China declares all crypto-currency transactions illegal

[Mave]

China declares all crypto-currency transactions illegal

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.

"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

China is one of the world's largest crypto-currency markets.

Fluctuations there often impact the global price of crypto-currencies.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

Source and more: https://www.bbc.com/news/technology-58678907

 

[Stybar]

This will have a suprisingly heavy impact on the phone scamming industry. A lot of those illicitly gained fortunes are laundered through Chinese bitcoin miners. I guess they'll just switch to non-chinese miners, but still. It'll cause a bit of a ruckus on the online markets for a few days.

 

[Mave]

This will have a suprisingly heavy impact on the phone scamming industry. A lot of those illicitly gained fortunes are laundered through Chinese bitcoin miners. I guess they'll just switch to non-chinese miners, but still. It'll cause a bit of a ruckus on the online markets for a few days.

Maybe the GPU prices will also finally drop.

 

[Stybar]

Maybe the GPU prices will also finally drop.

Orrrrr... The entire binmining industry just moves to India. Or any other Asian country where they can do this stuff without problems.

 

[Mave]

Orrrrr... The entire binmining industry just moves to India. Or any other Asian country where they can do this stuff without problems.

Ah yes, that sounds far more logical.

 

[Mave]

Considering the situation in Ukraine right now, I think all the crypto wallets from the Russian Federation will be either banned, or they will have some insane losses.

Convince me you're not a bot.

 

[Stybar]

Convince me you're not a bot.

I mean, the account was created way back in 2021... And I remember the name from the discord, I think?

 

[Mave]

I mean, the account was created way back in 2021... And I remember the name from the discord, I think?

We both dun goofed.
/ban

 

[Stybar]

The best part is, had he not linked it, but just mentioned it, I would've believed him to not be a bot.

But no, they gotta push hard, because they only want the gullible to fall for it. Man, those cryptoscams are disgusting.