Why does China hate Bitcoin?

[malikusama]

Chinese don't hate bitcoin, once they were in one of the countries with maximum number of bitcoin users. China government are afraid of the illegal use of bitcoin as like other governments, there fight is with criminal mind people who are using bitcoin for money laundering and all other illegal activities. Hope so they will find a better way to restrict these criminals instead of banning cryptocurrencies.

[Almat]

It doesn't anymore. I think. They're planning to come out with regulations soon. They just have a massive money laundering problem and they believe Bitcoins play a big role on it.

[Bezdonov Art]

The chinese government or central bank is not CHINA.The people of China love bitcoin and cryptocurrencies.
Why it`s so important for the authorities in China to track all transactions?Taxation,money laundering or something else?Total control over the financial system is almost impossible.

Legislation in the financial sector should be limited in purpose to preventing systemic risks to the financial system and preventing financial crimes. Regulations must not be too strict, or else the global competitiveness of Chinese enterprises will be inhibited.

[pyedpyper]

In my opinion the main reason behind banning bitcoin from china is people's will addict to bitcoin rather then their fiat, and for that china will be in loss of huge taxes.cz bitcoin fees will not go to chinas govt fund.
Afraid Fiat afraid.new era has begin.

Yep Chinese don’t hates bitcoin but they need a big control in system there country. I think the chaise government don’t invest in online unknown currency they want to make their own currency is control in all world .the people of china like bitcoin and everyone like bitcoin

[jaran126]

I think that China hates Bitcoin, with evidence that china never disagreed with rising bitcoin prices. Probably because China don't want to lose its economic competition with bitcoin. in my country there are some people can even say quite a lot, the average chinese is very rich, maybe from there is one reason china hates bitcoin because chinese do not want his wealth shifted by bitcoin.
Since when should we not focus all our attention to one country around the world?
Until we can not seize a drop of money in bitcoin to make ends meet?

[VanDeinsberg12]

In my opinion the main reason behind banning bitcoin from china is people's will addict to bitcoin rather then their fiat, and for that china will be in loss of huge taxes.cz bitcoin fees will not go to chinas govt fund.
Afraid Fiat afraid.new era has begin.

Yep Chinese don’t hates bitcoin but they need a big control in system there country. I think the chaise government don’t invest in online unknown currency they want to make their own currency is control in all world .the people of china like bitcoin and everyone like bitcoin

They actually intend to regulate the bitcoin just to keep their economy stabilized, they seem to have no interest to take the control over bitcoin but instead, don't want to miss the opportunity of taxing bitcoin users by tighten the rules. so many people here got why china regulate bitcoin wrong and the result are so many nonsense opinions. people need to wake up and learn to know what government want to know more about their movement.

[KuromaYoichi]

They don' hate bitcoin but i think they want to regulate the exchange so they can control the cash flow. They hate it if there's a lot of money going out of china because of bitcoin so they want to regulate that. Once they have the solution they will allow the exchange to operate again.

[RawDog]

They don' hate bitcoin but i think they want to regulate the exchange so they can control the cash flow. They hate it if there's a lot of money going out of china because of bitcoin so they want to regulate that. Once they have the solution they will allow the exchange to operate again.

Bitcoin was created so that governments can't fuck with the people's money.  It is the number 1 function of Bitcoin to fuck the government of China.  China can make it illegal all they want, it will have no effect on the design and purpose of Bitcoin which will prevent that government from manipulating currency to get rich.  Of course China hates Bitcoin. 

[d.mas]

One reason could be that china wants to mint its own cryptocurrency, and if they acquire they will have a greater podium than bitcoin. Other reason could be that bitcoin is not under the government control so every country's government wants to have economy's system under control of banks and allocate credit according to political agenda's. Chinese believe more in blockchain system

[Sarah08]

I think its because of taxes and the income of their government,in an article I read something that the Chinese leader said that bitcoin has low demand and no tax,and that is the one the China didn't want because China wants to be more civilised and more rich.And also bitcoin is made because for the government to be disciplined and not to steal money for the people.So China bannes the cryptocurrency in Chin.

[3Axel]

China is the Communist Party not capitalism.
This is because a bureaucrat snatches profit.

[leonix007]

They don' hate bitcoin but i think they want to regulate the exchange so they can control the cash flow. They hate it if there's a lot of money going out of china because of bitcoin so they want to regulate that. Once they have the solution they will allow the exchange to operate again.

Bitcoin was created so that governments can't fuck with the people's money.  It is the number 1 function of Bitcoin to fuck the government of China.  China can make it illegal all they want, it will have no effect on the design and purpose of Bitcoin which will prevent that government from manipulating currency to get rich.  Of course China hates Bitcoin. 

Yeah, Hating it, and they are one of the biggest maker of Bitcoin miners also has GPU miners, are they making profits on what they hate for? or we have some misconception on what they do. lets see on the next move of china.

[nrvasquez]

In my opinion the main reason behind banning bitcoin from china is people's will addict to bitcoin rather then their fiat, and for that china will be in loss of huge taxes.cz bitcoin fees will not go to chinas govt fund.
Afraid Fiat afraid.new era has begin.

I agree with you, I think this is still an unresolved problem about taxes. because with bitcoin, taxes are difficult to determine and track.

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[Snaic]

The Chinese government said that it considers the Crypto currency to be a threat to its economy, because money from the country goes uncontrollably through it. That is why it adopted a number of measures that limit the outflow of currency from the country, including by prohibiting trade in crypto currency on trade exchanges. What will come of this, we'll see in the future.

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[daenarys_stormborn]

I do not think it's only China who is afraid of bitcoin in the future, but almost all countries are afraid, it's just that the countries have not really thought about it, because bitcoin can cause massive inflation for a country

[Victorycoin]

Chinese don't hate bitcoin, once they were in one of the countries with maximum number of bitcoin users. China government are afraid of the illegal use of bitcoin as like other governments, there fight is with criminal mind people who are using bitcoin for money laundering and all other illegal activities. Hope so they will find a better way to restrict these criminals instead of banning cryptocurrencies.

It should be obvious that China does not hate Bitcoin and have no plans to ban it neither is the fear of its use for illegal activities strong enough reason to give up on their lifelong pursuit of master minding one of the world's reserve currencies especially as it has failed to do as much with Yuan. What China desperately need is control,control and control and every thing they have done is geared towards achieving that. Unfortunately however, Bitcoin and cryptocurrency in general are not the best of candidates for their scheme.

[Agamemnus]

China hates Bitcoin because Bitcoin isn't going away like many governments thought it would. Since they have large amounts of wealth stored in gold this is troubling to them as BTC is better.

[Sskapollo7]

Maybe China doesn't hate Bitcoin, but as we all read above, that they all think that BTC is traceable
So I think this is the main cause for hating it or not allowing in china