Why does China hate Bitcoin?

[Dzernej]

They hate it because a lot of money it is going from their country to others because a lot of ICOs are build up outside of china.

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[shaun98]

I don't think China hates Bitcoin. I think it just doesn't like anything foreign in general, such as Google and its services. It rather creates its own which will then be massly adopted by its people. So it will likely accept a local crypto, or create a crypto for the state.

[popoypalaboy03]

 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.
Fortunately, other countries, like Japan & South Korea, embrace it. We will simply see these, and other nations, take up the slack and create friendly policies that will enable these currencies to flourish.
Cheers!

[fatogre01]

I think China doesn't like the idea of bitcoin. Rather China hates bitcoin because it is not from them. China and North Korea have same ideology, they only use what they made and doesn't want any foreign to them.

[imoet]

I think we should change the sentence. China does not hate bitcoin. Cina just try to remove everything that different with their economy principal. Bitcoin really hard to control by them and they did not like it. Everything that is not suitable with their principal, they will ban it.

[Roland Black]

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.

[MrSpasybo]

The Chinese government has a habit: what can not be controlled will be embargo. But I think they are quietly developing a separate token.

[Aderiho Bitjones]

In my opinion, as the bitcoin is a decentralized currency, and control of the state in fact can not. And China is a rigid centralized state. I think that's the reason for this

[ceremonita]

In my opinion, as the bitcoin is a decentralized currency, and control of the state in fact can not. And China is a rigid centralized state. I think that's the reason for this

China is under the control of communist party leadership and they're very conservative and rigid. Then that's why they don't want something new that will affect their economic model.

[Odlanyer]

China doesn't hate bitcoin people of China love bitcoin and cryptocurrencies because they are benefitting from it, give all needs and wants. The Chinese government is a government that has a negative outlook on bitcoin and find a way to stop  their citizens on money laundering from trading of bitcoins.

[altcointalk14]

In my opinion, as the bitcoin is a decentralized currency, and control of the state in fact can not. And China is a rigid centralized state. I think that's the reason for this

The introduction of new digital currencies , has rocked the social and economic order, creating hidden financial risks and, in some cases, fraud. This has warned the Chinese National Internet Financial Association.Chinese regulators are preparing new ICO rules and may ban them entirely until the law enters into force.

[davidny]

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 hate a lot  of things - Google, Facebook and so.
I think China is not an index for the bitcoin.

[rancidgash]

In my opinion, as the bitcoin is a decentralized currency, and control of the state in fact can not. And China is a rigid centralized state. I think that's the reason for this

The introduction of new digital currencies , has rocked the social and economic order, creating hidden financial risks and, in some cases, fraud. This has warned the Chinese National Internet Financial Association.Chinese regulators are preparing new ICO rules and may ban them entirely until the law enters into force.

ICO has become an searched demanding alternative for fundraising by new companies. They run their own cryptoLuts instead of company shares to raise capital. And this, so far, happens without the Chinese regulators supervision.

[chidrawarster]

May be due to tax evaders and money laundering activities in place. Due to which Chinese govt keeping a close watch on these activities as these coins are not traceable and can be easily used for any activity and also if lost , people will be looted.Hence there is a no way out for the investors to recover their money , may be this is the original reason why they have banned bitcoins.

[noormcs5]

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.

I also believe on it that China doesn't hate bitcoin. China has a huge population and China's people have a lot of interest on bitcoin and personally i never see and feel that China hate the bitcoin.

[allthingsluxury]

BTC and China are at odds and will continue to be so moving forward. China is having extreme issues with capital outflows and tax evasion. This is a problem that not only affects BTC.

[taiwww]

China is a communist country, where everything is owned and controlled by government. Acceptance of bitcoin currency is itself is miracle. How centralised economy allowing decentralised currency? Chine`s government tried to crack or trace the bitcoin transactions. But due peer to peer exchange system it is not possible unless the investor converts it in fiat currency. So Chine`s government decided to ban bitcoin currency.Bitcoin was popular in China. China was the biggest bitcoin miner in the world. This ban panicked bitcoin community a lot.

[htsz_da12]

I can tell you very clearly that Chinese people don't hate bitcoin, the Chinese government hates bitcoin, and the Chinese government feels that bitcoin will swindle Chinese people out of it.

[aji567]

China hates the existence of bitcoin because it is widely misused for corruption, gambling hence hence china hates the existence of bitcoin.

[Chris314]

Because China wants to have control over the currency used by chinese citizens, and bitcoin doesn't allow any government to control him. Bitcoin and cryptocurrencies are a threat for banks and centralised banks.