Bitcoin Forum

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

I guess you should have heard about being authoritarian and totalitarian, guess there might be a slight difference between these two, but comes down to one puppet deciding the outcome of millions and these authoritarians and totalitarians obviously get allergic when they can't decide the outcome, that's decentralization, Bitcoin. Strong economy, well-developed country, Bitcoin doesn't serve it's purpose for them, that's why they could simply outlaw it. Bring a repressed economy, you see how Bitcoin is a good medication for allergy.

I think if it was possible China afraid of the country’s digantikanoleh bitcoin.

Try not to use google translate next time. ;)

All governments are concerned with the rise of cryptocurrencies. The main difference is most of them are democratic and allow the people to decide. Take Korea for instance. When the rumors about a ban came to light Koreans started to sign petitions demanding the minister to resign from office. In China the power of the government is absolute, these people are organizing events where they're publically sentencing people to death, and the crowd is cheering. It's like in ancient Rome!
That's why they aren't playing around asking people for their opiniions. When they want to ban something they just do it.

China has always been against new things like this. They have strict rules for social media sites as well.

With so many people investing in Bitcoins in which the government cannot take income tax and transactions are anonymous, the government is simply allergic to such decentralized monetary system.

It is true that China is a country that is calculated in any field, because China is a country that is heading for strength with great, but I think if China bitcoin problem also likes bitcoin, but china always toying price in bitcoin market always cause trapped and panic selling .

China are only trying to protect their citizen, the reason why they paused on bitcoin and other cryptocurrency is because of its volatility, crptocurrency has the ability of appreciating within few seconds as well as depreciating, china don't want the situation where their investors capital will go down the stream, that is why they are looking for way to regulates the currency

My guess is that the Chinese want Crypto that is backed by their government. Each of the provinces competes with each other business wise and only the top company usually makes a profit, while the rest are carried by the govt through subsidies. For example, Province A makes brand A and Province B makes brand B. Each Provincial government competes against the other brutally. I think China is trying to force their people to stick with their products, once they've taken all that they need from foreign technology.

Basically Chinese govt is more clever and want to become more powerful as every one knows well that bitcoin is anonymous transactions and no benefits to any country yet in term of taxes or commissions so China don't like it

China has been experiencing capital flight and they are clamping down on every method of capital flight. When bitcoin rose so strongly last year, it came onto their radar and of course they banned it, it's one of the easiest ways for chinese people to get money out of china.

See the following about Chinese capital flight:

https://www.ft.com/content/1d288888-c613-11e7-b2bb-322b2cb39656


(The reason the bank of china had to spend money defending the yuan is because capital flight involves selling yuan and buying dollars and that depresses the yuan)

china is the world's number one hijacking nation, china is always trying to make a duplicate in any field. see in indrustri electronics, china adopt asia market with very low value. as with bitcoin, china wants to try to make crypto in order to get many benefits. but it can not be done, that's why china strongly forbids bitcoin. telling what I read and my analysis

I say Bitcoin and crypto currencies are well disguised HYIPs (High yield investment programs, 10% after 10 days etc..)

China is the top country with highest population in the world most people living there are welcoming to any technology and once bitcoin was created the china people was in love with it to the existence that if affect chinese national currency that's why the China government are against bitcoin.

Another reason is that they think that bitcoin or crypto is disruptive in its only little way. But I speculate that they are just throwing out reasons, but behind they are afraid for something that they can't really get a hold off, specially crypto has started to boom last year. Millions of cash flowing and they can't even control it.



GTFO. Shoo!!!!


If the concern is tax, then China could simply put tighter regulations around it. Bitcoin is not anonymous per se, heck, they can even track Chinese whales if they wanted to. They are afraid that it might take over their economy and disrupt it, but for me the only reason is that crypto cannot be controlled. Simple as that.

Not only China government are against bitcoin but almost all government because in bitcoin, they cannot find a way to get peoples tax. Another thing is the new kind of money or cryptocurrency is so transparent that they cannot hide if they use it for corruption. Bitcoin cannot be recreate or reprint like fiat money so it means they will have a hard time getting a fund in case they need it.

The current closed economic system of China limits the possibilities of innovation. Chinese companies are good at copying the ideas of others, but in general they are not great inventors (except for the latest advances in solar technology and payments). Closed planned economies do not encourage open innovations, it is impossible to give the order to invent through the state dictatorship. The survival of the Communist Party depends on the relentless, continuing economic growth, on the one hand, and control over information, money flows and ideas, on the other. But you can not reach the first, if you do not have the latter. Ultimately, China will not be able to compete with bitcoin and its successors, as they provoke the emergence of a decentralized, censorship-resistant exchange system that helps create a global, self-renewing pool of unique innovations.

