China vs BTC?

[eagleman]

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

Thanks for your replies.

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.

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[yugyug]

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.

[marky89]

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.

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.

[MAbtc]

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.

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:

(Unverified) report that China is trying to block bitcoin exchanges and p2p network in China by GFW @cnLedger

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.

[pucunghul]

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

Thanks for your replies.

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.

[RyanEncek]

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!!

[MakeMoneyBtc]

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

Thanks for your replies.

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

[otol55]

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.

[Ayush rana]

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

[lli183]

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.

[Sithara007]

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

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).

[Granxis]

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.

[frowsiter]

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.

[kurumi]

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.

[noormcs5]

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

Thanks for your replies.

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.

[MAbtc]

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.

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).

[webdevmastery]

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.

[eagleman]

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, China 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.

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:

(Unverified) report that China is trying to block bitcoin exchanges and p2p network in China by GFW @cnLedger

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.

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.

[DewiKirana]

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.

[hridoyb]

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

Thanks for your replies.

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.