Why does China hate Bitcoin?

[echo11]

China hates Bitcoin because it is a competitor to all the gold reserves they have stored up. This is where their wealth is stored and they're mad because it's going to have to go into BTC eventually but are trying to stop that.

[ramgonzales]

My take on this is that China doesn't hate Bitcoin per se', we just need to remember China is a communist country therefore they just don't allow something that they cannot control especially if its a big thing that may affect their economy and financial lives of their people.

[Scavagers]

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 hated bitcoin to the extent that they even banned bitcoin in their country. As far as I know, bitcoin is decentralized,that means the government has no power or no ability to control it, I think that is why they banned it. The Cental bank of China has no power in regulating the cryptocurrency so before it became widespread in China, they banned it so that crypto currencies will not over power the banks. The only thing to stop bitcoin in their country is by banning them, my opinion only.

[buhuchain]

To a large extent because bitcoin is decentralized and uncontrolled, and China is a populous country in the world, the economic system of its own country is hard to control. Therefore, before the steady development of bitcoin, China believes it will not accept bitcoin .

[giogio0504]

I does not hates, but it became dangerous for the state economics, the price of local currency was decreased, infrastructure could not afford so many mining farms, so they made some restrictions in order to protect the country economics, that's it.

[roxan iris]

For a good reason: 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. 

[Pasadoble]

It is not about hate and any other feelings, we should not look at the issue like this. All this restrictions are political issues and have tight connection with county economics, also criminal situation and etc. So they do not hate, at first time they even supported, but now it gone out of control, so some regulations are needed.

[bitfocus]

China is a control freak and wants to regulate almost everything since China can't track or control Bitcoin, China just trying to ban it.

[moynul2050]

China is a control freak and wants to regulate almost everything since China can't track or control Bitcoin, China just trying to ban it.

China Country is always making bad issues, this is not good.
they want to master anything including Crypto. I am concerned that Chinese people do not have the freedom to develop Crypto.
this may be politics to drop Bitcoin prices.

[klim80]

I think people in China like bitcoin, but it's their goverment  hates bitcoin becuase they want to control it and bitcoin is decentrelized. It don't have any taxes.

[jimrome]

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.

I am not sure whether the Chinese government is afraid of their financial stability but they think that people can do illegal transactions and money laundering with the new digital currency and they wanted to end that for good and so is the reason they are imposing strict regulations.

[lossol]

China, like all other countries/governments don't hate bitcoin. Governments don't need or want cryptos as they have their own currencies. They want to control & regulate bitcoin. Failing that, they will ban it.

[Lorna t]

 The Chinese would say that their countryside has a negative understanding of a bitcoin ways .they think a bitcoin is a negative outlook at all of their accounts for 23 percent of all countries that bitcoin is digging the system but everyone is suspected bitcoin is involve in illegal activities and also money laundering and so on.there is an unofficial source for it and there is even any confirmed information here .it accepted bitcoin as a new currency and then for me not all Chinese people hate bitcoin they are also some people especially in a rules and regulations on ICO all people sometime have people who are weak in understanding so sometimes there are rules that are not quite understood by everyone and the rules are so violent that they have done so.sometimes there is a ban on the lack of comprehension of the rules .so it is important to understand the rules in bitcoin.

[RawDog]

They want to control & regulate bitcoin. Failing that, they will ban it.

China hates everything that gives freedom to people

[garyliong]

china not hate for this, just planning new way to suite for this cryto-currency?

[Singbatak]

Not totally hated the Bitcoin. They just wanted to launched their own digital currency research institute with a director who openly talks about its design possibilities with publication, such as CoinDesk. And the China desire to end the U.S. dollar's global dominance has grown more strident.

[todiefor17]

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 only those in the Chinese government who hate Bitcoin, but certainly, there are a lot of Bitcoin participants in China, it's a huge country and the Bitcoin participants are a lot. China's economy is growing well, but they still do not want to be in Bitcoin for fear of impact

[MattF24]

I think the main reason is because it enables Chinese Citizens to evade taxes. This greatly affects China's funds since there are a lot of Bitcoin investors and users in their country.

[JasonCroper]

The chinese government or central bank is not CHINA.The people of China love bitcoin and cryptocurrencies.

[cryptothreads]

Bitcoin affects the Chinese government's dominance, discourages them from taking control of people's assets, and Bitcoin does not have to pay taxes, which has an impact on China's tax revenue.

China hates bitcoin because the Chinese government can not control their economy and want to prevent terrorists. I think most countries prohibit bitcoins because they can not control illegal transactions. We all know bitcoin is being used in bad deeds such as drug trafficking, smuggling.
Any country that cares about this and the fact that China prohibits bitcoin is justified. we can not do anything else.