Why does China hate Bitcoin?

[zelenkova]

Still, the Chinese will not stop using bitcoin because bypassing the system one can always use VPN to help.

[charlotte04]

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.

I think they are just protecting their economy and they don't want there money to get out to the market without knowing any transactions about it.

[natalagerman95]

It seems to me that they do not hate him but just hear such rumors from a single journalist. And so sure there are also working with bitcoin.

[bluebird08]

For me itss just because they didn't want digital currency and they only want their own currency

[altercreed]

Still, the Chinese will not stop using bitcoin because bypassing the system one can always use VPN to help.

There will always be a loophole with all the mess the Chinese people have experienced when their government bans cryptos. There is always a way and i believe there are still people in China who do crypto like investment, mining, and the like.

[Larrycool]

I think it's due to the fact that China have a communist government, so they want to take control all the aspect of economical state inside their country. And we all know that Bitcoin is a form of crypto-currency which is likely to happened to be a unreachable, uncontrollable form of currecny. Meaning that the government or their government will no longer have a control on investments , property and transaction of their people

[Hitesh Ohri]

all the people in china does not necessarily hate bitcoins but the china government does it somewhere...... because these currency cannot be traced so it cannot allowed to enter in the country....

[NABILA AKTER SHILA]

I think China does not hate Bitcoin. They are just spoiling the reputation of Bitcoin. Because they plan to create their own cryptocurrency and become more interesting. China is always popular for innovation innovation.
They could create another similar to that. They would like to make them popular.

[Dmitry.Vastov]

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.

It is not the people who hates bitcoin, it's the government of China that hates bitcoin and the reason being is the untraceable cryptocurrency, the BTC and if BTC or any other cryptocurrency could not be traced then it could put the national security of the country in risk and this is the reason why China and the other countries has not yet legalized cryptocurrency in their nation because this untraceable nature could lead to illegal activities but as soon as government understands the Fate of cryptocurrencies they will surely centralize it.

[rxtwo]

China does not hate Bitcoin. Wherever you heard this is wrong. They are regulating ICOs, which are a whole different enchilada. I think governments all over the world, and not only China are going to get involved in the next wave.

[Angletim]

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.

I don't think China hates bitcoin. I know there are a lot of currency investors in China, they are like bitcoin, but their government has carried on the strict regulation to the bitcoin, China's domestic exchanges are closed, but that has not stopped them to buy the bitcoin

[russella31]

Because Chinese government cannot regulate bitcoin. They like to control their people. Of course, they like to control especially when it comes to money. Social media sites like Facebook ib ban there. I'm not surprise that they ban bitcoin as well. 

[Yarsk]

He have said it all, he stated that they goal is to see all financial transactions trace and at the same time tracked, and bitcoin is a direct opposite of that because bitcoin is decentralized and can not be trace to any body so bitcoin beat the purpose of they monetary policy and at that bitcoin will be seen as an enemy.

[xiaohao111]

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.

I think the Chinese are very like encryption bitoin, in China there are many miners in the mining of the bitoin, the bitoin investors from China also has a lot of, hate the bitoin is one of China's government, they are tightly regulated bitoin, the bitoin trading in China is prohibited

[alan2here]

He have said it all, he stated that they goal is to see all financial transactions trace and at the same time tracked, and bitcoin is a direct opposite of that because bitcoin is decentralized and can not be trace to any body so bitcoin beat the purpose of they monetary policy and at that bitcoin will be seen as an enemy.

But if they let their people take part in the bitcoin and bring more profits to their country in the next few years, it is better to bar the bitcoin deal.
With a population of over 1 billion people, I think China will become more prosperous as its people make more money from this sector. After a while they can stop for their people to operate. So this is not a good way?

[GayOfThrones]

I would not say that Bitcoin is not trackable, but of course it allows to transfer up to very huge quantities of money out of a country, and of course China doesn't like that.

[cmacwiz]

I think they do not hate bitcoin, but due to the nature of the secret transactions make the Chinese government anticipate by blocking it. because bitcoin can be a place to launder money. And banks and chinese goverment do not benefit from bitcoin.

Chinese government takes its own currency too seriously. Chinese government doesn't want a digital currency like bitcoin affects their country own currency value. Due to its digital in nature its user doesn't pay tax to their government and this thing affect their country economic. Bitcoin also affect their Banking systems. Decentralised nature of Bitcoin is one of the main reason behind its ban in china. Chinese government also put pressure on other countries to ban bitcoin like other crypto currency.

[Bisul]

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

[cordlesslake]

China is a former comnunist country that quickly became an industrial power. However, it continues to have a strong government centralism that does not fit well with a decentralized, anonymous and free currency like the bitcoin.

[Ghayoor]

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.

I don't think China hates bitcoin. I know there are a lot of currency investors in China, they are like bitcoin, but their government has carried on the strict regulation to the bitcoin, China's domestic exchanges are closed, but that has not stopped them to buy the bitcoin

china don't want to use its people for other work they want to use their people for its own work to collect tax because bitcoin is a easy way to earn money and there is no need to pay tax.