By Samuel Shen & Andrew Galbraith<\/strong>

Shanghai: China<\/a>'s latest salvo against cryptocurrencies has driven a brutal selloff in bitcoin<\/a> markets but retail traders, miners and even crypto finance firms reckon Beijing's bark is louder than its bite.

China extending its crypto ban to include banks and payments companies offering crypto-related services furthered a selloff that briefly wiped $1 trillion off crypto market capitalisation.

But fears that the rules would cripple
cryptocurrency<\/a> markets and mining on the Chinese mainland appear baseless. Cryptocurrencies could still be bought from China on Thursday and investment schemes promising juicy returns for mining them remained operational.

Bobby Lee, founder and chief executive officer of Ballet, a cryptocurrency wallet app, said he thought the announcement was merely an attempt by regulators to protect retail investors from volatile markets, but that it would be a challenge for banks to identify crypto-related dealings.

\"If you look at the banking activity in China, millions or maybe billions of transactions happen on a daily basis. From all that...how many are actually really crypto services versus dining or e-commerce? It's almost unknowable,\" said Lee, formerly CEO of BTC China, China's first bitcoin exchange.

It's not the first time China has banned crypto-related financial and payment services. Beijing issued similar bans in 2013, and in 2017, though the latest one has expanded the range of prohibited services. The repeated bans highlight the challenge of closing the loopholes.

On Thursday, Reuters found it was still possible for Chinese individuals to buy bitcoin and other cryptocurrencies and trade them on overseas crypto exchanges such as Binance. Yuan payments for these purchases could be made via banks or commonly-used online payment platforms in over-the-counter (OTC) markets.

\"If you have bitcoin or ethereum, and I want to buy some, I can just send money to you through banks. Just don't write down anything like bitcoin or ethereum,\" said Mr Li, who sells cryptocurrencies on behalf of miners.

\"Of course, banks have internal risk-management. If the transaction volume is too big, you might be caught,\" said Li, who was unwilling to give his full name because of the sensitivities of the issue.

Miners Undaunted<\/strong>

Players in China's crypto mining industry were also broadly unfazed by the latest crackdown, again citing the difficulties regulators would have in identifying transactions.

China-based miners have the opposite problem to investors, as they already have bitcoin which they need to change for yuan to pay their electricity costs.

Mining is big business in China, which accounts for as much as 70% of the world's crypto supply, according to some estimates, although others say that proportion has come down in recent years.

\"The Chinese government does crack down from time to time, but currently it is not overly challenging to convert mined coins to RMB for Chinese miners,\" said Thomas Heller, chief business officer of Compass Mining, using another word for China's currency.

Although the new
China crypto ban<\/a> curtails cryptocurrency-related investment products, such schemes are still sold online. One platform offering retail investors a chance to quadruple their money over three years by buying computing power for miners of a smaller cryptocurrency, Filecoin, which has surged in popularity in China, still seemed to be accepting money on Thursday.

Flex Yang, chief executive officer of Babel Finance, a cryptocurrency financing firm, remained bullish. \"Bitcoin prices dropped more than 50% last year in March but eventually rebounded back to a new record high,\" Yang said. \"In the long run, bitcoin still makes for an excellent asset class for portfolio managers seeking growth.\"

