Bitcoin Is A Big Threat According To China

[iamTom123]

Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.

China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.

Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.

[DRVX]

Actually not only for China Bitcoin is threat. Is threat for all government and banks.
But governments and banks is slower that crypto community. They will just ban bitcoin. We have etherium. They will ban etherium, we have few annonimous coins: dash, monero.
So we will be everytime in one step forward.

[Emoclaw]

Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.

China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.

Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.

Sounds more like China plans to launch their own digital cryptocurrency that they can control.
I don't see their government (or any really) loving Bitcoin whatsoever.

[Elpeor00]

Actually, if central banks come with their own cryptocurrencies it will be very good to bitcoin and the big altcoins, they will need a common ground to international operations and they can not trust each other, then descentralized altcoins can become the new bullion, of course it doesn't mean all central banks will allow individuals to keep bitcoin

[milewilda]

Actually not only for China Bitcoin is threat. Is threat for all government and banks.
But governments and banks is slower that crypto community. They will just ban bitcoin. We have etherium. They will ban etherium, we have few annonimous coins: dash, monero.
So we will be everytime in one step forward.

What if they would ban all crypto? Theres no where to run but thinking off that this is an impossible thing. Decentralized would remain decentralized and no one could able to stop it if people would really do use it  and also not all government/country would ban bitcoin or cryptos thinking off that there are already countries do legalized bitcoin like japan.We do have still space to move if all would decide to make such decision.

[SushGo]

Being a communist country, China has always shown extremist approach towards adopting the new things from the rest of the world. Chinese government is strongly apposing the concept of cryptocurrency; as it is decentralized and government can not monitor the same. There will be more unaccounted money in the form of cryptos, which could not be traced and it may be the reason for Chinese govt's strict approach towards cryptos.

[iram1011]

Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.

China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.

Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.

Sounds more like China plans to launch their own digital cryptocurrency that they can control.
I don't see their government (or any really) loving Bitcoin whatsoever.

They have been working over their own cryptocurrency from quite a while now and soon they'll bring it too. All these ICO and exchange ban is just for reducing Bitcoin dominance in their country because of obvious threat to these centralized institutions from cryptocurrencies.

But I see the launch of their own cryptocurrency to be beneficial for Chinese people in buying Bitcoin. They can easily buy government's cryptocurrency through fiat and then in turn can buy Bitcoin through it. There won't be any need of exchange. But with that government can keep a track of every transaction.

[farhansadik]

Not only for China Bitcoin is threat but also All Countries. No governments will like it cause it is decentralized.
I think China wants to release their own Coin to market which will be centralized.

[mobnepal]

Not only for China Bitcoin is threat but also All Countries. No governments will like it cause it is decentralized.
I think China wants to release their own Coin to market which will be centralized.

For sure they will do it, I have also heard that many other countries are also doing research on possibility of launching their own currency.
China might allow trading of their so called crypto coin but they will not allow it to be transferred out of the country.

It will be fun to watch how normal citizen will react to all these changes in the financial system just because of bitcoin. People might adopt bitcoin rather than those shit tokens despite huge effort from governments.

[Rozita]

Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.

China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.

Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.

Sounds more like China plans to launch their own digital cryptocurrency that they can control.
I don't see their government (or any really) loving Bitcoin whatsoever.

If China creates a cryptocurrency which is controlled by them, that is not a cryptocuurency anymore. Cryptocurrencies should be decentralized, If this is not decentralized, better to use traditional money.

[darkangel11]

Not only for China Bitcoin is threat but also All Countries. No governments will like it cause it is decentralized.
I think China wants to release their own Coin to market which will be centralized.

For sure they will do it, I have also heard that many other countries are also doing research on possibility of launching their own currency.
China might allow trading of their so called crypto coin but they will not allow it to be transferred out of the country.

It will be fun to watch how normal citizen will react to all these changes in the financial system just because of bitcoin. People might adopt bitcoin rather than those shit tokens despite huge effort from governments.

