Bitcoin Forum

Can someone explain to me why china is trying to ban bitcoin.?

Thanks for your replies. :)

I also know about why China banned bitcoin?????

So far China has banned ICOs that is initial coin offering. China has not ban bitcoin even if that is the plan the decentralized nature of btc makes it highly impossible to ban. Remember its a virtual commodity

They are not, or at least they claim they don't.

They just want to regulate it and avoid Bitcoin to be used in illegal activities, so they create news rules and demand news licenses.

Maybe they want to make impossible buy and sell bitcoins by making impossible to get all the licenses and follow all the rules, but there is no way to know right now.

China does bitcoin and alternative coin banned. but bitcoin not use only for china. so bitcain have and strongly have. you have to understand It is virtual commodity.

it is impossible to explain something that is not happening. it is like asking "can someone explain why sun comes out of north" :D

what China did was close down illegal businesses working in form of exchanges that were also laundering money and did not have any kind of license for operating.

No they are not trying to ban Bitcoin or altcoins, rather they are working at centralizing the activities of exchanges in China, so that they could control and manipulate Bitcoin and other coins as they do with Yuan. That is however going to be their undoing because Bitcoin and cryptocurrency in general is beyond China. Interestingly, Japan and South Korea have positioned themselves to fill any void that would be created by China's shortsightedness.

I will not call what is happening a ban on Bitcoin. What the Chinese government is doing is to shutdown ICOs due to the increasing number of Chinese wanting to participate in all sorts of ICOs in order to take a sustainable approach that will prevent possible losses by investors in ICOs. So the government is actually trying to regulate their crypto economy, this is the news that is affecting Bitcoin as there is uncertainty with the so called regulation.

I do not think that China is trying to ban bitcoin. China is the oldest country in the world, I guess it is oldest than the city of Summer, and it has the most wise and the most hard working people in this world. Chinese people are the best merchants that ever existed, and bitcoin is in their favour. Bitcoin is something that it was invented to facilitate buying and selling goods. Until bitcoin there was PayPal (and other epayments), now there is a simpler way to pay for goods: bitcoin.
 By having the biggest mining companies in the world China has demonstrated that understands the power and the value of the bitcoin in this world.

  By having all this knowledge would you think now that China is trying to ban bitcoin, that China is trying to sell less and earn less? What would you do if you were Chinese? Wouldn't you protect your people and their earnings, and their wealth? The China ICO ban was very good, all these ICO are Indian inventions, haven't you been tricked by the Indians at least once?
  
 This exchange ban is also a very good thing. Haven't you tried to exchange money and being stolen of your hard worked money at least once? China is trying to regulate these exchanges, and in my opinion this is very good.

 I'm from an Eastern European country. I grew up in communism. When I was in school I've received all the books from which I was learning for free. School was free. And guess what: when I went to US to continue my education I had to buy my books. The price of one book was 90 USD and the tuition was bigger than 10 000 USD/year. I do not say that Communism is better than Capitalism, but in some aspects it really is.

 China is trying to protect its people and this is a very good thing. I do not believe that China will ban the bitcoin because it works in their favour.

China has a great fear of crashing its fiat currency as Bitcoin is so familiar with their country. Other beliefs, China wants to dump their bitcoin to enable their whales and high profile people buy Bitcoin for only $3000

Is the BTC still expected to fall?

China enslaves her remarkable labor force with many powerful monetary tools such as currency devaluation.  This means the people in Chinese government can capture huge wealth while the common chinese worker makes products that are competitively priced all over the world.  Bitcoin allows rich factory owners to to keep the money instead of giving it to the government in a maneuver called 'capital flight'.

Don't worry.  This is GOOD for bitcoin.  Not good for the short term price of Bitcoin, but good for Bitcoin.  Bitcoin was created for this very reason.  Bitcoin was created to prevent governments from controlling (just a nice way of saying 'stealing') other people's money.  Bitcoin will really shine when it proves that a powerful government like China can't prevent people from exchanging value as peer to peer.  

The whole fucking reason we have Bitcoin - is now being put to a real test for the first time.  This is totally perfect.  This is Bitcoin V. China.  We are about to find out whether Bitcoin can be controlled by a governement or rather if Bitcoin is actually successful in its primary mission.  