Most definitely they want to control world's economy, and they are a real power house in that but bitcoin is somehow affecting them. This is what I feel.

Chine does not like bitcoin but not the idea of ctrypto currencies as we all know this country likes to have control over things in the market and surely they wanst to establish regulation with regards to cryptos and since bitcoin is decentralized they cannot control it and the only thing they can do is to banned bitcoin exchanges and create their own cryptos that they can control. This is how I see China's government so I will not be surprise if one day they will introduce their own crypto currencies

The Chinese government like to have control over things in the market but the case of bitcoin banned there was different and the only reason why they hate bitcoin was because they see bitcoin as a threat to there national currency and bank sector due to their young and adult using bitcoin more than their national currency which literally leads to their current devalue.

As we all know that China is a communist country and they would like to control people all the way and by allowing people to fully use bitcoin which provides financial freedom and pseudo anonymous transactions,it would go totally against their interests.

China is one of the business country in the world they have many investor. the reason that's why we don't agree or accept the bitcoin because of the unstable price ration of bitcoin that gives them a high transaction fee when they have to invest on something or buy something.

The way the china communicates to others having transaction they always pick the cheaper transaction.

china are the biggest mining community of bitcoin have an big effect to bitcoin community because china goverment decide to banned bitcoin and cryptocurrency the main reason is cryptocurrency use of the terrorist for the illegal activity.
way back 2014 china government support the world conspirnacy will unite against bitcoin its because  bitcoin doesn't reality as decentralized cryptocurrency. now january 2018 bitcoin or initial coin offering and any related connection in crpyto totaly banned.

They just want to protect their people from scam ICO's that is sprouting all over and they don't want their people's money to get scammed by those rouges. I think they'll regulate the use of bitcoin and other crypto currencies instead of totally banning it on their country just like in japan, the use of crypto currencies are legalized with policies to follow on.  :)

Most Chinese people invested in Bitcoin.More from Bitcoin to them. When Bitcoin gets more profits, Taxes are caused by the government when it is local money.Bitcoin is spread around the world.Bitcoin trading takesplace worldwide. Bitcoin investors invested by doing bitcoin. So loose they country companies and Overseas companies invested in chinna. Hear by their own economy Decreases.All companies productions affect exited in China. so china government allergic to bitcoin.

Hmm aside from protecting their own people in scams , I think the main reason is "control". They do not want a currency which they cant control and will harm their economy  and revenue in the future. Bitcoin is decentralized and China government has no control over it.

i think china is not open with bitcoin because of bitcoin's nature as being decentralized, people in china has limited rights over their own finances, because china is a non-democratic country, they could not let their people to generate huge income on their own, because the very nature of having bitcoin is having the power over your own money and we should remember, bitcoin holders are anonymous which contradicts the essence of a communist country, it is against their law we all have to accept it and respect it. but if chinese are residing outside china, i think that is an exemption, almost every country has a chinatown, for sure many of them are into bitcoin and millionaires because of bitcoin.

that happened because china know the potential of bitcoin and they want to use that potential to make more profit for his country, but as we now right know there are no way to take tax from bitcoin user and control the flow of money  of bitcoin.

and there is a rumor china want to make an own versoin of cryptocurrency to rival bitcoin. so maybe that other reason why china allergic to bitcoin.

The technology of bitcoin is worth supporting, but the appearance of bitcoin is not under the control of governments.
They think they can not control bitcoin or cryptocurrencies. And too many people use bitcoin for illegal transactions, which is not recognized by governments.

China is not alone,

some countries think that bitcoin can be used as negative things like money laundering, terorism, etc

The reason for china to ban bitcoin is very much, but here I can only mention only one, the Chinese government is very unhappy about something that can not be arranged, for example is bitcoin, bitcoin is a currency that no one set it and bitcoin it indeed can not be arranged, either from the side of price, supply and so on.

Because of the nature of Bitcoin, which led to his lack of compliance with China's national conditions, China has a lot of gray industries, a large number of officials who are corrupt, money laundering and too much underground work. The access to Bitcoin will exacerbate these activities

China is a country that holds the largest share of the world's stock market. If that's true, investors will be afraid of losing their funds.

