Why does China hate Bitcoin?

[Youghoor]

A lot of governments are hating bitcoin and cryptocurrencies right now, because they are making rich a lot of people, and they are stopping using banks only to use cryptocurrencies.
And this is not only about China, a lot of countries are going to be worried about bitcoins and all the cryptos.
but it seems like china is quiet right now, because i haven't seen any update from them.

[Diced90]

I believe too much freedom is bad and for a large country such as China control is important and the only way to keep its people within their rules and regulations as people could easily go astray. And I dont think they hate bitcoin probably just trying to avoid been the driver of this technology.

[Opurum]

And If governments the world over – more importantly the big economies – continue to be restrictive to the use of cryptos, what effects would that have on the industry in future?

[rhamzter]

A lot of governments are hating bitcoin and cryptocurrencies right now, because they are making rich a lot of people, and they are stopping using banks only to use cryptocurrencies.
And this is not only about China, a lot of countries are going to be worried about bitcoins and all the cryptos.
but it seems like china is quiet right now, because i haven't seen any update from them.

Maybe because government of different countries have no capacity to control the increasing price of bitcoin. Moreover because of bitcoin income of corrupt leaders of each country were lessen, due to non taxable income of each people in bitcoin.
Otherwise large volume of people are already joined in bitcoin so it means high numbers of people who earn high amount of profit were not given tax to the government of respective country.

[Arkann]

The Chinese government first announced that the Crypto-currency is a threat to its economy, as money is being sent out of the country uncontrollably through the crypto currency. Therefore, it began to look for ways to resolve this issue, and before the final decision was suspended or banned activities related to the crypto currency. It tried to centralize the crypto currency, but it seems that he did not succeed.

[123kape123]

since when are we focusing all our attentions to one country in the whole world?
and since when did we centralize bitcoin to only one country and stood around watching what they say or do to decide the fate of the decentralized and global currency that people created and control?

... oh right, since the bitcoin rally stopped and we wanted a drop to make profit and buy back cheaper coins!!!

I don't think that they hate it but they want something even more. i think They want to ban bitcoin and create their own coin that could surpass btc.

[greatestwhitetwinpack]

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 maybe why china hate bitcoin it is because 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.

[HEWRA]

I dont think that China government hates bitcoin, they didnt forbid it or anyway, they just regulated the ICO and stuff.
There was even plans to make their own cryptocurrency, so im sure that bitcoin will live long in china!

[xander ford]

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 because why china hate bitcoin maybe They're simply afraid of it. Did you know 40% of Bitcoin investors were chinese? Chinese government doesn't want yens to be replaced by Bitcoins.

[gabmen]

I dont think that China government hates bitcoin, they didnt forbid it or anyway, they just regulated the ICO and stuff.
There was even plans to make their own cryptocurrency, so im sure that bitcoin will live long in china!

Yeah they're looking for ways to keep crypto in check and controlles which is obviously against bitcoin's very nature. Though in fairness to china, some points on security that they've raised is well valid like it being used for illegal transactions and terroristic activities. I think it's inevutable that regulations will be implemented

[Thejesusofcrypto]

China wants regulations. They want control.
China loves bitcoin but hates alts my friend.
Alts are a direct threat to btc.

[Victorycoin]

And If governments the world over – more importantly the big economies – continue to be restrictive to the use of cryptos, what effects would that have on the industry in future?

When the price of oil was beginning to get out of hand and almost a threat to normal life, money starting going into alternative enegry and today, a barrel of oil is going for less than $50. When people want something desperately, they usually have it because number is strength. Bitcoin has got a very strong community, any country that dares to take them for granted, does so to their own peril.

[DenGreen910]

A lot of governments are hating bitcoin and cryptocurrencies right now, because they are making rich a lot of people, and they are stopping using banks only to use cryptocurrencies.
And this is not only about China, a lot of countries are going to be worried about bitcoins and all the cryptos.
but it seems like china is quiet right now, because i haven't seen any update from them.

oh you're right
maybe bitcoins should be official? and banks would be okay after that

[karabasss]

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 China, I can say so they do not like if they are driven into their state policy, they really do a lot for people and regulate many laws. That's why there is order, and then a dark man came who wants to change their views, as you think they would like, I think not.

[Bitcoin_Delivery]

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.

I agree with you maybe the tax absorption for bitcoin in china has not been too big and the anonymous transaction being the reason of the fear of being misused by the person

[Konco126]

China hates bitcoin probably because China don't want to lose competitiveness with bitcoin. In my country there are some chinese people are successful in opening a business. But I don't like Chinese people. Because, goods are sold by him mostly not durable. I'm sure even though bitcoin is hated by chinese, bitcoin will remain popular. Because we live in this world many countries, not just china.

[leonair]

China hates bitcoin probably because China don't want to lose competitiveness with bitcoin. In my country there are some chinese people are successful in opening a business. But I don't like Chinese people. Because, goods are sold by him mostly not durable. I'm sure even though bitcoin is hated by chinese, bitcoin will remain popular. Because we live in this world many countries, not just china.

I don't think China hates bitcoin, if they do they should've totally considered it as illegal but
rather what they did was the regulated the use of bitcoin and avoid it from leaving their country.
What they're doing is trying to hoard the coin and when the price goes high they can dominate it's market and gain more.

[bitcoinvamp]

As per the fact China does not hate bitcoin , the thing is that as bitcoin is untraceable so the people of china do money laundering through bitcoins so they want to track every bitcoin so that they could get to know about the tax defaulters and others who are misusing this cryptocurrency.

[Bohxz M4p4gm4h4l25]

it seems to me that this question rests on the ubiquitous control of its citizens. do not forget that the usual Internet for citizens, is protected by the "wall"

I think youhave a point, my soecukation about it is China wants its people to work for the government so they can have taxes for improving theyre countryand given the fact that its China they were the center of negotiation they want to preserve not only the title but also the status of each family. I have red some reply that bitcoin in China were banned because their goverment wants that every source of their is traceable, and in bitcoin it has the anonymity feature in which you dont have to personally introduce yourself here to gain.

[RayvenPierre]

I think the Chinese government doesn't hate bitcoin. It is the central bank of China that has directed that bitcoin should be banned. Like other banks they don't trust bitcoin enough and they think that it is just another scam that will take their people's money.