Altcoin Daily shared: JUST IN – China’s Supreme Court just declared Bitcoin transactions illegal. If caught making a transaction violators will be criminally prosecuted, with a punishment of up to 10 years in prison and fines of up to 79,000 dollars.

Community Response:

I looked up the original announcement, which is an amendment to anti-fraud law. The Supreme Court added “digital currency trading” as a possible means of illegal fundraising, along with “invest in company shares” and “internet loans” Interestingly Russia, China, Ukraine, and the US all have made crypto comments/moves within the last two weeks. Probably means nothing.

This is complete bullshit – bitcoin transactions won’t take you to jail as long as your money is clean. It’s not crypto transactions are illegal fundraising, but fundraising in crypto is illegal in China. Such as ICO or creating your NFT project.

The beauty here is that you can’t catch them making the transactions thanks to VPN. Anonymous identity, anonymous location, all you can see is TxHash linked to anonymous addresses in a decentralized blockchain, and that’s why it is the future & you can’t do anything about it.

Hilarious. VPN just masks your IP. Any network engineer or your ISP can track data to a location-specific router. Your identity is NOT anonymous. Every wallet address is easily attached to a name. POS (or other) systems that accept BTC can block specific wallet addresses.

False. You can buy a pre-paid credit card. Use that to buy bitcoin on a foreign exchange without KYC. Then move that bitcoin to your anonymous wallet.

Two flaws:  First, you’re using a privately owned telecommunication network. They can see everything you do on their network. Second, there is no such thing as an anonymous wallet. No matter how you establish it, it can be traced to you.

1) You use a VPN. Now all your info is secure inside the tunnel

2) The only way to tie someone to an address is through KYC. IP addresses mean nothing. You can hop on public WIFI almost anywhere.

China adds Bitcoin punishments. It doesn’t sound like they’re trying to save citizens from bad investments. This is about total control.

Hypothetically, what would happen if the US did this? Or the UK? Bullish or Bearish?

Doesn’t that tell people BTC is corruption and BSV is bitcoin?

Don’t tell people BSV has 33 nodes worldwide and it’s fully controlled. Also, don’t tell them that 51% happened multiple times on its chain.

Delaying the imminent.  Bitcoin will give people control of their finances.

Thank God for that so china won’t be sending and receiving the money to Putin.

The Chinese government will send money to them.

Good point I should have worded more specifically, I feel sad for the Chinese people who can’t participate in the coming age of digital currency because of their government.

You don’t know Chinese people. If the government allows it, they see it as encouragement, the next thing you know is millions of people getting rekt by altcoins. The govt tells people homes are to live in, not to speculate on the market. Yet people still keep buying 3rd, 4th homes.

Making fun of people trying to not be sheep and buying cash-flowing assets is not a good look but, China is almost up there with Canada now.

Sound like people could illegally get caught doing something illegal with some illegal stuff Interesting.

Imagine my shock that a communist country doesn’t want people to have a payment system that they can’t control.

The only enemy China has left is Bitcoin. The only thing that prevents them from further domination.

The first time they’ve banned BTC was in 2022. Does anyone keep track of how many times it is all time? Do we have an ATH for times they banned it in the same year?

But now they are going to fine you 2 BTC for having 1 BTC.  How can something be declared when it was already declared illegal? Do they remember how many times Bitcoin it has been declared illegal in China?

Well, I guess China’s not going to be slipping Russia some extra Rubles through crypto then.

So, this is the 8th time China is banning Crypto. What’s new? Oh, they prefer their digital currency as they know how successful Bitcoins’ future is and they want the control. Blah blah blah.