Reuters' Kevin Yao in Beijing contributed to this story.<\/em>
<\/body>","next_sibling":[{"msid":82819676,"title":"Snap India's daily user base grew 100% YoY for the past 5 quarters: Evan Spiegel","entity_type":"ARTICLE","link":"\/news\/snap-indias-daily-user-base-grew-100-yoy-for-the-past-5-quarters-evan-spiegel\/82819676","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"82804721","title":"chine crypto ban","entity_type":"IMAGES","seopath":"tech\/tech-bytes\/china-crypto-ban-bitcoin-players-shrug-off-beijings-latest-crackdown\/chine-crypto-ban","category_name":"More Bark, Less Bite: China crypto players shrug off latest crackdown","synopsis":"China extending its crypto ban to include banks and payments companies furthered a selloff that briefly wiped $1 trillion off crypto market capitalisation.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-31814\/82804721.cms?width=150&height=112","link":"\/image\/tech\/tech-bytes\/china-crypto-ban-bitcoin-players-shrug-off-beijings-latest-crackdown\/chine-crypto-ban\/82804721"}],"msid":82819688,"entity_type":"ARTICLE","title":"China's new crypto ban is more bark, less bite: Industry watchers","synopsis":"China's latest salvo against cryptocurrencies has driven a brutal selloff in bitcoin markets but retail traders, miners and even crypto finance firms reckon Beijing's bark is louder than its bite.","titleseo":"telecomnews\/chinas-new-crypto-ban-is-more-bark-less-bite-industry-watchers","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":331,"shares":0,"engagementtimems":1048000},"Alttitle":{"minfo":""},"artag":"Reuters","artdate":"2021-05-21 08:18:48","lastupd":"2021-05-21 08:19:41","breadcrumbTags":["china crypto ban","cryptocurrency","crypto mining in china","China","bitcoin mining in china","cryptocurrency in china","bitcoin price","international","bitcoin","policy"],"secinfo":{"seolocation":"telecomnews\/chinas-new-crypto-ban-is-more-bark-less-bite-industry-watchers"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2021-05-21" data-index="article_1">

中国新的加密禁令更树皮,少咬:行业观察人士

中国针对cryptocurrencies的最新举措推动残酷的在比特币市场抛售,但散户,矿工,甚至加密金融公司认为北京的树皮是胜过它咬人。

  • 更新2021年5月21日08:19点坚持
阅读: 100年行业专业人士
读者的形象读到100年行业专业人士
Samuel Shen &安德鲁·加尔布雷斯

上海:中国针对cryptocurrencies的最新举措推动了一个残酷的抛售比特币市场,但散户,矿工们甚至加密金融公司认为北京的树皮是胜过它咬人。

中国扩大其加密禁令包括银行和支付公司提供crypto-related服务进一步抛售,简要加密市值下降了1万亿美元。

但担心规则会削弱cryptocurrency在中国大陆市场和矿业似乎毫无根据。周四Cryptocurrencies仍然可以从中国购买和投资计划有前途的丰厚回报矿业仍在运作。

广告
鲍比·李,芭蕾舞,创始人兼首席执行官cryptocurrency钱包应用,宣布说,他认为只是一个监管机构试图保护散户投资者免受市场波动较大,但这将是一个挑战银行识别crypto-related交易。

“如果你看看中国的银行业活动,数百万或数十亿每天的交易发生。从所有……多少是真的加密服务和餐饮或电子商务吗?这几乎是不可知的,”李说,以前的首席执行官BTC中国,中国第一个比特币交易。

这不是中国第一次禁止crypto-related金融和支付服务。北京发布了类似的禁令在2013年,2017年,尽管最新的一个禁止服务的范围扩大。禁止重复强调关闭漏洞的挑战。

周四,路透社发现它仍可能对中国个人购买比特币和其他cryptocurrencies和贸易在海外加密Binance等交流。人民币支付这些购买可以通过银行或常用的在线支付平台在场外交易(OTC)市场。

“如果你有比特币或ethereum,我想买一些,我可以通过银行寄钱给你。不必写下什么像比特币或ethereum,”李先生说,他卖cryptocurrencies代表矿工。

“当然,银行内部风险管理。如果事务量太大,你可能会发现,”李说,他不愿透露自己的全名,因为问题的敏感性。

广告
矿工们无所畏惧

球员在中国加密矿业也普遍对最新的镇压,又称监管机构会在确定交易的困难。

中国矿工对投资者产生相反的问题,因为他们已经有了比特币,他们需要改变人民币支付电费成本。

矿业在中国大企业,占世界上70%的加密供应,根据一些估计,尽管别人说比例近年来一直在下降。

“中国政府打击不时,但目前没有什么大的挑战是中国矿工开采硬币转换为人民币,”托马斯·海勒说,首席商务官罗盘采矿,用另一个词对中国的货币。

尽管新中国禁止加密限制cryptocurrency-related投资产品,这样的计划仍然是在线销售。一个平台为散户投资者提供机会四他们的钱在三年内通过购买计算能力的矿工小cryptocurrency Filecoin,仍在中国大受追捧的,似乎是在周四接受钱。