First of all bitcoin is decentralized which means chinese government cant manipulate it, their citizen who is involved in bitcoin are hard to trace likewise demand them for taxes. The money that the government would collect from its citizen will be huge and can help their economy to be much more greater than other first world country. I think this is why chinese government are against bitcoin.

Back in September last year, the Chinese government announced that it is imposing its restrictions and prohibitions because it considers bitcoin a threat to its economy due to the fact that the crypto currency does not know the borders of states and considerable amounts of capital can be uncontrolled from the country. The government was frightened by the uncontrolled outflow of capital. In addition, bitcoin contributed to various risks, including the growth of crime, money laundering and others. How to solve these problems, they do not seem to have come up until now.

First of all I want to know that China is already banned bitcoin?

If someone say yes give me the proof :)

Many governments are trying to regulate the crypto currency usage,but we are talking here that they banned bitcoin and it is a crime if Chinese use bitcoin.I don't think they banned bitcoin,they just shut down the local exchanges and ICOs because it will affect the revenue of their country due to no taxes for crypto usage.

The Chinese government started to ban ico if I think we know that all China is the world's largest shareholder in the world, hopefully it does not happen.

It's not just China that doesn't want Bitcoins to be legal, many other countries don't want it to be legal either as it is decentralised, it possesses risk to them as it's difficult to impose taxes on them, etc. The reason other countries don't ban it immediately is because of their democracy, if it wasn't for democracy of other countries, the Governments would have banned any crypto currency possible.

Yes, its true. I took 1 point from your explanation, thats the decentralize of bitcoin.
I think the main reason is because china can not overcome the decentralize bitcoin

it might be the way the want to take control of it and tax it.
but governments for sure know more about the creators and targets of Bitcoins, and hence they act.
maybe we don't know something important..

I guess main problem is the pricing on the exchanges in China, when trading there you can easily receive profit, and it is not so good for state economics.

There are several reasons the Chinese government forbids bitcoin is Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.
maybe it was the reason the Chinese government allergy will bitcoin.

it is abour their philosophy, china doesnt want entities that they cannot control for they think this will bring bad things to their nation.

yes, we know that china is one of the largest bitcoin markets in the world. but the Chinese government is taking action to close the bitcoi market, the reason is that many big investors are beginning to switch to bitcoin markets, thus increasing demand. then also with increasing demand in the bitcoin market, ultimately many companies and parties are harmed.

As I know trading in china was not good for Chines currency and economics, besides mining was harmful for infrastructure, as the government mentioned.

They want to have all the control in their hands and Bitcoins had defeated them in this aspect.

The Chinese government is protecting the interests of other shareholders and preventing capital flight. Moreover, Bitcoin is an encrypted digital currency transaction and the process is not controlled by the state. Therefore, China is afraid that the entry of Bitcoin will affect China's financial market.

Government was make restricted rule about their citizens money. Maybe Chinese people want to convert all their money into bitcoin but it can makes yuan worthless. Maybe that's why china government allergic to bitcoin.

Because bitcoin is out of control, China is a populous country that would otherwise have been hard-pressed to control by economic markets. Therefore, it is normal for a country to enter into a new business that can not be controlled.

China is a traditional country.
They are conservative in their thinking.
It's hard to accept new things at once.
They think bitcoin is a scam.
Bitcoin is prohibited from trading in China.

Chinese have announcement that they have banned bitcoin and all of have the connectivity with bitcoin, altcoin and ico have lauching will be banned in chinese. They the reason why have to do it for bitcoin and altcoin, they want to protect their people form the negatife affect from bitcoin, all of know bitcoin have the fluactive price and the chinese can not control it so they want the bitcoin not legal in their country.

It all comes down to their political and economic structure. Politically, China is a one party Totalitarian state that needs to maintain as much control over the lives of it's people in order to maintain power. Bitcoin can threaten their control over peoples lives as individuals using Bitcoin could fund movements against the Chinese Government which are much harder to trace.

Economically, because Bitcoin competes directly with the Chinese Yuan, it is in China's interest to suppress Bitcoin so that the Chinese Yuan is used more frequently. Because the Chinese Government controls the value of the Chinese Yuan, this is a powerful instrument which can be used to the Chinese Government's advantage.

Environmentally, Bitcoin mining in China has contributed quite significantly to their pollution problems which is more of a cherry on top.

