Why does China hate Bitcoin?

[jets567]

They don't hate it, They are trying to manipulate the price hoping they can have a shopping spree. They want to be whales trying to do FUD to the Cryptos. But the fact is bitcoin can soar the market without them, No one's stopping the flight of BTC and that's the fact.

[kevindjunaidi]

china does not hate bitcoin, but china sees the bitcoin's success and its many devotees, so china wants to make its own coin to compete with bitcoin. that's why china blocks bitcoin 

[ruskytailz02]

we cannot blame CHINA because I think they want to secure their country especially in money laundering
its like protection for those people who doing this

I think they want to ensure all of investors who became victims of scams

[GreenBits]

Pretty sure China really doesnt have a beef with bitcoin. they have allowed the majority of bitcoin mining equipment to operate without really saying anything. retrospectively, i think this is more about capital ouftflows, and trying to get better control over the lack of proper aml/kyc and registration at exchanges. Im not talking the customers; im more talking the fact that alot of these coins and tokens dont actually pass the Howey test, or at least completely. to list these is to essentially list an unregulated security, which doesnt usually fly anywhere in the civilized world. also im pretty sure organized crime is seizing the opportunity these price levels provide to launder money, this should do a lot to prevent that as well.

[Sweetbtc]

I think china believe that bitcoins are use for money laundering. So to protect the dignity they ban bitcoins. There should be an other reason for banned.i think they want to stop local exchanges. It was a big business in china and i wonder why they are taking such steps.

[Sahabat_]

I think china believe that bitcoins are use for money laundering. So to protect the dignity they ban bitcoins. There should be an other reason for banned.i think they want to stop local exchanges. It was a big business in china and i wonder why they are taking such steps.

China may have reasons that other nations should not know for a reason.
and now we can only accept that China forbids the existence of Bitcoin, but I am still optimistic that bitcoin will continue to grow even if China forbids it

[fitriyanti]

because china will create its own coins and will replace the bitcoin with the coins they create

[Chairul Muttaqin]

I think China doesn't hate Bitcoin. China hate the decentralized process. there is no way to trace the scammers identity. 

I do not think china hate cryptocurrency can be a real money threat. we all know that cryptocurrency is decentralized, of course the Chinese government hopes that they can take full control.

I think the Chinese government does not hate cryptocurrency but they have a reason to ban it.
perhaps they are concerned with the abuse of cryptocurrency as the frequent misuse of ICO scam.
which then resulted in disadvantage to the investors and also the other party.

and i think maybe they are afraid when one or several ico scamming their people because the ico is not always guarantee to the investor can make profit in the end. i think the government can make some regulation to control the ico so the ico can not scamming people although the possibility is always there. with the biggest mining company, i am not sure that chinese government will continue their plan to ban bitcoin and the ico. but i am curious with what happen later and i hope the other country will not affected.

that is very reasonable that many investors of ICO project comes from china, even for some project, majority investors are Chinese. but if you know, there is some another reason besides many ICO Scammed citizens of  China. one of that is cryptocurrency (especially bitcoin) could treat china national fiat if the most of their citizens move to cryptocurrencies (especially bitcoin) china local fiat will decrease the value if holders fiat are move to cryptocurrencies in bulk

[BurhanPSG]

if in my opinion, this is a factor of the lack of Chinese state in handling for bitcoin problems, such as ico scams that make the state materially loss.
and there is also news that they are afraid that the local currency will lose out with bitcoin.

[Granxis]

There is an understanding of the economy that every country adopts, perhaps it does not hate China. The important thing is that the people are far from the countries, the people are the countries.

[datodota002]

maybe china doesn't hate it but doesn't want to use it because the charqcter of bitcoin is very anonymous and doesn't want to use as the crime founding and money loundry media

[HarleyQuinn9876]

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 do not think China hates bitcoin. Some people invest in bitcoins, they run the risk and they lose money. Many investors are deceived and lose money. This means that not all Chinese hate to bitcoin. Maybe China hates bitcoin because they have other purposes

[Sahabat_]

if in my opinion, this is a factor of the lack of Chinese state in handling for bitcoin problems, such as ico scams that make the state materially loss.
and there is also news that they are afraid that the local currency will lose out with bitcoin.

it can indeed be the cause of it because the more often used its bitcoin and the legitimate Bitcoin,
then purchases against existing stores can already be purchased with bitcoin
then the local money will begin to get knocked out

[Fog Fence]

just like facebook and google. If China gov can not control them they will ban. That's all

[Rajamuda]

From the latest news that emerged from China, it looks China seems like hating Bitcoin, but i think that response doesn't mean to hate bitcoin, however may not like in use of bitcoin / other crypto currency on its nature that still can't be controlled properly and still are freedoms that could endanger the state's economy.

[pekingcoepo]

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.

Seeing the latest news in my opinion also china does not hate Bitcoin, the Chinese government only inhibits the use of bitcoin that deviate like criminals or money laundering, because the nature of Bitcoin itself anonymous. because I also believe the Chinese government is also a Bitcoin user.

[hello_good_sir]

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.

Well said. Bitcoin gives people their right of not being spied on by governments and not being controlled by governments back to them. Obviously governments don't want that to happen, especially when they can't regulate the bitcoin network and is operating globally.

And it's not just China... It's basically every single world government. But China is recently introducing a lot more regulations and laws.

But, the beauty of bitcoin as i said is that government can't just sign an order to shut it down. It is a distributed network - as long as people are using it, it'll exist.

[OracionSeis]

I think china believe that bitcoins are use for money laundering. So to protect the dignity they ban bitcoins. There should be an other reason for banned.i think they want to stop local exchanges. It was a big business in china and i wonder why they are taking such steps.

China may have reasons that other nations should not know for a reason.
and now we can only accept that China forbids the existence of Bitcoin, but I am still optimistic that bitcoin will continue to grow even if China forbids it

Nope, China does not ban Bitcoin, this country only banned the ICO market and some cryptocurrency exchanges (almost are small exchange or exchange has small volume). China not stupid when they ignore a huge profit from Bitcoin.

[CryptoBry]

They don't hate it, They are trying to manipulate the price hoping they can have a shopping spree. They want to be whales trying to do FUD to the Cryptos. But the fact is bitcoin can soar the market without them, No one's stopping the flight of BTC and that's the fact.

Well, that is another way of looking at it. There are actually many reasons why China made the decision of banning ICOs and Bitcoin exchanges in its jurisdiction...there are reasons we see at the top and there are also reasons behind the building (pun intended). We just have to play along with it as the government in China is always the one to be heard and to be followed all the time.

[bryant.coleman]

Nope, China does not ban Bitcoin, this country only banned the ICO market and some cryptocurrency exchanges (almost are small exchange or exchange has small volume). China not stupid when they ignore a huge profit from Bitcoin.

Well, they put a lot of obstacles for the CNY-BTC trade. That is very close to a BTC ban in China. Have no illusions about it. The Chinese government hates Bitcoin. They will hate anything which they can't control. And the list includes Google, Facebook, Twitter.etc in addition to Bitcoin. But let's see how far they will go with their anti-Bitcoin policies.