Why does China hate Bitcoin?

[emondot]

on the glory of China will demand using bitcoin funds as well as many investors are beginning to switch to Bitcoin market thus increasing demand, and the increasing amount of cryptocurrency transaction demand is actually encouraging Chinese regulators to take action, in an effort to anticipate potential risks that arise in the future. china may have thought about bitcoin for future will be dangerous especially for china itself.

[Faxmate]

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.

Some people think that bitcoin is a creation of japan and china and Japan they don’t have a good relations and china don’t want to use any crypto which is operating from japan and secondly china is also one of the fast growing economy in market and china don’t want to allow anyone to take over them there can also be some other reasons but as far as I know about bitcoin its very safe for any country because bitcoin is the only hope for any one.

[MrRiuss]

who said china hate bitcoin? i dont think so. banned doesnt mean hate. china want to secure their financial and make sure that there are no money laundring

[btcdepo]

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.

I actually disagree about it. I really think that China is one of the most btc supporter and dominator. As they want to use against USD, they kind of love it even if they try to manipulate the public with conflicting news.

[Calumwilson]

Isnt hate i believe. Just too much money laundering and they are trying to minimise any further. Until then they are just tightening not a full ban at all.

[jameskarl]

Chinese are really business minded people. Cryptocurrencies bypasses tax in products which means lesser profit for them. Another thing is that online stores are ran by different foreign group; if their citizen choose to buy online than in their local stores, that means more money will be going out than coming in to their country

[braZZers123]

Well, firstly, the policy of China is very closed, and there is no exact information why they did it. But they are very close to creating their own crypto currency, also in China, the technology of blockchain is very actively used.

[nicko122]

The Chinese government likes to control everything, but it does not work with bitcoin, so they ban it.

[Easy_Guide]

I believe it temporary sitoation

[Sexie]

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 agree with that. That is why China hates bitcoin because once the people of China will all be knowledgeable with it , the government will get lower income  from its people. Businessman may hide their money through bitcoin, and their government can not easily track for it. Unless people of China will declare all their income or profits  or their digital assets and investment to their government. They need tracking for every cents  to get  one part of ones income through paying taxes.

[daniweb]

It's political reasons. They can not control bitcoin because it is untraceable so the government hates it. It's their loss

[bukikbarisan]

The Chinese government is trying to find a way to stop its citizens from laundering money from bitcoin trade, I believe, wealthy Chinese who are trying to avoid paying taxes to the Chinese government and they use bitcoins to send money abroad, which is why China implements laws and regulations which is more stringent about bitcoin.

[RawDog]

The Chinese government is trying to find a way to stop its citizens

Chinese hate everything that makes America great again.

[damrianto]

this information is not necessarily true. China is one of the most densely populated countries with an icon for bitcoin because it is in this country that includes the most investment holders. but if the problem of this hatred is a matter of currency with chinese because chinese are afraid of more developing bitcoin currency in this country

[maryhansenn]

They hate bitcoin because the government can not track it...so they can not control it. Sooner or later they will be forced to accept it

[Julian Page]

They don't dislike bitcoin. In that the Chinese government is far more open and supportive of bitcoin than the US government.

It's not a matter of disliking bitcoin. It's more of a matter of regulating it to prevent something bad from happening.

[Harri Wolter]

Totalitarian Government doesn't like new things that can't be easily controlled. BitCoin was designed to be a new form of currency that is outside of government control... CCP's natural instinct is not to like it..... This kind of government needs time to observe BitCoin's pro/cons.

It took CCP more than 40 years to accept the concept of the Stock Market.... (and it is IRONIC that once the Chinese accepted the Stock Market.. they LOVED it like they never disliked it...... interesting political culture that the Chinese have.....)

[Chaser35]

I think the bitch does not hate the bitcoin den, because he's trying to make NEO coin like Bitcoin.

[Pansamantala]

The government of China condones the use of bitcoin I think is because of this reason. They think that the use itself will not benefit their economy's growth and that they think that the growing population of chinese people that are investing in bitcoin might someday make their own national currency obsolete.

[Opekin]

The government of China condones the use of bitcoin I think is because of this reason. They think that the use itself will not benefit their economy's growth and that they think that the growing population of chinese people that are investing in bitcoin might someday make their own national currency obsolete.

I don't think the word "hate" is not the right term to use for what China feels about bitcoin. Maybe they are just threatened on what bitcoin might bring to the economy. We all know that China is very competitive in terms of economic activities.
Another reason is that,as one of the biggest economy in Asia, they are making some research on creating another cryptocurrency system so bitcoin won't threat them . they don't want to be overpowered.