Bitcoin can not trace the origin and destination, customary to regulate how all the stakeholder departments can accommodate this stuff, but also do have a lot of hidden worries, all kinds of corruption have a good money laundering, the transfer of wealth abroad, each Underground trading, gambling money laundering a lot easier. It is a direct blow to the problems that the country is facing now

China is a well-known country for duplicating and creating their own version of any stuff. They do this to support the local industry. For example, the government banned youtube and creates their own version of "youtube" named Youku. Maybe they want to create their version of bitcoin.
The other reason because China is a totalitarian country. They want to control everything in their hands. Bitcoin is a thing that they can't control and monitor it as bitcoin is decentralized and anonymous.

   Since china is a powerful country they fear the democratic life of people so without the concern of the people china tries to ban which feels bad  to the government first of all they banned social network such as facebook etc; now they banned Bitcoin exchanges and not Bitcoin they fear that they will not get profit from Bitcoin transactions.

I guess it is a strategic way of China to earn more profits in bitcoin. I know that China is a communist government and everything implemented by the government will follow by their citizen. The point here is that, the Chinese government control their people and if they will ban bitcoin for sure, the price of it will suddenly fall and they will buy bitcoin again. In short, they will buy it in a low price then sell it in a high price. Banning of it will make them as a control of the price in bitcoin.

I wouldn't say they're allergic to Bitcoin I would say they're power struggling with things such a Bitcoin where the power goes to the people and things are decentralized. We're going to see how it all unfolds but I feel like China will get their tax from their citizens cashing out on Bitcoin for sure.

There are a lot of news abot China and Bitcoin. Expecially a bad news (the ban of mine etc)

May be someone wants to purchase cheaper

Everything is possible

China big country with communist ideology, I agree with your opinion China should control all policies.
They always show the power to conquer anything, the prestige of China has existed since ancient times.

Because china wants everything under their control, theyre a communist country, :D since bitcoin doesnt have tax or they are nothing to pay in their transaction :D

The main problem is that the country has a very serious problem of corruption . They can't control bitcoin, so they can only ban it. Because bitcoin allows a lot of foreign exchange, the rich can move their assets abroad at will, leaving the stupid country, and China's leaders will not let that happen.

I first of all think about the number of people in the country. the more people in country, the more difficult it is to monitor activities in the field of mining and trade in crypto currency. now I think they will completely close everything, but then they will give out something like the unique rights to conduct business with crypto-currencies

In addition, it's obvious to remember the political situation and the form of state administration. If the government introduces taxation in the field of crypto trading, it is likely that many professional traders will respond and agree with such conditions.

I agree that China tries to control economic markets. China wants to conduct international trade according to its rules. But the main desire is to end the financial, political and economic hegemony of the United States. Beijing seeks to pull over the blanket of world leadership. That`s why China doesn`t like Bitcoin but likes blockchain. The Chinese authorities see Blokchain`s technology as potentially useful, reducing the role of intermediaries in promoting their interests, especially in trade.

In September,China nixed initial coin offerings, with China going a step further and announcing the eventual closure of domestic cryptocurrency exchanges. Increased regulation could either help bitcoin.

Chinese people are very conservative in their thinking.
They don't approve of the new technology.
Think it's a hoax.
So it's not friendly to bitcoin.

Some say a relative of the Government prohibits the existence of bitcoin because their paper currency does not want to be replaced by cyptocurrency, sometimes I think is true about what the relatives say so that triggers allergies to not have it but the facts say other people there really want bitcoin because it has breadth in transactions and has become viral in this world.

It's not that they don't like bitcoin. They are just trying to protect their people from bogus ICO's scamming them of their money. When your people is losing money, it's the Government's job to protect them. Although, they may be taking this too far. A simple warning would have been fine.

China banned ICOs and now it appears to be clamping down on Chinese miners,  they have consumed “huge amounts of resources and stoked speculation of ‘virtual currencies.”

Probably because their government is not getting any benefits from bitcoin whales. And they can't tax these people who earn bitcoin. So I think their move is just to ban it. But even though the Chinese government bans it, there are still people who mine it and find a way to escape.

They are not, they just want the control of many things. Well they do it transparently at least and not like some of the fancy countries.
America banned some exchanges and other stuff. That is a control too.

as you say its a big country with many people and if your not a noob in math you can imagine how much money they loose
in all terms.
next point i think is the decentralisation they dont like and not that easy to trace like money.

They are allergic because they cannot totally regulate it. All government are also have a hard time to get tax with bitcoin. You can only get a tax  if you convert it in fiat.

That reason why the Chinese government is allergic to bitcoin is because the bitcoin trade in China is out of control, so the Chinese government is starting to worry about money laundering through bitcoin and the amount of cheating that goes on in China using bitcoin continues to rise. Making it a big problem that makes the Chinese government ban bitcoin

I think Chinese people are too backward.
They can't take things too far.
So they think bitcoin is a scam.

