Why does China hate Bitcoin?

[WaterPower]

They don't hate it is just they don't want people to use bitcoin and RMB price will go down.

[1714644759]

1714644759

[1714644759]

1714644759

[1714644759]

1714644759

[1714644759]

1714644759

[duyduc256]

I think China does not hate Bitcoin and they have contributed a lot to the market, without China it will be very difficult to succeed and will not have high prices at this time. For me if Bitcoin is applied in China it would be great

[yohananaomi]

They don't hate it is just they don't want people to use bitcoin and RMB price will go down.

I also estimate such a thing, because bitcoin in their country is progressing very rapidly and its transactions may be deemed to disrupt payments with their legitimate money.
but the truth is I do not know.

[suvo05]

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.

They not only want to take control over financial system , they want to take control over everything. This is why they already banned whatsapp,facebook, twitter, gmail,youtube, pinterest , pornhub  and so on. (there is less space to complete the list). So bitcoin is no surprise at all.
 1. https://en.wikipedia.org/wiki/Censorship_in_China
 2. https://en.wikipedia.org/wiki/Websites_blocked_in_mainland_China

[Ekanenf]

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 

Bitcoin is traceable because we have this transaction history, including where we send the money and so on, but the thing here we don't know who is the owner of a certain bitcoin address, that is why bitcoin is anonymous. Any cryptocurrency is traceable in the blockchain, so I don't know why this Chinese Government banned the ICO's or crowdfunding, we don't know that is their real reason behind this issue, but what is important is bitcoin is still living and it is continuing to rise above the ground.

[bitorama]

China hates bitcoin, but chinese people like it

[Nurma.A]

china does not hate bitcoin, they just make the bitcoin price decrease and they will invest in bitcoin. so they will benefit greatly if bitcoin prices increase

[Trololoh]

"Hate" is exaggerated. Bitcoin wasn't in their ''Divine Plan'' so they had to do it

[AjithBtc]

"Hate" is exaggerated. Bitcoin wasn't in their ''Divine Plan'' so they had to do it

As in the above quote, hate is something an exaggeration. China always support bitcoin as well other digital currencies. If hatred is found on China, surely now a big negative impact could have been felt upon the bitcoin community in terms of growth as well diversified usage accessibility.

[RamBahadur.Gurung]

"Hate" is exaggerated. Bitcoin wasn't in their ''Divine Plan'' so they had to do it

Agreed. Bitcoin goes against their plan to control the economy and reduce personal liberty. The Chinese want to place everyone under government surveillance, and the anonymity of Bitcoin makes it really hard for the government to track the transactions of the users. And that is exactly the reason why the Chinese government is trying to ban the BTC.

[behindcrypto]

Because they fear if all people people of china starting using bitcoin, in this condition Chinese Renminbi currency popularity will decrease.  they want to take control over everything. This is why they already banned whatsapp,facebook, twitter, gmail,youtube, pinterest , pornhub  etc.

[cryptothreads]

Because they fear if all people people of china starting using bitcoin, in this condition Chinese Renminbi currency popularity will decrease.  they want to take control over everything. This is why they already banned whatsapp,facebook, twitter, gmail,youtube, pinterest , pornhub  etc.

I agree with you . They ban all media and use We Chat only, which is not good because they are trying to forbid everything outside and put false information about the market to make investors confusion

[beatleap]

"Hate" is exaggerated. Bitcoin wasn't in their ''Divine Plan'' so they had to do it

Agreed. Bitcoin goes against their plan to control the economy and reduce personal liberty. The Chinese want to place everyone under government surveillance, and the anonymity of Bitcoin makes it really hard for the government to track the transactions of the users. And that is exactly the reason why the Chinese government is trying to ban the BTC.

This is why the people will look to bitcoin if its legal or not. the government of china has effectively advertised to its people that bitcoin is a threat and so it will be illegal. which means more people know about it than ever in china due to it being national news where as if they left it not so many people would of known.

[keycellko]

I dont think China hates bitcoins. looking at it at a larger perspective, bitcoin has been used by some people illegally, for example money laundering. Illegal activities that are monetary in nature can now be untraceable through bitcoin, that is the main reason why china hates bitcoin.

[kutongcoin]

China do not hate bitcoin, the Chinese government is the one who hate bitcoin because their government are very authoritarian. Bitcoin allows china to avoid taxes, avoid confiscation of their wealth that’s why chinese government are not to  fan of bitcoin.

[DoublerHunter]

China do not hate bitcoin, the Chinese government is the one who hate bitcoin because their government are very authoritarian. Bitcoin allows china to avoid taxes, avoid confiscation of their wealth that’s why chinese government are not to  fan of bitcoin.

The government is representing the country itself so when the government hate bitcoin then the country also hate the bitcoin. Chinese people are very opportunist because they always look for the opportunities but they are in a bad luck because they are in a government that hates decentralization so the investor in china doesn't have any chance but to just obey or if they don't like the hate that the government have in china then they need to migrate into another country.

[bravehearth0319]

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 don't believed that China hate bitcoin, how is that happen since China is one of the biggest average percentage of bitcoin mining farm in the whole world. It's only a FUD with non-sense topic. In fact, its really ridiculous when I heard that.

[xbl1008]

I think china is not really hate bitcoin they just really want to gain first something before bitcoin takes place in china they know that china is a super power and it would bring huge profits to their country so they want to regulate it first before bitcoin takes place to their market

[Opurum]

Any tax dependant economy would most likely hate bitcoin or any other crypto because of the annonymous nature of transactions which makes it almmst impossible to tax such transactions.

[Victorycoin]

It's not that they hate it but they see it as a threat of their people using it and not paying taxes, China absolutely wants their cut if money is coming and go from anywhere. 

Much as all governments are very keen when it comes to collection of tax, I however do not think it is a major reason for China's hardliner stance for Bitcoin and entire cryptocurrencies. It is worth noting that use of Bitcoin does not translate to tax holiday, because every now and then, conversion to physical money is made and at that point, tax evasion is out of the question. China's concern is that Yuan, is going to be worst off if Bitcoin is given a free hand.