China regulators ban crypto trading and mining

[The Buzz]

Today, China's most powerful regulators cracked down on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

From Reuters:

Ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out "illegal" cryptocurrency activity, the first time the Beijing-based regulators have joined forces to explicitly ban all cryptocurrency-related activity.

China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in 2013 and 2017.

The repeated prohibitions highlight the challenge of closing loopholes and identifying bitcoin-related transactions, though banks and payment firms say they support the effort.

Friday's statement is the most detailed and expansive yet from the country's main regulators, underscoring Beijing's commitment to suffocating the Chinese crypto market.

"In the history of crypto market regulation in China, this is the most direct, most comprehensive regulatory framework involving the largest number of ministries," said Winston Ma, NYU Law School adjunct professor.

Read more here: https://www.reuters.com/world/china/...ng-2021-09-24/

[rmeeuwsen]

Even China cannot seem to stop crypto currencies in their country. There is another reason to USE them. The only one they will allow is their own so that they can eventually control all wealth in their country and take it away from who ever they deem to be dangerous to their ideology.

[Jambo]

China is only doing it because they want full control over everything and everyone and because they are working on their own cryptocurrency.

That China hates all cryptocurrencies is nothing new.

[Sherlock]

Chinese "cryptocurrency" has nothing in common with bitcoin.
Only that it has to be money and that there are tons of utterly stupid articles which put the new chinese project aside of bitcoin.

Full control wants to have every country. In fact they always wanted it, but now with the technology they will get much more of it. There is no country that will deliberately leave control=power on table. Especially not when it is about money.

Only countries which already lost control and needs to play the contrarian game like Salvador want the bitcoin for now. It is better to have an independent currency, when you are not able to have your own, so you are dependent on other country. This will go on for a while - poor countries, dependent on bigger neighbors (Salvador, paraguay); or isolated countries (Ukraine, Iran, Cuba), will start to more or less openly support btc. Until the countries with independent currency will self-destroy it with inflation, because they have no other option because everyone is way too much indebted. In fact the destruction can be pretty quick. Then even those countries will start accepting decentralized money.

CBDCs are nothing new. They are in fact a model of fiat money that was abandoned. It was called "state notes" (I think, I do not know the proper English expression). It is fiat emitted directly by state/cb. Not through commercial banks. But I do not know why I keep writing it here. Nobody is reading it apparently. The nonsense about CBDC is appearing over and over again.

[kasinoarvostelut]

I think China has banned cryptocurrencies multiple times already? Every few months there comes a new statement saying China banned crypto. Or is it for real this time?

[buyonaut]

They just realised that too much cash is flowing in and around crypto, and they don't get a cut. A China mining boom made people making cash without gov control.

Sure they don't like it.

The only thing Chinese gov got from this venture is super high electricity consumption, at low rates for users, so no math here.

Obviously they need electricity for industry, not some garage or container miners.

Once they figure out how to deal with crypto (regulation, tax and so on) they will come back into the game, but knowing how communist government deal with such issues, it will take few years.

In the meantime, good old ban-it-all strategy will be just fine.

[Pokerface]

Such announcements recently hurt crypto currencies but again has recovered. Don't think China will be able to ban crypto completely, there will always be a way around the bans for those with capabilities.

[Cash Bonus]

This is just nonsense coming from China. Seem to recall a number of times in the past hearing similar stories like this and then they now claim to also have done this. So ridiculous.