The reason why the Chinese government is allergic to bitcoin is because the bitcoin trade in China is out of control,because the value of bitcoin in china is big so the Chinese government is allergic in bitcoin

I think China with a population of billion people, the government will lose also billion amount of money from evading taxes because of Bitcoin anonymity.  The government has no complete power to control cryptocurrency and the risk of using bitcoin and other virtual currencies to criminal activities like money laundering or illegal drug

no , governments dont loose money at all and it does not illegal either because bitcoin in the first place is just only a digital curreny and not a real currency. tax will only applicable if your a regular employee or a business man that has a big salary wage or above minimum. 

government has also a power to control cryptos because most of the countries are now are actually legalizing the use of it. illegal activites can also occur in a real currency and not just in bitcoin or other cryptos.

In the eyes of the chinese government the way how people in China use bitcoin harms the chinse economy.
From a technological point of view, there really seems to be no way to infiltrate or harm bitcoin. Otherwise the government in China would have managed to do so.
Most people don't esteem that fact, although it is really a very positive realization.
So China intervenes where it is possible for them: the exchanges and the miners.

I have to clear one thing here,it is true they have the worlds second largest economy but still China is not a developed country,it is a developing country and there is a big gap between the wealthy class and the middle class,it is not that they do not like the bitcoin revolution ,they want everything transparent and from a country who hands out death penalty for corruption you have to think that they takes these things seriously.

China is the top highest population country in the world. So i think they are developed new crypto currency in there county. Maybe thats reson china banned Bitcoin

Because some  "bitcoin digging" Company was born, and these companies have consumed too much electricity in China. the Chinese government does not have a strict tax policy on bitcoins. China is introducing tough policies for the domestic bitcoin market. Many Chinese banks have locked down virtual accounts of investors.

Mass adoption of Bitcoin implies several changes in the lives of some very powerfull men and it will imply a lot of changes. These changes will happen, but it takes time.

what do you mean by bitcoin digging? are you talking about mining? if yes then i think mining is not even illegal to china rather they only ban those ico's and exchanges related to it, however bitcoin in their country is fully legal as well as mining and they can always pay those electric bills if it was on the company as they are also earning an income thru it. overall china is indeed a verry strict country therfor it is Pretty normal to see that they could ban those activity related to crypto if their government wants.

China doesn`t like Bitcoin in particular, not the whole revolution. China already uses blockchain technology. But they don`t prefer Bitcoin, because they can`t control it. Bitcoin is untraceble and anonimous. China doesn`t like it. The country is considering creating its own crypto currency, which they will be able to control.

Exactly for that: revolution.

Bitcoin has the potential to unsettle existing flow of money.
If used widely to things could happen: you could folow the money to corrupt individuals. This could hurt important members of the political party.
The second thing: if for some reason, the price of bitcoin drops like a rock, the savings of many chinese people are lost, and this will create unrest.

Well, you aware about the google translate. You are so good.

I think i get your point that china is absolute power of government. But dont you realize why china hate bitcoin?
I think its because china can not control bitcoin. China want to make bitcoin become centralize but they could not. Thats maybe the main reason why they ban bitcoin.

I don't think china is doing anything different to the whole world is doing to the crypto. The thing that is different in the case of China that it is a communist country and they would like to control people all the way and by allowing people to fully use bitcoin which provides financial freedom and pseudo anonymous transactions,it would go totally against their interests.

I think China doesn't have a need to use bitcoins. Since China is a economic dreadnaught, integrating bitcoins to their monetary system will only bring confusion to its citizens. My guess is if you don't have a need for bitcoins, why allow it to operate in the country?

Another guess I'm thinking of is that bitcoins are MAYBE hurting the Chinese economy. But I don't see the reason why bitcoins would ever hurt China's powerful economy.

Perhaps the roots of this problem go far back in history. All Asian countries were ruled by emperors. They valued the unity of command. The ruling party of China is acting in accordance with its strategy in 100 years. Bitcoin is freedom. Free people hard to manage. I think this is the main reason.

i think china wont be the only country reacting allergic to the cryptro world, most of those countries staying calm because it would give bitcoin & co the last push they need to bring the cash down i think. ;)

a very precise analysis, and I agree with you. and of course china always impose their every wish, they do not think about cause and effect, what they think is profit, profit and profit.

we know that china is one of the biggest crypto trade, but also china is the worst in using bitcoin and kripo they want to control crypto world, duplicate and also control the market.

