China slaps Bitcoin

[Anis Boukezzoula]

The People's Bank of China stated that the Chinese government would act decisively to impose restrictions on speculation in virtual currencies, related financial activities, and misconduct to protect people's property and maintain the economic, financial, and social system.



With this news, China expands crackdown by declaring all crypto activities ‘illegal.’


The bitcoin price fell to about 40,000 dollars after the news that the 6% boat went down and then settled at 42,000.

 

[Sincerem]

Forget about China, their negative response can't take BTC to extremely low level. The anonymous creators will always find a way to push it forward. BTC we know aren't scam, many are trading it and recording success story. If cryptocurrency is scam, then how about gambling?

 

[Setho]

It is now becoming so embarrassing that every now and then there's always news that China is baning Bitcoin and it's always makes the price to come down. I do not think this is an exception.

 

[Oliver4smile]

This china and bitcoin saga is eventually turning to something else, in my own opinion, I think it won't be alright if china should ban Bitcoin, investors will leave the country and move to other countries to invest, it will have negative be effect on china as a country.

 

[Destinyfejiro]

The People's Bank of China stated that the Chinese government would act decisively to impose restrictions on speculation in virtual currencies, related financial activities, and misconduct to protect people's property and maintain the economic, financial, and social system.



With this news, China expands crackdown by declaring all crypto activities ‘illegal.’


The bitcoin price fell to about 40,000 dollars after the news that the 6% boat went down and then settled at 42,000.

Sincerely for me I don't really get what China hope to achieve in doing all this but nonetheless I don't see Bitcoin going to low maybe to 35k$ .....A lot of people still believes in bitcoin and are buying,investing,and trading it everyday. A lot of people have become millionaires due to crypto currency . If people in this age still see btc as scam then I think there's nothing real anymore

 

[Ceeny007]

I don't know what is wrong with the older generation,I don't know if all they know is backward progress,it won't make Bitcoin sink really low but it's gonna be red for sure

 

[Heatman]

Everything that the Chinese government is doing is trying to generate a possibility of having their own personal cryptocurrency that will rival the market of Bitcoin.

 

[tyrim88]

The chinese government are just creating some fuse about the cryptocurency market inother to make their own virtual curency to become popular,but the market will very much soar high without them,and it will continue to get more investors.

 

[ahmedo24]

What I don't seems to understand is that initially that China said cryptocurrencies activities in the country is outrightly banned likewise mining operations does it mean that the law was not fully inacted and people were still trading cryptocurrencies?, for them to come up with this recent post.

 

[Lens]

The stance action of the Chinese government cryptocurrency is a blessing in disguise because it open doors to mining in other countries. Which led to increase in the hashrate. Initially, the price of bitcoin slumped but later it soar again. That showed that China is not a whole in the cryptocurrency space.

 

[GoldenLady]

Its getting pretty old, this Chinese FUD. A lot of their policies just alienate their citizens and gives them room to control and manipulate as they wish.

Also odd is that they are using digital Yuan which also uses smart contracts.

 

[Elfinito]

china has a great share in the crypto market so any bad movement towards crypto by the chinese government would certainly affect the crypto market and this one right here is a big blow for bitcoin, currently trading at 42k we look forward for a better price

 

[Blessedsam60]

Thanks for this information. China has a larger portion of this bitcoin and if they eventually decide not to deal with digital currency, people will be affected, economies will be shaken.

 

[Setho]

Its getting pretty old, this Chinese FUD. A lot of their policies just alienate their citizens and gives them room to control and manipulate as they wish.

Also odd is that they are using digital Yuan which also uses smart contracts.

And I think that it is becoming too tiring at the moment. Every now and then there's stories of China cracking down on bitcoin miners or banning bitcoin completely.

 

[jeff87]

Forget about China, their negative response can't take BTC to extremely low level. The anonymous creators will always find a way to push it forward. BTC we know aren't scam, many are trading it and recording success story. If cryptocurrency is scam, then how about gambling?

I am so thankful that Bitcoin didn't went down to extremely very low price. If not for the news about China banning cryptocurrency, I believe Bitcoin could have another all time high. I am still waiting for Bitcoin to reach the 100k level.

 

[alberello75]

I see. However, I don't understand why this decision was taken just two years after China launched the e-yuan, its own personal cryptocurrency, in the end of 2019.

 

[Shigobad2020]

The People's Bank of China stated that the Chinese government would act decisively to impose restrictions on speculation in virtual currencies, related financial activities, and misconduct to protect people's property and maintain the economic, financial, and social system.



With this news, China expands crackdown by declaring all crypto activities ‘illegal.’


The bitcoin price fell to about 40,000 dollars after the news that the 6% boat went down and then settled at 42,000.

China is one of the powerful countries that doesn't accept most of the things that comes from western world, for example they are still worshipping Buddha and they dont joke with their , so i am not amazed by the news that makes them declare the use of bitcoin as illegal.

 

[Sincerem]

I am so thankful that Bitcoin didn't went down to extremely very low price. If not for the news about China banning cryptocurrency, I believe Bitcoin could have another all time high. I am still waiting for Bitcoin to reach the 100k level.

Yes, if not for the Chinese government banning it earlier on, by now it could've been a wonderful price achievement around BTC. Let's hope that the future will see the price going on a rocket.

 

[Trexxxy]

The Chinese government have always been a strong critic of crypto currency especially Bitcoin. I think they have placed an outright ban on it and in turn, they created their digital yuan.

 

[ahmedo24]

At least this it is said that they have banned cryptocurrency for more than five times so people have the history are not surprised and won't be if they adopt it again.