Who could be upset by that?  It is the greatest thing that could ever happen to Bitcoin.  I hope the fight gets fierce and nasty.  I hope it goes hard and heavy to the wire.  I want the test to be complete.  If China backs up and takes a soft path, we will never know the true strength and nature of Bitcoin.  The test is on!  I hope it is a good one.


Who cares?  Only short thinking profit mongers give a damn about that.  Why would you be interested in a few bucks this week rather than the entire reason for being of Bitcoin?  How fucking dumb can you possibly be?

Try to do some more research about this latest news. China is not banning bitcoin, nor does the country ban altcoins for that matter. China is banning ICOs. Perhaps some regulations will take place about ICOs. Crypto exchanges are also being treated with very strict measures, even closing some.

Yes, some of the exchanges are perpetuating money laundering and the government wants to get strict on the ICO's and if possible the exchanges with whom these illegal moneys are converted into the Chinese yuan and vice versa.

Wrong.  China is banning Bitcoin.  They are launching a full war on Bitcoin.  Stopping the ICOs and closing the exchanges is in effect 'banning Bitcoin'.  

You're sounding more like the spokes person for China, so where are thou evidence to support all those claims? Are you aware that China also attempted to ban Bitcoin way back 2013, which resulted in taking the wind out of Bitcoin's sail back then and now in 2017, they are still lost what to do with Bitcoin
https://www.theverge.com/2013/12/5/5177550/bitcoin-banned-from-chinese-banks-amid-fears-of-laundering

Yes this is what I believe like many others. China is trying to clampdown
on the money laundering and general scamming with OCO's and the exchanges
which facilitate this which is mostly all of them whether they are aware
of a particular scam ICO or not.

The exchanges will have to apply for a licence.

https://twitter.com/TradingWhaIe/status/908607956010389506

not even close

china is not banning btc ! will it ban in the future ? who knows..

but china is not banning or trying to ban bitcoin now

I don't think that they're trying to ban bitcoin at this point, seems like they want to stop ICOs, which I am essentially in agreement with in the context of how most ICOs end up turning out. They typically just act as funding for the devs and then as a speculative token which is forgotten about in a week for the coin, so most of them shouldn't really exist to be honest. I'm fine with releasing a coin on an exchange or whatever, but pre-selling tokens is stupid.

There are news on the internet and you can google it if you want a specific information about it. But for giving you a short info, bitcoin is not trying to ban bitcoin. It is not literally they are banning bitcoin but it's like the message they want to send to the crypto people there is they want to regulate the transactions of bitcoin and other alt coins, so they banned exchanges and ICO's.

this is the second time i heard and read some news that China is banning again the Bitcoin, Bitcoin is unstoppable and so are the people who supports bitcoin are stoppable. The reality is China didn't ban it, but they are regulating and anyone caught who are not government policy complaint, Chinese authority will shutdown their Bitcoin related operation like mining and exchanges else everything must go. If you can't stop them, join them, we all know that government want some a little bit every piece of you. For sustainability and survival, let's just ride on and it is still a win-win situation.

It may go deeper than that. There is speculation now around a leaked report that China might be trying to restrict access not only to overseas Bitcoin exchanges, but to the Bitcoin (and other) blockchains via the GFW. See here: https://twitter.com/btcdrak/status/908998917995552776

Samson Mow‏ says the report is likely to be true: https://twitter.com/Excellion/status/909000668345757697

In practice, they can't really block the P2P network. It's impossible for them to block every bridge over the GFW simultaneously. But it sounds like they want to block access to blockchains the same way the do with Google. And maybe it's all FUD, but it certainly fits with their known plans to issue a Tether-like blockchain currency tied to the Bank of China.

I hope that the domestic exchange and ICO ban is all that will happen. There have even been suggestions that these bans are temporary, and that the government will institute a licensing regime for them.

However, there is some scary FUD floating around that would be much worse:

https://twitter.com/btcdrak/status/908998917995552776

They can't really block access to the Bitcoin network anymore than they can block access to Google. That is to say, average citizens can probably circumvent it. But if true, this could provide another major round of FUD that could rock the markets.

you should look for news or try with google search. but this is the least I know. the problem of Chinese ban is the number of potentially deceptive and problematic ico. so they forbid bitcoin and ico. I read the news from online media.