You are absolutely right. China has just held it five-year financial meeting to discuss about the financial stability over the next five years in 2017. To them, Bitcoin has already become a threat to that kind of stability they want. So first is ban ICO,  crypto trading exchanges, and there are more policies to come to regulate and strike down crypto trading in the future.

The Chinese government is not allergic to bitcoin prohibited by the Chinese government is ico, but I read through this forum yesterday that the Chinese government is back again using bitcoin.

It is true that China is a country that counts in any field, because China is a country that is heading for power with great, With so many people investing in Bitcoin where the government can not receive income taxes and transactions are anonymous, the government is only allergic to the decentralized monetary system . but china always sings the price in the bitcoin market which always causes stuck. and sales panic.

I think it would be misleading to ascertain that the Chinese Government is allergic to BTC or the cryptocurrency industry, as China is China because they are known to exploit such opportunities to make profit and do good business when they see something that is new and something that could either be considered legal or illegal (depends on regulation for that particular place), knowing they have a huge population and in an age of advanced technological advancement wherein their internet is usually used for business of e-commerce and one can also consider that the BTC or the entire cryptocurrency domain has many features that can brand it as a form of e-commerce. Thus, this is just a matter of publicity, outside China itself, because if one would try and search for news inside China and how the BTC was a year ago, they actually like it, in fact take a look at this https://www.express.co.uk/finance/city/902104/bitcoin-price-Ripple-ethereum-cryptocurrency-China-Bloomberg. So I think they are not totally allergic to BTC and the technology behind it, they want to control it and regulate it. 

I think they felt that their fellow citizens have lost too much on these ICO's and trading so they prohibits the use bitcoin as well. I don't blame them because we know that millions and millions are stolen from their people before because it is not regulated.

What you mean is why China forbids bitcoin as a means of payment in the country. Probably the reason why China forbids its citizens to trade in bitcoin is probably the Chinese State Government thinks bitcoin can harm banks, And maybe China wants to make its own Crypto better than Bitcoin, and other reasons may be the Chinese government is afraid that one day bitcoin can beat their own country's currency.

As in my own thinking china government,is not allergic to bitcoin,instead they like it much,and the prove it that most of chinese peoole is being a bitcoin miners.the only things they prevented the  foreign ICO investment that penetrate to make a project into there country,because as far as i know they want to develope there own ICO currency,for there own country men,thats why they must tightened there security,that foreign ICO not penetrate to operate into there country.

Its because they don't have total control over of it that's why they are so against it and with their type of government if they don't have control over something the best way they go about is is either by destroying it or banning it completely.

Maybe they are not as we think. They deliberately do so to push the bitcoin price down and then buy themselves bitcoin and wait until the bitcoin rise. The Chinese are very scary

govermentChinese can not to impose taxes on Bitcoin, so they seek ways to prevent their people from using Bitcoin. I think so

I see  there are many altcoin from China. Maybe their government wants all Chinese people to use their coins instead of using bitcoins

maybe China want to make their own virtual money, It is not impossible that China wants to create its own cryptocurrency that can be the legality of the government. So far, many things are banned in China, ultimately they make themselves. Used illegal transactions,Bitcoin transactions are difficult to trace.it is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

Just cos China controls everything inside the country such as new type of economics as crypto. It's normal for their bevahiour and they are smart enough to get all pro's from it getting rid of cons. Lets watch.

Because they want to pirate(copy) Btc and make their own style(crypto). We all know china like copying things and pretend that it is their own idea like what they did with Apple Technology Company.

you mention something.

hah)If you powerful person or country and you see the thing which you can't to control, you just trying to ban it)

I guess they are against bitcoin because they have their own cryptocurrency called Neo.

Any government can indirectly impose tax on crypto in its entirety, so that's not a problem at all. China's main problem is how madly paranoid they are when it comes to capital outflow. It has been like that for years now, and the only thing crypto did was making China's paranoia worse. Instead of somewhat controlling the situation, crypto wiped all their prior efforts off the table, and formed more of a potential threat in that aspect than ever before. That's why it actually surprised me that China didn't take any actions against crypto years ago already. It's either them at that point having believed that crypto wouldn't last, or they thought it was a manageable threat. Whatever turns out to be the case, their actions against crypto in current days speak for themselves. I however believe that their sanctions aren't final, but just an attempt to buy time in order to come up with proper regulations....

