Why does China hate Bitcoin?

[ekoice]

China fears that most of money laundering is done using bitcoins.It feels that it would be difficult to trace bitcoin transactions.It is much concerned about the issue that most of its citizens invest in bitcoins and it does not want its resources to be sent outside the country using bitcoins.Its also worried that if this situation continues,then its currency Yuan would lose more of its value.That's why it has started strict actions against ICOs,then bitcoin exchanges and might take actions against even bitcoin mining.

[iqlimasyadiqa]

china does not hate bitcoin. china just wants to regulate and also make rules about the circulation of bitcoin in his country. it took them a few weeks to figure out how to make the bitcoin manageable in the country. so we all now even know that one of China's decisions is to control bitcoin, it is possible to avoid crime that could happen through transactions with bitcoin.

[coinstalker23]

China doesnt hate bitcoin they just stopped some of their local exchanges for some reasons. Maybe they are trying to make some policy to govern the circulation of bitcoin in their country. We all know how chinese people love money and how they manage to earn and get a huge profits. I think they are just planning strategically how to introduce bitcoin in their people and how to control the circulation into their local industry.

[allthingsluxury]

The chinese government is actively cracking down on anything, that will allow its wealthy citizens to get wealth out of the country. Bitcoin, is obviously a great tool for this, and is therefore an enemy of the communist party.

[kpcian]

its simple that China fears Bitcoin due to the collapse of local investment. if all the people will continue to invest in this platform then the local sector will face a huge challenge in terms of Investment so that China government always wants to regulate properly. I think this is the point regarding this issue, nothing else.

[Drnice]

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.

Now I really get the reason why China is having issues with bitcoin. But I want to know,if China is having such issues, what about countries that has accepted bitcoin into their marketing system?

[serjent05]

I do not think that China hates Bitcoin,  I believe China supports Bitcoin but they wanted Bitcoin transactions to be clean, meaning be used not on illegal stuff and supporting terrorist.  Their current "hostile" action as others think of, is because they wanted to regulate the transaction and make sure that Bitcoin is used in the right way / legal way.  When all these stuff are cleaned up I think we can see China opening its door again to the legit exchanges that trades Bitcoin.

[Carlsen]

The chinese government is actively cracking down on anything, that will allow its wealthy citizens to get wealth out of the country. Bitcoin, is obviously a great tool for this, and is therefore an enemy of the communist party.

That is how I understand it as well. Chinese citizens have not much trust in the local fiat.
They brought about 2 trillion dollars during the last five years in many different ways out of the country.
Bitcoin is one form of how they do it. And as a consequence of that the government in China gives bitcoin the same attention the other ways of money movement get: regulations.

[Shamie1002]

In my own opinion, I dont think China hates the concept of bitcoins. In the first place the whole country accepted it and their country became the most influential country in the field of bitcoins. I think that they are just worried about how transactions are handled. They just saved their countries from a huge number of scammers. I know, one time soon they will find resolutions to this.

[rodskee]

the reason of china bitcoin banned due to the crinmenals use bitcoin for the illigal activty, but i think its an alibies of the china government, china not hate bitcoin as my thinking china want to control the bitcoin to hold in hand.

[aretebit]

the reason of china bitcoin banned due to the crinmenals use bitcoin for the illigal activty, but i think its an alibies of the china government, china not hate bitcoin as my thinking china want to control the bitcoin to hold in hand.

Wrong, that's the official statement.

They hate bitcoin because bitcoin is a defense weapon against opresive governments.

[Gaaara]

china does not hate bitcoin. china just wants to regulate and also make rules about the circulation of bitcoin in his country. it took them a few weeks to figure out how to make the bitcoin manageable in the country. so we all now even know that one of China's decisions is to control bitcoin, it is possible to avoid crime that could happen through transactions with bitcoin.

Yeah, but they truly want is to take control of it, they really hate the fact that any crypto-related thing is gaining profit and don't even know who are they. They wanted to know how it circulate and to know who is their business rival because in China they're all about business and they in fact hate the way bitcoin demands in any ways, they always wanted to create one though but bitcoin were still two steps ahead of them.

[Chairul Muttaqin]

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!

that's are effort from china government to protect Chinese from scam ICO project, although only few part of all projects ICO which are existing are scam projects. but many people said that regulation of china government is only manipulation that purpose to drop bitcoin price.

[lkjhg]

all can not be separated due to dissatisfaction of the state of China in developing its business, there is a hindrance to the business competition of china country, maybe china start thinking how can rival the popularity of bitcoin.

[audaciousbeing]

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.

Now that they have said their mind, even though we all know that is the bone of contention of their grouse against bitcoin. This is another good news against those who are propagating that bitcoin can be hacked or destroyed. A government as sophisticated technologically as China, can voice this out means they must have tried several times but everything ending in deadlock.

I wont agree that they hated bitcoin because if they do, they would not have allowed it flourish to the extent of what it is today. What their concern is the inability to control and that is what is giving them the sleepless night and hiding under money laundering to carry out whats already in their mind.

However, so far they cant control, they cant also stop but the heat will of be tighter for Chinese citizen other than that, I am not seeing any stopping point for bitcoin.

[barhavsky]

Because many investors from China invest in bitcoin outside the country compared to investing in business in the country so that the economic growth of China can decrease.

[Kprawn]

The Chinese government are control freaks and you see this in the way they block internet freedom in their country. They

also know people will leave the country, if they can afford it. This is why they are hunting Bitcoin CEO's of companies that

are involved in Bitcoin. I say FCK them.... we will not miss them. The Russian government is welcoming Bitcoin miners to

invest in Bitcoin mining farms near their nuclear power plants in Russia. Just pull your roots and move to another country,

where you will have more freedom. Bitcoin is digital... nobody can stop you. 

[Fancyax]

China owns a big part of bitcoin supply. I don't think they hate bitcoin but like anyone they want to buy it low.

[PhucS]

In my view, I think not all of them hate Bitcoin, their government only anticipates threats to their economy when Bitcoin is becoming more and more popular in China. Chinese people are knowledgeable about Bitcoin, the number of Bitcoin transactions in China is probably the largest because it's very popular here. But as Bitcoin is more and more popular in China, its government is fearful, that Bitcoin is not dependent on any organization or individual. They fear that there will be no control over Bitcoin, corruption and money laundering will occur that will make their economies suffer. This is just my personal opinion

[A.nayem]

The chinese government is actively cracking down on anything, that will allow its wealthy citizens to get wealth out of the country. Bitcoin, is obviously a great tool for this, and is therefore an enemy of the communist party.