Bank of China continue its war against cryptocurrencies

[Jone20 0]

 

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?

[rekter 8129]

8 minutes ago, 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?

Yeah, volatility is what they are blaming at, but their real intentions are probably lack of control on permissionless currencies, not being able to track privacy coins and on the other hand they want to boost their own national surveillance coin acceptance.

[Laboni 755]

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.

[bliznec 22267]

Banks of China are very unpleasantly looking at how to conduct bitcoin in use by the population of the country of China. The acceptance by the banks of China is a long event and is worth it to observe and follow this. Let China look at Germany, where blockchain development is in full swing.

[Bohana 2143]

1 hour ago, 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 don't think this will last because a good amount of people accept cryptocurrencies especially the ones who have made money from crypto. These people will not easily let go of cryptocurrencies. 

[malik6314193 5449]

1 hour ago, 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?

No doubt china is a great country in economy and they are going to super power in next few years. But i think bitcoin will get more fame in next few years. 

[tienda 8776]

I think and I m not sure that there is any bank around the world who accept the actual situation of cryptocurrency (without regularization and with volatile price), for this reason the banks will not adopt crypto with this situation, maybe they are interesting in Blockchain technology more than in crypto.

[rekter 8129]

2 hours ago, Jone20 said:

But now financial markets are facing their worst crises and people are searching for alternatives to protect themselves from collapse. One option that many consider is cryptocurrencies.

We can only hope that option. Bitcoin haven't faced any real world financial regression yet so we don't know how it will behave in it.

32 minutes ago, Sachin Jadaun said:

The government of China think that Crypto world can hack the data of their central banks.

People in crypto scene don't need to hack banks, that would be counter productive as any fiat transactions can be reversed. Hacking crypto exchanges is more profitable for black hat hackers.

[Jessica Karren 1242]

The huge cryptocurrencies technology is not effected by restrictions out up by just one bank. I can't able to understand that why Chinese banks put restrictions on cryptocurrencies even China is biggest supporter of crypto technology.

[Ch Ayyan 9781]

But  crypto  currencies  prices decreased  intantly when  carona attack  on China I think  the people  of chaina are using  crypto  but  I don't  know why China's government  not accept  the crypto. 

[Hanan951 841]

As what i know half of traders are from China so if they reduce the traders from this county it will be a problem and i know that this field can't be end for anybody claim alot from it .

[Mwangi 5611]

Chinas economy is big now,and its important for us to realy be sure that they dont get caught in surprice so its important to keep everything in perspective and that is sometimes the cases we see around, we have to really realize the good is what we see here. its good they take control of something they are not sure of it.

[pablomarwan 3082]

I do not want to be contradictory to this idea, but all these rumors that it is an insecure country and that they are vulnerable to a proportion, as these rumors also apply to banknotes. This is what we observe these days. Meaning, all currencies fluctuated according to the global market situation. They also say these hearsay because digital currencies will be a substitute for tangible currencies

[Fedor00 74]

I think China has much more important troubles to worry about that bitcoin and cryptocurrencies. This news is old and you should worry about this right now becaude China is not doing anything against crypto 

[Rares002 262]

This is bad for cryptocurrencies of course but I don't think it will affect it to much. Bank of China cannot do anything to stop Bitcoin or cryptocurrencies from spreading 

[MCSGlegend 2210]

I think that this will not affect the cryptocurrency in any way, those who used the cryptocurrency will continue to use it. Even if China completely prohibits the use of other cryptocurrencies other than the Crypto-Yuan on its territory, mining farms will still continue to work.

[SuperCrypto 7193]

Initially, Chinese regulators imposed a ban on local crypto exchanges, and sought to eliminate all domestic crypto trading. But the Bank of China now claims Bitcoin is an incorrect safe haven, because it is so volatile.

[George10 9932]

That's definitely a bad move that can affect the crypto market because many users including those who wanted to join cryptocurrency will be intimidated as they will think crypto is scam but the bank of China is right to warn members to be aware of fake and scam investment projects.

[AytenAamer 16]

This is really bad news for the future of cryptocurrencies because China is one of the largest countries that pay or receive money in the world, and this may negatively affect the digital currency market in general . 
 

[Mcd0d0 5882]

Well, they are just doing this because they are creating their own coin which is they will be competency with bitcoin, they will make sure that their coin will be the most valuable coin in the market.

[Treat1234 0]

They are just warning their people that bitcoin is volatile and it is not good for usages, that why I think they insist of not using bitcoin but they are interested in the technology

[magd 5231]

In fact, I no longer understand why China is fighting and the United States is also fighting for the abolition of cryptocurrencies while at the same time they are competing to create other cryptocurrencies. These positions indicate that the crypto problem is a personal problem and will not affect the price.

[SuperCrypto 7193]

All banks are afraid of the unknown behind the cryptocurrencies and their failure in their war against the crypto, so they are fighting them because they want to remain the mediator in financial transactions and benefit financially.

[Shahud 1319]

can you provide the source link here if it is true.because i didnot hear this news anywhere so it will be better if you provide us a source libk of that news

[Saj555 2250]

As we all know about the fact that crypto currencies are starting to get famous in every section in the world. This currency is also taking place over the flat currencies and that's the reason why banks are staring this type of aniti campaign. They are aware about the fact thaf if this happens then all the work of flat currencies will be replaced by the crypto currencies and that's why they are so desperate.