China bans financial institutions from crypto related transactions

[Sammyesx]

China government has placed a banned on financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.



Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.



“Recently, crypto currency prices have skyrocketed and plummeted,



China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.



The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.



The statement also highlighted the risks of cryptocurrency trading, saying vitural currencies “are not supported by real value”, their prices are easily manipulated, and trading contracts are not protected by Chinese law.

Coming at a time when the crypto market is experiencing a lot of dip. Do you think the dip will continue?

 

[Ahmedo24]

To be honest I was not moved by the news. Crypto is a decentralized digital money where no one has ability to halt its progress. Though its progress can be hindered but cannot be stopped. It is however believed that this single move by China affected or even caused the bearish moment. While this may true, I am sir the moment will soon be passed.

Considering the trend of cryptocurrency today China and US has serious influence in the growth of cryptocurrency though no doubt I don't think any country or government can make cryptocurrency not to exist again but they can always render it useless with their policies especially the two countries are mentioned earlier

 

[Ahmedo24]

What do you have to say about African countries? Is Africa a great continent for cryptocurrency miners? I have never been to Africa, but if electricity in Africa is cheaper, then it can prove to be a great land for cryptocurrency miners. I am really not sure if electricity is cheaper in Argentina. However, electricity is cheap in Saudi Arabia and miners can start crypto mining there if the government allows them.

I don't think Africans have explore the opportunity in mining probably because the countries in Africa yet to legally adopt cryptocurrency but I'm very optimistic Nigerian is working it away the ones adopting cryptocurrency and if that is done mining will also be a good option though electricity is not constant nor cheap in most African countries.

 

[Good-Guy]

Currently Argentina takes 2 to 3% of miners salary monthly as there mining fee so mining of Bitcoin especially is very cheap in Argentina because of the low or cheap electricity supply and I also read recently that miners are moving away from China to some European countries and the United States obviously China may have to reverse their decision or they lose their rank in cryptocurrency.

What do you have to say about African countries? Is Africa a great continent for cryptocurrency miners? I have never been to Africa, but if electricity in Africa is cheaper, then it can prove to be a great land for cryptocurrency miners. I am really not sure if electricity is cheaper in Argentina. However, electricity is cheap in Saudi Arabia and miners can start crypto mining there if the government allows them.

 

[Ahmedo24]

Unfortunately, this is one of the biggest reasons why the price of cryptocurrencies have dropped so drastically. I just really hope that now miners will move to a country that allows mining and I am sure the gret days of cryptocurrencies will come back. The world governments cannot control cryptocurrencies, so now they resort to such measures in order to affect the price of cryptocurrencies in a negative manner.

Currently Argentina takes 2 to 3% of miners salary monthly as there mining fee so mining of Bitcoin especially is very cheap in Argentina because of the low or cheap electricity supply and I also read recently that miners are moving away from China to some European countries and the United States obviously China may have to reverse their decision or they lose their rank in cryptocurrency.

 

[Good-Guy]

Unfortunately, this is one of the biggest reasons why the price of cryptocurrencies have dropped so drastically. I just really hope that now miners will move to a country that allows mining and I am sure the gret days of cryptocurrencies will come back. The world governments cannot control cryptocurrencies, so now they resort to such measures in order to affect the price of cryptocurrencies in a negative manner.

 

[Ahmedo24]

I disagree to agree. China may have more mining equipment but they are not even rated above Nigeria when it comes to cryptocurrencies. Tb
Nigeria is number two after the USA, so if Nigeria can regulate crypto and nothing happened to the market. I don't see China wrecking or making it useless.

Actually you're right by market capitalisation Nigeria is ahead of China but China has more mining facilities and miners are more dominated in China that is why their decision to ban cryptocurrency really affected the market why Nigeria most of us are traders or holders of cryptocurrency which doesn't really have much effect like those mining it.

 

[btaliat]

Considering the trend of cryptocurrency today China and US has serious influence in the growth of cryptocurrency though no doubt I don't think any country or government can make cryptocurrency not to exist again but they can always render it useless with their policies especially the two countries are mentioned earlier

I disagree to agree. China may have more mining equipment but they are not even rated above Nigeria when it comes to cryptocurrencies. Tb
Nigeria is number two after the USA, so if Nigeria can regulate crypto and nothing happened to the market. I don't see China wrecking or making it useless.

 

[Sotherefore]

You should also recall that if today China decide to reverse it burn you will discover that there will be a serious pump in the market which shows that they have strong influence though I believe if the renewable source of energy for mining bitcoin is being discovered especially in the US or Europe China may live to regret their action.