I will not call what is happening a tire on Bitcoin. What the Chinese government is doing is to shutdown ICOs ICOs in order to take a sustainable approach that will prevent possible losses by investors in ICOs. So the government is actually trying to regulate their crypto economy, this is the news that is affecting Bitcoin as there is uncertainty with the so called regulation we do not have to follow the panic casual!!

China is trying to close all the exchangers from around the world so they can build their own and make profit with it. Why would China destroy Bitcoin if they can make huge profit from it. They banned ICO's , they banned exchangers for what? To scare people from around the world to also close their exchangers . It is just a plan of China. I think they are trying to copy Bitcoin

In my opinion, China forbids Bitcoin just to control the price of Bitcoin. Because we know China has about 20% of all Bitcoin supplies.
and I got the news that the news is a hoax.

Simple, china always try to ban others product and make copies of them to increase their GDP with low cost.
They baned bitcoin because they may be producing its duplicate and in few months they bring their own cryptography to market

First, as a Chinese, I need to tell there are limited channels for individuals to invest in China currently. We used to invest in stocks market, finance products and real estate. These are three major channels Chinese people invest their money.

However, stock market in China is worse than ever, only few people can benefits from it and rest of them are losting money. Meanwhile, finance products keeps a low interest rate.  Only real estate in major cities like Beijing keeps a good ROI, but the cost of investment and recent policies on purchasing real easte prevent most people to participate.

For these reasons, Chinese are keep their eyes on any new oppotunities to invest and ICO gives the chance. The high ROI and quick cash back period are over attractive even the risk is clear （fraud, scam). There is a trend that money are flow into crptocurrency market, which is ingnored by Chinese goverment previously. Lack of regulation in this market is the cause of the ban, especailly one party runs the country in China. Chinese goverment will not allowed uncontrolled financial instruments like bitcoin affect their economy even just a potential risk.

So ICO or crptocurrency is ok only under goverment control. The ideology of decentralized may not welcomed in China.

Nope. They are not going to do that. Because they know that any crypto-currency which is backed by the government is not going to get a foothold in the markets and the exchanges. However, I can imagine a scenario in which the Chinese discourage the usage of Bitcoin, in order to pump the Bitcoin Cash (many of the BCH supporters such as Jihan Wu are Chinese).

China can not ban bitcoin networks, can not ban anyway just trying to close stock exchanges, this bans storm will be one step beyond mining ban, nothing to fear.

To decrease the spams and illegal projects to be undertaken by the merchants and end users obviously. That's the main reason why china is banning ICO in first place and then now it's going to regulate the BTC. The main reason for btc ban should be the same as not to get scammed and illegal projects development. They might be thinking that this creates the problem with nation economy as people are putting big money into crypto world.

China has incredibly strict fiscal controls on its citizens. Bitcoin allowed them to circumvent those controls. It's not about money laundering, it's about fiscal control. China wants all the control.

China can't ban bitcoin easily. It is not easy work for China that suddenly ban it. But China has a control of it. That's why we can't say any perfect predict about ban the bitcoin or not. But i wish and i want to see bitcoin in my old age. Now if you want the right answer then left all things on the time, time will give you the right answer.

That's my feeling as well. Capital flight was always a concern for the Chinese government in the context of Bitcoin, but until recently, the markets were small enough that they didn't feel the need to take action. The proliferation of so many large ICOs so quickly probably sped things along.

It seems crazy to think that they could actually prevent their citizens from obtaining and using cryptocurrencies. But with the recent moves to crack down on VPN usage, it seems like they really think they can control how Chinese people use the internet (and internet money).

It was reported in the news that ico's was banned in japan because bitcoins are used to buy drugs but i do not believe it, Today bitcoins value is decreasing because of the incident. Then in the news next days they reported that it will be legalize again so i think the value of bitcoins will rise again eventually.

I have read those articles that you mentioned about the ban is just a temporary thing. China seems to block and ban p2p trade / network, what are they really want to tell us? There is also a tweet from viabtc and they are worrying about "what If" mining will be banned in China.

Actually China does not ban Bitcoin, it's just China forbids ICO. I think the most reasonable reason China forbids ICO is because China can not fully control the ICO's authority. During this time China is famous for banning technology such as Facebook, Twitter, Instagram, WhatsApp and many that I have not mentioned.

