Why does China hate Bitcoin?

[NightWatchHKG]

China doesn't hate Bitcoin.... they love control.  There are many that are profiting from it in China and the central government will allow that to continue, as long as they can control it ( and or profit from it themselves)

[chichigirl]

China doesn't hate Bitcoin.... they love control.  There are many that are profiting from it in China and the central government will allow that to continue, as long as they can control it ( and or profit from it themselves)

I think china doesn't hate bitcoin too. In fact they love to get some profit and they also want to control the market in order for them to get a higher profit or benefits.

[Blackwalker]

I do not know about it but i think because it is not created in china that is why china hates it also china is trying to create something like it they have made a lot of altcoins but all are big failures for me.

[bribed]

Isnt China the country with where 90%+ of Bitcoin miners are sitting at? Correct me please if this number isnt accurate, but if it is, why is that? And isnt it a big thread to Bitcoin as a whole, if china decides to shut down Bitcoin for good for some reason?

[Kotone]

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 hold bitcoin or any other cryptocurrency in contempt. I think that they are just getting wary of the influx of this and they want first to full research and check on the regulations and of course the implications this moght bring to their economy.

[A Feeder]

China hates bitcoin because of the miners. Due to the cheap electricity of china, miners accumulate bitcoin easily.

[BeGoods]

China loves to take control over everything they see. Now bitcoin is something that has become extremely hard for them to control or regulate. Thus they hate bitcoin and is trying to create and impose as much policies possible to take control over it, at least on China.

Thats right that's why china finally did banning against ico and cryptocurrency. whereas bitcoin users in china are huge. it would be very detrimental for the Chinese government if bitcoin can not be controlled by them. whereas bitcoin has decentralized so the Chinese government will not be able to control bitcoin

[Hakkerman101]

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!

Governments do not want to see competing currencies. They threaten their monopoly to create money and control the financial system and the economy.

Actually, the reason China is the first big government to take such action isn’t an accident. China more than any other country wants to have firm control of its banking system, and allocate credit according to a political agenda. This means that a competing currency like the Bitcoin would threaten its political system. Why not crush it sooner than later?

While it is still unclear whether the Chinese government will achieve its real objectives, one thing is clear: the buzz for the digital currencies is gone, at least for now.

[layoutph]

About 90% crypto news related to china are false and all of them are in English. This is a manipulation.

[Mei1418]

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.

That's right, i'am agree with you sir

[Casey7]

Very big reason as i kmow because bitcoin is anonymox so the transaction can not be tracked.
And maybe other reason, actually they hate ico that scam people of their citizents and since that ico is crypto currency they continie hate bitcoin as well.

[BlackRacerX]

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's basically there. Bitcoins are untraceable and I think China abhors money laundering on a major scale. I think it's a global thing to hate money laundering. Bitcoins enable this because of its untraceability. It's easy to transact money on a large scale without being tracked by the police or the government.

[xz]

china does not hate bitcoin. but bitcoin has become a threat to the country of china. yes that's the case, china is the biggest producer in asia about pirated goods. duplicate brands. and china wants to make its own crypto. that's what I think.

It is right that china wants its currency the most dominant nationally as well as globally. No doubt that china is new emerging country of the world to compete other countries to become super power of the world and for this purpose financial control over the world is extremely necessary and bitcoin can create hurdles for china in becoming upper power of the world because bitcoin is decentralized/not controllable and mostly Chinese have invested in bitcoin. That’s why China feels fear from bitcoin and hate bitcoin very much.

Its the misfortune of chines that the administration don't care for bitcoins on the grounds that they fear the economy they imagined that bitcoins will govern on there entire nation economy however soon they will understand that bitcoins is the most gainful digital currency .

[rgcoin]

The main reason to bet against such an outcome is that China's current, closed economic system limits its capacity to innovate. Chinese companies are excellent at copying others' ideas, but in general, they aren't great inventors (with the exception of cutting-edge advances in solar technology and payments).

[Tapyaks72]

China loves to take control over everything they see. Now bitcoin is something that has become extremely hard for them to control or regulate. Thus they hate bitcoin and is trying to create and impose as much policies possible to take control over it, at least on China.

Thats right that's why china finally did banning against ico and cryptocurrency. whereas bitcoin users in china are huge. it would be very detrimental for the Chinese government if bitcoin can not be controlled by them. whereas bitcoin has decentralized so the Chinese government will not be able to control bitcoin

Yeah your right  because bitcoin is decentralized and it is difficult for their government to control, and the system of their government is a semi communist
that is why as much as possible they should banned Bitcoin in their country, because the government want full control of their economy as possible. so don't expect that they will allow different currencies to work in their country. 

[peach56]

It goes against their whole economic policy and in turn does not help their industry and infrastructure. Theyre a county that like controlling people thus like having their monopolies under control - they are not able to control blockchain

[sinta23]

China doesn't hate Bitcoin.... they love control.  There are many that are profiting from it in China and the central government will allow that to continue, as long as they can control it ( and or profit from it themselves)

I think china doesn't hate bitcoin too. In fact they love to get some profit and they also want to control the market in order for them to get a higher profit or benefits.

indeed chinese do not hate bitcoin, but chinese that I think their country feel unrivaled. because China is a developed country, then when there is a bitcoin is now the financial state of China feel unrivaled with the presence of bitcoin.

[Sasuke102001]

As much as I can interpret the reason for China hating bitcoin definitely is the tracking issue of money that is been circulating in their country. As far as I know, China is a nation that always likes to keep a check on their citizens and the money that is circulating in the Chinese markets. China would never like their citizens using a currency that the government wouldn't be able to track of.

[QuartzMen]

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

[morrisby25]

China doesn't hate Bitcoin.... they love control.  There are many that are profiting from it in China and the central government will allow that to continue, as long as they can control it ( and or profit from it themselves)

I think china doesn't hate bitcoin too. In fact they love to get some profit and they also want to control the market in order for them to get a higher profit or benefits.

I don't comprehend why individuals censure bitcoin for their own mindset, its not the bitcoin which is convincing the general population to foul up or get included n wrongdoings yet it is their own mental cosmetics, and with regards to nations then the truth of the matter is that bitcoin is more agreeable than their typical cash individuals will lean toward bitcoin over their money so they are anxious about the possibility that that their national money will fall by tolerating bitcoin.