# China declares all crypto-currency transactions illegal



## TopCat (Sep 24, 2021)

> China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.
> 
> "Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".
> 
> ...











						China declares all crypto-currency transactions illegal
					

Trading Bitcoin and other crypto-currenices is a criminal activity, China's central bank says.



					www.bbc.co.uk


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## Kabuki Actor (Sep 24, 2021)

This wasn't already the case?


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## DumbDude42 (Sep 24, 2021)

crypto going back to exclusively being an underground niche thing for shady internet business instead of a hyped investment and speculation object for boomers isn't all that bad


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## Grotesque Bushes (Sep 24, 2021)

Chinky fucks try to keep the capital within their rapidly aging and disintegrating state to avoid complete economical collapse. Won't work.


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## somecryptoneet (Sep 24, 2021)

Kabuki Actor said:


> This wasn't already the case?


Was previously just banned for mining. Although China banning Bitcoin was the infamous meme for the entire 2017 bull cycle. Seems like China is really done with crypto this time.


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## WhoIsSutterKane (Sep 24, 2021)

Kabuki Actor said:


> This wasn't already the case?


Yeah, media outlets keep printing it though in an attempt to manipulate the market. Probably because they didn't buy in low enough and they want to dollar cost average.


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## Rusty Crab (Sep 24, 2021)

I feel like I've read "china bans crypto" 4 times per year, every year since it was invented.


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## Super-Chevy454 (Sep 24, 2021)

DumbDude42 said:


> crypto going back to exclusively being an underground niche thing for shady internet business instead of a hyped investment and speculation object for boomers isn't all that bad


Didn't some Gen-Xers and some Millenials use crypto as well?


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## An Avenging Bird (Sep 24, 2021)

Every country is going to eventually do this because DeFi in particular is a huge threat to the central banks.
Bitcoin will compete with the digital dollar, digital yuan, and that can't be allowed to stand.
I have read of how Chainlink is contracted with UNESCO and others for their blockchain capabilities so they may survive.


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## Mepsi Pax (Sep 24, 2021)

News doesn't appear to have scared the market much... hasn't filtered through yet?


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## Fuscateob (Sep 24, 2021)

Now they can't regulate it, China is now crypto pirate heaven


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## Rusty Crab (Sep 24, 2021)

Mepsi Pax said:


> News doesn't appear to have scared the market much... hasn't filtered through yet?


Like I said, we get this "news" so often that I doubt most people even flinch at it. Part of me thinks they just announce it every time they want the price to drop.


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## wtfNeedSignUp (Sep 24, 2021)

The question if this applies to all bodies or just private bodies.


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## Lone MacReady (Sep 24, 2021)

They aren't wrong when they say that Baitcoin is a digital bag-holding ponzi scheme dangerous to their citizens, especially with sites requiring ID (or worse your SSN) to trade. The problem is China's dictators aren't doing this to protect their own people, they are doing it simply because they want that digital control for themselves over western Shekelers. While the core of what Digital offers is still good on principle - No tracking, and Anonymous buying without national sovereigns - the paradigm is already being co-opted by Globalists. What continues to be sold as freedom and anonymity from big government, is in actuality being corrupted by that same big government into a new system of complete currency control, purchase tracking, velocity manipulation, and Zero anonymity (once paired with social credit scores). FEDcoin is the goal, and western nations are doing exactly what China is doing behind the scenes.


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## Suburban Bastard (Sep 24, 2021)

They’re definitely doing this because people have been using it to avoid the CPC’s tracking. They’re also going to fail at banning it.


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## StarDreamer2002 (Sep 24, 2021)

Crypto currencies are retarded anyways and Chris-Chan level financial management.


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## CivilianOfTheFandomWars (Sep 24, 2021)

StarDreamer2002 said:


> Crypto currencies are retarded anyways and Chris-Chan level financial management.


How else am I supposed to buy drugs online then?


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## Gimmick Account (Sep 24, 2021)

Grotesque Bushes said:


> Chinky fucks try to keep the capital within their rapidly aging and disintegrating state to avoid complete economical collapse. Won't work.


Or they have some backhanded reason for wanting to appear like they're doing this for the opposite result like half the shit they do.
I'd ask a Chinese friend if this is really illegal or just "illegal" but I don't know any nerds.


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## Jonah Hill poster (Sep 24, 2021)

China banning crypro again? What about their social credit system? In this case, would one not work with the other?

Not giving them any ideas, of course.