China only ban ico for there country.Many Ico project are scam and investor r huge loss for this.But is a high and strong coin in cryptopia currencey so its never ban any one.Because of Bitcoin already famous for all over the world.

I think china was just banning exchanges and ICOs, not bitcoin

Just because they started to ban the ICO doesn't mean that it will ban bitcoin or any other currency.

Well chinese government seems to want control over anything and bitcoin probably unnerves some high officials because it's decentralized. I think eventually china will focus on taking advantage of this revolution instead of entirely banning it

Yeah, Haipo Yang has been laying on the FUD very thick ever since the rumors emerged. I wonder why. By all appearances, ViaBTC has always been a proxy for Bitmain, and Bitmain holds a lot of BTC (and are heavily invested in its future). I don't see how him going around tweeting "if China gov say mining is illegal, we are fucked" helps their cause. Jihan Wu, in comparison, has not shown the same level of worry.

It would not be surprising if China blocked the P2P network within the country's Great Firewall. It wouldn't be effective at restricting use, but it would discourage average citizens from using it and thus using BTC for capital flight.

But given BTC's trajectory on the world stage and China's dominance in mining, the government prohibiting mining would be shooting themselves in the foot.

China didn't banned bitcoins dude. It is just that the ICOs. Because they are referring that all ICOS are all scam. And I heard news that they will create their "new" bitcoin. I forgot the name but probably that coin would be the only token Chinese people will buy and it will grow strong because many investors will invest on that token.

from the news I read, china wants to protect his people from irresponsible ico-ico or scam.

That's an action a lot people here wouldn't mind if it was followed up by a lot other countries, but the main point of the recent load of China news has to do with the fact that it won't be allowed to do yuan versus crypto trading.

If you look closely at the statements from exchanges that are subject to these regulations, it only affects their Chinese activities, and not the rest ~ that's something people seem to forget, or not understand.

It may turn out that prohibiting yuan trading is just a first step where later all crypto trading will be affected, but as it is right now, this entire situation has resulted in too much exaggeration, which has severely affected the sentiment.

China only bans ICO. They do not bit Bitcoin and just assume Bitcoin transactions are illegal activities. And they ban ICO for a reason. And I hope China is not like JP Morgan.

Bitcoins are the virtual currency and cant be banned. China is banning the ICO and not the bitcoins actually. Even if they are banned, they can be used by every citizen of china even after banning them. I dont think china will take the decision to bann bitcoins as they can be hardly banned. Each time we have seen china taking its own unique decisions. I dont actually know the main reason behind banning ICO. There will be no difference even after abnning ICO. Perhaps china i8s banning ICO because some ICo didnt launched even aft6er taking the money.

They are now banning all 2P2 transactions and also, possibly, the mining operations (this is unofficial atm though) so that REALLY sounds like a very direct war on BTC.

Very much I doubt that China has something against bitcoin. Given the fact that China is the leader in bitcoin mining, all this statement against bitcoin is nonsense. Most likely they just manipulate the market, in order for big players to enter it at a lower price.

you are absolutely right and my opinion is the same. The main thing was to create such a situation and to dismiss Bitcoin and now the most important thing for them is with buying as much Bitcoin coins as possible. Bitcoin will still go up in its price in the near future and then China will benefit from these manipulations.

Again i am seeing one more comfort zone  question please do some research or atleast understand whats happening china is trying to close illegal activities using bitcoin and in the name of ICO there is lots of scam happening everything they are regulating.

Yes the price for bitcoin may again go up because of the news. And yes it was true that bitcoins are been used to purchase or sell all the illegal activities like drugs, weapons, etc.

There is a another anonymous community known as deep web and it supplies all the illegal commodities like drugs, weapons, Hitman services, etc in exchange of bitcoins and perhaps that is the major drawback about bitcoins. Bitcoins are completely anonymous and it influences such peoples to use them. It should be stopped as soon as possible because it is spoiling life of many peoples and also it is creating a negative image of bitcoins in front of new peoples.

I think China really wants to dominate or replace the dollar as a tool of world transactions, China wants his currency the same or can replace the dollar, but China saw the development of bitcoin more rapidly than he imagined, for fear of competing therefore China withdrew from bitcoin world . that's my personal opinion.

It is China and everything is possible. Police in this country has a lot of power.

