Why does China hate Bitcoin?

[Destroyeroff98]

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.

1) China wants to dominate the global economy with its own currency, and competitors do not need it.
2) Centralization is the key principle of Chinese power, monetary strategy and everything else. Bitcoin is a free market and decentralization in its pure form.

It is for these reasons that China is doing its utmost to keep 100% control over its own currency. In particular, at the moment China artificially understates the value of the yuan to increase its export competitiveness.

[lalabotax]

china does not hate bitcoin. but bitcoin has become a threat to the country of china. yes that's the case, china is the biggest producer in asia about pirated goods. duplicate brands. and china wants to make its own crypto. that's what I think.

[Sahabat_]

china does not hate bitcoin. but bitcoin has become a threat to the country of china. yes that's the case, china is the biggest producer in asia about pirated goods. duplicate brands. and china wants to make its own crypto. that's what I think.

but not everything about China is true, we need to be more familiar with what China really wants,
whether about shifting their currency or they want to make their own currency cryptocurrency or the other

[hajimasan]

china does not hate bitcoin. but bitcoin has become a threat to the country of china. yes that's the case, china is the biggest producer in asia about pirated goods. duplicate brands. and china wants to make its own crypto. that's what I think.

but not everything about China is true, we need to be more familiar with what China really wants,
whether about shifting their currency or they want to make their own currency cryptocurrency or the other

Here i am not agree fully with you but still at some extent you are right .
All the products that produces in China which are not perfect are only prepare by the people who have not job but have compulsation of having any type of job to make daily earnings .
Here the condition is also same , due to big population in china , people moving toward the cryptocurrency and thats why the big part ot cryptocurrency depends upon the china , but here government is going to take some action which is not in favour of the bitcoiners of china as well for us also because of the the down in the market of bitcoin .

[kissmarx]

Only the Chinese government don't like Bitcoin. However, the Chinese people who are into the cryptocurrency world, they don't hate it, they love Bitcoin. In fact more than half of the people who are into cryptos are Chinese. Even the miners, most of them are Chinese. They make the best Mining equipment in the world, such Bitmain.

Those Chinese exchanges closed by the Government are going to re-open their exchanges but outside China so that the Chinese government cannot shut it down like it did days ago.

[Sahabat_]

china does not hate bitcoin. but bitcoin has become a threat to the country of china. yes that's the case, china is the biggest producer in asia about pirated goods. duplicate brands. and china wants to make its own crypto. that's what I think.

but not everything about China is true, we need to be more familiar with what China really wants,
whether about shifting their currency or they want to make their own currency cryptocurrency or the other

Here i am not agree fully with you but still at some extent you are right .
All the products that produces in China which are not perfect are only prepare by the people who have not job but have compulsation of having any type of job to make daily earnings .
Here the condition is also same , due to big population in china , people moving toward the cryptocurrency and thats why the big part ot cryptocurrency depends upon the china , but here government is going to take some action which is not in favour of the bitcoiners of china as well for us also because of the the down in the market of bitcoin .

it is true that Chinese bitcoiners users have a big impact on bitcoin transactions in the world
but what power is now the biggest transaction transactions have switched to another country and maybe Japan will replace it

[bololord]

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 my opinion only i think goverment of china hate bitcoin becuase the goverment didnt control the bitcoin and bitcoin dont have any taxes , so thats why goverment hate bitcoin they want to control the bitcoin but its hard so thats why lttle by lttle the bitcoin became banned in china.

[Mr. Legendaris]

I think the bitcoin hate is a Chinese government, most chinese like bitcoin so china becomes the biggest bitcoin user, the Chinese government is worried about the use of bitcoin that is getting massive will make its citizens leave Yuan.

[jumpflip27]

China government doesn't hate cryptocurrencies, they to want stop speculations and manipulations with black money.

[pureclckr]

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.

Bitcoin maybe a threat to Chinese internal currency that why there are hating such a blessing they think that their people will start using it and then there will be no internal business and everyone will use the bitcoin the economy will collapse, which is totally rubbish.

[House_stark]

In November, the Chinese authorities officially prohibited any in-country transactions involving Bitcoin crypto currency. In addition, in December, China officially announced that it does not recognize Bitcoin as a currency, but holds it solely for a kind of commodity-type virtual goods. It was on this negative that the virtual currency sharply sagged on international toga to $ 600 against $ 1200, after which it was able to stabilize to $ 800 - according to AForex materials and yeah it’s a bit long story.

[BitFinnese]

I think China does not hate Bitcoin. As a matter of fact i guess they like that blockchain technology.  They are just protecting their citizen and wants a cleaner environment for exchanges.  They are shutting down not properly licensed exchanges and not the legit one.  This mean they are serious about Bitcoin and they wanted to deal with it in a legal way.  This only prove that Bitcoin is legal in China and legal entity needs legal exchanges to operate.

[Gracechen17]

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.

Their government does not benefit from it that's why. No tax benefit, cannot put their hands into corruption (if ever they do). So they won't allow their citizens to benefit from it either.

[MisterKT]

A lot of Chinese people are speculating on the stocks and used the cryptocurrencies to laundry money. So that's a good reason to stop Bitcoin in China.

[freedomsr40]

China is country which believes in strong forex control, since years. And BTC exchange is just a hold in the regulation system, I will not be surprised they want to forbid it. Plus there will be an important meeting there in October, this period is very sensitive.

[Hazir]

A lot of Chinese people are speculating on the stocks and used the cryptocurrencies to laundry money. So that's a good reason to stop Bitcoin in China.

So let's ban everything because some people will find a way to abuse it? That is not the way. You can't fix the problem by banning everything.
The root of the problem is stock speculation then impose harder regulation of this system. Take care of the root of the problem...
But China is like, nooo - path of least resistance always best, right?

[BlockHazard]

China does not actually hate bitcoin. they only make regulations that will protect investors from fraud/scam. Do you know that the fraud case in China regarding bitcoin and cryptocurrency yesterday ate many victims? Here Bitcoin is a scapegoat. Bitcoin is innocent, the guilty are the perpetrators of scam.

[stompix]

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.

This makes no sense.
Even now if somebody would go to a Chinese exchange they would have to deposit money via a traceable payment gateway.
Be it a bank transfer or whatever they use there.

Just inserting another step like a government controlled crypto won't make things easier.
Once the guy gets his funds into an exchange and convert them to bitcoins the government loses it's track.
How do you proceed after this? You know one person has bought 10 btc but he can clam he has lost them, he has been hacked he can go and file a complain at the police, good luck proving he still owns those coins.

[Ewinsane]

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.

The main reason behind their decision is they don’t want to see their people progressing and independent of their national currency and they want to control their people under them and don’t want to see  them making money in any other currency, and Chinese economy is at threat as more people in china start using bitcoin. This is an ill decision.

[Pursuer]

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.

The main reason behind their decision is they don’t want to see their people progressing and independent of their national currency and they want to control their people under them and don’t want to see  them making money in any other currency, and Chinese economy is at threat as more people in china start using bitcoin. This is an ill decision.

you are drawing a conclusion based on what you have read in FUD. so your conclusion is wrong.

the Chinese government may very well have this exact motive but what we know and what the reality of what we see is that they are banning ICOs which everyone knows are illegal in many different countries. even in US things like ICO are what SEC warns about and even considers illegal.
the other thing about exchanges is that they do not have license so they are being closed.

so far I do not see any "ill decision" in any of these.