Quote from: Finestream on September 30, 2021, 11:40:00 PM

Quote from: South Park on September 30, 2021, 11:29:37 PM

Quote from: Ever-young on September 24, 2021, 11:31:09 AM

According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?

It is not a mere statement what is causing the price of all the coins in the market to go down, this means that from now on they are going to take actions against all of the people that somehow are dealing with cryptocurrencies, this is a problem because as we know there are many Chinese citizens that invested in bitcoin and did so precisely to try to escape all of the measures the government was implementing, and now they do not have this opportunity anymore.

It's really a sad fact that even Chinese investors are being deprived of their own rights and even opportunities from their own country. If they will be sanctioned once they are discovered that they are still holding cryptos and transact them despite the bans, i know this will put them in danger. If they can transfer to other countries for their own safety and for them to continue creating opportunities with bitcoin and other potential cryptos, then it will be a good initiative for them to do. Might be a sad story, but definitely not a losing part in the end.

Unfortunately only those that have acquired a significant amount of cryptocurrencies are going to be able to do this, the rest of them which were holding bitcoin with the hope of improving their future are going to have a lot of problems because as we know all Internet activity on China is being monitored and if they try to sell their coins then the government is going to find out and they are going to get in trouble because of it, so it is going to be really difficult for them to even sell their coins, so the only other option that they have is to keep holding their coins and hope that at some point in the future the government of China changes its stance on cryptocurrencies.