Why does China hate Bitcoin?

[CoffeyClement]

I don't think China hates bitcoin. China doesn't ban bitcoin.
It's just that bitcoin is so tightly regulated that every country has its own views.

[Karakyli]

China intends to ban the mining of bitcoins in the country due to concerns over excess electricity consumption and financial risks.
The Chinese authorities intend to block access to websites connected with the trade in crypto-currencies in the country.
Earlier in China, the work of exchanges of crypto-currencies and the primary location of tokens were banned.

[Asuspawer09]

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 don't see large people wanting to be against of something that is useful to them. We all know how bitcoin wasn't able to be use by any sectors more likely governments which made the. Abolish our very own bitcoin. None the less there is no much thing or reason to do these stopping or much more banning.

[JuniAiko]

Cryptos cannot be banned. Only the trading of it can be banned.
Banning of speculative trading on exchanges of coins in China could also mean having a more stable crypto currency that could becomes easier to be adopted for actual use = real value and real long-term growth (albeit much slower).
Only once the crypto market have become more stable and less volatile, would China then be more open towards cryptos again; and they might control which cryptos they would allow most likely. Look out for selected cryptos that are working closely with the Chinese government to conform to their rules and regulations, and are happy to do so (such as NEO, Loopring, VeChain, XinFin, and TRON -- an ambitious project which is currently still under heavy development, and so on..)

Here's an interesting perspective article: Fear not, China is not banning cryptocurrency
https://medium.com/@chewweichun/fear-not-china-is-not-banning-cryptocurrency-79dffdf4036f

And a response to my comment over there here:

Juni LEE
Feb 7
QTUM, VeChain, and XinFin are Singapore crypto projects (a country that is highly supportive of crypto-fine-techs) and strong law/punishment against scammers. So probably won’t be as impacted as other crypto projects based in China, etc. in terms of value growth. However selected chinese cryptos such as NEO are still promising, due to their compliance with the government. The reduced ability of speculative trading of these coins in the Chinese market could hopefully also prevent the creation of unrealistic bubbles and crazy volatility, thus giving these coins a lot more promise to gain wisespread adoption as currencies (rather than a speculative trading commodity in a volatile irrational market based on the emotions of greed and fear).

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1 response

Wei Chun Chew
Feb 7
Yes. Many of the firms have moved to crypto-friendly countries like Singapore to avoid regulations in China. Volatility in the market is definitely one of the main deterrence to adoption. NEO has working relationships with many other blockchain firms and is viewed as the biggest blockchain project in China. We would definitely see some support from the government with regards to these highly promising projects. In the upcoming months, or even years as the market stabilizes, it is these firms with working products and established relationships that will take the limelight in the industry.

[arthur25]

China does not hate bitcoin but hates the way of pouring money from bitcoin to Chinese bitcoin users. I think China government doesn't like the way of decentralized. I guess China will reopen the door again for bitcoin.

[mr.bitcoin2k17]

China does not hate BTC, chinese government does, because they can not control it and get taxes from it

[joshua05]

Maybe because china has been very looking about the safety of there country! Some won't open their eyes and see what bitcoin is and how relevant it is for today's, deal and banking! if they could only see the greater sides of how bitcoin works, they wouldn't hate bitcoin for sure !

[j_hon2130]

Bitcoin in China has risen much higher in 2017 before the government expressed its loathing of the cryptocurrency. that's not to say that China does not benefit from the digitalized money. One part of China benefits from ICOs and then another part is worried that it can be used for money laundering schemes or even tax evasion. This also goes with the fact that the Chinese government isn't the only one saying that Bitcoin is trash or something. If memory serves, I think one big boss of a giant corporation said that Bitcoin is a scam a few months ago. We cannot definitively say that the Chinese government hates all cryptocurrencies just because they cannot trace it. Really, I think it's easy to see what they are worried about, though I'm not a fan of their government. I think cryptocurrencies, and bitcoin in particular, better try to establish some enhancements that can satisfy the worries of the government.

[Xavieroz]

China does not hate bitcoin, sometimes I think that the central bank of China and the Chinese government also do not look for a way to keep the balance and that its fiat currency does not diminish its value, since a devaluation of fiat money would not be useful either. of its financial limits. Remember that not everyone uses bitcoin and if in a Chinese population only 30% of people handle it, the rest will be affected by the devaluation of their fiat currency. But it's not hate against bitcoin

[Bryan_12]

I do not believe that China feels a hatred towards bitcoin, the people of China, the citizens, have no relationship with the central bank of that country who are the ones who want to have the control to avoid losing control of their citizens and of finances.

[Brian Goldman]

They don't hate 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.

[Ethan Becker]

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.....)

[Ayaancool]

In my point of view, China never hates bitcoin. Because if they hate bitcoin then China will never part of one of the top bitcoin countries. But China banned bitcoin is only to introduce their own cryptocurrency.

[ngalamunan]

Maybe because china has been very looking about the safety of there country! Some won't open their eyes and see what bitcoin is and how relevant it is for today's, deal and banking! if they could only see the greater sides of how bitcoin works, they wouldn't hate bitcoin for sure !

China is a country that we are difficult to guess at this time. so we never know the reason, that bitcoin is not favored by the state of china

[weston4mills]

They hate it because they can not track it. It's absurd to ban a centralized coin for this reason but..this is China, and some other countries. One day they will be forced to consider it legal

[ehrz22]

They hate it because they can not track it. It's absurd to ban a centralized coin for this reason but..this is China, and some other countries. One day they will be forced to consider it legal

I agree, they hated it because they cannot trace illegal activities there. They banned it now but time will come and they will surely accept it because they cannot do anything to stop it.

[Matildada]

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 don't recognize you, I have many Chinese friends, they like COINS,They are fans of COINS, they are eager to free trading bitcoin in China, but the Chinese government does not allow them to do so
The Chinese government is not friendly for COINS, they believe that the bitcoin is fraud, is a bubble, I think this is their excuses, they just worry about the bitcoin would threaten China's domestic legal tender status, I think in the future, the Chinese government will regret their decision, now will accept COINS again in the near future

[freshm4ker]

China still does not necessarily hate bitcoin. The government does not want a currency form to circulate their country that they can not control and track. Get rid of greed as the reason, For me they just make it safe considering there are many investors who are being scammed at ICO that they can not do anything.

[temdevs]

China manipulated the Bitcoin price since the beginning and is a huge ASIC manufacturer. They doesn't hate it but it seems like they are trying to get the most of it's value.

[simpleholmes]

China is afraid of open economy and they in every aspect want to control people and have the dominance, maybe they are right if they lose full control in a country which has milliards of population there might be a chaos.