For a justifiable reason: governments would prefer not to see contending monetary standards. They debilitate their imposing business model to make cash and control the monetary framework and the economy.In reality, the reason China is the primary huge government to make such move isn't a mischance. China more than some other nation needs to have firm control of its managing an account framework, and distribute credit as indicated by a political plan. This implies a contending money like the Bitcoin would debilitate its political framework.

Unfortunately, the BTC's enthusiasm has left the Chinese government concerned. Government officials, including the Chinese prime minister, have repeatedly expressed concern over the psychology of virtual money.
People worry about this: I worry too much. My money will be thrown into the trash if the government closes the trading floor

Because bitcoin is not conducive to centralization of the Chinese government, it threatens the dominance of the Chinese government, so they can only strictly supervise Bitcoin and control Bitcoin as much as possible.

Bitcoin can have a huge impact on China's economy as Crypto markets in China are not subject to tax and they can be comfortable doing business. I think China will soon be legalizing Bitcoin because most people in the country have a very good view of Bitcoin and this is definitely the best chance for the entire Cryptocurrency market.

The main problem is that the country has a very serious corruption problem. They can not control the bitcoin, so they can only forbid it, so chances are it makes the Chinese country allergic to bitcoin.

China's economy is advanced, but its population base is also large. When new things are introduced, it is very easy to cause market chaos. Therefore, they can only be introduced when it is ensured that there are corresponding countermeasures to control new things, especially when it comes to the economic market.

In the quagmire of the world financial crisis, at the final juncture of East-West economic power competition, the country’s real economy must not be affected by anything. This is the main reason why the Chinese government has braked Bitcoin at this time.

That's right, They will have other intentions to gain more profit than Bitcoin or another way to create a new token that rivals Bitcoin.

Many of China's large companies are researching blockchain technology. China is a technology that recognizes blockchains, but he does not support Bitcoin. China believes Bitcoin will undermine the national economy.

I think the Chinese government is deliberately trying to lower the value of bitcoin to promote the development of their own crypto. Bitcoins are not made by the Chinese, so they certainly do not want it to own the cryptocurrency market, which should be the crypto of China, probably NEO a crypto is receiving great support.

Because bitcoin can be taxed. The government of China wants everything be taxed because of their army. They need huge funds their military.

Don't know why they all are not letting btcs grow. They are missing a huge benefit for their respective countries

Because China is a one-party dictatorship!

The decentralization of BTC is different from their governing philosophy and cannot control BTC!

Bitcoin is traceable and not completely anonymous but I agree China is opposed to bitcoin because its not under central government control.    I did read a theory that BCH is connected to Chinese government but I do not know thats been proven to be true, many miners are based in China though.
  The big deal with China is they do not allow their people to freely exchange value except via government which involves taxation and possibly forfeiting value if you are not aligned to the politics of that country or region even.   Of course its not democracy and not actually capitalist.  Capitalism is always capital and means of production with the people, even the West fails in this by centralising banking


China doesn't have freely operating banks, they are all drones of the government operations.  The people are constricted by capital controls.   Bitcoin avoids these two things and profits may or may not be taxed, they do not allow free enterprise in this country I think its as simple as that

China has factories in their country and they need a lot of employees in order to run the industry but because of bitcoins, most of the people are focusing on mining since the cost of their electricity are also low and they can earn more money on mining more than working on the corporate world.

We have to remember that China is a communist country that's the main reason why their government is in control of everything there, so Bitcoin being decentralized is something that they don't want their people to use. They won't be able to control it so might as well ban it to ensure that it will not be a problem for them.

China and India have done NOTHING against bitcoin.
They only are regulating and stopping Alt coin ICOs. 
ICOs are Alt coins, NOT bitcoin.

China will invest heavily in digital currency, though most likely not bitcoin. The Chinese government will want to have a competitive digital currency with bitcoin. Condition of the digital currency should be able to control them.

So far China is the center of virtual currency transactions where Two of the world's largest Bitcoin markets exist in China. Maybe the China government is afraid if bubble happens, because if there is bubble and broke it will be very big losses suffered.

Bitcoin is a threat to China's surveillance state. They hate freedom.

I am not surprised if they are allergic to bitcoin! They are allergic to a lot of things. They are allergic to things that is possible to hack. They are very tight of security measures. They dont even have facebook in their country. They are allergic to bitcoin simply because it is a threat to their government and investments.

Interesting to see this thread is still on top.

From a recent news, top government officials said they like blockchain technology, but things are going so fast. This is their biggest concern.

I would imagine they'd love to learn more about bitcoin.