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## Not Really Here (Sep 24, 2021)

After years of rumors the mad lads actually did it, wild just wild bro.


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## Kujo Jotaro (Sep 24, 2021)

Not Really Here said:


> After years of rumors the mad lads actually did it, wild just wild bro.


pretty sure they banned it earlier this year, or maybe that was just a prelude to this later announcement.


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## Ed Special (Sep 24, 2021)

StarDreamer2002 said:


> Crypto currencies are retarded anyways and Chris-Chan level financial management.


I mean, it's my understanding that retired cow David Foxfire's heavily into crypto as an investment scheme, so I don't even know if that's all that hyperbolic.


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## williamcll (Sep 24, 2021)

Gimmick Account said:


> Or they have some backhanded reason for wanting to appear like they're doing this for the opposite result like half the shit they do.
> I'd ask a Chinese friend if this is really illegal or just "illegal" but I don't know any nerds.


You can't trade or mine bitcoins in China but you can do it _outside_ where it has less impact to the Chinese market.
Saw an article last month where a mining company announced they switched from a Chinese coal mine to a canadian one to power their GPUs.


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## ♦️ King of Diamonds ♦️ (Sep 25, 2021)

Say what you want about TCR- Ghost does give some solid financial advice.


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## bot_for_hire (Sep 25, 2021)

> *China- and Hong Kong-based bitcoin holders scrambling to protect their crypto assets*​
> Some crypto holders in China and Hong Kong are scrambling to find a way to safeguard their digital currencies, according to an attorney who works with overseas clients to protect their crypto wealth.
> This comes after the People’s Bank of China said in a Q&A posted to its website that all cryptocurrency-related transactions in China are illegal, including services provided by offshore exchanges.
> Some crypto holders in China and Hong Kong are scrambling to find a way to safeguard their bitcoin and other tokens after China’s central bank published a new document Friday spelling out tougher measures in its wider crypto crackdown, including souped-up systems to monitor crypto-related transactions.
> ...


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## Fatafata v2 (Sep 25, 2021)

albert macdonald chan said:


> China banning crypro again? What about their social credit system? In this case, would one not work with the other?
> 
> Not giving them any ideas, of course.


That would be a state controlled digital currency.

The likely case here is that cypto is allowing Chinese to get money out of the country by circumventing their controls. Or the ccp is fearful they will.
Maybe they upped the limit but there you are only allowed to convert RMB to other currencies at a maximum of USD 50,000 per year.

Still other ways around it, mainly through HK.


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## Sage In All Fields (Sep 25, 2021)

Grotesque Bushes said:


> Chinky fucks try to keep the capital within their rapidly aging and disintegrating state to avoid complete economical collapse. Won't work.


They're not trying to avoid economic collapse, they're trying to make sure when it does collapse they're rocketted into absolute power so they can implement full communism, that's the whole point of dengism. They're not stupid, kamikazying their own economy while the whole world is critically dependent on them is part of their plan


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## Ahriman (Sep 25, 2021)

/pol/ weighs in: https://boards.4chan.org/pol/thread/340823121


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## Tranimal Farm (Sep 27, 2021)

Fatafata v2 said:


> That would be a state controlled digital currency.
> 
> The likely case here is that cypto is allowing Chinese to get money out of the country by circumventing their controls. Or the ccp is fearful they will.
> Maybe they upped the limit but there you are only allowed to convert RMB to other currencies at a maximum of USD 50,000 per year.
> ...


This and also the anonymity bitcoin can provide is inherently gonna be antithetical to any authoritarian, or even sufficiently beaurocratic system. If they could easily track precisely who owns what on the blockchain including personal identity instead of just wallet addresses then they probably wouldn't be nearly as bothered by bitcoin. Also the miners in China love going after stranded energy (energy being produced far away from population centers thats basically not being used for anything, particularly true in some southern provinces, where they built a bunch of hydro power stations but no infrastructure to transport the power generated.) which geographically makes it harder to keep tabs on them.

Tho im sure plenty of party officials and higher ups will have their own secret bitcoin holdings.


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## Kosher Dill (Sep 27, 2021)

Tranimal Farm said:


> If they could easily track precisely who owns what on the blockchain including personal identity


"If"?


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## Tranimal Farm (Sep 27, 2021)

Kosher Dill said:


> "If"?


granted its a big if and contingent on the owner of that address not being a retard, but you can set up a new address with every settlement so at least its not one per customer


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