, and yet the cryptocurrencies have been able to achieve a lot of success

[satella17 65]

On 3/23/2020 at 6:58 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?

That has happened in most countries and it is more than anything because of the origin of cryptocurrencies and the use for which they were created

[duncun007 3577]

On 10/5/2020 at 10:52 PM, Batagref10 said:

Nobody understands the Chinese central bank, I think they only criticize Bitcoin because it is something they can not control, however they are right as to the volatile only a madman would consider it a shelter.

 

I also interest me their aversion to digital currencies, it seems curious that one day criticize them and the other take the virtual yuan.

i dont know how you could be in crypto and hate the volatility? because i personally love crypto BECAUSE of its volatility because it what actually makes us money. learn how to utilize the volatility for your own gains.

[arnosk 228]

China wants to have control over their people. That is why China is also developing their own crypto currency. They don’t want a decentralized financial system which they don’t control. 
Their are indeed banning exchanges and other crypto related companies. The next thing could be that they will take over the mining companies located in their country. What would happen then?

[rekter 8129]

3 hours ago, Minions said:

I have also heard and that's not a good thing. We should adopt crypto.

So that our world will see what a crypto can do for us. So when we will adopt crypto in while world, we can overcome poorness and also our world will go to new age.

Imho crypto hasn't even started to show what it can do. The applications will be huge after they polish the tech a little bit more. For now they still exist mostly for speculative trading.

[Omar Ommeish 4872]

Of course, this will affect the cryptocurrencies, but I will not have a significant impact because many countries and their banks now support cryptocurrencies.

[duncun007 3577]

1 hour ago, rekter said:

Imho crypto hasn't even started to show what it can do. The applications will be huge after they polish the tech a little bit more. For now they still exist mostly for speculative trading.

yea but i think the more we spend years in just speculative trading and there is no real life applications or adoptions then it will just be a market to be manipulated by those with money.

[matias estigarribia 1605]

It has always been and will continue to be, the great powers want to have control of their economy and their people. Let's hope the cryptocurrencies are not seriously affected!