That fake Chinese crypto won't be used and accepted anywhere outside China, but they won't care. In their minds it's like throwing scraps to hungry dogs. People are hungry for cryptos, so let's give them our own fake crypto to satisfy the hunger but at the same time be in control. It's a policy of isolation that will lead them to a state North Korea is in right now. They have their own fake counterparts of everything, phones, cars, the internet, and think all of these things are completely fine, but when foreigners see it they are shocked.

[Jeice44]

If they would create their own cryptocurrency, the only thing what they will be doing is digitizing their national currency. It will probably be a last effort for them to keep control, but for how long?

[Gontxi]

I think they will try to be full of various reasons. the essence of it all because obviously this is a bank problem. at least china fears once with bitcoin. bitcoin does not threaten the people involved with it.

[manchester93]

Not only for China Bitcoin is threat but also All Countries. No governments will like it cause it is decentralized.

It can be a threat to governments' ability to assert monetary control over their populace. However, there are other considerations. Currently, most of the world is at great economic disadvantage due to the dominance of the US dollar and related global trade/investment policies. If Bitcoin and other cryptocurrencies were to become accepted by the mainstream on a global level, that could significantly displace the US's control via monetary policy.

In this sense, I think that the Global South and the developing world have an interest in encouraging Bitcoin adoption. They are better off embracing a currency they cannot control than one that is rigged to lose by the US powers that be.

[bitcoindusts]

I believe bitcoin is not a threat to any government.  It only address the flaw of financial institution.  That is the reason why PBOC is pushing Chinese government to ban Bitcoin exchanges and control its transaction.  It is not the government itself but rather the financial institution that feels the threat brought by bitcoin.  And I agree with OP that Chinese government will give a strict regulation regarding Bitcoin and cryptocurrency  but the time will come that it will embrace the change brought by Bitcoin in their financial system.  It is inevitable, so they have to.

[unamis76]

If translation is accurate, they're wrong, nobody's challenging the state's right to issue currency They can print all the paper they want... Then when they talk about digitalization of their own money... Really funny to see such double standards. With that sentence they're just supporting a currency that they said that was bad just two sentences earlier So just because it's a private blockchain of their, it means that now all is ok... Someone's got their priorities upside down.

[John Wick]

If translation is accurate, they're wrong, nobody's challenging the state's right to issue currency They can print all the paper they want... Then when they talk about digitalization of their own money... Really funny to see such double standards. With that sentence they're just supporting a currency that they said that was bad just two sentences earlier So just because it's a private blockchain of their, it means that now all is ok... Someone's got their priorities upside down.

The translation is probably accurate, but the way Chinese government consider the cryptocurreny is really wrong, I believe. As you said, bitcoin or others are not preventing Chinese government from issuing their national currency.

[deadsilent]

Not only government of China but also other countries which bitcoin is accepted. Bitcoin is a big threat to their banking systems. Citizens finds bitcoin as a good investment. That's why banks are trying to kill bitcoin because it will be a big threat to them in the future. Also people can evade their taxes since you can't be traced and monitor your transactions in bitcoin because of it's decentralized system. Even they implement KYC policy. I don't think it's enough to regulate it.

[poplolnman]

Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.

China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.

Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.

Sounds more like China plans to launch their own digital cryptocurrency that they can control.
I don't see their government (or any really) loving Bitcoin whatsoever.

lol yeah since first time they are planning to launch their own version of cryptocurrency and with ban bitcoin they hope could force chinese bitcoin user (citizen) to switch it to their own crypto and maybe to attract other people outside china too. idk what exactly would happened , but for me it's a crystal clear that they have something surprising to launched sooner or later.

[Realist247]

Is there not a brain among all of you?  Seriously.


CAPITAL CONTROLS.

Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country.  Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.

CRYPTOS CIRCUMVENT THIS $10,000 RULE!!!  Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!

China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls.  China has the "Great Firewall".  They can drop it down whenever they feel like doing so.

Wake up.  SERIOUSLY.  BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!