Why does China hate Bitcoin?

[SaShiRaJaVu]

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.

The main reason for those ban is those simply to stop the money laundering that is being done on a large scale inside China and there are many scams going on in the name of bitcoin and for that to end they have to act and with the population they have ,just imagine the scale of money a fraud could accumulate from that nation alone,i do not think it is the case of hate against crypto currency.

[NeoTech42]

China is usually a very conservative country which controls every aspects of economy. They want to avoid people to be scammed by scammers and want to control the capital inside China.

[BaraxLo]

We all know that china is a communist country having lots of regulations and restrictions.it always wants to keep its people under its strict control.Bitcoin is a currency which has been created to give financial freedom to people.Just we could understand that both are contrast.China does not want to loose its control over its people,either due to bitcoin or other.It does not want its country's wealth to be transacted via bitcoin outside its boundary and get invested in other countries.Also,it does not want its own currency yuan losing its value due to bitcoin.So,it has started to take severe actions against bitcoin.

May be China has some reservations about bitcoin rather they do not hate bitcoin and the proof is that there are lots of miners in china producing bitcoin in a very large number. If the miners in china stop mining then the availability will be much affected, because the demand for bitcoin in increasing day by day and we need more and more miners to produce bitcoins.

[gilangIDR]

They dislike bitcoin in some time. I am convinced that they have a specific purpose in managing bitcoins. Now we can see that bitcoin prices are rising and if it is calculated then whoever buys bitcoin in a cheap price when china does a temporary ban then they will benefit. I strongly believe that the Chinese state has a certain purpose to be able to master most of the outstanding bitcoin.

[xvids]

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.

Well I think that China hates something that are not theirs, especially when it competes to their economic growth and income. In other words, they see bitcoin as a threat. This is just a waste of time to care about what China thinks.

[rindo]

So much market exchanges and wallets providers of digital coins in China, don't have any desire of close there operations, therefore they are looking outside china, in other Asian countries where laws are more friendly than in China. The blockchain startups are looking for transferring there  operations and applying for new licenses on Japan, Hong Kong, Singapore or South Korea.
Forced to exit there own territory, the Chinese Blockchain companies, that in time had the highest volume in the world, will fight to to go further with there business model.

[gokudera]

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 think Government of China hate the bitcoin because Bitcoin is Online and does not have a taxes so that people and the citizen of China will choose investing and transact to Bitcoin rather than to their government.

[Omang7778]

Chines 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.

[Raven91]

Because of the tax, bitcoin has low tax and sometimes in other countries it has no tax, thats why the government wanted to eliminate and remove the cryptocurrecy in their countries, but bitcoin is very efficient and useful, the only reason why it is happening because the government is not earning.

[Mehdi.Habib]

Chinese people are not hating Bitcoin. But the government of China hates Bitcoin because Bitcoin give access to transaction and store money. The Chinese government governments do not want to see competing currencies. But the Chinese government wants to control their financial system and their economies.

[felicita]

i think they just hate bitcoin becourse they cant control it !
also they have there own local china coins witch on they wanna promote.
its easyer to promot a altcoin when bitcoin is blocked



kind regards

[Slipknot79]

China does not hate Bitcoin! The Chinese people love it!

Its the Chinese government that hates it as it threatens them to loose control over the population.

[Bitcoincole]

China does not hate Bitcoin! The Chinese people love it!

Its the Chinese government that hates it as it threatens them to loose control over the population.

There are several chinesse investors are satisfying the performance of bitcoin in there country before they declares a total banned. And we all know Chinesse goverment is very strict with regards to their taxation policy. So they found out that bitcoin can not give a benefits to their economy thats why they really hate bitcoin.

[valentin68]

What is bad in what they say about that "every piece of money can be tracked"? The bitcoin was made exactly for this, for that "every piece of money to be tracked". All other money, can not be traced (or tracked), but all cryptocurrency (with the exception of Zcash) can be traced. Thus the statemet of China is in the bitcoin favour, this is my opinion. 
 

[AIRDROPSQUAD]

As far as i know, China didn't hate bitcoin. They only late to buy bitcoin at low price. So, they are making FUD, which result in bitcoin price decreasing.

[GoodLuck2]

So much market exchanges and wallets providers of digital coins in China, don't have any desire of close there operations, therefore they are looking outside china, in other Asian countries where laws are more friendly than in China. The blockchain startups are looking for transferring there  operations and applying for new licenses on Japan, Hong Kong, Singapore or South Korea.
Forced to exit there own territory, the Chinese Blockchain companies, that in time had the highest volume in the world, will fight to to go further with there business model.

The main reason for china hate is that they think that all their citizens will start using this coin and no one will use their national currency because bitcoin is so impressive and people’s lives are changing just because of bitcoin and another reason is that Chinese government think that if this will be used so freely then money launderers and corrupt people will use this coin to change their black money into white.

[Cutekittens21]

China hates bitcoin because they don't want their people to be free.
The Chinese government tends to control everything for the country while bitcoin is uncontrollable. So, how do you expect the survival of bitcoin in China? I knew this was going to happened.

[stz6400]

im tnhinkig China does not hate Bitcoin China miners love bitcoib.

[dzkazmi]

I think China was the only country who were going to control world's economy. Slowly and slowly they were spreading the control over the world. Even united states are way behind them. So they might took bitcoin as thr rivals. and started banning it. But I am sure bitcoin wont need China.

[Soranith]

China doesn't hate bitcoin in fact there are plenty of Chinese who are involve in bitcoin mining and most of the investors of crypto are Chinese. Their government just want to regulate bitcoin specially ICO's so that they can protect their people's money.