Still only rumors, but I'll admit, it's got me worried. For now, it's just a photo of a piece of paper and some rumors on 8BTC... not cause for panic selling just yet.

With the ICO ban and the exchange ban, Caixin media reported the leaked reports a couple days before they dropped. So if they do the same with the P2P network or mining ban, I suppose we know what to expect from the markets. Could the Chinese government really be that panicked over BTC?! :o

These shills wanted to manipulate the market, I don't know if they are having a secret discussion together with the Chinese gov't authorities for their problems or with Dimon or anyone that is happy with what's happening on China. And there is a news that China started to block p2p network these country really wants to discourage it's people from supporting bitcoin.

For me its very simple. They saw that bitcoin could be a threat to them financially that's why they have to get rid of it. Their people love bitcoin, unfortunately, their government hates it, So who gonna suffer from all of this? its all the bitcoin enthusiast from China. But they can't really stop bitcoin now and other nation can also take over from them. Its just that so pity that traders/investors from China are taking all the heat and can't do anything about it.

Maybe we should read more about the news of China. As far from what I understand China does not banning bitcoin it is for the ICO's rules and regulations to stop those scams project. Maybe these is a threat about the cryptocurrency to choose what is the legits ones. But they cannot stop bitcoin as this has become more adoption globally.

just a trick in politics so everyone in china sells bitcoin for the price down and there the government buys and does not forbid bitcoin so they get a big profit.
it's only for some time until they do not forbid anymore

And is prohibited to trade using foreign exchanges like polo and Bittrex. Everything points alt that BTC will be illegal in China.

Yes,but most of the markets are red now. We can see bitcoins falling down with all other altcoins with red markets. It might be due to the fear that china is banning bitcoins but in real, they cant just simply ban bitcoins. Bitcoins are now a widely spread global network of payments and also many peoples have already adopted bitcoins as there main source of income.

Yes, bitcoins is used for some illegal ways but it is mostly used legally for making some good profits. There is no such huge reason for china to ban bitcoins. Perhaps china is banning the ICO and not actually the bitcoins.

can you bring any reference for this or are you just spreading FUD?

so far I am still seeing Chinese volumes on their own exchanges be high, they are also still trading on other exchanges such as poloniex and bittrex. on top of it they are also trading bitcoin off the market like in face to face. and using localbitcoins.

and besides the Chinese government clearly said that OTC trading of bitcoin and other cryptocurrecies are perfectly legal.

We do not see concrete actions. All are guided only by rumors. For me this is a good signal. When we first see panic and drop prices, then the price rises. I do not look at the price of bitcoin. Only when the price soars to I sell a few coins just in case I don't have Fiat. If the price is low I can always pause and live at the expense of my Fiat.

I don’t know what china is thinking about bitcoin but as they are banning it they will suffer their decision as the countries around china make it legal and are doing business in it then there is no logic by the Chinese to cutoff the bitcoin trade in their region and bitcoin is not that much effected by their decision but Chinese themselves will be effected sooner or later,

Based on the article I've read,China won't ban bitcoin.. Only ico's are banned in China because they don't agree of collecting people's money inorder to raise a project..

I think China wants in this way to reduce the number of scammers who use bitcoin for illegal purposes. Though it seems to me completely to forbid it to not turn out as hackers can bypass this interdiction.

It was the Ico and the exchanges they ban since their people were really seems interested on it and might cause conflict on their physical business and maybe too for ot will attract lots of scammer.

China is a complicated place, rather than considering it like the US or Italy, it is much more accurate to consider it along the lines of a continent. There are a vast array of cultures, languages and other things going on, all  held together under a single political system, in a single timezone.

To make this work, social order is extremely important, and the government has a heavy hand when it feels ny threat to social order. Many people were being swept up by ICO's and Bitcoin fever and many scams were being carried out. I believe this is why the government stepped in. I think once they get some level of control/regulation in place, much as they do with the internet things will get back to normal - but this might take months. Somrtimes things dont move quickly.

China hasn't banned bitcoin. They are only breaking down on illegal bitcoin businesses.

They don't try to ban the BTC they are trying to ban the ICO industry in their country.
 They can not mobilize capital for life-sustaining projects because capital is poured into the ICO, causing china society to have big problems.

Might be right as you are talking because it is seems like that and in my suggestion sounds seems great because if they are reducing scammer then it will boost bitcoin and scammer will be removed just from china i think many countries should need to action against scammers.

