Why does China hate Bitcoin?

[hoabien780]

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 think Bitcoin payments are not accepted by government in China also as many other asian countries, because bitcoin has not shown its true value. The bitcoin value is based on the number of users. Its value is not stable, can be increased or drop down rapidly. Moreover, besides Bitcoin, there are many other coins in the world's crypto currency, which makes bitcoin lose its value when currency market is fluctuated..
Laws in Asian countries  is not complete as developed countries. Their technology and laws are not enough to manage virtual currency transactions. There is a risk of money laundering or delinquent transactions

i think they ban it to buy some time to figure out how to tax it. This would be my interpretation and hope.

[Dapper]

The Chinese will still find away to get involved and continue their already huge participation in the crypto market.   They always find a way.   I have been on a few safari trips in Kenya and it always intrigued me that in some of the darkest deepest out of the way towns, you would always find a Chinese person or family running the local wholesale business of food/groceries, hardware, clothing, etc., fluent in the local language, English, and of course Mandarin (and in cases where they didn't speak Mandarin, the beauty of the Chinese language is that they can communicate with any Chinese dialect through writing.... since even when the pronunciation is completely different, the writing is mostly universal).     

[Suffoc8]

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.

Bitcoin has a good impact to people and community yet there are some bad effects to it. So I think they are not hating it but rather they are just regulating the bitcoin in their country which if it abuse it can cause a harm to people.

[stephylarde]

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!

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.

[Fappanu]

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.

Because they believe that BTC won't help them in any aspect of their economy. We all know how well China manage their people and their country. Plus, I've heard that they are in favor of ETH than BTC. BTC is indeed valuable but is unstable. Maybe China is just playing safe and does not want to be involved in such things. Anyhow, other BTC investors from China will always find a way to get through with it.

[panganib999]

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!

Perhaps, one the main reason why china is not in favor of bitcoin is because of their economic system. The government of china hates individual operations, almost all their market industry is run by the state. So how would they ever allow a decentralized monetarial system. There are also speculations that China will create their own cryptocurrency.

[gvnsrbtc]

China government doesn't hate cryptocurrencies, they just want to stop speculations, manipulations and money laundering. No matter what we say, bitcoin is a perfect tool for money laundering, I hope it won't be known as "dirty business money" in future.

[sean.maley]

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.

guys come on, open your eyes. What makes you really think that China hates bitcoin. They love it man. They love it more than anything. They are playing with news just to speculate the market, that's all.

[zentdex]

Bitcoin is could be trace an in light of the fact that we have this exchange history, including where we send the cash and others, yet the thing here we don't know who is the proprietor of a specific bitcoin address, that is the reason bitcoin is unknown. Any digital currency is traceable in the blockchain, so I don't know why this Chinese Government restricted the ICO's or crowdfunding, we don't have a clue about that is their genuine purpose for this issue, yet what is critical is bitcoin is as yet living and it is proceeding to transcend the ground.However, because due to the increase scammed accusation from neighboring countries that is might push China to its decision.

[rappyboy2]

well it is actually about their belief, philosophy, that they dont like things that they cannot unify, or in easy term control. they dont want anything that will destroy their belief.

[rose8963]

I think that is related to the trade issue. China has tested and released its own electronic money. However, the paradox is that their electronic money has not had the influence and the practical importance and not much difference compared to other electronic coins. Therefore, they are always concerned and careful with the influence of bitcoin. I think this is the reason the Chinese government is cautious and has measures to limit the impact of bitcoin.

[bitcoin20]

all of countries love BTC: if transaction and peopole tackable 2- take fees for transaction 3- be in their control

[Ngewex Yuk]

Bitcoin grows very fast, everyone is interested in putting money in bitcoin because it can proift up to thousands of percent per year. china is the strongest economic power today, the presence of bitcoin is feared disturbing the rate of china that will make people divert investments into bitcoin and leave china.

[nyong]

Maybe they think bitcoin can make the economy in their country down so they ban and hate bitcoin or they do not want bitcoin to dominate the global market

[Itjoker]

Why China should hate bitcoin? When China can just make huge profit on it. I think China don't hate it, but they (group of chinese with big money) would manipulate with it through their big capital.

[glaciercapital]

Why China should hate bitcoin? When China can just make huge profit on it. I think China don't hate it, but they (group of chinese with big money) would manipulate with it through their big capital.

The chinese government hates bitcoin because citizens can use it to get around their capital controls. This combined with the amount of government debt they have accumulated now, they cant afford capital outflows

[irminia]

China's decision to clamp down on cryptocurrency exchanges earlier this year. Because bitcoin is a threat to financial stability of there economy. However, China is still one of the world’s biggest sources of cryptocurrency mining.

[Amelial]

Bcos china  have other coin which issued by.themselce.

[kashwin663]

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  don't dislike bitcoin.It's more of a matter of regulating it to prevent something bad from happening.

[fokinlipat]

China wants to be in control of everything. When they failed to regulate the Bitcoin transactions, they though banning it might help.