Actually the way china has been acting for these past months has been annoying, they have been interfering with the affairs of the market and causing lot of issues for everyone. I need to know why they are acting like this
Why do you need to know that?
Regardless, Bitcoin, as well as other cryptocurrencies, is certainly getting in the way of fiat money. If you think that banning cryptocurrencies is something new, then you are pretty much wrong. Even foreign currencies are sometimes get banned in developing countries (the US dollar is one conspicuous example of just that), but cryptocurrencies are even more "evil" in this regard since they come coupled with a payment system of their own which in no way depends on banks and governments. That's what frightens governments and authorities most
+1. this was a while back, but they went after all digital scrips, the most notable being Liberty Reserve. E gold died a quick death pretty much the same way (they started getting investigated for money laundering, everyone got arrested, the platform dissolved, and more regulations filled the void). Interestingly, both of these had there heydays/fizzled out around 2006.
govs will go after any threat to fiat, a govs fiat is its proverbial lifeline. the avenues of capital flight that cryptos/alternative currencies present is real, and a danger, but they should go about regulation with an even and light hand, as to not disrupt markets that have been in place for years. they would bail out banks, but not protect citizen value with cautious guidance?