Flex杨,首席执行官巴别塔金融、cryptocurrency融资公司仍然看涨。“比特币价格下跌超过50%去年3月但最终反弹新高,”杨说。“从长远来看,比特币仍然是一个优秀的资产投资组合经理寻求增长。”

路透的凯文姚明在北京促成了这个故事。
  • 发表在2021年5月21日08:18点坚持
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By Samuel Shen & Andrew Galbraith<\/strong>

Shanghai: China<\/a>'s latest salvo against cryptocurrencies has driven a brutal selloff in bitcoin<\/a> markets but retail traders, miners and even crypto finance firms reckon Beijing's bark is louder than its bite.

China extending its crypto ban to include banks and payments companies offering crypto-related services furthered a selloff that briefly wiped $1 trillion off crypto market capitalisation.

But fears that the rules would cripple
cryptocurrency<\/a> markets and mining on the Chinese mainland appear baseless. Cryptocurrencies could still be bought from China on Thursday and investment schemes promising juicy returns for mining them remained operational.

Bobby Lee, founder and chief executive officer of Ballet, a cryptocurrency wallet app, said he thought the announcement was merely an attempt by regulators to protect retail investors from volatile markets, but that it would be a challenge for banks to identify crypto-related dealings.

\"If you look at the banking activity in China, millions or maybe billions of transactions happen on a daily basis. From all that...how many are actually really crypto services versus dining or e-commerce? It's almost unknowable,\" said Lee, formerly CEO of BTC China, China's first bitcoin exchange.

It's not the first time China has banned crypto-related financial and payment services. Beijing issued similar bans in 2013, and in 2017, though the latest one has expanded the range of prohibited services. The repeated bans highlight the challenge of closing the loopholes.

On Thursday, Reuters found it was still possible for Chinese individuals to buy bitcoin and other cryptocurrencies and trade them on overseas crypto exchanges such as Binance. Yuan payments for these purchases could be made via banks or commonly-used online payment platforms in over-the-counter (OTC) markets.

\"If you have bitcoin or ethereum, and I want to buy some, I can just send money to you through banks. Just don't write down anything like bitcoin or ethereum,\" said Mr Li, who sells cryptocurrencies on behalf of miners.

\"Of course, banks have internal risk-management. If the transaction volume is too big, you might be caught,\" said Li, who was unwilling to give his full name because of the sensitivities of the issue.

Miners Undaunted<\/strong>

Players in China's crypto mining industry were also broadly unfazed by the latest crackdown, again citing the difficulties regulators would have in identifying transactions.

China-based miners have the opposite problem to investors, as they already have bitcoin which they need to change for yuan to pay their electricity costs.

Mining is big business in China, which accounts for as much as 70% of the world's crypto supply, according to some estimates, although others say that proportion has come down in recent years.

\"The Chinese government does crack down from time to time, but currently it is not overly challenging to convert mined coins to RMB for Chinese miners,\" said Thomas Heller, chief business officer of Compass Mining, using another word for China's currency.

Although the new
China crypto ban<\/a> curtails cryptocurrency-related investment products, such schemes are still sold online. One platform offering retail investors a chance to quadruple their money over three years by buying computing power for miners of a smaller cryptocurrency, Filecoin, which has surged in popularity in China, still seemed to be accepting money on Thursday.

Flex Yang, chief executive officer of Babel Finance, a cryptocurrency financing firm, remained bullish. \"Bitcoin prices dropped more than 50% last year in March but eventually rebounded back to a new record high,\" Yang said. \"In the long run, bitcoin still makes for an excellent asset class for portfolio managers seeking growth.\"

Reuters' Kevin Yao in Beijing contributed to this story.<\/em>
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