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❕NEWS State Bank In China Banned Bitcoin Transactions

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aryan4

aryan4

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CITIC Bank, the Chinese state bank, has officially banned its customers from making Bitcoin transactions. According to the statement, customers will not be able to trade Bitcoin. Coins will not be used in any commercial activity.
What do you think could be the reason why a state bank made this decision?
 
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This could be due to the number of fraudulent activities that Bitcoin holders are suspected off, or it could be in the implementation of a tax period and therefore it is just a temporary halt or ban.
 
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China have it our crypto, Why they banned it they know better. In these price of Bitcoin is some what in control. I think it is not easy for China to stop their peoples to trading in Bitcoin.
 
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Probably fraudulent transaction were on the rise where bitcoin is being used. Though I'm curious if bitcoin is the only crypto that has been banned and all other cryptos are still okay to use
 
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aryan4 said:
CITIC Bank, the Chinese state bank, has officially banned its customers from making Bitcoin transactions. According to the statement, customers will not be able to trade Bitcoin. Coins will not be used in any commercial activity.
What do you think could be the reason why a state bank made this decision?
Click to expand...
This types of news are now very common all types of govt. and banks always faces a dilemma, they are not certain about bitcoin they ban it then use it according to their needs and problems.
 
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They should have at least drop the reason they banned its customers from making bitcoin transaction , i hope they still reconsider the ban again
 
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microunit said:
Probably fraudulent transaction were on the rise where bitcoin is being used. Though I'm curious if bitcoin is the only crypto that has been banned and all other cryptos are still okay to use
Click to expand...
What will happen with it if they ban Bitcoin. At present Bitcoin is most popular currency crypto market. Peoples are investing in it. If some country ban it peoples of than country deal in it illegally
 
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