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Fri Sep 24, 2021, 07:17 AM

China declares all cryptocurrency transactions illegal

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

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Arrow 46 replies Author Time Post
Reply China declares all cryptocurrency transactions illegal (Original post)
Omaha Steve Sep 2021 OP
bucolic_frolic Sep 2021 #1
awesomerwb1 Sep 2021 #26
bucolic_frolic Sep 2021 #40
getagrip_already Sep 2021 #41
IronLionZion Sep 2021 #35
awesomerwb1 Sep 2021 #38
doc03 Sep 2021 #2
jimfields33 Sep 2021 #3
hunter Sep 2021 #5
jimfields33 Sep 2021 #9
awesomerwb1 Sep 2021 #4
hunter Sep 2021 #7
rpannier Sep 2021 #8
brush Sep 2021 #11
awesomerwb1 Sep 2021 #27
William Seger Sep 2021 #19
honest.abe Sep 2021 #6
awesomerwb1 Sep 2021 #28
honest.abe Sep 2021 #30
awesomerwb1 Sep 2021 #39
honest.abe Sep 2021 #42
awesomerwb1 Sep 2021 #43
honest.abe Sep 2021 #44
awesomerwb1 Sep 2021 #45
honest.abe Sep 2021 #46
Javaman Sep 2021 #10
brush Sep 2021 #12
Javaman Sep 2021 #15
brush Sep 2021 #18
LiberatedUSA Sep 2021 #20
PSPS Sep 2021 #22
Javaman Sep 2021 #32
LiberatedUSA Sep 2021 #34
LiberatedUSA Sep 2021 #33
hunter Sep 2021 #14
Javaman Sep 2021 #16
irisblue Sep 2021 #13
PSPS Sep 2021 #23
awesomerwb1 Sep 2021 #25
irisblue Sep 2021 #29
awesomerwb1 Sep 2021 #31
irisblue Sep 2021 #36
dsp3000 Sep 2021 #17
RobertDevereaux Sep 2021 #21
PSPS Sep 2021 #24
BlueIdaho Sep 2021 #37

Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 07:21 AM

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.

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Response to bucolic_frolic (Reply #1)

Fri Sep 24, 2021, 10:11 AM

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.

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Response to awesomerwb1 (Reply #26)

Fri Sep 24, 2021, 11:50 AM

40. Well it ain't hilarious for me.

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Response to awesomerwb1 (Reply #26)

Fri Sep 24, 2021, 12:00 PM

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.

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Response to bucolic_frolic (Reply #1)

Fri Sep 24, 2021, 10:43 AM

35. It's more about protecting their banking industry

they don't get much tax revenue from crypto transactions

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Response to IronLionZion (Reply #35)

Fri Sep 24, 2021, 11:07 AM

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.

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Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 07:25 AM

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

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Response to doc03 (Reply #2)

Fri Sep 24, 2021, 07:29 AM

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.

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Response to jimfields33 (Reply #3)

Fri Sep 24, 2021, 08:05 AM

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

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Response to hunter (Reply #5)

Fri Sep 24, 2021, 08:27 AM

9. Lol. I guess whatever works.

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Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 07:47 AM

4. Interesting

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

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Response to awesomerwb1 (Reply #4)

Fri Sep 24, 2021, 08:10 AM

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.

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Response to awesomerwb1 (Reply #4)

Fri Sep 24, 2021, 08:26 AM

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

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Response to awesomerwb1 (Reply #4)

Fri Sep 24, 2021, 08:47 AM

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

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Response to brush (Reply #11)

Fri Sep 24, 2021, 10:15 AM

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).

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Response to awesomerwb1 (Reply #4)

Fri Sep 24, 2021, 09:11 AM

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

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

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Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 08:07 AM

6. The beginning of the end of Bitcoin.

I suspect a massive sell off coming.

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Response to honest.abe (Reply #6)

Fri Sep 24, 2021, 10:17 AM

28. HA

China has been banning crypto/Bitcoin since 2013.

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Response to honest.abe (Reply #30)

Fri Sep 24, 2021, 11:08 AM

39. Check back in a few weeks

"LOL"

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Response to awesomerwb1 (Reply #39)

Fri Sep 24, 2021, 12:29 PM

42. Yeah could be much worse.

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

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Response to honest.abe (Reply #42)

Fri Sep 24, 2021, 02:12 PM

43. Thanks boomer.

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

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Response to awesomerwb1 (Reply #43)

Fri Sep 24, 2021, 03:01 PM

44. Not quite a boomer.

Just a realist with common sense.

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Response to honest.abe (Reply #44)

Fri Sep 24, 2021, 03:08 PM

45. Cool story

Get off my lawn!

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Response to awesomerwb1 (Reply #45)

Fri Sep 24, 2021, 03:16 PM

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

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Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 08:44 AM

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.

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Response to Javaman (Reply #10)

Fri Sep 24, 2021, 08:50 AM

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

how this ties in.

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Response to brush (Reply #12)

Fri Sep 24, 2021, 08:59 AM

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

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Response to Javaman (Reply #15)

Fri Sep 24, 2021, 09:10 AM

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

Last edited Fri Sep 24, 2021, 10:53 AM - Edit history (1)

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

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Response to Javaman (Reply #15)

Fri Sep 24, 2021, 09:19 AM

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.

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Response to LiberatedUSA (Reply #20)

Fri Sep 24, 2021, 09:55 AM

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

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Response to PSPS (Reply #22)

Fri Sep 24, 2021, 10:31 AM

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

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Response to Javaman (Reply #32)

Fri Sep 24, 2021, 10:41 AM

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.

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Response to PSPS (Reply #22)

Fri Sep 24, 2021, 10:39 AM

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

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Response to Javaman (Reply #10)

Fri Sep 24, 2021, 08:59 AM

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.

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Response to hunter (Reply #14)

Fri Sep 24, 2021, 09:00 AM

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

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Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 08:57 AM

13. El Salavador takes cryptocurrency, started this month

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Response to irisblue (Reply #13)

Fri Sep 24, 2021, 09:58 AM

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

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Response to PSPS (Reply #23)

Fri Sep 24, 2021, 10:05 AM

25. Proof?

BS

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Response to irisblue (Reply #29)

Fri Sep 24, 2021, 10:24 AM

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.

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Response to awesomerwb1 (Reply #31)

Fri Sep 24, 2021, 10:50 AM

36. Not my claim Pal. Look again.

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Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 09:08 AM

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.

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Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 09:24 AM

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

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Response to RobertDevereaux (Reply #21)

Fri Sep 24, 2021, 09:59 AM

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

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Response to Omaha Steve (Original post)

Fri Sep 24, 2021, 10:54 AM

37. Private digital money?

Not worth the bytes it’s written with.

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