China Banned Crypto

[virtusa]

Everyone uses crypto to smuggle money out of China. In 2019 alone (before the big crypto boom even!), nearly $50 billion in the form of cryptocurrencies left China. I can't imagine what it has been like for the past year.

If China can close down that escape road it will have huge impact on BTC.

https://www.bloomberg.com/news/arti...ccounts-tactics-used-to-get-cash-out-of-china
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Forbes yesterday article: https://www.forbes.com/sites/simonc...nts-are-the-enemy-of-bitcoin/?sh=754a5c3a6357

U.S. Government Clamp Down
As if everything else wasn’t enough to turn investors off to investing in cryptos the U.S. government is clamping down on investments in these digital assets.

Businesses will need to report crypto transactions of $10,000 or more, and crypto exchanges will need to report inflows and outflows at a gross level.
These problems come after years in which investments in cryptos have come unstuck. They’ve been hacked, simply disappeared or the owner lost the required password.

With both the recent history and the news this month in mind, it makes you wonder why anyone would stay invested in cryptos.

 

[Sprout]

If China can close down that escape road it will have huge impact on BTC.

https://www.bloomberg.com/news/arti...ccounts-tactics-used-to-get-cash-out-of-china
-----------------------------------------------------------------------------------
Forbes yesterday article: https://www.forbes.com/sites/simonc...nts-are-the-enemy-of-bitcoin/?sh=754a5c3a6357

U.S. Government Clamp Down
As if everything else wasn’t enough to turn investors off to investing in cryptos the U.S. government is clamping down on investments in these digital assets.

Businesses will need to report crypto transactions of $10,000 or more, and crypto exchanges will need to report inflows and outflows at a gross level.
These problems come after years in which investments in cryptos have come unstuck. They’ve been hacked, simply disappeared or the owner lost the required password.

With both the recent history and the news this month in mind, it makes you wonder why anyone would stay invested in cryptos.

FUD, cash transactions >=$10k already require paperwork. A specific headline toward crypto's is short manipulation.

As for china, an investor sophisticated enough to DeFi can navigate a VPN.

https://twitter.com/x/status/1395992555586719744

 

[Sprout]

Breaking news from Xi Jinping about BTC

https://twitter.com/x/status/1396194948026970112

 

[virtusa]

Breaking news from Xi Jinping about BTC

https://twitter.com/x/status/1396194948026970112

This is the original video:

Watch how on top and at the bottom the original area was deleted. The CGTN logos were deleted as well as the date and the CHINA plate was replaced.

Title of the video was:"
President Xi Jinping urges countries to reject 'vaccine nationalism'"

 

[virtusa]

FUD, cash transactions >=$10k already require paperwork. A specific headline toward crypto's is short manipulation.

As for china, an investor sophisticated enough to DeFi can navigate a VPN.

https://twitter.com/x/status/1395992555586719744

That doesn't change the fact that China will ban crypto's.

 

[virtusa]

As for china, an investor sophisticated enough to DeFi can navigate a VPN.

Just using VPN is not enough. You need additonal actions if not they can still find you.

 

[TripleJs]

Rich Chinese use BTC to smuggle money out of China. These rich Chinese don't trust the government and transfer their money out of China. I think the limit for transfering money out of China is $50K per year. Read it somewhere. For these billionaires $50 K per year is problematic.

That's why they introduce their own cryptocurrencies, it is completely traceable by central bank, BTC wont allow in China that's for sure. And BABA's is too valuable for China government, they will do everything just to take control of the whole company. Won't supprice me if they continue pushing the price down and even takeover or delist it so they can fully control it.

 

[mlawson71]

Just using VPN is not enough. You need additonal actions if not they can still find you.

Haven't they banned VPNs too?

 

[virtusa]

Haven't they banned VPNs too?

If they are government approved they are not blocked. All the rest they try to block.

Government approved means that China decides what can be shown and what not.

 

[mlawson71]

Chinese miners have not even slowed down.

In the world’s tightest regulated space for crypto investors, the same traders are bypassing regulatory barriers in the thousands. Chinese cryptocurrency traders and investors are circumventing the tough rules by means of foreign as well as local over-the-counter platforms. Another popular method is peer-to-peer networks. Both methods make it difficult for authorities to enforce their draconian regulations.

Chinese users are reported to be using OTC and P2P networks via an array of virtual private networks.

Over-the-counter desk activities have spiked ever since the Chines government introduced a majors crackdown on the local crypto market.