News The People's Bank of China Made All Crypto-Related Transactions Illegal

VforV

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Oct 9, 2019
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The fact that all these anti-crypto measures took 3 months to gradually block all of it in China, was actually a blessing in disguise for crypto. Why?

Because it got hit by moderate repeated punches over 3 months period, now if this would have been 1 big hit KO - everything thrown at once - then we would have had another big crypto crash, like we had in the past and it would have stayed down for a long time, again like we seen in the past.

The fact that it did not happen like the worst scenario 1 hit KO, means that crypto again can shrug it of, take it on the chin and bounce back again.

At this point the resilience of crypto is much stronger than in 2017-18, so it would need a much bigger anti-crypto force to hit it for crypto to crash and burn.
 

spongiemaster

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Dec 12, 2019
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Now if the UK, EU, and USA would follow suit...
You're missing why China is doing this. This has nothing to do with anything said in China's public statement. China has their own crypto currency, as mentioned in the article, which oddly enough is still legal, so China is not anti-crypto. This is 100% about control. China cannot prevent their own people from transferring assets out of the country through crypto currency that the gov't doesn't control, that is why China has banned them all. This is actually a good thing for the future of cryptocurrency that China just removed themselves from being a major player in global crypto currency.
 
Cards are in supply and are sitting on shelves. It's a sign the market it weakening. But still way over inflated.

December will either make it break gpu prices. The mining bomb on eth will mean people will have to switch to dogecoin. With all that gpu hardware switching on a low profit coin the profitability will crash. It will be interesting to see what happens.
 

LolaGT

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Oct 31, 2020
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China is only banning it to promote their own government backed crypto, as that is what totalitarian governments do.
Good for China unless you are one of their subjects, meaning the move is bad for anyone else, as usual.
 

Howardohyea

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May 13, 2021
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China has their own crypto currency, as mentioned in the article, which oddly enough is still legal, so China is not anti-crypto. This is 100% about control.
China have their own? I'm not aware of any, but then, I agree with the control part, the government will definitely want to promote CNY and keep it under their control
 
Sep 25, 2021
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Without crypto how would politicians pay for cocaine and underage girls without the risk of detection? I expect no actions.
Yes without crypto, no one has ever paid for ‘illegal’ things with cash. All countries should follow an oppressive, authoritarian country’s lead to ban Crypto, Winnie the Pooh, Brad Pitt, Tiananmen square massacre, Youtube…. The ban is all about having control and power. We should be thankful that we have the option of having crypto and not watch our hard earned savings become debased by our government’s infinite money printing.
 
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