Why does China hate Bitcoin?

[jaocoincrypto18]

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.

China hates bitcoins because for them it is untraceable.
1. They said it can be used for bad elements and syndicates.
2. They cant collect tax because bitcoin is volatile.
3. They said it can be use in local money laundering.
4. It will make forein currency strong.

All of these reasons we know that this is could be apply to their local currency too therefore i believed there is another hidden agenda for their self interest or to benefits them.

[nskendrovic]

China hates Bitcoin because they cannot control it! So they try and ban it now which will only make them lose out in the end. Oh well, it's their loss and they will have to catch up.

[pugman]

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.

All countries have problems with money laundering and not with bitcoin. That's why China banned ICOs in the first place because of the reason that China's investors play a major role in crypto currency investment. Afraid of new money laundering cases being created every day, China took this regulatory steps. The more scams occur every day, the more countries will start taking action against crypto currency.

[newlone]

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.

I agree with your opinion, the bans set by the Chinese law are no different from the BTC ban .

[SleepMachine]

I dont think China gov hate bitcoin. they just want control it to have tax, avoid money laundering

[nicster551]

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.

All countries have problems with money laundering and not with bitcoin. That's why China banned ICOs in the first place because of the reason that China's investors play a major role in crypto currency investment. Afraid of new money laundering cases being created every day, China took this regulatory steps. The more scams occur every day, the more countries will start taking action against crypto currency.

Yes they also want to protect their citizens from the illegal activities that may happen in their country but it causes a big effect in the market that leads to bitcoin price down and make people panic in the market.

[cafucafucafu]

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 really quite simple why they do hate bitcoin. Bitcoin is decentralized and takes control away from the government. Same with any government, especially China who wants to retain a tight grasp over the economy and how people transact with each other.

Therefore, they want to regulate it to the point that it becomes unfeasible for anyone to use bitcoin. Shut down exchanges, ban ICOs, etc.

But, p2p trading will always exist. Bitcoin will live, even if china hates it and decides to ban it completely. People will still run bitcoin software, and the network will live on.

[palensya]

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.

China hates bitcoin because they wanted all the profit to go to their goverment they do not want their country man to get rich in investing in bitcoin they do want to control the holdings of each person living in china.

[Yakamoto]

China hates Bitcoin because they cannot control it! So they try and ban it now which will only make them lose out in the end. Oh well, it's their loss and they will have to catch up.

It's all about maintaining the internal scheme they have set up and seeking to maintain it. They need to keep the money within the country and if they let it flow out then they won't be able to keep their countrymen poor and working in the factories to make cheap goods for the rest of the world.

Losing out on Bitcoin in the short term might not even really be a loss for them, if they were to actually ban it instead of just putting a leash on ICOs. That's something that people are really overlooking.

[James-crypto]

I think chinese people like bitcoin a lot, but their government fear about capital flight.

They want to keep the control of the capital flow.

[Jeffreyforce]

Chinese are really business minded people. Cryptocurrencies bypasses tax in products which means lesser profit for them. Another thing is that online stores are ran by different foreign group; if their citizen choose to buy online than in their local stores, that means more money will be going out than coming in to their country

[asriloni]

I think chinese people like bitcoin a lot, but their government fear about capital flight.

They want to keep the control of the capital flow.

That sounds right, many Chinese people buying bitcoin back then, and now many of them struggling because of the strict regulation which happen to be released by the local government.
some people said that many of them who owns big amunt of bitcoin migrating to other country, I think it's a wise move to avoid the regulation and punishment.

[HashFace]

China not only wants to track wealth, but they want their wealthy to reinvest in Chinese businesses.  They are limited by the government as to how much they can invest overseas.  It was discovered last year that wealthy Chinese citizens were using bitcoin to get their Yuan out of the country, and make more overseas investments than were allowed.  I guess the writing was on the wall at that point.  Here is a story on it from earlier this year. 

http://www.theaustralian.com.au/business/markets/chinese-investors-use-bitcoin-to-get-yuan-out-of-country/news-story/7cd6f89ae7cd84aef91078326b6274cc

[StockBet.com]

China has been trying to stop money laundering for decades.

The Chinese people launder billions of dollars every year to Australia, Canada, U.S. and Europe every year to buy real estate.  This is aided and abetted by these Western governments, when they offer resident visas to those Chinese who bring over $X.  Consequently, Australia and Canada have the largest housing bubbles in the world.

Cracking down on ICOs is just another way of clamping down on this money laundering...which Western governments urge on.

[josephpogi]

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.

In my opinion only i think china targeting the bitcoin becuase bitcoin is ownership of america so thats why they want to falldown the bitcoin and the america get mad to china this is the start of world war 3 but i how did not happen becuase many ordinary people like me die without hopeless.

[RodeoX]

Because they are acting in a logical manor? It has nothing to do with love or hate.

Is China going to allow tax evasion and capitol flight?
Is China going to act legally when they see scams like ICOs?
Is a totalitarian communist regime going to want to control the money? 

Where is the surprise here?

[djsugar]

China isn't hating Bitcoin. They have shut down the exchanges because they are bringing their own cryptocurrency. Then people can directly convert their fiat to buy government's cryptocurrency and in turn can buy other coins through it. This way they'll keep a check on in going and out going of money which was tough to analyze earlier with exchanges. They aren't banning Bitcoin but playing safely.

[alan2here]

China isn't hating Bitcoin. They have shut down the exchanges because they are bringing their own cryptocurrency. Then people can directly convert their fiat to buy government's cryptocurrency and in turn can but other coins through it. This way they'll keep a check on in going and out going of money which was tough to analyze earlier with exchanges. They aren't banning Bitcoin but playing safely.

I agree with you . China is trying to control this market to prevent money laundering because if this happens it will undoubtedly cause huge damage to the cryptoucurrency market as China is trying to create its own market.

[cybersofts]

China hates bitcoin because they don't want their people to be free.
Chinese government tend to control everything the country while bitcoin is uncontrollable!
So, how you expect the survival of bitcoin in China before? I knew this was going to happened.
China only allows what they make to circulate in their country, I see no way they might leave bitcoin in that country for long.

[shimbark123]

It is just because bitcoin took over the people. Not only Chinese people but all people that has access to it all over the world. Well another reason is because of that they wanted to create a "new" bitcoin for their community. I think this October they will release that coin.