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EnglishIf you are from China would like some intel after the latest chinese crackdown on cryptocurrencies.

The interest and the assets are still there. So please provide some insight about what is happening. Which sites do you use to get informed? Which chat apps. Are you still mining, transacting? The pandora box has been opened... Thanks

fadasma32 5 months ago
  • China
  • Cryptocurrency
  • Mining

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austin 5 months ago
China has really banned bitcoin mining and all the people who held cryptocurrency have to wait until the government legalises crypto trading
Oghosa confidence 5 months ago
Meaning no more selling and buying of crypto currencies
Gioele 5 months ago
C è un grosso interesse da parte del partito comunista ad avere la leadership sul bitcoin
samiazee 5 months ago
Mining BTC banned..
4Launching Yu*n crypto..
In the other hand..
industrial scale mining Move to texas city to dest**y hegemony USD.
Isnt the biggest mistake CCP. No,
its hourse of Troy...
count down for 2024-2035.

Why the mining asset still HOLD...
Only in Media said banned...actualy just moving...
for eficiency electrical Not at all..
for Reshaping [D] world.

wallstreetWOOKS 5 months ago
Miners have been moving out of china, to places like Texas .
This is big because a large amount of miners were based in china before the ban
Abdulmalik Saeed 5 months ago
but why would china ban crypto
wallstreetWOOKS 4 months ago
Its all FuD , china is just tryna kick up as much dirt as they can
Powell k 4 months ago
I would like some Intel's of course
kawhiharsh 3 months ago
china had banned crypto mining 3 months ago
Jesam Obono 3 months ago
China Central Bank has put a ban to cryptocurrencies of any form and has considered it as and illegal financial activity and has stated that offenders will be persecuted and online websites offering crypto mining and transaction are now banned
CryptoBrewer 3 months ago
I happen to have insider friends, let me explain why China has recently put a ban on mining and arrested a BTC whale who allegedly owns a huge amount of Bitcoins.

As a matter of fact, a lot of kids from high ranking officials families have cryptos and use them to transfer assets around the world. Some of the most high-profile crypto exchanges are backed by capital from such families. The government is fine with that. The real problem comes from two areas: financial risks and energy.

It's easy to understand the financial risk part - shadow banks are now a ticking time bomb of China economy, and govt doesn't wish to have transactions not in their control, let alone the scams that push some people into bankrupt and 'destabilise' society. That explains why some Chinese found their bank account frozen due to 'suspicious activities' after they tried to convert crypto to RMB. You don't have problem if you OWN cryptos, but you will if you converted it to fiat.

Then let's talk about why mining is even banned. If you follow news closely, you know last month China has a power outage. China powered its economy primarily in two ways: hydro & coal. During times where hydro electricity is abundant, China closes one eye to miners. But when they are facing energy shortage and have to switch to coal (like what China is experiencing now), they will crack down on mining activities. Otherwise, it will again 'destabilise' society and poses challenges to govt, making them look incapable and weak for not being able to secure energy.

Therefore, when we talk about China's attitude towards cryptocurrencies, we need to break it down to at least several different areas: 1. blockchain tech itself; 2. crypto transactions; 3. mining - in one word, China is interested in blockchain tech, concerned about risks associated to citizens trading cryptos, and has changeable standards on miners depending on energy supply at that moment.
raymart 1 month ago
yes i will
Marco 1 month ago
I'm in China and I trade crypto (very much an amateur). Most companies that list crypto that were started in China are now moved outside of the country. For example, OkEx is a Seychelles company but the important people are still in Beijing.

Within Chinese media, we only have Baidu and Zhihu (Google and Quora equivalent) to search for anything remotely related to crypto, all of which paint a very negative image of crypto. I literally just searched on Baidu, and it's all about volatile market activity, headlines entitled Bitcoin losing 10% value over a week, etc.

As for the app store, in order to download exchange applications, you must change your app store country to a foreign country, as the Chinese app store has banned all crypto exchange applications.

I use Okex to exchange Fiat to Crypto so I can trade on the platform. All of these transactions can be made through bank transfer, Alipay, or WeChat pay (similar apps to Paypal and Venmo). It is very much done in the DL and people must be careful using these two platforms to transfer high amounts of fiat as they are all monitored by the government.

As for using crypto exchange platforms, MOST require a VPN (Virtual Private Network). Okex does not, but I believe Coinbase does require it. What this effectively means is that crypto is banned to the extent that most of these websites are unviewable within the Great Firewall.

Communication-wise, based on my own experience, I've been using Telegram (some Telegram groups have subgroups dedicated for Chinese language users). However, once again, Telegram is banned in China so you will need a VPN to access such a platform, so is Reddit, Discord, or I believe all of these similar applications and websites. However, I have seen WeChat groups that try to stay extremely under the radar that serve a similar purpose to the Telegram groups. They may use alternative symbols or abbreviations of crypto vocabulary to avoid government regulation through the WeChat platform.

I don't mine crypto sorry I'm not sure about that question.
Marco 1 month ago
Oh yea, I believe as of April, while China's position of crypto as a whole is that they were gonna ban it, the People's Bank of China stated that they were considering viewing Bitcoin as an alternative investment. However, five months later in late September, China's official position was to ban all crypto transactions and investments effective immediately. So you could say there's just no way around it unless, as a Chinese living in China, you have connections abroad, or you have a Virtual Private Network.
Nancy Oluchi 1 month ago
I would like to be updated. but why would china ban crypto