First, China avoids any illegal transactions, because the bitcoin transactions are difficult to trace. Second, China avoids the bubble. This is directly related to 2 of the world's largest Bitcoin markets exist in China. If there is a bubble and broke, it is certain that China will be affected by huge losses. Third, maybe China wants to make its own virtual money. It is not impossible that China wants to create its own cryptocurrency that can be government legality.

Because China is a big country in the world, the Chinese government is afraid that economic markets will become confused after the introduction of cryptocurrencies. Therefore, China does not dare to introduce Bitcoin before it has a policy of specific control.

I think China wants to show people that its people can develop without the aid of Internet because of which China has ban Google too.

maybe it's just because the government of China is over controlling and punitive.
they just don't want their position to directly deal with crypocurrencues now and maybe they would be planning for their own crypto currency that they would launch sooner or later !

Since the government cannot control the cryptocurrencies just like bitcoin then it is not a good thing for them to have since it is pure decentralization and they can't get benefit to that for their maximum wants. Some of the government are still trying to control it by having a regulation orders in order to slowly get the control of the whole.

China is not allergic to bitcoin. They are just controlling the flow of money out of their country. They are creating their own crypto

I think they don't want fiats to be replaced by btcs as they are totally aware of the growing btc craze in their country

Don't know may be there is some allergic reaction to the china govt. Let them visit to Doctors :p LOL

China government always try to control their economy and their people.But bitcoin can't control because for bitcoin to sell or buy or whatever, method is a de-centralized method.So, the government can't control bitcoin.Only people who use bitcoins can control bitcoin.So China government allergic to bitcoin.

This is simply because they want control and they can never do that to bitcoin. The decentralization and volatility of bitcoin is simply creating allergies to their way of governance. The government can't tax it so intonsis they can't earn from it. So they become allergic by it's very nature. In time if they can fine a hole where they can atleast fine a way to profit from it by then surely will have a cure for the allergy.

Well it is serious issue not a joke at all but I think they are not good to use bitcoin they don’t know the real benefits of bitcoin so let them hate bitcoin it will not affect the p[rice and value of bitcoin, at this time no currency is that famous in the world as much famous bitcoin is, for me bitcoin is life making currency so China should support bitcoin  it will improve their state in this world also they will be able to take benefits from bitcoin to develop new technologies.

I don't know. China saying "Bitcoin is bad. Don't buy don't invest don't talk about that :) " then a Chinese corporation buying bitcoin. I can't understand this

they just want to prevent runaway of money from their country. rich people buy bitcoins in China, move to Europe or USA and convert part of them or all of them into fiat money.

In my opinion China is not a free market economy but a kind of planned capitalism and therefore can not accept a decentralized and independent instrument like bitcoin

china has not risen to such a powerful position in the global economy by leaving anything to chance they have planned meticulously and held a tight grip on their economy in order to achieve this number 1 position and to maintain it , bitcoins by its very nature is a threat, its decentralized , it cannot be controlled and that's the main sore point for china .....not being able to control or predict with a 95% certainty how it will behave .This threatens even its national security as they might not be able to control the world as they do now.

Because they can't regulate bitcoin)Everything is simple))If you can't control something, it makes you angry))

Your absolutely right, they want to reduce the popularity and investors of bitcoins because they need more man power on their own industry that are built by infrastructure and if people will turn their focus on trading in the market then no one will work on the corporate world.

I'm not surprised that Chinese government is against Bitcoin. I have never been to China but according to what's on the Internet I can tell that their government want to control as many things as possible. Everyone knows about the Great Chinese Firewall which blocks a lot of foreign websites which are not accepted by Chinese government. There are many ways to evade it but I think that averarge Chinese citizen doesn't know much about VPNs and TOR in general. I'm not surprised, they are probably focused on making for a living rather on their cenzorship.

China is againts everything that they can't control (for example social media). It shouldn't be suprise that they are one of the biggest opponents of cryptocurrencies.

The reason is simple China see bitcoin as a threat to there financial system, one because the government does not have the capacity to control bitcoin since bitcoin is decentralized and not control by any individual.

I think the ban on bitcoin in china is because Bitcoin exchange rate up and down purely following market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be regulated hence china prohibits the existence of bitcoin

Bitcoin is world first decentralised digital currency that means it doesn't comes under control of government term and conditions. China government doesn't want this thing. China government has some reason due to this they want to stop creating and exchanging cryptocurrency in their country. According to china government crypto currency manipulate market value of many things and also affect their country financial. :o Another reason is china doesn't want anything in their country which affects their banking system.  :)