Why does China hate Bitcoin?

[DoublerHunter]

I think the Chinese government forbids bitcoin because cryptocurrency is difficult enough to control its fluctuating value. and they think cryptocurrency is often used for money laundering, fraud and illegal transactions. Or maybe the Chinese government wants to make its own digital currency.

The china forbids bitcoin and other cryptocurrency because there is a lot of scams that is going in their country and most of those are generated or created by the Chinese people or citizens so it is not a good thing for the government of the China to just notice and see that growth in scams in terms of cryptocurrency so they are banning bitcoin and other cryptocurrency to avoid those scams.

[surbanaB]

really chinese hated it bitcoin? the proof of my neighbor chinese he likes bitcoin trading even made full time job, I think it's just an issue that intends to reduce the price of bitcoin so that the issue can buy bitcoin with a lot because of the cheap bitcoin price,

I’ve heard that China is one the most countries which has the number of people using bitcoin so crowded. Even a farmer ,he also finds the way to access bitcoin market. I don’t think that China hates bitcoin. Maybe the government of China realize that bitcoin is getting more and more popular and they wanna limit ize its reputation. Moreover, maybe because the chinese use bitcoin widely, so the government don’t want them to depend too much on cryptocurrency market.

[KingOfWinterfell01]

This is pretty much the whole story right here...

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'.  Therefore China is going to continue to assault Bitcoin from every angle.  You can be sure of that.

That's probably the main reason as to why China literally hates bitcoins: it's virtually untraceable to the original holder heck even the creator of bitcoins are untraceable. That must've caused a mass panic in the economical system of China because of how people earn money straight from thin air.

[summerbray]

China does not want bitcoin because they thought that it would be the reason for terrorism and tracking some informations  that would used by terrorists to their country.They think that it would be dangerous to their country if they will allow bitcoin.

[ahah]

I think that China's economic market may be suitable for bitcoin, so bitcoin is banned in China. I think that if a country accepts Bitcoin, it must first weigh the pros and cons of Bitcoin against this country. If the disadvantages outweigh the benefits, Bitcoin will not be implemented in this country.