China declares all cryptocurrency transactions illegal

[Omaha Steve]

Source: AP

BEIJING (AP) — China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.

Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks.

Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.

“Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.



FILE - In this Feb. 9, 2021, file photo, the Bitcoin logo appears on the display screen of a cryptocurrency ATM at the Smoker's Choice store in Salem, N.H. China’s central bank on Friday, Sept. 24, 2021, declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. (AP Photo/Charles Krupa, File)


Read more: https://apnews.com/article/china-declares-cryptocurrency-bitcoin-transactions-illegal-c6e869b63af6de3d1d699ee105d602e6

[bucolic_frolic]

1. Oh! WTF? That country's got balls!

Money laundering and crime? In Crypto??? Naw. These people moving billions all over the world at great cost of electricity and low cost are honest little businessmen, like your neighborhood grocery store.

Governments are so far behind on this.

[awesomerwb1]

26. Your post is full of "inaccuracies"

Every transaction/movement of crypto is recorded in a blockchain. There are companies who even tweet about big movements of wallet to wallet and purchases they see in blockchains.
Very few people and companies own "billions" in crypto. Even less people and companies "move billions all over the world". lol
Inform yourself better. Your post is hilarious for people who know how crypto works.

[bucolic_frolic]

40. Well it ain't hilarious for me.

[getagrip_already]

41. He's mostly correct.... except for the billions part

But that, in a cumulative sense, is also correct. Maybe not in a small number of transactions, but accross the spectrum of transactions.

The fact remains that there are precious few legitimate uses for cryptocurrency. It's a speculative bend, with few places to actually spend it legally.

China made the correct move. We should follow suit.

[IronLionZion]

35. It's more about protecting their banking industry

they don't get much tax revenue from crypto transactions

[awesomerwb1]

38. Good point about the crypto transactions

The rest is no different than banking re: KYC. All crypto exchanges verify documentation and report transactions over $9,999 to the IRS and wallet to wallet movements. But the banks are a little bit nervous with crypto adoption so they're pushing for more regulations than they themselves are under which was predictable.

[doc03]

2. The US should have done that a long time ago. nt

[jimfields33]

3. I think it's too late to backslide now

Too many companies are using it. It will be interesting to see the first company pay wages with Bitcoin. I’m sure at this point it could be an option in some IT sectors.

[hunter]

5. I hear some employers are paying their workers with tulip bulbs.

https://en.wikipedia.org/wiki/Tulip_mania

Personally, I prefer Beanie Babies.

[jimfields33]

9. Lol. I guess whatever works.

[awesomerwb1]

4. Interesting

Look at some of you agreeing with authoritarian China.
So much ignorance. 🤦🏻‍♂️

[hunter]

7. The free market will handle this one...

... in its usual messy way.

Innocent people will be hurt. Rotten people will walk away with the money.

[rpannier]

8. Sometimes they're right, sometimes they're wrong

In this case, I think they're right
If you were to ask me for another example of my agreeing with their gov't, it would take me a while

[brush]

11. Are you invested in Bitcoin? It's to volatile for my blood.

[awesomerwb1]

27. I am

I own a few coins.

I purchased Bitcoins for the purpose of holding them for a few years like I have been doing for a few years. The returns have been awesome.

I wouldn't buy Bitcoin for trading because as you said it's too volatile (which is great for the big boys).

[William Seger]

19. Shouldn't be illegal, but I simply can't understand why anyone ...

... would want to use bitcoin for any legal transaction.

[honest.abe]

6. The beginning of the end of Bitcoin.

I suspect a massive sell off coming.

[awesomerwb1]

28. HA

China has been banning crypto/Bitcoin since 2013.

[honest.abe]

30. LOL

https://www.forbes.com/sites/jonathanponciano/2021/09/24/crypto-markets-wipe-out-150-billion-in-value-within-hours-of-chinas-latest-bitcoin-ban-whats-next/?sh=6a5a62c4e4f9

[awesomerwb1]

39. Check back in a few weeks

"LOL"

[honest.abe]

42. Yeah could be much worse.

But don’t sell you might miss out on becoming a billionaire!

[awesomerwb1]

43. Thanks boomer.

Only a boomer would make such a comment - "billionaire". Get off my lawn!!

[honest.abe]

44. Not quite a boomer.

Just a realist with common sense.