They try to ban BTC dude. You're wrong in this point. They're attempting to kill an important industry in their territory, unfortunately.

This is dangerous the the whole ecosystem.

China isn't banning BTC for now and won't ban BTC any time soon

Easy to know man! Because Crimine use Bitcoin to money laundering. Besides, Government can control Bitcoin, so, they can't collect income personal tax from investors.

China has just banned the ICO and may not ban BTC because the institutions had invested heavily from beginning and they might be earning good profits and thus this gives revenue to the country. So they would not like to lose out the revenue and thus may make it available for their citizens to trade and use it.

they do the same two years ago. its a bluff, in 6 months they will operating normaly. (remember that) ;D

I guess so. Already hearing rumours about China going to unban exchanges and resume trading by licensing exchanges. I am assuming China is just trying to make sure the exchanges are following their strict fiscal laws.

China bitcoin and alternative coins have been banned, it does not harm Bitcoin, and I do not think it will affect Bitcoin. Bitcoin will run at its own pace.

china has only banned some online exchanges and not totally bitcoin and alternative coins and it actually does affect the value of bitcoin recently but then again bitcoin is stil recovering because it is unstoppable and no one can stop his glory not  even countries which has a big influence to bitcoin like china and russia . though ive heard a news recently that china is again accepting bitcoin.

ya it affect for a while, price dropped and then it is back to rise again. maybe people already know that china can't controlled bitcoin price by themself anymore  ;D

china prohibits bitcoin in their country, but still many countries also accept bitcoin as virtual currency.
 

yes bitcoin has decrease dramatically after china bans online exchanges and ico's because as we see china is a big country with a large population of people that is mostly business men and likes to do business or trades thats why most crypto users are from them. though bitcoin will still expected to fail even with or without china due to some other factors like forks and segwit, demand and supply , etc..

If you will check bitcoin's price it is still above the $7000 level, this is after the statement that China will ban bitcoin and after the confirmation that segwit2x is canceled it only means that more and more people are into bitcoin now and the price that we have is because of the higher demand from those people.

China has no pricing power for bitcoin, and the exchange has basically been shut down under the Chinese government's crackdown. Bitcoin is globalized and will no longer be subject to price controls in China.

The reason is that china being a communist state does not want liberalization among the country people in any way.We know very well that china does not want transparency in any of its activities.Allowing bitcoin means allowing people directly to have financial freedom and it fears that it would make its people to go out of its hands.By enjoying financial freedom,they might start to get liberal ideas and may even start questioning the government's activities.So,they just don't want such things to happen.

Because bitcoin is uncontrolled, the Chinese government can not control bitcoin and ruin the economy. Bitcoins are exploited by lawless elements and criminals use bitcoin for criminal transactions. However, bitcoin is anonymous and the Chinese government can not find criminals. The Chinese government does not like bitcoin. :)

Maybe the Chinese country just wants to take advantage only after there is a cover of various news ico So hunter rush to sell coins at low prices and make them fail.That's where China started buying it and will sell back when the price is stable to earn a big income.

have many explanations about china and its ban. so now it's not important, because after china goes bitcoin keeps increasing. so china is not a problem for bitcoin.

there are many violations that occurred in china country. until china prohibits the use of bitcoin and other crypto. originally sourced from a scam ico developer. according to a news source I read.

Bitcoin is not accepted in China, but in some countries bitcoin is made as crypto currency.

I think bitcoin defeat china and bitcoin don’t need china anymore because bitcoin have achieved his goals almost from big countries have replaced china and I think they give extra respect and power to bitcoin so bitcoin is now very stable and powerful then before and as far as I know in coming time bitcoin will be accepted by some more countries.

Cryptocurrencies have increasing value because unlike national currencies which have no limits in the amounts issued, Cryptocoins have ceilings on the total number to be minted.  At the rate the USA is issuing paper dollars, when will tt become worthless? As more and more people use the Internet, the value of cryptocoins will continue to increase.

China has dropped the value of Btcs in their country in terms of usage because it was affecting the local market in negative sense.

According to the recent statistics the total share of the Chinese investors in the international market had dropped to the lowest level indeed and the currency of their own nationality has lost its value due to a high difference in the circulation rate as compared to the past.

its just their scheme to manipulate the market.