Why does China hate Bitcoin?

[iMark]

China doesn't hate bitcoin. As a matter of fact, China has the world's largest trading market. The Bitcoin there was banned because of the Bank of the China who strictly engaging bitcoin through banking. So in a result the government of China decided to banned bitcoin in their country.

not Chinese people who do not like bitcoin, is proven by a lot of bitcoin users coming from China, the Chinese government who hates bitcoin, of course because the government can not benefit from bitcoin,
and it is precisely the governments that are losing the existence of bitcoin in their country. I think all users know what harm the government gets when bitcoins are popular in the country,,

[BlackPanda]

I do not think that China hate bitcoin. Only the Government does not like bitcoin because most of the rich people in this country tend to invest their money in cryptocurrency. Therefore, the government can not control their property and collect tax. As you can see,  China was the biggest country which involve in the bitcoin society.

This is the biggest obstacle of every country in the world. there is no system or regulation that can attract taxes from bitcoin users. What china is doing right now I think is a big step that the Chinese government wants to do. some of the consequences are the application of a spare system exchange on the tire for some time. what I feel is that everyone who wants to withdraw Bitcoin to local currency will be taxed, it becomes altrernative so that Chinese Government can control the circulation in their country.

[nskendrovic]

China hates Bitcoin because it is a competitor to all the gold reserves they have stored up. This is where their wealth is stored and they're mad because it's going to have to go into BTC eventually but are trying to stop that.

[hieuho381]

I do not think China hates Bitcoin and will definitely expand this market in the future. If Bitcoin gains the trust of the Chinese government, the price of Bitcoin may reach $ 10,000 and may increase further in the future.

[nethan1btc]

I do not think China hates Bitcoin and will definitely expand this market in the future. If Bitcoin gains the trust of the Chinese government, the price of Bitcoin may reach $ 10,000 and may increase further in the future.

I agree, Indeed 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.

[Berk]

China is known for being a little sketchy in the economics department and this isn't any different. They know they can't control or regulate Bitcoin and they have an history of controlling their citizens.

[gyu22]

On Oct. 28 ZB.com, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.
The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The languages of the website are Chinese and English. However, it’s too soon to state that the regulation toward Bitcoin and other cryptocurrencies is invalid. Maybe the platform will be closed by the government soon. Nevertheless, there are also people saying that the Chinese government is behind the platform.

more: https://cointelegraph.com/news/chinese-might-be-able-to-trade-bitcoin-again-soon

[Bluestreet]

Well it is not the Chinese who hate bitcoins,  it is Chinese government that hate bitcoins,  the basic facts that made them to hate bitcoins is like the examples set by ICO,  where many investors loose there money,  and had to face huge downfall.  They might be feared that same will happen to bitcoins. And other reason may be that  many economic class people or citizens of China are investing in bitcoins that will lead to low income of banks and no control on taxes and returns they imposed on transactions.  As bitcoins allow their users transaction free from fees.  This leading to low contribution of bank to country's economy.

[Notcalculator]

China doesn't hate "bitcoin" itself. It's just that, it cant regulate it as well as it can regulate the Chinese Yuan. Being a Communist state, China tends to control everything. That's why most western companies like Google, facebook and twitter arent welcome in China.

[dg2010]

China has ban ICO and transaction Bitcoin. I think they are trying to set the law to control Bitcoin. They don't hate Bitcoin because they know the Bitcoin value. They just ban until set the law to tax Bitcoin.

[wolfracer]

The regulations and totalitarian control are the basis and main characteristic of the communist governments to sustain their political ideology. I'm not surprised that China wants to apply this also to bitcoin, on the contrary it was something that seen coming, if it does not benefit the members of the government, then, why they have it ?!

[ace9989]

I think China doesn't really hate bitcoin I think they just have to have law that will govern the bitcoin issues on their country. And I think China's central bank is threathened by the bitcoin industry that's why they hate bitcoin.

[AjithBtc]

Nothing seems to be a ban or something. It's all about the trust. From the recent issue it's clear that China doesn't have any plans of hating or completely stepping out of the currency. The government has started plans, and now in search of the usage in every sector.

[Rishabh riyz]

China does not hate BTC ,it is just that they want to control it .
China hasn't put any ban on using btc ,the ban is just for converting BTC into their native currency Renminbi/yuan by depositing them into banks .
Miners are free to mine and people accepting them aren't restricted to do so.
According to a site known as business insider :-
"China has an abundance of cheap energy and hardware, which facilitates crypto mining (the process through which new blocks in the blockchainare created and transactions are verified). Chinese exchanges run mining "pools" to generate these blocks, and these efforts constitute 60 percent of Bitcoin's total hashrate (the speed at which Bitcoin operations are completed)."

By looking this it doesn't seems like china hates bitcoins .

[AmeSakibimasu]

Actually China does'nt really hate.  It was just a way to have a profit potential because most of population in china are using bitcoin they felt afraid of what
might happen to their country they just did it for the sake of their country.  

[Shinza]

I think China does not hate btc. The btc banned the btc because btc market management is too complicated to manage, btc does not bring much benefit to the government. And China's perception that btc is involved in money laundering is just an outside reason to legalize the ban.

[tundexijim]

I dont think China outrightly hate bitcoin. We all know governments everywhere love to be in charge of everything. So govt of China sees bitcoin as a commodity they might not be able to regulate hence their attitude towards it. I think they will surely have a rethink and see reasons why their citizens need bitcoin.

[anitaraymonds]

China has been operating on controlling all her citizens, business and all aspect of economy even the number of children a couple  can have, You can see why it is not palatable for China to work with a decentralized entity like Bitcoin. China means control and control is their second nature.

[bitcoinmaniac52]

China does not hate Bitcoin. Wherever you heard this is wrong. They are regulating ICOs, which are a whole different enchilada. I think governments all over the world, and not only China are going to get involved in the next wave.

[megynacuna]

China does not hate Bitcoin. Wherever you heard this is wrong. They are regulating ICOs, which are a whole different enchilada. I think governments all over the world, and not only China are going to get involved in the next wave.

Exactly, they need to regularize their economy and  so will make laws against whatever tries to preven that. These ICO's and exchanges  tend to either bring in more or take out more of the chinese Yuan and it's part of the reason why their government wants to instill sanijty into their economy.