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❕NEWS China tells crypto owners to HODL - by banning any crypto transactions

ElPaule

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There is now an official order in which the People's Bank of China has released a statement that any company or citizen is guilty of a felony if they trade in cryptocurrencies.
The Bank is committed to investigate any legal liability of related legal persons, unincorporated entities or natural individuals for criminal offenses.
 

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This is really bad I just which exchange platforms could create another way for the citizens to have access to crypto trading , because it's limiting some citizens potential to gain from the market
 

ElPaule

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This is really bad I just which exchange platforms could create another way for the citizens to have access to crypto trading , because it's limiting some citizens potential to gain from the market
well many exchanges do KYC and this is another reason to do so. The known customers from mainland china will be restricted to transfer their crypto to somewhere...Question is if Chinese might cash out if they travel abroad...
 

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well many exchanges do KYC and this is another reason to do so. The known customers from mainland china will be restricted to transfer their crypto to somewhere...Question is if Chinese might cash out if they travel abroad...
I am sure they would be able to cash out if they travel abroad ,most of them have friends that would support them to carry out the transaction , because they need help too
 

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This is insane. People who have been stuck with lot of crypto money are mad. They just wanted to cashout their money. I think they can make the transaction if they go abroad or beyond or outside china boundaries.
 

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This is insane. People who have been stuck with lot of crypto money are mad. They just wanted to cashout their money. I think they can make the transaction if they go abroad or beyond or outside china boundaries.
I Know very much that there are crypto whales in that country and they can't just lose all their money , because of the government policy ,even binance platform have moved away from the country
 

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The fact is that China believe it is still a threat to cryptocurrency market. It is also possible their last time crackdown on cryptocurrencies didn't have much effect on her citizens as they still trade and hold cryptocurrencies
 

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That is so unfortunate for the people in China. I expected China to be among the forefront countries to support cryptocurrencies. I really pitty those who have so much of their money invested in the cryptocurrencies. They will have to move out of the country to sell them.
 

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That is so unfortunate for the people in China. I expected China to be among the forefront countries to support cryptocurrencies. I really pitty those who have so much of their money invested in the cryptocurrencies. They will have to move out of the country to sell them.
China's reason for crackdown of cryptocurrencies is best known to them because they supported cryptocurrencies heavily untill May this year.
 

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This is kinda stupid and sarcastic lmao, but hodling doesn't have any merits if cryptocurrency transactions are banned in the first place , people are hodling to sell at a later time
 

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This is kinda stupid and sarcastic lmao, but hodling doesn't have any merits if cryptocurrency transactions are banned in the first place , people are hodling to sell at a later time
Maybe they are expecting them to hold till when there is a change in government or policies regarding the crypto ban , which people don't know how many years it would take for such time to come , it's funny
 

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This is kinda stupid and sarcastic lmao, but hodling doesn't have any merits if cryptocurrency transactions are banned in the first place , people are hodling to sell at a later time
I think China is still trying to see if updates from them can set the market to bearish otherwise they had said it earlier and the ecosystem was able to absorb and recover.
 

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I am sure they would be able to cash out if they travel abroad ,most of them have friends that would support them to carry out the transaction , because they need help too
yeah but there are obstacles. I mean if you are traveling you will stay a Chinese citizen and might not pass KYC on the other hand if no exchange operates in China anyway they can ignore the law there.... they are anyway illegal. So fck of and do business with Chinese anyway. Cashing out with friends is also a trust thing... not sure if I would hand over my keys to my wallet to a friend...
 

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yeah but there are obstacles. I mean if you are traveling you will stay a Chinese citizen and might not pass KYC on the other hand if no exchange operates in China anyway they can ignore the law there.... they are anyway illegal. So fck of and do business with Chinese anyway. Cashing out with friends is also a trust thing... not sure if I would hand over my keys to my wallet to a friend...
Although if you don't want to hand over your keys to your friend you can make use of his account ,and I think you are right about the situation of travelling out and unable to pass the required kyc test , because exchange platform would reject the person
 

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The way China is going about this strict law if combating crypto currency transactions is rude to me. It's looking thou, like a crime if the citizens are found holding any coin.
 

ElPaule

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Although if you don't want to hand over your keys to your friend you can make use of his account ,and I think you are right about the situation of travelling out and unable to pass the required kyc test , because exchange platform would reject the person
yeah thats complicated.... therefore I am very glad that I do not have any ties to China. I'll pray that my country is not gonna change their policy to become more china like
 

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How about someone in China holding his coin on trust wallet then if he needs Chinese yuan, I believe he can exchange his cryptocurrency with binance to USDT and eventually find a way to convert it to digital Yuan.
 

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yeah thats complicated.... therefore I am very glad that I do not have any ties to China. I'll pray that my country is not gonna change their policy to become more china like
Mine already change theirs to China like ,and the ban was made by the banks so it's not too effective like that as people are still carrying out cryptocurrency transaction
 

ElPaule

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Mine already change theirs to China like ,and the ban was made by the banks so it's not too effective like that as people are still carrying out cryptocurrency transaction
it is a pity to read, sorry dude! I hope there will be a positive future. On the other hand as long as the ban is not by law but by policies of private in corporations there might be still a chance to trade and mine
 

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