[awesomerwb1]

45. Cool story

Get off my lawn!

[honest.abe]

46. Yeah maybe so... you're no fun.

[Javaman]

10. there is something going on that we are all not privy to...

first the ban on all new video games for approval and limit game playing for kids to 3 hours a week by china, then the U.S. cuts a deal with Australia for cruise missiles and 8 nuclear subs, now this.

none may appear to be related, but things like this don't happen for no reason nor by accident.

[brush]

12. Seems they're moving towards more equal income economy. I'm not sure...

how this ties in.

[Javaman]

15. I really don't think so, but who knows.

they have a massively top heavy ruling class of wealthy people.

there is nothing "equal" regarding the income in china.

if anything, they appear to be sliding toward a form of dictatorial fascism, but nothing like the world has seen before.

an odd blending of authoritarian rule

[brush]

18. This subject broke a few weeks ago and it was mentioned again on cable news...

Last edited Fri Sep 24, 2021, 11:53 AM - Edit history (1)

today in regards to the bitcoin story. Guess you didn't hear.

[LiberatedUSA]

20. When they are done...

…nobody will be able to make a move without the government knowing what they are doing in real time. If someone gets away with murder, it will be because it was allowed.

[PSPS]

22. ikr? And them magnets and chips in the vaccine too!!!1111!!!!

[Javaman]

32. you are aware that phones in China require an app that tracks people right?

How China uses a mass surveillance phone app to track its citizens
The app uses facial recognition technology from a firm backed by Alibaba Group Holding to match faces with photo identification and cross-check pictures on different documents
https://www.business-standard.com/article/international/how-china-uses-a-mass-surveillance-phone-app-to-track-its-citizens-119050200142_1.html

and there is this one...

In Coronavirus Fight, China Gives Citizens a Color Code, With Red Flags
A new system uses software to dictate quarantines — and appears to send personal data to police, in a troubling precedent for automated social control.
https://www.nytimes.com/2020/03/01/business/china-coronavirus-surveillance.html

[LiberatedUSA]

34. Black Mirror...

…and the episode about blocking people so you can’t see them, will be China or close to it. You’ll be blocked for not being a good peon.

[LiberatedUSA]

33. You don't understand China, apparently. N/t

[hunter]

14. French submarines operated by Australia were a loose cannon...

... from the U.S. or Chinese perspective.

The deal was made to control the discussion.

[Javaman]

16. latent gossamer hopes by the French to still have some influence over SE Asia? nt

[irisblue]

13. El Salavador takes cryptocurrency, started this month

https://www.barrons.com/articles/bitcoin-el-salvador-emerging-markets-51626719533

[PSPS]

23. Makes sense. El Salvador is big in the illegal drug trade.

[awesomerwb1]

25. Proof?

BS

[irisblue]

29. Google gave me these sites.

https://www.latimes.com/world/la-xpm-2011-mar-22-la-fg-central-america-drugs-20110322-story.html

https://en.m.wikipedia.org/wiki/Illegal_drug_trade_in_El_Salvador


https://www.narconon.org/drug-information/el-salvador-cocaine-drugs.html


https://insightcrime.org/el-salvador-organized-crime-news/el-salvador/


https://insightcrime.org/news/drug-routes-gangs-elsalvador/

[awesomerwb1]

31. Pffft

You claimed ES is "big" in the drug trade. None of those links prove it's not simply on par(or less) with other countries in the region who unfortunately suffer from this "shipping to the US users" tragedy.

Try harder to relate this to Bitcoin.

[irisblue]

36. Not my claim Pal. Look again.

[dsp3000]

17. crypto's original intended goal was to avoid manipulation from gov'ts

big fat LOL. now it's not only manipulated by gov'ts it's also manipulated by billionaires and influencers. what a scam.
With that said i still hold some crypto though to join in on the fun no matter how much i hate it.

[RobertDevereaux]

21. Cryptocurrency is indeed a highly volatile investment, but . . .

The safest way to invest and minimize the risk is to adopt Dan Hollings' The Plan.

https://robertdevereau.krtra.com/t/jaHYn0v7Q9dT

[PSPS]

24. LOL. He's the modern-day Louis Rukeyser

[BlueIdaho]

37. Private digital money?

Not worth the bytes it’s written with.