I understand that the mining company of China has been moved to the United States but I don't know how true this is,yes they have a lot of serious influence in the crypto space but even with this they will not be able to manipulate the market if the mining power of China is move to the United States or UK, I want to ask if you're a cryptocurrency investor.

 

[Ahmedo24]

there is nothing to panic about because even though they have bann all financial institute from accepting cryptocurrency as mode of payment, cryptocurrency is not something that can be threaten by world governments and those who have tried have already fail. Cryptocurrency the future of digital currency that is all.

You should also recall that if today China decide to reverse it burn you will discover that there will be a serious pump in the market which shows that they have strong influence though I believe if the renewable source of energy for mining bitcoin is being discovered especially in the US or Europe China may live to regret their action.

 

[Sotherefore]

To be honest I was not moved by the news. Crypto is a decentralized digital money where no one has ability to halt its progress. Though its progress can be hindered but cannot be stopped. It is however believed that this single move by China affected or even caused the bearish moment. While this may true, I am sir the moment will soon be passed.

there is nothing to panic about because even though they have bann all financial institute from accepting cryptocurrency as mode of payment, cryptocurrency is not something that can be threaten by world governments and those who have tried have already fail. Cryptocurrency the future of digital currency that is all.

 

[btaliat]

To be honest I was not moved by the news. Crypto is a decentralized digital money where no one has ability to halt its progress. Though its progress can be hindered but cannot be stopped. It is however believed that this single move by China affected or even caused the bearish moment. While this may true, I am sir the moment will soon be passed.

 

[Ahmedo24]

The ban in Nigerian you don't have much effect on the market because there are little to no mining companies in Nigeria so the decision wasn't as disastrous as China making such pronouncements because of the huge mining companies available in China and they are increased activities of cryptocurrency so that is the major difference.

 

[Chibson]

Some months ago, such ban was placed by the Nigerian government, and what do we see today, a lot of Nigerians are still in cryptocurrency and using it normally as I used to be. China has been burning cryptocurrency transactions for many years now and since then they haven't made any significant progress. I think they still have plans of bringing down the ban since they are allowing their citizens to hold cryptos.

 

[Ahmedo24]

Yes thank you for the information you have just shared ,since I am a cryptocurrency trader I have an idea of what is happening, now the price of bitcoins and other cryptocurrency is seriously going down but this is just a manipulation and any crypto traders is afraid of this is just doing his or herself more harm than good.

My friend it is not easy to withstand this pressure no matter how expert one is in cryptocurrencies it's been a very long time that the market crashed to this extent and it is very possible that it will take a very long time for the market to recover and this way affects those people that have a very short plan with their Crypto investment.

 

[Sotherefore]

Yes thank you for the information you have just shared ,since I am a cryptocurrency trader I have an idea of what is happening, now the price of bitcoins and other cryptocurrency is seriously going down but this is just a manipulation and any crypto traders is afraid of this is just doing his or herself more harm than good.

 

[Ahmedo24]

My question then is thus , what is the point of allowing citizens to holdl cryptocurrency when there is no financial institution to allow them transfer it to their local currency ? , I think there must be more to this ban that the public do not know. China has the highest mining hash in bitcoin , surprised to see this news

Thank you my brother and I am also thinking that China is trying to use the strategy of holding more of Bitcoin and other cryptocurrency by making people to do pannic sales while they buy chip because more mining activities kept on going in China despite the crack down. Let t keep watching the market for a while.

 

[Alexandoy]

In the news last night is the crackdown of China on the crypto currencies particularly Bitcoin. It is banned in China of any transaction involving crypto. The said ban caused the sliding of the Bitcoin's market value. And since China is a big market that is the target of crypto traders so it is logical for the crypto trading to suffer a big decrease.

 

[sincerem]

This kind of news have always been known going around countries trying to halt Cryptocurrency progress. But that's not possible to stop the process and crypto transactions. Crypto is here to stay for long time, this one is beyond countries to track down its transactions. It is built in a decentralized way, and traders can still sell off using another foreign crypto exchange platform to sell of using p2p method.

 

[Josemendez]

China government has placed a banned on financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.



Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.



“Recently, crypto currency prices have skyrocketed and plummeted,



China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.



The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.



The statement also highlighted the risks of cryptocurrency trading, saying vitural currencies “are not supported by real value”, their prices are easily manipulated, and trading contracts are not protected by Chinese law.

Coming at a time when the crypto market is experiencing a lot of dip. Do you think the dip will continue?

My question then is thus , what is the point of allowing citizens to holdl cryptocurrency when there is no financial institution to allow them transfer it to their local currency ? , I think there must be more to this ban that the public do not know. China has the highest mining hash in bitcoin , surprised to see this news