Why does China hate Bitcoin?

[Lowleary]

China hate bitcoin because most of total mining in china and only gain few from them.

they stop exchange and may do more than it.

[EdfuJihad]

We shouldn't use the word hate, i think it is because of their principle in business. It is hard to trust and take risk an investment that is not recognized by many and anonymous developer. In my opinion they are just afraid or not taking the bitcoin as an option to their money's growth.

[JerryJam]

After China has banned the stock exchange, it wants to spread the blocking technology more. China and Russia are cooperating, they want to invest securities in the blockage. In the opinion of the Chinese government, this will eliminate the intermediary and the dominance of the dollar. This does not mean that China will become a superpower. They are not great inventors but only copy achievements

[rumexx]

Anything government can not control government will kill same. China will lose so much tax and fees if Bitcoin is legalize there considering her huge population because of advantage of Bitcoin most transaction would have been in bitcoin.

[aray80]

I think one of the reasons why they hate it or why they ban bitcoin. Because we know that bitcoin may make the bank disappear, and very difficult to control ...

[sidebyside]

The Chinese population is quite crowded if their people use bitcoin as a form of tax evasion as a real danger. Some people use bitcoin as a form of money laundering. Many criminals may take advantage of bitcoin as a form of gambling, drugs, etc., so banned bitcoin

[heisenberg0000]

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.

What do you think is the problem of a country that doesnt want to give its people an opportunity for financial freedom?

[jonaire99]

China might just enforcing its banking laws and trying to prevent its people from unlawful use of cryptocurrency. Some people inside china might try to use bitcoin or any cryptocurrency in illegal means. Not all chinese hated bitcoin, many of them are also holders and big time investors of cryptocurrencies.

[zephyr27]

 Because if China cannot control something, it bans it. Of course, one doesn't have to be a communist country to take that tack. Many other countries see Bitcoin, and other cryptocurrencies as a direct threat to their financial dominance of the markets.

[danielleZ]

They are trying to make sure that bitcoin isn't used to circumvent currency controls.  The Chinese government does not want to make it easy to convert RMB to dollars, and bitcoin is a way of doing that.

Update: It appears that there wasn't a direct regulatory instruction.  BTCChina is not accepting RMB deposits now, but other Chinese exchanges seem to be.

[CloudM]

If something pops up in China that's hard to be controlled by the government, it will be banned first (just like world-wide web)

But this doesn't mean China denies the latest technology innovation, instead they try to cultivate its own version of such technology and make it easier to control (their glorious GFW)

You'll see, in a few years, a chinese own Blockchain will be published lol

[Jiryuu]

Because china does not approve other things that not from their country

[Coin12]

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!

If china hate bitcoin because it is untraceable and its the same like china hate bitcoin because untraceable is one of bitcoin characteristic and it can not be splitted from bitcoin.

[dzkazmi]

Because they think they can rule the economy of the world and suddenly they had a rival in bitcoin, so they stared to hurt it from every possible angle.

[Blackwhite69]

I think one of the reasons why they hate it or why they ban bitcoin. Because we know that bitcoin may make the bank disappear, and very difficult to control ...

Maybe that could be a reason China hates Bitcoin because it is very detrimental to their country.

[MadZ]

A big part of China's monetary policy is strict capital control- no capital outflow and very limited inflows. Bitcoin obviously makes capital outflow much easier, which is one of the main reasons the government dislikes it. That being said, China is bullish on crypto in general, which is why they're developing their own centralized cryptocurrency.

[Md Faysal]

I think they do not hate bitcoin,but due to the nature of the secret transactions make the Chinese government anticipated by blocking it.I think China has much larger plans for the future. They want to stop speculations and manipulations with black money. Bitcoin can be a place to launder money. They don't hate.

[xnuggets]

China doesn't hate bitcoin, but the decentralized system itself.
In some other thought, maybe they hate the potential that bitcoin have.
That can empower an individual, and the country wants the flow of money will be around their country.

[Lightofheaven]

maybe because they're seeing bitcoin as a harmfull thing and maybe they just not aware of what bitcoin can do

[zwtnkpknbd]

I think they do not hate bitcoin, but due to the nature of the secret transactions make the Chinese government anticipate by blocking it. because bitcoin can be a place to launder money. And banks and chinese goverment do not benefit from bitcoin.

You're right, China is a huge market. But there are many loopholes.