Why does China hate Bitcoin?

[RawDog]

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.

[joseafonso123az]

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

[talkbitcoin]

since when are we focusing all our attentions to one country in the whole world?
and since when did we centralize bitcoin to only one country and stood around watching what they say or do to decide the fate of the decentralized and global currency that people created and control?

... oh right, since the bitcoin rally stopped and we wanted a drop to make profit and buy back cheaper coins!!!

[sonawer]

it seems to me that this question rests on the ubiquitous control of its citizens. do not forget that the usual Internet for citizens, is protected by the "wall"

[davis196]

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.

[Barcode_]

I believe the Chinese government is trying to find a way to stop their citizens on money laundering from trading of bitcoins, I believe there might be a small group of wealthy Chinese citizens who are trying to evade paying taxes to the Chinese government and they are using bitcoins to send money overseas, that is one of the main reason for China to enforce tighter laws and regulations on bitcoin.

[ramsdaj28]

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 that China hates bitcoin. They are just destroying the reputation of bitcoin because they might be planning to create a cryptocurrency and aims it to become popular. China is always known for its innovations, and I know that they can copy the structure of bitcoin and create a new cryptocurrency. They might also want it to become as valuable (or more) as bitcoin, thus, conditioning the minds of people over their point of view on bitcoin.

[KesoNie]

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.

because the governments of china do not want to see competing currencies they are threaten their monopoly to create money and to control the financial system and the economy we know that the china is more on banking system so i think its the one of the reason why they hate or why they banned the bitcoin .because we know bitcoin might be make banks disappear

[Maveth13]

China doesn't necessarily hate bitcoin. It only makes sense that a government doesn't want a form of currency to circulate their country that they can't control and trace. Getting rid of greed as the reason, I think their just making it safe considering that there are a lot of investors that are being scammed in ICOs that they can't do anything about.

[12retepnat34]

I think not all Chinese people hate bitcoin! there are only some especially there government but that is not hate! I think they just made rules and regulations on ICOs for there people.

[wilhb81]

Chinese are crazy in love with Bitcoins - that's why they're the biggest BTC farms in the world. However, their government hates those untraceable and decentralized features of Bitcoins.

That's the reason, those famous Bitcoin exchanges are forcing to close immediately by China's government...  

[Shinza]

It can be said that the Chinese government is a government that has a negative outlook on btc. They account for 23 per cent of the world's btc digging systems but they suspect btc is involved in illegal activities such as drug trafficking, money laundering, etc., but that's just an unofficial source. Is there any confirmed information on this? No one is asserting btc is relevant or not, but now there are many countries that accept btc as a new currency.

[Pixmartz]

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.

[Hexah]

I don't think they hate bitcoin, they just issuing the ban of illegal ICO's that might be the one may cause of the downfall of bitcoin. It's just a misinterpretation that because of banning the different illegal ICO's that booming in the world of cryptocurrency right now and the decline of bitcoin this couple of days maybe other might say China hate bitcoin bbut I don't think it composed of only few of them.

[yishak]

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.

Yeah you are right one reason they are "assaulting" bitcoins is because of the fact that it untraceable. Another reason is because bitcoin is draining the country's economy not by much but they have realised that if they continue to allow it it will become a great threat for their economy in the future, hence the "assaulting"

[Palmerson]

I believe the Chinese government is trying to find a way to stop their citizens on money laundering from trading of bitcoins, I believe there might be a small group of wealthy Chinese citizens who are trying to evade paying taxes to the Chinese government and they are using bitcoins to send money overseas, that is one of the main reason for China to enforce tighter laws and regulations on bitcoin.

Why do you think that the Chinese are using bitcoin withdrawal of capital from the country? With the same success they can bring money into the country. I think the Chinese started another game. In this case, they are not interested in taxes.

[panju1]

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.

Let us see whether they are successful in 5heir assets. They may be able to slowdown Bitcoin, but they can't stopstop it. The Chinese have resorted to multiple innovative ways to avoid capital controls. Bitcoin provides them with a straight forward, simple way.

[PHI1618]

I do not think China hates it. I think China has much larger plans for the future. We are talking about China. They aren't idiot...

[YuginKadoya]

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.

Yup! I myself don't believe it either, or OP's statement or tittle of his thread doesn't fit, I think his gonna get other conclusion in his statement, many Chinese really love bitcoin there we can see the big amount of miners that are backing bitcoin and I didn't think they surely block bitcoin from them, I think they only wants to control bitcoin just like other government want to do, I think it is for the safety issues.

[investerS]

China doesnt hate bitcoin, i believe they are benefitting from it.