Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[SCAMEXPOSER]

China has drafted law banning people from selling or issuing digital coins or Crypto currencies, to replace the CNY in circulation, this is according to Nairametrics. China which is the second largest economy in the world .

It clearly stated that any one that violate the law will face the consequences of the drafted law by forfeiture of the such digital asset.
I don't think this a good for Crypto currency world.

 

[Rezponze]

This is not good for growth of cryptic world..
I hope this is not true else this will dealt a big blow to the growth of cryptosystem

 

[Josemendez]

China has drafted law banning people from selling or issuing digital coins or Crypto currencies, to replace the CNY in circulation, this is according to Nairametrics. China which is the second largest economy in the world .

It clearly stated that any one that violate the law will face the consequences of the drafted law by forfeiture of the such digital asset.
I don't think this a good for Crypto currency world.

I made it clear that the development of digital currency was to counter cryptocurrency . They are staying this law in order that people will switch to their own digital currency

 

[Niftyicon]

I made it clear that the development of digital currency was to counter cryptocurrency . They are staying this law in order that people will switch to their own digital currency

Now, I agree totally with you. That was the intention behind the digital version of their fiat. This is not good at all for Cryptocurrencies.

 

[SCAMEXPOSER]

The digital currency may be difficult to counter Crypto currency though the ban may be witness internally in China, I know some Chinese will still uses Crypto currencies online since they can't be tracked

 

[ELSA-ELI]

So i dont quite follow,we have seen new coins push for recognition till it gain a certain value against the strong coins.Now in this regard is China trying to block people to use other cryptocurrenies over night even being alive to the fact that they don't know wether their fiat will gain the recognition or not?

 

[AudraMiller]

China has drafted law banning people from selling or issuing digital coins or Crypto currencies, to replace the CNY in circulation, this is according to Nairametrics. China which is the second largest economy in the world .

It clearly stated that any one that violate the law will face the consequences of the drafted law by forfeiture of the such digital asset.
I don't think this a good for Crypto currency world.

This sounds very bad for the crypto world. To ban crypto in china will mean that there is a huge market that will drop from the crypto scene and this can have major impacts on the price.

 

[SCAMEXPOSER]

This sounds very bad for the crypto world. To ban crypto in china will mean that there is a huge market that will drop from the crypto scene and this can have major impacts on the price.

This is my concern too but let watch as things unfold this coming week and if the ban will be effective in the country . China wants digital yuan to be strong.

 

[Josemendez]

So i dont quite follow,we have seen new coins push for recognition till it gain a certain value against the strong coins.Now in this regard is China trying to block people to use other cryptocurrenies over night even being alive to the fact that they don't know wether their fiat will gain the recognition or not?

I think their aim is for their digital currency to be used by all Chinese citizens. Their digital currency can't be available outside China and considering their high population , it will be lucrative if all Chinese are forced to use it

 

[AudraMiller]

This is my concern too but let watch as things unfold this coming week and if the ban will be effective in the country . China wants digital yuan to be strong.

Yeah we will have to wait it out and see. If the ban happens though i think may also affect bitcoin supply as china has one of the biggest mining rigs in the world if i am not mistaken.

 

[Wisdom01]

I already know that the launching of the yuan digital currency might lead to these , I know that they might just want to protect their currency and economy

 

[SCAMEXPOSER]

Yeah we will have to wait it out and see. If the ban happens though i think may also affect bitcoin supply as china has one of the biggest mining rigs in the world if i am not mistaken.

That's a point because if they are banning Crypto currencies they may likely ban mining of bitcoin in the country which may not be a good one for bitcoin supply .

 

[Yugocean]

Due to Covid, china has already developed a great hatred from other countries, so majority of people will not care, only the chinese business of crypto will get effected which other competitors will welcome. With only one crypto in hand, Chinese crypto companies won't be able to do business either.

 

[Wisdom01]

Yeah just like USA and China trade relations have been cancelled so they don't want to run business with some countries and also wants to protect their currency

 

[Niftyicon]

They could have done this to protect their digital currency but what now happens to their citizens whose sole businesses are crypto related?

 

[Josemendez]

Yeah we will have to wait it out and see. If the ban happens though i think may also affect bitcoin supply as china has one of the biggest mining rigs in the world if i am not mistaken.

True . China is one of the countries with the highest hash power . This will affect the miners there thus forcing them to either leave China or look for another business to engage in

 

[Wisdom01]

They could have done this to protect their digital currency but what now happens to their citizens whose sole businesses are crypto related?

I think those ones would have to look for an alternative business or they employ them as they diversify the use of digital currency I think

 

[SCAMEXPOSER]

True . China is one of the countries with the highest hash power . This will affect the miners there thus forcing them to either leave China or look for another business to engage in

This is my concern though they didn't state if mining activities are also ban but let keep watching how things play out in the coming days because China has been controversial engagement as regards Crypto currencies.

 

[Josemendez]

This is my concern though they didn't state if mining activities are also ban but let keep watching how things play out in the coming days because China has been controversial engagement as regards Crypto currencies.

Ofcourse it will affect miners because since selling of cryptocurrency is ban , miners can't be able to sell as well . This will be loss to them

 

[SCAMEXPOSER]

Ofcourse it will affect miners because since selling of cryptocurrency is ban , miners can't be able to sell as well . This will be loss to them

They can still sell their coins to other Exchange platforms that are outside China since everything can happen online but Exchange activities in China will be affected.