Why does China hate Bitcoin?

[MMysterious]

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.

I agree with this. I am just doubtful because crypto is decentralized. Perhaps traceable cryptos like bitcoin and most others are okay but about Monero and other anonymous coins maybe they will restrict.

[cheesyspoils]

Because China officially announced that it does not recognize Bitcoin as a currency, but holds it solely for a kind of commodity-type virtual goods.

[Bastime]

I think China hates Bitcoin because Chinese will become investors and they supposedly avoid tax evasions because in Bitcoin it's very hard to figure out how much the tax in every transaction. Well, those are my speculative view of China into Bitcoin.
Now Chinese investors are seeking licenses and permits to operate in other countries like Hong Kong and Japan.
And it makes China to realize that their country must adapt Bitcoin trading to compete economic stability globally.

[taiwww]

Ban on bitcoine trade and transactions by China is not at all a surprise, it was expected.
China is a purely communist country. Where everything is owned and controlled by government.
Government prepare and even bends economic policies for their benefits.
All the decisions are taken by central authority only.
In such country permission to bitcoin was a big surprise. Bitcoin is a decentralised, autonomous functioning currency.
Bitcoin and other decentralised cryptocurrencies , allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank. This hit chines banks badly.
Chines government may have thought that due to anonymous nature of Bitcoin ,it can also be used for illegal purchases such as buying and selling drugs or weaponry.
It's also frequently requested for ransom payments by hackers who takeover computer systems.
This is what happened to the NHS earlier this year.
These are the additional reasons for ban of bitcoins in countries like china and Russia.

[BitcoinCommodor]

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

Most probably they are afraid of the matter that with crypto their currency may come down . Or they may be scared of the fact that bitcoin will swipe their currency in the international market .This may also can be a reason that due to its highly confidentiality issue they are horrified of the fact that the people will get involve in wrong matters but it depends on the mentality of the user to either use it positively or negatively , so bitcoin should not be blamed for it.

[btcstory]

Chinese governments do not want BTC to become a new way of the capital leaking. Now Chinese governments are controlling the local capital for the reason you might have already known

[Gradus728]

what a strange name for this topic ((I do not think that the whole country hates something or likes it.) This is politics and financial security that governs certain issues, and hatred is definitely not about bitcoin

[musaonliner]

Bitcoin is flying. The reason:
The 19th national congress of the communist party of China is over and there is a rumor China is unbanning bitcoin trading soon. BTC price is rising.

[zikabra]

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

Most probably they are afraid of the matter that with crypto their currency may come down . Or they may be scared of the fact that bitcoin will swipe their currency in the international market .This may also can be a reason that due to its highly confidentiality issue they are horrified of the fact that the people will get involve in wrong matters but it depends on the mentality of the user to either use it positively or negatively , so bitcoin should not be blamed for it.

Not really because they know their currency can't go down because of bitcoin and bitcoin certainly won't swipe their currency. Answer is very simple - bitcoin is very hard to regulate, it is easy to evade taxes it is easier to launder money(much easier than with real money) and it is easier to use it for all kinds of frauds.
Unfortunately they don't see good sides of bitcoin, i mean, how they can when they can't regulate it.

[khanjan12]

China doesnt hate bitcoin, i believe they are benefitting from it.

i think china doesnt hate BTC they just want to understand it fully...in china most of the peoples are using BTC.

[avikz]

I don't really think that China hates bitcoin. However, they are just afraid of the illegal activities which can be undertaken using bitcoin like money laundering and terrorism financing. China already have a huge population and it is hard to track such small nuances which can be committed using bitcoin. So they have banned ICO and various exchanges in their country. However, I recently came up with a news that China is planning to regulated the bitcoin exchanges by giving them proper licenses. They didn't ban bitcoin. Any China citizen is allowed to hold bitcoin.

[shata]

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.

I agree with this. I am just doubtful because crypto is decentralized. Perhaps traceable cryptos like bitcoin and most others are okay but about Monero and other anonymous coins maybe they will restrict.

Many articles have been written about the different reasons regarding this issue. However, there is a little hidden reason that has been ignored by most experts and that is the behavior of the Chinese government. The reason was about politics. The country decided to ban this bitcoin to eliminate government corruption.  But then there have been some analysis indicating that the ban on digital currency is only temporarily and that China will gradually start opening the doors to cryptocurrency investments under a more regulated environment.

[RiskySanchez]

I'm not surprised, because china always block source from overseas like facebook, yahoo, gmail and whatsaap for exampleand china will only always use its own product, that's why bitcoin is blocked in china

[ashaksagnis]

Exactly. Does not want illegal activities due to a large market.
this year will be very important for bitcoin.
 

[KyleSpades]

The Chinese COUNTRY might hate BTC. The Chinese people, in the other hand, don't seem to hate it at all.

[linda94]

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

YES,I DO AGREE WITH YOU.
AND CHINA THINK IT IS VERY DANGEROUS BEHIND BITCOIN,BECAUSE BITCOIN IS UNTRACEABLE,SO IT'S EASY BE USED FOR CRIME.

[McKane]

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

YES,I DO AGREE WITH YOU.
AND CHINA THINK IT IS VERY DANGEROUS BEHIND BITCOIN,BECAUSE BITCOIN IS UNTRACEABLE,SO IT'S EASY BE USED FOR CRIME.

China doesn't detest the bitcoins all things considered they didn't realize that how important is the bitcoins on the off chance that they understand their mix-up then they will permit the bitcoins to be utilized by their nationals on the grounds that bitcoins is more protected and gainful than money and China don't think about it that is the reason they have prohibited the bitcoins however soon they will enable their residents to utilize Bitcoins and afterward inside one week the entire china will utilize bitcoins and afterward there economy will be more grounded.

[howtobuy]

I don't understand how China tolerated bitcoin for so long. In closed economy with strictly controlled currency and foreign transactions bitcoin is logical enemy. In China one person legally can transfer abroad maximum of $50k per year. But bitcoin is opening doors to transfer any amount by simply buying/selling in China and selling/buying in any global exchange. Also it's a question about general control. The communist party wants to be in charge of everything in the country so how can they let millions of people to participate in parallel uncontrollable financial system. 

[Bitcoinislifer09]

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.

China does not want bitcoin because they thought that it would be the reason for terrorism and tracking some informations  that would used by terrorists to their country.They think that it would be dangerous to their country if they will allow bitcoin.

[mingxiao]

Because bitcoin is anonymous and hard to track, bitcoin can be used for money laundering, the Chinese government does not like bitcoin, and bitcoin can cause chaos in China.