Why does China hate Bitcoin?

[SarahAfiah]

It is not applied to bitcoin only, but is applied to all non chinese products. as we know all the regulations, governed by the Chinese government. that's why China became one of the countries that can replicate all the products. I'm sure China will make its own digital money and then will compete with bitcoin

[LegGekkouga]

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.

Based on my research China only wants money to be put inside their country but bitcoin requires trading qith other countries.

[ChiBitCTy]

More FUD from this "legendary" member.  China doesn't "hate" bitcoin, China simply wishes to control bitcoin just as they look to control everything in their country.  China is a communist country through and through still to this day.  Any country that block websites like Facebook should be look at as a communist sate.  China simply doesn't want money leaving the country and being un-taxed while doing so.  They simply see Bitcoin as a way for their people to gain more power against their regime. 

There are still OTC (over the counter)options to buy bitcoin NO MATTER WHAT happens, so lets not lose sight of that.  There's a lot more to play out here before we go a declare bitcoin over for good in China. 

[Alexis77600]

i don't china hate btc but rather anonymity and they don't earn enough money with crypto.

[supelle.born]

China does not admit that its citizens have attitudes that do not pass through the screening of the government. The ban will only cause Chinese investors to migrate to other markets. In computing everything is possible.

[russella31]

I don't think Chinese hate bitcoin, it's their governement. I believe most people there like bitcoin but since people are controlled by the government then they don't have a choice. Their actions are always controlled by the Chinese government. One good example is their government banned the use of Facebook and Youtube. With regards to bitcoin, it involves money and they cannot trace the transactions that's why they ban it in China.

[Atect90]

The government of China condones the use of bitcoin I think is because of this reason. They think that the use itself will not benefit their economy's growth and that they think that the growing population of chinese people that are investing in bitcoin might someday make their own national currency obsolete.

Well it is right but the most important thing I would like to share is China is not banning bitcoin completely or they don’t dislike bitcoin at all but they shut down the exchanges for some time. May be there is some positive reason behind shutting down the exchanges to give chance price get down so more people will be able to buy bitcoin and invest but one thing I am sure about it that china does not hate bitcoin at all.

[ciciteng]

I think China *not* really hating Bitcoin. The fact that they have their economic driven significantly by this recent BTC rise, they will shot their feet if they just stop and killing it.
Think how many mining farm that they had, ASIC based miner industry, and exchanges. They can be considered as one of bigger player in this BTC industry.
Another facts is, they even have capabilities to 'play' the market by short of pumping and dumping, just see couple of trend in their exchange. Sometime is just really obvious that they play the market.

[snazir]

I think Bitcoin is the reason for hate China they want to destroy their reputation. They want to make BTC similar. They are strong and familiar to the world. But China thinks using all the money laundering bitcoin  It's not easy to find out, So they want to have full control. Because of which China condemned Bitcoin to make it illegal. And for such selfish reasons, China forbids bitcoin and all exchanges.

[dyewic]

The chinese government or central bank is not CHINA.The people of China love bitcoin and cryptocurrencies.
Why it`s so important for the authorities in China to track all transactions?Taxation,money laundering or something else?Total control over the financial system is almost impossible.

I strongly agree on your opinion that, the chinese government or central bank is not china and the people of China love bitcoin and cryptocurrencies. And adding also my opinion that, I believe that the Chinese government is trying to find a way to stop their citizens on money laundering from trading of bitcoins, and I also believe there might be a small group of wealthy Chinese citizens who are trying to evade paying taxes to the Chinese government. In addition, I think they do not hate bitcoin, but due to the nature of the secret transactions make the Chinese government anticipate by blocking it. On the other hand, they just issuing the ban of illegal ICO's that might be the one may cause of the downfall of bitcoin and China fears that most of money laundering is done using bitcoins.

[Newer]

The reason China hates bitcoin, because bitcoin has a bad impact on the country's economy so China hates bitcoin, and China wants to make its own coins.

[Vin183~]

Bcos china has coin which is made by them so they.don't like.bitcoin

[Sandijoee]

I do not know if china hates bitcoin, If that's the case maybe it's the factor of the person and the person is from china so from the factor of the people become the country affected. 

[Tuyul Gupies]

maybe a currency exchange that makes rich bitcoin users suddenly or money laundering from bitcoin trade, I think sure there might be a small group of rich chinese who try to avoid the taxes paid to the Chinese government. because it avoids paying taxes by its citizens, the Chinese government hates bitcoin because bitcoin mutes the state of China from tax payments.

[Crash21]

China don't hate bitcoin and as far as i know it was the biggest hashing power there. Their government just doing something that we can't understand to bitcoin.

[Mumei19]

do not tell jokes. China is the most coveted bitcoin, not hate 🙂

[A L I E N]

I think that hostile attitude toward Bitcoin may be explained by appearance some cryptocurrencies which has clear Chinese origins. One of the brightest examples is NEO. Bitcoin in such circumstances is like a competitor.

[LikaCat]

China is a communist country. bitcoin is freedom. Freedom and communism are antonyms

[RawDog]

China is a communist country. bitcoin is freedom. Freedom and communism are antonyms

China needs to step up their game.  Hating on Bitcoin is dumb.  Even Russia is starting to understand.  Putin loves Bitcoin.

[BTC-Market]

China can’t really control BTC via their financial agencies, though they used to have 75% of mining hash rate in the world. That would give Beijing some measure of influence. CCP was also concerned with the money outflow from China that used to reach $1 trillion a year in the bad year.
So, no control and outflow. Besides, top guns there can’t accept the idea of decentralized non-government currency.