Why does China hate Bitcoin?

[assyla]

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 that China banned bitcoin in their country because it may become as treat to their governement economy because as of now their is a lot of people that have been using bitcoin in their daily lives. And also they dont want their people to have a power to keep their money.

[lighpulsar07]

I personally don't think that china hates or bans bitcoin because if they going to ban bitcoin as a whole, they already ban the bitcoin many years ago and i think that banning bitcoin exchanges and ICOs is for their citizen safety why? Because too many scam ICOs and it is hard to tell which is the legit or not.

[Cindy1983]

In my opinion China isn't hate Bitcoin, the only thing they banned in their country is ICO projects cause there are a lot of new ICO projects everyday and not all of them are good, some out of it is scam that why China government banned ICO projects just to protect investors in their country. Beside as I know China government has earned a lot of money every year from Bitcoin mining factories in their country so there are no reason for them to hate Bitcoin

[VegaAISolutions]

at the end of the day china doesn't hate Bitcoin they just want to stop the Rampage of tax loopholes and money laundering that it enables.


it so happens that it's far more profitable to mine Bitcoins and run exchanges in Asian countries, sold them have chosen to regulate it and accept it as a valid currency like Japan and others like China have taken a more proactive approach and attempted to stop its use in many different ways.

it's obvious at this point that they are not against Bitcoin but rather they just want to regulate and control it which is obviously against the very point and nature of Bitcoin so inevitably they'll make their own version and insist that you use it if you're in China.

[White Christmas]

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!

I agree the fact that botcoin cant be trace easily investors who get scammed cant recover that they lose in the ICO. Yes bitcoin was a risky market because you are not sure if it would going to be successful or not. But i think only china did this. Because they are negotiable people which always think about earning money. That was their characteristic that I observed to chinese people.

[DimaPechka]

China wants to create their own crypto!

[andaresta]

I do not know exactly what and why China hates bitcoin in the country?
make no mistake that bitcoin can be used by anyone including chinese.

[Bluestreet]

I believe that China is hating bitcoins because the Chinese government love to control everything happening in their county and bitcoin is the only thing that they can't control, so they are trying to stop its usage in their country. The reputation of bitcoin is so tarnished that I once was telling my friend about bitcoin and he said that ya i know about bitcoin, it is the currency that is used to buy drugs online, maybe the mentality of the people towards bitcoin can also be the reason behind this.

[JohnBitCo]

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.

I think by banning bitcoins China is doing no good to itself and no damage to bitcoins. If they think they can destroy the bitcoins and come up with their own crypto currency, this is their mistake. By baning the bitcoins they are just being left behind the digital currency world. The Chinese should think in this way too.

[ruthbabe]

I think the government of China doesn't hate Bitcoin. They're simply afraid it might ruin their financial system considering that Bitcoin and ICO are becoming popular in China. And so, since they cannot control bitcoin because it's digital and uncontrollable they banned it.

[Mr.Anonymous]

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!

I agree the fact that botcoin cant be trace easily investors who get scammed cant recover that they lose in the ICO. Yes bitcoin was a risky market because you are not sure if it would going to be successful or not. But i think only china did this. Because they are negotiable people which always think about earning money. That was their characteristic that I observed to chinese people.

Although China has a large amount of miners, but the Chinese government still hates Bitcoin, do you think it very unreasonable? Why does the Chinese government need to ban the ICO market but not ban the Bitcoin exchange? You should think again about this case.

[fathur.aza]

what is the state of china disadvantaged by the presence of bitcoin? I think not because in my country even happy with the existence of bitcoin which makes economic growth increased.

[longpro098]

I think China probably wants to discipline children or teens involved in dealing and generating illegal income means in their own beliefs and culture. However, I think if the ICO would still propagate the world then it would reliably return soon to their homeland.

[FrueGreads]

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.

Yes I think that statement sums it all. China is not really against bitcoin, but they really like to control things, specially money, so if they can't control bitcoin, then they will fight back with all they can. I all favor for regulation, as I think it's important to fight crime and prevent the population to be scammed, but China sometimes goes way to far on that task. I think Japan is doing a far better work on that matter.

[pitiflin]

China believes that it’s a superpower and if it makes a strong move ,other countries might follow them,  I don’t know more about it. China can do anything, but the question is, will it do it? Common bitcoin is not that weak to be striked again and again, something else is coming other than china and I don’t know what, but something big is coming!

[Ramsay555]

I don't think China hate bitcoin as there are so many miners out there in the China. But there is a love-hate relationship of China's central bank with the digital currency like bitcoins. As i read on a news regarding on the China's central bank, the author stated that People’s Bank of China (PBOC) which is the China's central bank has been pouring money to study the blockchain technology. This shows that they are aware of the benefits of the bitcoins and how it could affect the future. While for the hate, it is obviously the central bank doesn't like bitcoin because it affect their business as bitcoin is developed to overcome the issues of the making transaction using bank eg bank transaction fees are high and expensive.

[Lamisa asfiya]

no,China doesn't hate bitcoin.i think they have some problem with ico.it's a risky market.and china govt is trying to stop money laundering. because from it peoples  gets benifits but government and bank don't get that.

[NeilLostBitCoin]

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.

For me bitcoin is a real threat for their economy. we all know that there are a lot of businesses in china that are fraudlent that helps their economy. with bitcoin it might be prevented.

[qtronix]

it is ok. let they quit from this market. Hi God please give us Japan and take back China . thank you verymuch God!

[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.

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.

I think by banning bitcoins China is doing no good to itself and no damage to bitcoins. If they think they can destroy the bitcoins and come up with their own crypto currency, this is their mistake. By baning the bitcoins they are just being left behind the digital currency world. The Chinese should think in this way too.

First of all China isn't banning Bitcoin but shutting down the exchanges. The sole purpose of shutting down the exchanges is to offer only one medium for buying cryptocurrencies that would be the cryptocurrency that government wil be launching. Then Chinese trader need to convert fiat first in government backed cryptocurrency and then use that to buy other cryptocurrencies. So that government can keep a check on money supply.