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> A statement posted on the Central Bank’s website today says that “virtual currency does not have the same legal status as legal currency.” China has "banned
by aazaa 5y ago
> A statement posted on the Central Bank’s website today says that “virtual currency does not have the same legal status as legal currency.”
China has "banned Bitcoin" dozens of times over the last decade. I mean, this is an ancient and well-known meme involving a certain South Park clip after all.
Maybe this time is for real, but all of these media announcements have one thing in common. They always conflate the concept of "legal tender" and "legality."
The number of authorities around the world who have warned citizens about Bitcoin using language like "no legal tender status" and "risky" and "no government guarantee" is legion. Easily thousands of times. Every time "journalists" with no business reporting on tech, law, or foreign governments interpret this as a "ban." 99% of the time, nothing happens and there is no ban.
So, maybe this time is different. Over the last year, an initiative toward greater centralized control seems to be underway in China's tech and finance sectors. Disappearing of wealthy founders. Restrictions on video game consumption. The three red lines. The ejection of the Chinese mining industry.
Then again, maybe not.
- RivieraKid 5y ago> China has "banned Bitcoin" dozens of times over the last decade This is a false narrative pushed by the Bitcoin cult. It's supposed to create an impression that nothing has changed, so the price should not change.
- shlant 5y agoor it's completely factual? 2013: https://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions https://www.bloomberg.com/news/articles/2013-12-05/china-s-p... 2015: https://archive.is/Higoz https://archive.is/Higoz 2017: https://www.reuters.com/article/us-bitcoin-china-idUSKCN1BJ1US https://www.reuters.com/article/us-bitcoin-china-idUSKCN1BJ1... 2018: https://www.businessinsider.com/china-eliminates-all-cryptocurrency-trading-2018-2 https://www.businessinsider.com/china-eliminates-all-cryptoc... 2021: https://archive.is/s7nbw https://archive.is/s7nbw "China Has Banned Bitcoin 13 Times Since 2012": https://finance.yahoo.com/news/china-great-bitcoin-mining-migration-134452993.html https://finance.yahoo.com/news/china-great-bitcoin-mining-mi...
- ipodopt 5y agoA more informed history might be built like so: https://translate.google.com/?sl=auto&tl=en&op=docs https://translate.google.com/?sl=auto&tl=en&op=docs https://www.google.com/search?q=%E5%8A%A0%E5%AF%86%E8%B4%A7%E5%B8%81+++site:pbc.gov.cn&client=ubuntu&channel=fs&tbas=0&tbas=0&source=lnt&sa=X&ved=2ahUKEwirgJiOiZjzAhUPv54KHV5UBLEQpwV6BAgBECA&biw=1848&bih=968&dpr=2 https://www.google.com/search?q=%E5%8A%A0%E5%AF%86%E8%B4%A7%... This seems like another step on a journey to maintain control over assets. So not the same thing as you have linked but nothing that should effect the market as China has been clear on its intentions. I would be more curious about the larger game. A few front runner governments will establish there own ways to deal with crypto and then others will copy from a, b ,c. China's methodology is becoming more formal and therefore more copy able. I think we can already see the larger pattern and we already know who copies who traditionally... Would love to see a write up from this perspective.
- lostmsu 5y ago2017 and 2018 articles are actually consequent steps: 2017 - ban internal exchanges, 2018 - ban external exchanges from offering services in China.
- RivieraKid 5y agoNo, because those are different restrictions of different crypto-related activities. You basically claim that Bitcoin was banned a month ago in China. But that is not true, it was legal to make Bitcoin transactions.
- aazaa 5y agoYou are not paying attention. https://old.reddit.com/r/Bitcoin/search?q=china+ban+bitcoin&restrict_sr=on https://old.reddit.com/r/Bitcoin/search?q=china+ban+bitcoin&...