Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?

[liamnorthcoins]

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

I think it has to do with the type of government that they have. Their government system wants control over the people and with bitcoin decentralized and anonymity design they will lose the control of their population. Also it might be just a marketing strategy of chinese to make the cryptocurrency drop its value more and when it is very down they will buy almost all available share of bitcoin investment. So if this speculation is true the drop is just for a time and the market value for bitcoin will grow exponentially soon!

[sirkings0003]

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

Naturally, no one that enjoys an authority over something would want to just relinquish it just that way. There would be a fight. Yes, they have come up with a lot reasons why they are clamping down on crypto but they are not cogent enough for me. I believe they would change definitely.

[NJB18]

I am a chinese  answer are below:

1 bitcoin should die because this challenge their right to create money

2 large proportion of people do not have knowledge about bitcoin. gov should protect them from suffering scams

3 pumps and dumps makes people lost their money quickly

4 bank and financial institutes a fear of bitcoin can substitue them
 

Good to hear an answer from a Chinese. I don't now why most of these so called financial experts will say that bitcoin should be avoided as much as possible due to its high volatility. They will always mention that you will lost your money quickly but they never mentioned that most of these bitcoin hodlers are actually gaining quick money too.

[bitbunnny]

I'm not we can say that China actualy acts unfriendly towards Bitcoin. They wanted to regulate exchanges and market and in a way they had some wild west ongoing there especialy related to miners. The rules are very harsh and strict but they are aimed to protect the users from growing scam projects and also to protect the economy.
At the end Bitcoin in China will survive and miners and exchanges will adapt.

[ciciliacrypto]

Chinese  people aint stupid ,the have to put in regulation in what they dont understand .

[cryptobike]

chaina have  an friendly policy on cryptocurrency because they are very conservative and they want to ba seperate from others....they will not change their policy

[Rozita]

I am a chinese  answer are below:

1 bitcoin should die because this challenge their right to create money

2 large proportion of people do not have knowledge about bitcoin. gov should protect them from suffering scams

3 pumps and dumps makes people lost their money quickly

4 bank and financial institutes a fear of bitcoin can substitue them
 

But in this way, people miss a big opportunity. There are a lot of advantages that are ignored by the government. It's not a good idea to ban bitcoin to protect people. Instead of this, the government should help the people to know cryptocurrencies better. Banning a technology won't help people.

[supercanada1]

I am a chinese  answer are below:

1 bitcoin should die because this challenge their right to create money

2 large proportion of people do not have knowledge about bitcoin. gov should protect them from suffering scams

3 pumps and dumps makes people lost their money quickly

4 bank and financial institutes a fear of bitcoin can substitue them
 

Besides, steeling private keys, exploring wallet vulnerability, operating fraudulent exchanges and investing funds, dark web market place are other negative impacts of the coin on individuals and markets. But despite banning Bitcoins, China could also use alternate strategies for reducing security risk. Using highly secure wallets, avoiding the dark web and researching Bitcoin exchanges and other services could make Bitcoin safe to use for multipurpose and the masses could be benefited from the numerous fruits that Bitcoin ears.

[kimochidesh]

China has an unfriendly attitude to cryptocurrencies because it is decentralized, which means it will be regulated and controlled by the public only. This goes against its communist idea. Not to forget that China has also banned Facebook, Google, Yahoo, etc. So banning cryptocurrencies by China was not surprising for me at all.

[awawo]

Well China serves as the biggest market hubs for cryptocurrency and at that any of the policy will have a great effect on bitcoin but I think with time China is going to be more friendly with crypto since crypto is a new technology and China always do good when it come to technology they are going to formulate a more friendly agreement that will regulates the activities of bitcoin in that country.

[Jones chen]

China banned the exchange, but there was no clear objection to mining. I think that what the Chinese government can't understand will not make it happen.

[13abyknight]

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

What do you expect from a sternly communist nation whose economic interests are aligned to benefit only themselves and nobody else? China has always tried to establish dominance over cryptocurrencies by making regulations on trade and resorting to ban exchanges which operated on its soil.
The future also looks grim with nothing positive coming up, with harder rules and regulations being imposed.